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Kotak Home Loan for Self Employed

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Kotak Mahindra Bank provides various home loan options in India to assist individuals in buying their desired homes. Recognising the significance of this investment, they aim to offer extensive details on home financing, including interest rates, eligibility requirements, and flexible loan choices. Interest rate is a significant factor that borrowers consider when applying for a home loan. Home loan plans are available for both salaried and self-employed individuals, but the interest rates offered to the latter group are usually slightly higher. It is natural to wonder why there is a difference in interest rates when both types of individuals are earning income.

To simplify your journey towards homeownership, Urban Money presents an overview of a Kotak Bank loan specifically designed for self-employed individuals. In this overview, we will provide information on the Kotak home loan interest rate for self-employed individuals, the eligibility criteria, required documentation, and more.

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Table of Content

1. Kotak Home Loan for Self-Employed Highlights

2. Kotak Home Loan for Self-Employed Fees and Charges

3. Kotak Home Loan for Self-Employed Documents Required

4. Kotak Home Loan for Self-Employed Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Kotak Home Loan for Self-Employed – Highlights

The following are the key parameters of a Kotak Home Loan for Self Employed:

Loan Amount	1,80,57,526 INR
Interest Rates	8.75% onwards
Loan Tenure	Up to 25 years
Eligibility	Residents of Delhi, Chennai, Bangalore, Mumbai, and Pune with an income of Rs.240000/- p.a.

Kotak Home Loan for Self-Employed – Fees and Charges

The following are fees you can expect from a Kotak home loan for self-employed individuals:

Fee/Charge Description	Amount in Rs.
Processing fee (PF)	Self-Employed, HL top-up/ Commercial Purchase: 1.0% (plus taxes and any other applicable statutory dues) of the loan amount; A non-refundable upfront payment of Rs. 5,000 (plus GST and other statutory dues) will be collected upon login.
Repayment mode/ Account swap charges	Rs. 500 (plus taxes and any other applicable statutory dues)
Conversion Fee	Rs. 500 (plus taxes and any other applicable statutory dues)

Kotak Home Loan for Self-Employed – Documents Required

Following are the required documents that you may need to submit regarding a Kotak home loan for self-employed:

Bank Statements/ passbook copy
Age proof
Income Proof
Business/ Service/ Profession Proof
Repayment Proof
Property Proof
Other Proof
Tax Returns
Profit & Loss Account
Balance Sheets

Kotak Home Loan for Self-Employed – Eligibility Criteria

Below are the requirements that need to be met to be eligible for a Kotak home loan if you are self-employed:

Self-employed individuals between the ages of 18 and 65 are eligible for a home loan.
Residents of Delhi, Mumbai, Bangalore, Pune, and Chennai must have a minimum income of Rs. 20,000 per month.
Residents of other cities should have a minimum income of Rs. 15,000 per month.
You have to be a citizen of India.
Maintain a good credit score.

Frequently Asked Question (FAQs)

What is the age limit for a self-employed home loan in Kotak?

Self-employed individuals between the ages of 18 and 65 are eligible for a home loan with Kotak Bank.

What is the maximum tenure for a Kotak home loan for self-employed?

The loan tenure is up to 25 years for a Kotak home loan for self-employed.

How much is the Kotak home loan interest rate for self-employed?

The Kotak home loan interest rate for self-employed starts at 8.75%.

What is the minimum and maximum Kotak home loan amount for self-employed?

The maximum loan amount that one can borrow is 1,80,57,526 INR.

What is the minimum age for a Kotak home loan to a non-salaried person?

The minimum age requirement for a non-salaried person to qualify for a Kotak Home loan is 18 years.

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