Kotak Digi Home Loans Now Offers Instant Principle Sanctions in India

Kotak Digi Home Loans Now Offers Instant Principle Sanctions in India

By Edil Corneille

Today, Kotak Mahindra Bank (Kotak) announced the introduction of an instant principle penalty for home loans on its digital platform – Kotak Digi Home Loans. Home loan applicants can now check the eligibility of their loan amount and the applicable interest rate immediately online, as well as instantly receive a letter of sanction in principle. This makes the home buying journey much easier for future owners.

The instant sanction of mortgage loans is aimed at both existing and new clients, as well as at salaried and self-employed client segments. Applicants can use the facility to apply for a new home loan, balance transfer, or top-up loan.

In a fully digital and paperless end-to-end process, Kotak Digi Home Loans performs instant digital credit assessment and the applicant sees their home loan eligibility amount, loan term, interest rate and IME. Applicant can choose loan amount and loan term and also add co-applicant to increase eligible loan amount. Applicants will then receive a letter of sanction in principle and then proceed with the online submission of documents.

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 all of their loan eligibility details in a fully 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.

Applicants can easily apply online for Kotak Digi home loans through the website. Existing Kotak customers can apply for Kotak Digi home loans through Kotak net banking or the mobile banking app.

Kotak offers home loans and balance transfer loans starting at 6.75% per annum (terms and conditions apply), which is said to be one of the lowest rates in the home loan market.