Kotak Mahindra Bank offers home loans to individuals, Partnership Firm / LLP/Indian Company and also to Hindu Undivided Family (HUF). The eligibility criteria set by Kotak Mahindra Bank for their home loans are:
- The applicant should be an Indian citizen or NRI
- Minimum income of Rs.15,000 per month
- Your credit score is very important. A credit score of 700 and above will be considered good
- The lender also considers your existing liabilities and loans when processing your loan application
Additional Read: Kotak Mahindra Bank Home Loan Eligibility
How can I improve my eligibility for Kotak Mahindra Home Loan?
- Add an earning member of your family as a co-applicant on the loan. By declaring your combined income, you can increase your loan approval rate.
- Repay your existing loans and credit card dues. If you have a very high existing liability, you are considered a higher risk to the lender. So try and reduce your liabilities to improve your chances of getting a good loan.
- Achieve a credit score of 750 and more
- Go for a longer repayment tenure. This will reduce your monthly EMI amount too.
- You can opt for a higher down payment and a lower loan amount
- Mention your additional sources of income and assets
- Apply at a younger age. Younger you are, better are the loan terms