If you dream to renovate, paint or furnish to make a new kitchen/give a new look to walls/entire home, avail Personal Home Improvement Loans to realize your dream of a perfect house to become true. Confused about how to raise funds for your needs? Collecting a huge amount for funding your home improvement needs is not an easy job. Is it right? This is why many banks offer to help you out with Home Renovation Loans. Kotak Mahindra Bank, established in 1985, is an Indian private sector bank providing Kotak Home Improvement Loan designed with various facilities and services to have smooth and pleasurable home-improving experience.
Benefits & Features – Home Renovation Loan:
- Quick Dispersal: Customers who applied for home improvement loans can enjoy quick money dispersal of 15 lacs to have an awesome home renovation.
- Loan Amount: Kotak offers a maximum home loan amount of 90% for a loan amount of less than Rs.30 Lacs, 80% for loans between Rs. 30-75 Lacs, and 75% for loans above 75 Lacs.
- Flexible Fund Needs: Kotak’s Home improvement loan will fund for all your Home Improvement needs such as Flooring/Decoration/Renovation/Plumbing/Tiling/Roofing/Electric Work/Furnishing/Waterproofing/Bore Well/Roofing/Compound Wall Paving/Underground or overhead tank construction.
- Term Period: Applicants can get a maximum term for home improvement loan of 15 years based on their retirement age and subject to change as per the applicant’s profile.
- Minimal Documentation: Customers can enjoy fast banking service and minimal documentation while applying for home renovation loans at Kotak.
- Quick Disbursal: Kotak bank is powered by professional executives who ensure quick disbursal of home improvement loans upon proper verification within no time.
- Amazing Interest Rates: Kotak offers attractive interest rates (ROI) and also flexible repayment facilities for its customers who apply for Home Improvement Loans.
Eligibility Factors to Consider for Kotak Home Improvement Loan:
People may apply individually or jointly for Kotak Mahindra Bank’s home improvement loan. The applicant’s eligibility depends on these factors:
- Monthly Salary/Annual Income
- Work Experience
- Income Source
- Bank Credit/Savings Data
- Age Criteria
- Education/Professional Qualifications
- Dependency Level
- Perceived future stability for present employment
- One of the co-applicants must be the owner of the property concerned. But, other co-applicants need not be co-owners.
Mandatory Documents for Kotak Home Improvement Loan Approval:
- Identity & Signature Proof: PAN card, Voter card, Aadhaar card, Passport, Certified Driving License/Post Office ID Card/Photo ID Card
- Address Proof: Aadhaar Card/PAN card/Passport/Driving License/Utility Bills/Property Tax/Service Tax
- Income Proof: Latest 3 months payslips
- Banking Details: Recent 3 months Bank statement/Entries in the bank passbook
- Qualification Proof: Educational certificates
Procedure to Apply for Home Improvement Loan at Kotak:
- Offline: Customers can visit the nearby branch and submit the application form along with relevant documents.
- Online: Log in to the Kotak official website. Choose the services from the list and follow the steps outlined by the bank to apply for a Home Improvement Loan.
Have a second thought? Visit Kotak bank near your region and find out more about the Home Improvement Loan to fulfil your needs!
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.