Kotak Mahindra Bank (Kotak) has announced that it has introduced instant in-principle sanction of home loans on its digital platform – Kotak Digi Home Loans. The bank is offering home loans starting at 6.75 per cent.
According to a statement issued by the bank, home loan applicants can check their loan amount eligibility and applicable interest rate immediately online, and also receive an in-principle sanction letter instantly. This will considerably ease the home buying journey for aspiring homeowners.
The bank said that the instant sanction of home loans will be available to both existing and new Kotak customers, and for salaried and self-employed customer segments. The applicants can use the facility to apply for a fresh home loan, balance transfer or a top-up loan.
How instant home loan works
Kotak Mahindra Bank offers home loans through an end-to-end fully digital and paperless process.
The bank said that Kotak Digi Home Loans conducts an instant digital credit assessment and the applicant is shown her/his home loan eligibility amount, the tenure of the loan, interest rate and EMI.
The applicant can choose the loan amount and tenure and add a co-applicant as well to increase the eligible loan amount. Applicants will then receive an in-principle sanction letter and thereafter proceed for online submission of documents.
Commenting on the new announcement, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “Making banking easier, quicker and more affordable – that is our promise to our customers. Using a digital-first approach, home buyers will now receive an instant home loan sanction together with all the details of their loan eligibility in a completely paperless and contactless manner. On top of that, we continue to offer a special home loan interest rate of 6.75%, making it a win-win proposition for our customers. The search for one’s dream home has now become so much easier.”
How to apply
You can apply online for Kotak Digi Home Loans through the Kotak website. Existing Kotak customers can also apply for Kotak Digi Home Loans through Kotak net banking or the mobile banking app.
Kotak home loan interest rate
Kotak offers home loans and balance transfer loans starting at 6.75%* p.a., which is one of the lowest rates in the home loan market.
