Home Loan: Apply for Home Loan Online with KOTAK Bank India

Home Loan

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Frequently Asked Questions

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Home Loan FAQs

What is the maximum amount I can borrow?

You can borrow up to 90% (upto 80% for loans between Rs. 20-75 Lacs, & 75% for Loans above Rs. 75 Lacs) of the cost of the property in case of Home Loans. However in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property.

How will my loan eligibility be determined?

Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.

In how many years can I repay the loan amount?

You can opt for a loan period of up to 20 years, which can vary depending on your profile.

Who can be my co-applicant?

If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my loan?

In Floating rate loans, change in MCLR will have direct impact on the interest rate of Home Loan.

When will the loan be disbursed?

You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement. Further, you should have invested your own contribution amount towards the property. 'Own contribution' is the difference between the cost of the property and the loan amount.

In how many installments can the loan be disbursed?

The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Kotak Mahindra Bank.

Does the agreement for sale have to be registered?

Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.

Does the property have to be insured?

Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.

What kind of security is required?

In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.

For salaried customers
Sample payslip constituents
Table 1		Table 2
Earnings	Amount(₹)	Deductions	Amount(₹)
Basic	25,000	PF	3,000
HRA	12,500	TDS	2,442
DA	10,450	Other deduction
Medical Allowance	1,250	ESI	438
Conveyance	800	LWF	5
Total Gross Salary Income	50,000	Total Deductions	5,885

Gross Salary	50,000	Net Salary = (Gross Salary - Deductions)	44,115

Applicable Interest Rate with Last EMI waiver
Scenarios
Normal IRR	14.00%	16.00%	18.00%
Tenor	Effective Interest rate with LEW offer	Effective Interest rate with LEW offer	Effective Interest rate with LEW offer
36	12.36%	14.40%	16.43%
48	13.13%	15.15%	17.17%
60	13.47%	15.49%	17.51%