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Kotak Mahindra Bank
Kotak Mahindra Bank
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Loan Details

About the Kotak Mahindra Home Loan

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Kotak Mahindra Bank was established inrnFebruary 2003, Kotak Mahindra Finance Ltd, the group'srnflagship company was given the license to carry on banking business by thernReserve Bank of India (RBI). This approval created banking history since KotakrnMahindra Finance Ltd. is the first non-banking finance company in India tornconvert itself in to a bank as Kotak Mahindra Bank Ltd. Today, they are one ofrnthe fastest growing bank and among the most admired financial institutions inrnIndia. Kotak Mahindra Bank offers complete financial solutions for infiniternneeds of all individual & non-individual customers depending on therncustomer's need and it is delivered through a state of the art technologyrnplatform.

Home Loans:

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Kotak Mahindra Bank provides variety ofrnhome loans to its customers. They have tailor made loans that will suit thernneed of customers who wish to purchase a flat, individual home, resalernproperty, under-construction project, plot of land and loan to construct arndwelling on self owned land.

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Features & Benefits

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  • High Eligibility forrn Businessmen
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  • Doorstep Service
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  • Attractive Interest Rates
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  • Simplified Documentation
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  • Insurance Options to coverrn your home loans at attractive premium
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  • Quicker Turnaround time
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Basic Documentation

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Apart from the application form, generally banksrnwill ask you to submit following documents.

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  • Income proof and bankingrn details
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  • Age proof and address proof
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  • Identity proof
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  • Proof of educationalrn qualifications
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Eligibility:

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  • Eligibility depends on thern re-payment capacity of the individual
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  • Monthly and Annual Salary
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  • Source of Income and numberrn of dependants
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  • Work experience andrn stability
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  • Age
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  • Qualification
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  • Credit history
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Loan Amount: Borrower can borrow up to 80% ofrnthe cost of the property in case of Home Loans. However in case of CommercialrnProperty Loans or Loans against an existing property you can borrow up to 60%rnof the cost of the property.

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Tenure: Maximum 20 years

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NRI Home Loans


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Buy your space in India with any of Kotak'srnflexible options to finance your dream home. Get a host of attractive featuresrncustomized to NRI needs with an easy to avail home loan. NRIs and PIOs canrnavail these loans for construction of a dwelling/ purchase of a plot/ new flat/rnresale property/combo loan to buy a plot plus construct a dwelling.

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Benefits:

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  • High Eligibility
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  • Attractive Interest Rates
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  • Simplified Documentation
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  • Insurance Options to coverrn your home loans at attractive premium
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  • Quicker Turnaround time
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Eligibility

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  • Minimum Gross IncomeFor these loans, provisions of Foreign Exchange Management (Borrowing and lending in Rupees) Regulation, 2000 shall be applicable.
  • For these loans, provisions of ForeignrnExchange Management (Borrowing and lending in Rupees) Regulation, 2000 shall bernapplicable.
  • Only the Income of the principalrnborrower/s will be considered for income eligibility of the non-residentrnIndian.
  • Processing fee payment source - Has tornbe by way of inward remittances through normal banking channel or by debit tornNRE/FCNR (B)/NRO/NRNR/NRSR ` accounts or out of rental incomes derived from thernproperty.
  • The applicant must be arn graduate (Minimum 3 years post secondary school qualifications).
  • In case of applicationsrn without a co-applicant, a personal guarantee of one/two persons will bern required.
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Basic Documents:

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  • 6 months domestic bankrn statement
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  • 6 months salary OR thern active international a/c statement
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  • Valid passport and visarn copies
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  • Last 6 months salary-sliprn copies
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  • Salary certificate
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  • Appointment letter ORrn employment letter OR contract copy
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  • Power Of Attorney (in favorrn of a local applicant)
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