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Kotak Home Loan Balance Transfer

Home Loan Transfer to Kotak Bank: Details

Last Updated 22nd Nov 2021

Interest Rate6.55%
Processing FeeNil
Lowest EMI per lakh₹ 749
Loan Tenure20 years
  • Kotak Bank offers a home loan balance transfer facility at low interest rates starting at 6.55% for a tenure of upto 20 years.
  • You can transfer your home loan to Kotak Bank to reduce EMIs and save more on interest.
  • Avail home loan 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 the 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.

Kotak Home Loan Transfer Rates 6.55%
Processing Fees and Maximum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Kotak Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Kotak Bank offers lower home loan rates starting at 6.55% 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 and fulfil the eligibility criteria of Kotak Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Kotak Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Kotak Bank Home Loan Transfer

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

  • First, you must have an existing home loan with any bank except for Kotak.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Kotak Bank.
  • You must be an Indian resident within the age criteria of Kotak Bank. The minimum & maximum age to avail a Kotak Bank home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Kotak Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Kotak Bank

The home loan balance transfer process to Kotak Bank is smooth and quick. 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.

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
  • 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 6.55%, and minimal processing fee is Nil.

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 request through net banking/mobile banking. Kotak Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

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

Yes, Kotak Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

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, it 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 - Dec 2021
  • 2021-11-08 : Kotak Bank Revises Home Loan Rates
    Kotak Mahindra Bank has increased home loan rates from 6.50% to 6.55%. The new rates are valid from November 9, 2021, to December 10, 2021.
  • 2021-09-10 : Kotak Mahindra Bank Cuts Home Loan Interest Rate
    Kotak Mahindra Bank has reduced the home loan interest rate by 15 basis points (bps), ahead of the festive season. Currently, the minimum rate of interest is 6.50%, the special rate is applicable from 10 September 2021 to November 8, 2021.
  • 2021-08-30 : Kotak Mahindra Bank offers home loans at the lowest rate
    Kotak Mahindra Bank is offering a home loan at the lowest interest rate of 6.60%. The bank charges 0.5% of the loan amount as processing fees from salaried. For self-employed, the processing fee is 1.00% of the loan amount.
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 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.
*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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