There is a procedure you need to follow to apply for a Kotak Mahindra Home Loan. They are given below:

1. Firstly, you need to fill up a digital home loan application 
2. Documents such as KYC, Financial, and Property needs to be submitted 
3. Initiation of loan processing along with legality and technicality verification
4. Kotak Mahindra Bank will check loan eligibility of the applicant. These include provision of information like important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions. Before, issuing a home loan sanction letter. 
5. Finally, the home loan is disbursed by Kotak Mahindra Bank 

Before you apply for a Kotak Mahindra Home Loan it is necessary that you submit the following documents given in the table below:

One of the biggest reasons you must choose a home loan from Kotak Mahindra Bank is because they provide you with a home loan ‘Digitally’ at your doorstep via a hassle free process.

On completion and submission of a loan application along with the required paperwork, the sanctioned timeline set by the Kotak Mahindra Bank is twenty-four hours.

To secure a Kotak Mahindra Home Loan all you need to do is to ensure that you have a minimum CIBIL score of 650 or above.

The Kotak Mahindra Bank usually provides you a minimum loan amount of of 50 lakh and maximum 5 crore

It is not compulsory that you have a co-applicant while applying for an Kotak Mahindra Home Loan. Moreover, having one helps in significantly improving your loan eligibility thereby proving to your lender that you are ‘Creditworthy’ and chances to improve terms and conditions.

Usually, the rate of interest on the Kotak Mahindra Home Loan you secure will completely depend on the type of loan. For example, if you take a floating type then the rate of interest will change depending on market rates. However, if you choose the fixed type then the rate of interest will remain constant.

Usually, if you have returns for three financial years you can get a Kotak Mahindra Home Loan easily. Moreover, despite not possessing income tax returns you can still secure a loan offered by Kotak Mahindra Bank.
Typically, if you seek a small loan amount and also have a good CIBIL score to prove your ‘Creditworthy’.

While applying for a Kotak Mahindra Home Loan once you have submitted all the relevant list of documents, it generally can take up to two working days for your Kotak Mahindra Home Loan to get sanctioned.

There are few important information about the Kotak Mahindra Home Loan that you need to know given below: 

1. Types of Kotak Mahindra Home Loan:

    There are about six types of Kotak Mahindra Bank Home Loan. They are as follows: 

   1. Home Loan for Women:

       This is a home loan scheme specifically designed specifically for women who are single or widowed. It comes with a 1 to 2% concession on stamp duty. 

   2. Home Loan Balance Transfer:

      Is a home loan scheme that enables other bank  borrowers to transfer their existing home loans to Kotak Mahindra Bank at the lowest interest rates available. 

   3. Home Improvement Loan:

      It is to renovate or upgrade your current home that Kotak Mahindra Bank provides you with this program. 

   4. Kotak Housing Loan:

      This is a regular home loan program presented by Kotak Mahindra Bank. It essentially allows home applicants to finance purchase of their ‘Dream House’ or even renovate existing homes. 

   5. NRI Home Loan:

       Finally, this loan program was made available by Kotak Mahindra Bank to enable an NRI or Non-Resident-Indian to buy or construct a home in India. 

2. What factors does Kotak Mahindra Bank take into consideration while determining home loan eligibility amount?

   There are a few features that Kotak Mahindra Bank takes into account while calculating loan amount of applicants. They are as  given below: 

   1. Source of income 
   2. Credit worthiness 
   3. Savings 
   4. Work experience 
   5. Age