Kotak Digi Home Loans now offer instant in-principle sanctions in India

By Edil Corneille

Today, Kotak Mahindra Bank (Kotak), announced the introduction of instant in-principle sanction of home loans on its digital platform – Kotak Digi Home Loans. Home loan applicants can now check their loan amount eligibility and applicable interest rate immediately online, and also receive an in-principle sanction letter instantly. This considerably eases the home buying journey for aspiring homeowners.

The instant sanction of home loans is available to both existing and new customers, and for salaried and self-employed customer segments. Applicants can use the facility to apply for a fresh home loan, balance transfer or a top-up loan.

In an end-to-end fully digital and paperless process, Kotak Digi Home Loans conducts an instant digital credit assessment and the applicant is shown her/his home loan eligibility amount, the tenure of the loan, interest rate and EMI. The applicant can choose the loan amount & tenure and add a co-applicant as well to increase the eligible loan amount. Applicants will then receive an in-principle sanction letter and thereafter proceed for online submission of documents.

Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “Making banking easier, quicker and more affordable – that is our promise to our customers. Using a digital-first approach, home buyers will now receive an instant home loan sanction together with all the details of their loan eligibility in a completely paperless and contactless manner. On top of that, we continue to offer a special home loan interest rate of 6.75%, making it a win-win proposition for our customers. The search for one’s dream home has now become so much easier.”

Applicants can easily apply online for Kotak Digi Home Loans through the bank’s 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 cent p.a. (Terms & Conditions apply), which is said to be one of the lowest rates in the home loan market.