Whether you are buying your first home, refinancing or investing, Magma Finance can help you with expert advice throughout the whole process.

• First Home Buyers

• Property Investments Loans

• Refinancing & Debt Consolidation

• Expat Loans

• Equity Release & Cash-outs

Features and Benefits

• Zero Processing Fee*

• Doorstep Service

• Documentation made easy

• Home Loan Insurance

• Attractive Interest Rates

• Quick processing

Home Loan Eligibility

We, at Kotak, lay out a simple procedure that enlists the eligibility criteria for Kotak Home Loans. Let us provide you details on housing loan eligibility criteria and what role does it play in the complete process.

• Home Loan Eligibility Criteria for an Individual
  
  
  • Age:
    
    • Salaried between 18 and 60 years old
      
    • Self Employed between 18 and 65 years old
      
  • Gross Income of Resident Indian Individual:
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum income should be Rs.20,000/month.
      
    • (Other cities) - Minimum income should be Rs.15,000/month.
  • Minimum Qualification: 
    
    • Graduate when applicant is employed with a private limited company or partnership firm. If applicant is employed with Public limited company or MNC or Government or Public Sector Company then there is no such criteria.
      
      
• Home Loan Eligibility Criteria for a Partnership Firm / LLP/Indian Company
  
  
  • Should be in existence for at least 3 years.
    
  • Gross Income of Partnership firm/ LLP/ Indian Company:
    
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum net income should be Rs.2,40,000/- p.a.
      
    • (Other cities) – Minimum net income should be Rs.1,80,000/- p.a
• Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)
  
  
  • Karta of HUF must be applicant / co applicant.
    
  • Should be in existence for at least 3 years
    
  • IT returns of HUF for 3 years should be obtained.
    
  • Net Income of a Hindu Undivided Family:
    • (Delhi, Mumbai, Bangalore, Pune & Chennai) - Minimum income should be Rs.2,40,000/-p.a.
    • (Other cities) – Minimum income should be Rs.1,80,000/- p.a.

Home Loan - Required Documents

Documents Required for Home Loan

Are you looking for a sought-after customer-friendly home loan? We, at Kotak, like to offer our customers a systematic and transparent system when it comes to the documentation for Home Loans.

The process of availing a Home Loan starts as soon as an individual obtains a Home Loan Application Form, and submits it to us duly filled and signed. However, many a times, applicants face difficulty while filling up the form, and understanding the specific requirement of documents for home loan. So, in order to facilitate a hassle free process for all our customers, please find the entire list of documents required for home loan.

Documents Required to avail a home loan for a Salaried Applicant -

• Photograph (passport size) - 1

• Pan card copy (all applicants with relationship proof) – 1 each

• Aadhaar card copy (all applicants with relationship proof) – 1 each

• Residence proof copy (all applicants with relationship proof) – 1 each

• Salary Slips (of all applicants whose income is considered) – last 3 months

• Form 16 and ITR (of all applicants whose income is considered) - last 2 years

• Bank statement in original where salary credited (of all applicants whose income is considered) – 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 loan availed with track record (if any existing loans)

• All property documents (chain) with sanction map

Floating Home Loan Interest Rates

The interest rate on a home loan is one of the most important factors that you must consider in order to pay your monthly instalments. Here you will find the interest rates applicable on our home loan offerings.

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	6.50% - 7.25%

Frequently Asked Questions about Home Loan

1. What is a floating rate Home Loan?

Answer:  Floating rate of interest is the interest rate, which changes with time because of multiple factors. If rate of interest is increased by the lender, then rate of interest increases for all the customers who have availed a home loan on floating rate and hence customer EMI also increases.

2. What is MCLR?

Answer: MCLR stands for Marginal Cost of Funds based Lending Rate.

3. How to calculate home loan interest rates?

Answer:  You can calculate home loan interest rates using our Home Loan eligibility calculator page Enter your basic personal and employment details and on submission, you will be able to see interest rate, applicable to you, basis your profile.

4. What is the EMI for 20 lakhs home loan?

Answer: The home loan EMI for 20-lakh loan depends on the interest and the tenure chosen. For instance, home loan EMI for 20 lakhs for tenure of 20 years at interest rate of 6.65% p.a. would be Rs. 15,089.

5. What is the EMI for 30 lakhs home loan?

Answer: The home loan EMI for 30-lakh loan would depend on the interest and the tenure chosen. EMI is calculated based on the amount borrowed, tenure chosen and the interest rates. A longer tenure attracts a low EMI, whereas a shorter tenure attracts a high EMI amount.

6. Factors that affect housing loan EMI?

Answer: The home loan EMI depends on various factors including loan amount, interest rate, tenure, prepayment and down payment.

7. How do prepayments impact your home loan EMI?

Answer: Prepayment of home loan EMI helps you get rid of debt faster and also leads to a decrease in the outstanding principal amount payable. The reduction in outstanding principal will further reduces the loan EMI or Outstanding tenure depending on customer choice at the time of prepayment.

8. When will I have to pay the processing fee on my home loan?

Answer:The processing fee on the home loan is payable at the time of application.

9. Is the processing fee on home loan refundable?

Answer: No, the processing fee on home loan is not refundable.

10. Is prepayment of home loan allowed?

Answer: Yes, prepayment of home loan is allowed.