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With a home loan, you no longer need to save for years to afford a house. You can buy your dream house without creating a hole in the pocket. Moreover, with a seamless online interface that makes applying for a home loan easier, it isn’t necessary to visit the lender's branch multiple times to submit the application. You can easily apply for home loan right from the comfort of your house.
If you have been planning to avail a home loan, here are steps to e-apply for a home loan with Kotak Mahindra Bank.
What Is a Home Loan?
A home loan is a secured amount of money that you can avail from a bank or financial institution. You can repay the home loan amount in flexible tenure through Equated Monthly Instalments (EMIs).
Things You Should Do Before Applying for a Home Loan Online
Check Your Eligibility
Before e-applying, ensure that you check your eligibility with the help of an eligibility calculator. Home loan eligibility criteria include your age, occupation, income, fixed monthly obligation, etc. You must also check your credit score and ensure that it is above 700 if you wish to avail a home loan. Moreover, you can also check your likely EMI through a home loan EMI calculator by entering the loan amount, interest rates, and tenure.
Keep Documents Handy
One of the most common reasons for home loan rejection is incomplete documentation. Before applying for a home loan, ensure that you have scanned copies of documents required for home loan handy. You will need your identity and address proof, property documents, and income documents for a home loan.
Steps to E-apply for a Home Loan
Benefits of Home Loan E-application
There are various benefits of applying for a home loan online. Some of these are -
Convenient and fast
It's easy and convenient to apply for a home loan online. The process is fast, and it saves your time and effort.
Secure
When you e-apply, you are asked to enter a One Time Password (OTP) which acts as an additional security step.
Minimal physical contact
You need not visit the branch repeatedly to complete the application process. It reduces physical contact, a crucial need in the current pandemic scenario.
Before applying for a home loan online, ensure that you check your eligibility and submit updated documents. Also, you must carefully fill the application form, avoiding any spelling mistakes as it can cause problems in future. Head over to the Kotak Mahindra Bank’s website to apply for home loan today.
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