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The feeling of having your very own home is what everyone dreams of. Imagine walking into your own home with such feeling of accomplishment and fulfilment! Kotak Mahindra Bank is your genie for this. A home loan with an affordable interest rate and long repayment tenure! What are you waiting for? Your wish of a new home is now going to be fulfilled with Kotak Mahindra Bank!
Kotak Mahindra Bank is a renowned private sector bank in India. Along with its headquarters in Mumbai, it currently has 1369 branches all over India. The main aim of Kotak Mahindra Bank has always been to provide quality and affordable products and services for their customers, thus in a way make commercial living a little easier for the common man. The bank provides a wide range of schemes and services such as investment banking, personal loan, home loan, car loan, life insurance, wealth management and so on. However, its more striking feature lies in its home loan services.
In today’s world, almost everyone needs a house of their own and the growing population and cities can make it only grow costlier. A home loan is a large amount of money borrowed by a person from the bank for various purposes related to a home. On this amount, the bank charges a certain amount of interest which the person later begins to repay.
For obtaining a home loan, CIBIL scores are of utmost importance. CIBIL Score basically determines your ability to repay loans by assessing how you manage your finances, your credit history, previous loans, debts, EMI’s, etc. At Kotak Mahindra Bank, your credit score needs to be minimum of 750 points for the bank to consider you are eligible for the loan.
A CIBIL score is a report that displays your credit worthiness to a bank. It is very important to have a good credit score, in fact you must begin maintaining an excellent credit score if you think you may want to go in for a home loan in future.
A home loan usually means requiring a large sum of money, for which proving you are worthy to receive a large amount as loan from the bank is significant.
A credit score of 750 points and above is a mandate for acquiring a home loan from Kotak Mahindra Bank. If you have a low credit score, then you may not be eligible for a home loan. This is because a low credit score portrays that your past loans and repayment of the same have not been efficiently done. However, in such cases, if you are approved of the loan then the bank charges a higher rate of interest. This is again troublesome as it adds more monetary stress on the customer. Therefore, it is advisable to keep a good credit score.
A higher credit score will give an immediate insight to the bank that you are capable of repaying loan based on your past and current history with debts. The process will take place faster.
Overall, a good CIBIL score is necessary to obtain a loan from Kotak Mahindra Bank and it will also make the entire process simpler.
There are various distinctly thoughtful features that make Kotak Mahindra Bank home loan so attractive and one of a kind. Some noteworthy features are as follows:
An additional benefit is that Kotak Mahindra Bank offers you exciting insurance schemes too.
Sometimes needing a home loan can be an urgent requirement, hence you need to keep few things in mind before applying for one.
Below are some pointers on why your home loan could be rejected:
What if I have a low CIBIL score, will Kotak Mahindra Bank still give me a home loan?
No. A minimum of 750 points is required.
Does skipping my Kotak Bank home loan payment affect my CIBIL score?
Yes. Your CIBIL score is an amalgamation of your financial history. Skipping a loan payment will for sure reduce your credit-worthiness.
Had a loan settlement with Kotak Mahindra Bank, will this affect my CIBIL score?
Yes. A loan settlement with the bank simply means that you were unable to repay your debt. To the CIBIL bureau this is a drawback, and this will reduce your score.
What is the Eligibility criteria for getting a Kotak Mahindra Home Loan?
Age: Minimum 21 and maximum 60 years old for salaried employees. Minimum 21 and maximum 65 years old for self-employed individuals.
Employment: Stability in profession for at least 2-3years. Income: More than average. At least above 25,000 Rs. A high income will be a surety to the bank that the applicant can afford to pay his loan back. CIBIL score: 750 points and above. Higher the CIBIL score, the more likely are you to receive a house loan.
Dependents: The number of dependants the applicant has. Qualification: High qualification is more favourable.
Can I get more than 3 Kotak Mahindra Bank home loans if I have a good CIBIL score?
Yes, you can.
Can I apply with a co-applicant for Kotak Mahindra Bank home loan with a co-applicant?
Yes, your co-applicant can be a spouse, child or parent too. It’s a great way to distribute the EMI. However, the co-applicant cannot be the co-owner of the property.
What are the Home Loan Rates of Kotak Mahindra Bank?
The interest rate you will be charged also depends upon your loan amount, your salary, type of loan you’ve opted for and if you’re an existing bank customer.
The bank has special rates for women borrowers.
No prepayment and foreclosure charges in case of floating rate loans.