Still paying more on your current home loan? Move to Kotak Mahindra Bank Home Loan Balance Transfer and watch your EMI reduce with every month you stay. Quick paperwork, transparent fees, and an interest rate that rewards smart choices—everything you need to start saving right below.
Kotak Mahindra Bank Home Loan Balance Transfer Highlights
| Category | Highlights |
|---|---|
| Interest Rates | 8.75% p.a. onwards |
| Tenure | Up to 30 Years |
| Loan Amount | Depends on the applicant’s credit profile |
| Processing Fees | Upto 2% of loan amount + GST |
Suggested Read: Kotak Mahindra Bank Home Loan Statement Download
Kotak Mahindra Bank Home Loan Balance Transfer Interest Rates 2025
| Applicant Type | Interest Rates |
|---|---|
| Salaried | 8.75% p.a. onwards |
| Self Employed | 8.75% p.a. onwards |
Suggested Read: Kotak Mahindra Bank Home Loan Customer Care
Kotak Mahindra Bank Home Loan Balance Transfer Eligibility Criteria
| Eligibility Criteria | Salaried |
|---|---|
| Age (Salaried Applicant) | Salaried: 18 – 60 years Self Employed: 18 – 65 years |
| Minimum Income | Metro Cities: ₹20,000 Other Cities: ₹15,000 |
| Minimum Qualifications | Self Employed/ Private Limited: Bachelor’s degree Public Limited: No minimum qualification required |
Kotak Mahindra Bank Home Loan Balance Transfer Fees and Charges
Below is a summary of various fees and charges applicable for loan-related services, including processing fees, document requests, and loan adjustments.
| Fee/Charge Description | Amount in Rs. |
|---|---|
| Loan Processing Fees | Upto 2% of loan amount (plus taxes), Upfront Fee of ₹5,000 (non-refundable) |
| Interest Certificate/ Statement of Account/ Amortisation Schedule | NIL for self-service (Mobile/Net/Whatsapp Banking); ₹250 for physical copy |
| Charges for Copy of Documents (Duplicate No Objection Certificate) | ₹100 (plus taxes) |
| Charges for Copy of Documents (Copy of Property Documents, etc.) | ₹500 (plus taxes) |
| Duplicate Issuance of List of Documents | ₹500 (plus taxes) |
| Hard Copy of Other Documents/Letters | ₹500 (plus taxes) |
| Repayment Mode/ Account Swap Charges | ₹500 (plus taxes) |
| Switch Fee (Floating to Floating) | 0.5% of principal (max ₹10,000 plus taxes) |
| Switch Fee (Floating to Fixed) | ₹2500 (plus taxes) |
| Switch Fee (Fixed to Floating) | 0.5% p.a. with max cap of 3% |
| Rescheduling of Loan Term | ₹500 (plus taxes) |
| Part Payment Charges | Floating: NIL for personal end use, 2% for fixed rate (with conditions) |
Suggested Read: What Happens to Home Loan Insurance Transfer During Home Loan Balance Transfer?
Kotak Mahindra Bank Home Loan Balance Transfer Documents Required
To complete your home loan balance transfer with Kotak Mahindra Bank, you will need to provide specific documents for verification and approval. These documents help facilitate the transfer process smoothly and ensure your eligibility.
Self Employed Professionals
| For Self-employed Professional | Documents Required |
|---|---|
| Proof of Income and Banking Details | Current account statement, Income tax return, Balance sheet and P&L statements (all attested by CA) |
| Identity and Residence Proof | Passport/PAN/Voter ID/Driving License |
| Signature Proof | Signature proof |
| Proof of Educational Qualifications | Relevant educational certificates |
Salaried Employees
| For Salaried Employee | Documents Required |
|---|---|
| Proof of Identity and Residence | PAN/Voter ID/Passport/Driving License |
| Income Proof and Banking Details | Bank statements/Salary Slips/Latest Form-16 and IT returns |
| Signature Proof | Signature proof |
| Proof of Educational Qualifications | Relevant educational certificates |
Suggested Read: Is Home Loan Balance Transfer a Good Choice After Repo Rate Cut?
Home Loan Balance Transfer Case Study
This case study evaluates the financial impact of transferring a home loan balance from Axis Bank to Kotak Mahindra Bank after 2 years of repayment. The analysis focuses on interest savings, revised EMIs, and total repayment amounts under the new loan terms.
Current Loan Details at Axis Bank
| Parameter | Value |
|---|---|
| Loan Amount | ₹60,00,000 |
| Interest Rate | 9.70% p.a. |
| Tenure | 30 years |
| EMI | ₹51,549/month |
| Total Interest Payable | ₹1,25,57,734 |
| Total Amount Payable | ₹1,85,57,734 |
Loan Status After 2 Years
| Parameters | Details |
|---|---|
| No. of EMIs Paid | 24 |
| Total Amount Paid | ₹12,37,176 |
| Principal Repaid | ₹54,000 (approx) |
| Interest Paid | ₹11,83,176 |
| Remaining Principal | ₹59,26,200 |
Balance Transfer to Kotak Mahindra Bank
| Parameters | Details |
|---|---|
| Transferred Balance | ₹59,26,200 |
| New Interest Rate | 8.40% p.a. |
| Remaining Tenure | 28 years |
| New EMI | ₹45,550/month |
| Total Interest Payable | ₹95,78,600 |
| Total Amount Payable | ₹1,53,04,800 |
Financial Impact Analysis
| Metric | Axis Bank (Current) | Balance Transfer (BoB) | Savings |
|---|---|---|---|
| Total Payment | ₹1,85,57,734 | ₹1,65,41,976 | ₹20,15,758 |
| Monthly EMI | ₹51,549 | ₹45,550 | ₹6,000/month |
| Total Interest Paid | ₹1,25,57,734 | ₹1,05,41,976 | ₹20,15,758 |
Key Findings :
- Monthly Savings : ₹6,000 reduction in EMI.
- Total Savings : ₹20.16 lakhs over the loan tenure.
- Effective Interest Rate Reduction : From 9.70% to 8.40%, lowering the cost of borrowing.
Home Loan Balance Transfer Interest Rates by Top Banks
| Bank | Transfer Rate |
|---|---|
| SBI | 8.50% p.a. onwards |
| HDFC Ltd | 8.75% p.a. onwards |
| LIC Housing Finance Ltd | 9.10% p.a. onwards |
| Axis Bank | Contact the bank |
| Bank of Baroda | 8.85% p.a. onwards |
| Canara Bank | 8.80% p.a. onwards |
| Union Bank of India | 9.00% p.a. onwards |
| IDFC First Bank | 8.85% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards |
| Karur Vysya Bank | 9.00% p.a. onwards |
| Tamilnad Mercantile Bank | 9.45% p.a. onwards |
Suggested Read: Bank of Baroda Home Loan Customer Care
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Frequently Asked Questions
Transferring your home loan balance typically takes between 5 to 20 days. This duration can vary based on the processing speed of your current bank and the time needed for documentation and approval processes at the new bank.
Initiating a balance transfer for your home loan does not directly impact your credit score. In fact, it may have positive effects, such as reducing the number of active loan accounts and decreasing your overall credit utilisation.
Consider transferring your home loan balance if you find yourself subject to an interest rate that exceeds the current market average. Some Banks are known for offering attractive rates for these kinds of balance transfers.
Absolutely. Under the Income Tax Act of 1961, you qualify for tax deductions on both the principal and interest amounts of your balance transfer loan. Since these tax advantages can change from year to year, it’s advisable to consult with banks for up-to-date information on the tax benefits available for your loan.
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