Kotak Mahindra Bank (Kotak) announced that it has introduced an instant principle penalty for home loans on its digital platform

Kotak Mahindra Bank (Kotak) has announced that it has introduced an instant principle penalty for home loans on its digital platform – Kotak Digi Home Loans. The bank offers home loans from 6.75%.

According to a statement released by the bank, home loan applicants can check the eligibility of their loan amount and the applicable interest rate immediately online, and also receive a policy sanction letter instantly. This will make the home buying process much easier for future owners.

The bank said the instant mortgage penalty will be available to Kotak’s existing and new customers, as well as to salaried and self-employed customer segments. Applicants can use the facility to apply for a new home loan, balance transfer, or top-up loan.

How the instant home loan works

Kotak Mahindra Bank offers home loans through a fully digital and paperless end-to-end process.

The bank said Kotak Digi Home Loans performs an instant digital credit score and the applicant is shown their mortgage eligibility amount, loan term, interest rate and EMI.

Applicant can choose loan amount and term and add co-applicant also to increase eligible loan amount. Applicants will then receive a letter of sanction in principle and then proceed with the online submission of documents.

Commenting on the new announcement, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “Making banking easier, faster and more affordable is our promise to our customers. Using a digital-first approach, homebuyers will now receive an instant home loan sanction along with full details of their loan eligibility in a completely paperless and contactless manner. On top of that, we continue to offer a special mortgage interest rate of 6.75%, making it a win-win proposition for our clients. Finding your dream home has now become much easier.

How to register

You can apply online for Kotak Digi home loans on the Kotak website. Existing Kotak customers can also apply for Kotak Digi home loans through Kotak net banking or the mobile banking app.

Kotak mortgage interest rate

Kotak offers home loans and balance transfer loans starting at 6.75% * pa, which is one of the lowest rates in the home loan market.

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