Kotak Mahindra Bank Home Loan Interest rates in Jamshedpur
Kotak Mahindra Bank Home Loan Floating interest Rates
| Up To 25,00,000 | 75,00,000 Above | |
|---|---|---|
| Others | 8.40% | 8.50% |
Loan To Value (LTV) For Kotak Mahindra Bank Home Loan in Jamshedpur
Features of Kotak Mahindra Bank Home Loan Jamshedpur
| Type | Features |
|---|---|
| Processing Fee | Upto 1.25% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 5 Years |
| Max Tenure | 20 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
Kotak Mahindra Bank Home Loan Jamshedpur Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | 30% Per Annum |
| Duplicate Statement Charges | Nil |
| Insurance Cover | NA |
| Inspection Charges | NA |
| Legal Opinion Valuation Charges | NA |
| Validity Of Sanction | NA |
| Cheque Swapping Charges | Rs.500/- |
| Bounce Cheque Charges | Rs.750/- |
| Issue Duplicate Provisional Interest Certificate | Nil |
| Issue Duplicate Interest Certificate | Nil |
| Duplicate Balance Certificate | Nil |
| Issue Amortization Schedule Duplicate | Nil |
| Switch Variable To Fixed | NA |
| Switch Fixed To Variable | NA |
| Photocopy Documents | NA |
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Kotak Mahindra Bank Home Loan FAQ's
What is the maximum amount I can borrow?
You can borrow up to 90% (upto 80% for loans between Rs. 20-75 Lacs, & 75% for Loans above Rs. 75 Lacs) of the cost of the property in case of Home Loans. However in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property.
How will my loan eligibility be determined?
Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.
In how many years can I repay the loan amount?
You can opt for a loan period of up to 20 years, which can vary depending on your profile.
Who can be my co-applicant?
If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my loan?
In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.
When will the loan be disbursed?
You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement. Further, you should have invested your own contribution amount towards the property. 'Own contribution' is the difference between the cost of the property and the loan amount.
In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Kotak Mahindra Bank.
Does the agreement for sale have to be registered?
Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
Does the property have to be insured?
Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.
What kind of security is required?
In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.
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Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Jamshedpur
"Jamshedpur is situated on the Chota Nagpur Plateau in the East Singhbhum District of Jharkhand. Previously, it was under the township of Sakchi, which was re-named Jamshedpur in 1919. As the town is home to a large steel industry, Jamshedpur is called the ‘Steel City’. Since it was founded by the late Jamshedji Nusserwanji Tata, it is also called Tata Nagar.Jamshedpur is a planned industrial city, surrounded by the Dalma Hills and the rivers Subarnarekha and Kharkai. It is also home to the Tata Football Academy (TFA), which was started in 1987 by the Tatas to train and find new talent in football. Jamshedpur is also known for the Tata Archery Academy.
Jamshedpur won the 2004 Global Compact City award by the United Nations for being one of the fastest developing cities in the world.At the end of 19th century, Jamsetji Tata met steelmakers in Pittsburgh to get the most advanced technology for his plant. It is said that he got the idea of building a steel plant when he heard Thomas Carlyle declaring that ""the nation which gains control of iron soon acquires the control of gold"" in a lecture in Manchester.[8] At the turn of the twentieth century, Jamshetji Tata asked geologist Charles Page Perin to help him find the site to build India's first steel plant. The search for a site rich in iron, coal, limestone and water began in April 1904 in today's Madhya Pradesh."
Other Cities Loan Offers
Places To Be Visited In Jamshedpur
Jayanti Sarovar
Jayanti Sarovar is situated inside Jubilee Park, which was inaugurated in 1956. The park is home to an impressive variety of roses. Children can have a great time here as there are swings, skating rides, see saws and windmills. The illuminated fountains add charm to the scenic park.
Bhuvaneswari Temple
Located at an altitude of 500 feet above sea level, Bhuvaneswari Temple attracts everyone regardless of the faith one believes in. Constructed on top of the hill closer to Tatanagar Railway Station, the views of the industrial city, villages around and the lush greenery are spectacular.
Tata Steel Zoological Park
Tata Steel Zoological Park situated inside the Jubilee Park is home to a wide range of flora and fauna. Bird watchers love this place as migratory birds are viewed here in winters. Safari rides take you through the woods so that you can view animals in their natural environment and not caged.
Dalma Hills
At an altitude of 3000 ft above sea level and just 13 km from Jamshedpur, Dalma Hills is one of the most frequented tourist destinations in the land. The views from the hills are spectacular. The dense forests, wildlife sanctuary and Lord Shiva temple attract tourists in great numbers. The serenity of the hills makes it a perfect place for unwinding. Adventure seekers are not disappointed as well. Since there is scope for trekking and mount climbing, the more adventurous minds do not allow themselves to be tied down by its stunning beauty.
Jubilee Park
Gifted by Tata Steel, Jubilee Park covers an area of 225 acres. It was inaugurated in the year 1956. With Vrindhavan Garden in Mysore as the inspiration behind its construction, Jubilee Park delights the visitors with its stunning landscape. The three colored fountains look stunning in the evening when illuminated. Well maintained trees and flowerbeds make this place exceedingly beautiful. Some of the sections in the park include Rose Garden, Smriti Udyan, Tata Steel Zoological Park and Foliage Park.
Dimna Lake
Dimna Lake is located in a picturesque setting at the foot of the famous Dalma Hills and near Dalma Wildlife Sanctuary. The lake was constructed by Tata Steel as a water reservoir to serve the needs of its industry as well as the city. The lake looks stunning with the shadows of the majestic hills and the dense trees around. An ideal place for a morning walk and you may be inspired by those who perform various yoga poses here under the shadows of the trees. Sunrise and sunset views are amazing. It is generally advised against visiting this place in the noon and in late evenings when the crowd is thin.