This Bank Is Offering Home Loans With 6.5% Interest Rate: Here’s How To Apply

Kotak Mahindra Bank Limited (KMBL) on Friday revealed the unveiling of the 4th edition of Khushi ka Season, a month-long initiative that promises bumper deals on everything - loans, marquee brands, and Smart EMI offers - in an action to disperse festive life force even further during the ongoing festive season. KMBL is offering low rates on a range of loans throughout the festive season. The interest rate for KMBL's home loans linked to an external benchmark i.e. RBI's policy repo rate starts at 6.5 percent annually. The special 6.5 percent p.a. home loan rate offer will end on November 8, 2021.

Attractive rates on loans

KMBL is providing low rates on a range of loans throughout the festive season. The interest rate for KMBL's home loans starts at 6.5 percent per year. Personal loans start at 10.25 percent per annum, property loans at 7.25 percent per annum, and two-wheeler loans at 16.49 percent per annum. Loans against securities, business loans, healthcare finance, and working capital solutions all have competitive interest rates.

There are also unique deals on gold loans, agri finance, construction equipment loans, commercial vehicles, auto loans, and tractor finance that include processing fee exemptions.

Elizabeth Venkataraman, Kotak Mahindra Bank's Joint President For Consumer, Commercial, and Wealth Marketing, stated, "As we enter the festive season, we are pleased to bring back Khushi ka Season for our customers. As we slowly get back to normalcy, our aim is to spread more cheer by giving our customers access to the best offers, deals and rates, adding more value to their festive purchases. We have also expanded the reach of the festival by tying up with local stores, giving our customers more choices, while at the same time lending support to our neighbourhood shops."

Features of Kotak Mahindra Bank home loans

Kotak Mahindra Bank provides a range of customized services to its home loan borrowers. For an uninterrupted home loan buying experience, the bank offers zero processing fees on online applications for home loans, doorstep service to get your home loan processed and sanctioned, easy documentation, home loan insurance, online EMI calculator, get an In-Principal sanction letter through online, an option to get in touch with the home loan expert get answers to your inquiries and concerns.

You can get a house loan sanctioned in as little as 24 hours and using your income tax records, Kotak grants in principle authorization of your home loan through a seamless and seamless approach. To apply for a house loan, you'll need to submit your address proof, age proof, identity proof, banking details, proof of your education credentials, in addition to your Home Loan application form.

Eligibility required to apply for a home loan at Kotak Mahindra Bank

According to the official website of the bank, here are the eligibility criteria that you need to consider while applying for a home loan:

Age:

• Salaried individuals should have an age limit between 18 and 60 years old
• Self Employed individuals should have an age limit between 18 and 65 years old

Gross Income of Resident Indian Individual:

• (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum income limit should be Rs.20,000/month.
• (Other cities) - Minimum income limit should be Rs.15,000/month.

Minimum Qualification: If a borrower is employed in a private limited company or partnership firm, he or she should be a graduate. However, there is no such requirement if the candidate works for a public limited company, a multinational corporation, the government, or a public sector organisation.

Home Loan Eligibility Criteria for a Partnership Firm / LLP/Indian Company

• He or she should have been around for at least three years of employment.
• Gross Income of Partnership firm/ LLP/ Indian Company: (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum net income limit should be Rs.2,40,000/- p.a.
• (Other cities) - Minimum net income limit should be Rs.1,80,000/- p.a

Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)

• HUF Karta must be an applicant or co-applicant.
• He or she should have been around for at least three years of employment.
• IT returns of HUF for 3 years are required.
• Net Income of a Hindu Undivided Family should be Rs.2,40,000/-p.a if residing in Delhi, Mumbai, Bangalore, Pune & Chennai and the minimum income should be Rs.1,80,000/- p.a if residing in other cities.

Documents required to apply for a home loan at Kotak Mahindra Bank

The below-listed documents are required to get a home loan from Kotak Mahindra Bank with an interest rate of 6.5%.

For salaried applicants:

• Photograph
• Pan card
• Aadhaar card
• Residence proof
• Salary Slips of last 3 months
• Form 16 and ITR of last 2 years
• Bank statement of the last 6 months
• Bank statement of any other bank a/c (of all applicants whose income is considered) - last 6 months
• Relationship proof
• Details of existing loans if any
• All property documents if any

For Self Employed applicant:

• Bank statement/pass book copy
• Age proof
• Business continuity and income proof
• Job card or job confirmation proof
• Proof of existence of partnership firm/company / HUF / LLP

Kotak Mahindra Bank Floating Home Loan Interest Rates

The applicable interest rates on home loans of Kotak Mahindra Bank are as follows:

Special Balance Transfer Rate (Salaried and Self Employed)

Segment	Loan amount	Effective Rate Of Interest
Salaried	Any loan amount	6.50% onwards
Self Employed	Any loan amount	6.60% onwards

Salaried - Non Balance Transfer

Loan amount	Effective Rate Of Interest
Any loan amount	6.50% - 7.10%

Self Employed - Non Balance Transfer

Loan amount	Effective Rate Of Interest
Any loan amount	6.65% - 7.25%

How to apply for a home loan at Kotak Mahindra Bank?

For borrowers who want to apply for a home loan at Kotak Mahindra Bank with an interest rate of 6.5%, can apply for the same by following the steps listed below:

• Visit https://www.kotak.com/en/personal-banking/loans/home-loan.html and click on "Apply Now"
• Now you will be redirected to the page https://homeloan.kotak.com/app-screen1 where you need to click on "Apply Now" under the "Home Loan" section.
• If you are an existing customer you can click on "Apply Now" and enter CRN & registered mobile number for login.
• If you are a new customer, you can click on "Apply Now" where you are required to enter the mandatory details such as Applicant type, Income type, Resident status, gender, Name as per PAN, email ID, mobile number and alternate mobile number to proceed further.