Kotak Mahindra Bank offers several NRI investment products and advances to non-resident customers. Kotak NRI home loan can be availed to buy a new home or upgrade your existing home.
Also Read: Why should an NRI buy a house in India?
Kotak NRI Home Loan Interest Rate 2021
The following table shows Kotak Mahindra Bank NRI home loan interest rates for salaried and self-employed borrowers.
| Particulars | Salaried | Self-employed |
|---|---|---|
| Home loan | 6.65% – 7.20% p.a. | 6.75% – 7.30% p.a. |
| Home loan balance transfer | 6.65% p.a. onwards | 6.65% p.a. onwards |
| Processing charge | Up to 0.5% of loan amount + GST | Up to 0.5% of loan amount + GST |
| Loan amount | Up to 80% of the cost of the property | Up to 80% of the cost of the property |
| Loan tenure | Up to 15 years | Up to 15 years |
Note: Interest rates are subject to periodic changes depending on the market conditions.
Kotak Home Loan for NRIs Processing Fees
| Particulars | Fees |
|---|---|
| Documentation charges | Rs. 4000 + GST + statutory dues |
| Repayment mode/ account swap charge | Rs. 500 + GST + statutory levies per instance |
| Charges for copy of documents | Rs. 500 + GST |
| Charge for duplicate NOC | Rs. 500 + GST per instance |
| Prepayment charges | – No prepayment allowed until a lock-in period of 6 months after disbursal. Post that part prepayment of 25% of the outstanding amount can be made – For prepayment/foreclosure above 25%, 4% of the prepaid or foreclosed loan amount + GST will be charged |
| Cheque dishonour charge | Rs. 750 + GST |
| Penal interest | 3% per instance |
| Amortization schedule & A/c statement charge | Free once in a financial year, after that Rs. 250 |
Kotak NRI Home Loan Eligibility Criteria
Kotak Mahindra Bank currently offers home loans to NRIs/PIOs residing or working in the following countries only:
- USA and Canada
- UK and all European countries
- Japan, China, South Korea, Singapore, Malaysia, Indonesia, Thailand, and Gulf Countries (UAE, Saudi Arabia, Kuwait, Oman)
- Australia and New Zealand
The eligibility criteria depend on the repayment capacity and country of residence of an NRI applicant.
- Age of the applicant: Maximum age 58 years at the time of maturity of the loan.
- Minimum qualification: Graduate.
- Employment: Should be employed for at least 3 years.
- Minimum income: Income of both applicant and co-applicant will be considered for eligibility. If the applicant is an NRI and the co-applicant is a resident Indian, clubbing can’t be done.
- Minimum annual gross salary (after Currency Conversion) required for a loan tenure up to 5 years:
- Dirham 36,000 for GCC countries
- USD 20,000 for Merchant Navy
- Minimum annual gross salary (after Currency Conversion) required for a loan tenure above 5 years and up to 15 years:
- USD 42,000 for USA/UK/ countries excluding Gulf
- Dirham 48,000 for GCC
- USD 26,000 for Merchant Navy
Note: Salary should be received on a weekly/fortnightly/monthly basis either through Direct Bank Credit or by Cheque & not by Cash.
Documentation
Here is the list of documents you need to submit to apply for a Kotak NRI home loan:
- Visa/ work permit and valid passport
- Income proof and banking details
- Age proof and address proof
- Identity proof
- Appointment letter
- Employment letter or contract copy
Features & Benefits of Kotak Mahindra Home Loan
- Attractive interest rate
- Hassle-free and instant loan disbursal process
- Simplified documentation
- Quick turnaround time
- Insurance cover with attractive premium
- Higher eligibility
Also Read: Investment in India by NRI: Real Estate 2021
You may have several questions about a Kotak NRI Home Loan. We at SBNRI, are here to help you out with everything related to home loans and other financial and legal services required by NRIs. You can get in touch with our expert directly on WhatsApp using the button below to resolve your doubts and queries. Also visit our blog and YouTube Channel for more details.
FAQs
You can get up to 80% of the cost of property and in case of a loan against existing property or commercial property, you can borrow up to 60% of the cost of the property.
Yes, NRIs/ PIOs living in the UK can avail of a home loan. Kotak Mahindra offers a home loan to people living in the following countries:
– USA and Canada
– UK and all European countries
– Japan, China, South Korea, Singapore, Malaysia, Indonesia, – Thailand, and Gulf Countries (UAE, Saudi Arabia, Kuwait, Oman)
– Australia and New Zealand
The bank considers factors like repayment capacity, income, qualification, age, monthly expenses, assets, liabilities, credit history, number of dependents, etc. to determine NRI home loan eligibility.
Kotak Mahindra Bank NRI home loan can be availed for up to 15 years. However, it depends on the profile of applicants.
Yes, a Kotak Home loan can be applied for with a co-applicant like your parents, spouse or mature children. The co-applicant needn’t be a co-owner of the property. However, a co-owner must be a co-applicant.
The bank disburses the loan amount in full or installments as required considering the fund requirements and phase of construction of the property.
Yes, the agreement between the seller and buyer must be registered as per the law of many states.
Through its NRI home loan, Kotak Mahindra Bank offers insurance coverage for your property with an attractive premium.
