FAQs
1. What is the turnaround time for the disbursal of Kotak Mahindra Home Loan?
Ans. Kotak Mahindra Bank claims to disburse home loans in 2 working days after the submission of relevant documents.
2. Can I choose between fixed and floating interest rates?
Ans. Kotak Mahindra Bank offers home loans at floating rates only.
3. Can I foreclose my home loan availed from Kotak Mahindra Bank?
Ans. Yes, you can foreclose the home loan. No foreclosure fee is charged on home loans at floating rates of interest.
4. Who can be the co-applicant to my home loan?
Ans. Your spouse, parents or your major children can be your co-applicants. The co-owner of the property should necessarily be the co-applicant, but the co-applicant need not be the co-owner of the property.
5. What can be the reasons for the rejection of home loan?
Ans. A home loan application can be rejected due to poor credit score, frequent job changes, age, high EMI/NMI ratio, etc. of the home loan applicant and/or due to issues related to property and documentation.
6. What is the minimum credit score required to avail home loans from Kotak Mahindra Bank?
Ans. Kotak Mahindra Bank has not mentioned the cut-off credit score for home loan applicants. However, applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To know more about Credit Score based Interest Rates of Home Loan
7. Is the processing fees for Kotak Mahindra Bank home loans refundable?
Ans. No, Kotak Mahindra Bank does not refund processing fees levied on home loan applications. However, it does not charge any processing fees on online home loan applications.