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Kotak Bank Home Loan Balance Transfer

Home Loan Transfer to Kotak Bank

Last Updated 08th Jun 2021

Interest Rate6.65%
Processing FeeNil
Lowest EMI per lakh₹ 754
Loan Tenure20 years
  • Kotak Bank offers home loan balance transfer facility at low interest rates starting at 6.65% for a tenure of upto 20 years.
  • Transfer home loan to Kotak Bank to reduce EMIs and save more on interest.
  • Avail top up from Kotak Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Kotak Home Loan Transfer

Kotak, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Kotak Bank at lowest interest rates. To transfer your housing loan to Kotak Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Kotak.

Kotak Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Kotak Bank, compare and calculate all the costs of loan transfer. The table below mentions Kotak Bank home loan transfer interest rate and other home loan transfer charges of Kotak Bank.

Home Loan Rates 6.75%
Processing Fees and Maximum ₹ 10,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Kotak Bank Home Loan Transfer

To transfer your existing home loan to Kotak Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Kotak Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Kotak Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Kotak Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Kotak Bank will be completed.

Eligibility for Kotak Bank Home Loan Transfer

To transfer your home loan to Kotak Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Kotak.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Kotak Bank.
  • You must be an Indian resident and fulfil the age criteria of Kotak Bank. The minimum & maximum age to avail a Kotak Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Kotak Bank Home Loan Transfer

Here are key features of Kotak Bank Home Loan Transfer:

  • Lower Interest Rates: Kotak Bank offers lower home loan rates starting at 6.75% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Kotak Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Kotak Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Kotak Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Kotak Bank.

Document Required for Kotak Home Loan Transfer

To avail of home loan balance transfer from Kotak, you need to submit the following documents to Kotak.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Kotak?

Yes, transferring your home loan to Kotak Bank is a good idea for home loan borrowers as Kotak Bank provides lower home loan rates starting at 6.65%.

How can I transfer my Kotak home loan from one branch to another?

To transfer your Kotak Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Kotak Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Kotak home loan balance transfer?

Yes, Kotak Bank charges home loan transfer fees such as for Kotak Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Kotak home loan balance transfer?

If you apply for a home loan transfer to Kotak Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Kotak Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Kotak Bank home loan balance transfer?

To know your Kotak Bank home loan status, you can call Kotak Bank home loan customer care number or visit Kotak official website to check the status.


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Kotak Home Loan News - Jun 2021
  • 2021-04-13 : Kotak Mahindra Bank kept its home loan rate unchanged at 6.65%
    Even as some of the banks have hiked their home loan interest rate, Kotak Mahindra Bank has kept the home loan rate unchanged at 6.65%. The interest rate is applicable for both the home loan and balance transfer product. The bank is aiming to increase its share in the housing loan market.
  • 2021-03-02 : Kotak Mahindra cut its home loan rates to 6.65%
    Kotak Mahindra reduced its home loan rates by 10 bps to 6.65% till 31 March 2021. The 6.65% home loan rate is applicable to both home loan and balance transfer.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-20 : Kotak launched 2020 Edition of Khushi Ka Season
    Kotak Bank introduced 2020 edition of Khushi Ka Season. The bank is offering attractive loan rates, loan processing fee waivers and quick online loan approvals on a range of retail and Agri loan segments. Further, customers can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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