Kotak Mahindra Bank Home Loan interest rates start at 6.50% p.a. Check eligibility online and get instant approval for Current Kotak Housing Loan offer for 20 years. Apply for lowest interest rate offer on home loans till November 8, 2021.
Kotak Mahindra Bank is currently offering the best home loan interest rate starting at 6.50 % p.a for all loan amounts up to 90% of the property value. This is a limited time offer, valid till November 8, 2021. Both salaried and self-employed customers can avail the benefit of Kotak’s festival bonanza. The eligibility for Kotak’s special festival offer on home loans will be assessed basis credit score of the individual applicant. The borrower can add co-applicants and enhance eligibility.
Benefits of signing up with Kotak Mahindra Bank Home Loan are:
Currently Kotak Mahindra Bank Home Loan are available at the lowest interest rates in the market.
Enjoy doorstep service & hassle free loan processing.
Best-in-class post disbursal services.
Quick & hassle free disbursal within 4 hours of application.
Option for Kotak Home Loan insurance at attractive premium.
Property in the deal is considered as security of the home loan. Receipts of term deposits or other Life Insurance policies with Kotak are accepted as additional security, as required.
No foreclosure or prepayment charges for floating interest Home Loans.
Option to apply for Kotak Mahindra Home Loan top up after successful repayment of 12 EMIs.
Kotak Home Loan Features
Kotak Home Loan interest rates start from 6.50% per annum.
Both salaried as well as self-employed borrowers can opt for Kotak’s festival offer.
Loan amount: Up to 90% of the property cost.
Repayment tenure: Up to 20 years.
Kotak Mahindra Home Loan processing fees is nominal. Max up to 0.5% of the loan amount.
Lowest EMI possible: Rs. 746 Per Lakh.
Kotak Mahindra Bank Home Loan Eligibility Criteria
Kotak Mahindra Housing Loan eligibility criteria are straightforward. Follow the list given below:
For resident Indians (individuals):
Age:
Salaried: 18 to 60 years
Self employed: 18 to 65 years
Gross income for resident Indians (individuals):
Metro cities: Delhi, Mumbai, Bangalore, Pune & Chennai - Minimum of Rs.20,000 per month
Other cities: Minimum of Rs.15,000 per month
Qualification:
For those employed with a private limited company or partnership firm: At least Graduation
For those employed with Public limited company or MNC or Government or Public Sector Company: No Restriction
Legal documentation for proof of identity, address, income, employment/ business continuity and property ownership.
Good credit score and clean credit history is also desired.
For Non Resident Indians (individuals):
Age: Max 58 years at the time of loan maturity
Income: Applicant's/ Co-applicant's income will be considered for eligibility. If applicant is NRI and co-applicant is resident Indian, clubbing of income is not permitted.
For up to 5 years loan tenure
Applicant's Min Annual Gross Salary after Currency Conversion:
For Gulf Countries: Dirhams 36,000
For Merchant Navy: USD 20,000
For loan tenure of above 5 years and up to 15 years
Applicant's Min Annual Gross Salary after Currency Conversion:
For USA/ UK/ Other Countries (except Gulf): USD 42,000
For Gulf Countries: Dirhams 48,000
For Merchant Navy: USD 26,000
Salary should be received through Direct Bank Credit (DBC) or Cheque and not by Cash on Weekly/ Fortnightly/ Monthly basis.
Minimum educational qualification: Graduate
Should be employed for at least 3 years
Kotak Mahindra Home Loans Documents Required
When applying for Kotak Home Loan, make sure you have following documents in place:
List of Kotak Mahindra Bank Home Loan documents for resident Indians-
Proof of identity: (Copy of any one)
Passport/ Driving Licence/ Voter’s ID
Proof of residence: (Copy of any one)
Rental Agreement/ Electricity Bill/ Ration Card/ Passport (latest document, not later than 3 month old)
Proof of education:
Highest educational degree certificate
Proof of age:
Birth Certificate or Matriculation Certificate or Mark-sheet
Proof of income for salaried employees:
Latest salary slips or current dated salary certificate, Bank Statements showing salary credit and other EMI debits, and latest ITR.
Proof of income for self employed:
Proof of business along with the latest Bank Statements and latest ITR Form or Form 16.
Bank statements with deductions for other EMIs, if applicable
Signature proof:
PAN Card/ Driver's Licence/ Passport/ Banker Attested Bank Account Statements.
*Please note that after providing signature proof, you will need to maintain this signature for the entire term of your loan.
Others
Duly filled and signed Home Loan application form
2 passport-sized photographs
A cheque for processing fee
NRI Applicants need to submit Appointment Letter/ Employment Letter/ Contract Copy in addition to above home loan housing documents for Income Proof, Identity Proof, Address Proof, and Age Proof.
Kotak Mahindra Bank Home Loan Interest Rates
kotak housing loans are currently being offered at special home loan Interest rates. The scheme applies to all loan amounts.
Kotak Mahindra Bank floating rates on Home Loans are as follows:
Segment
Interest Rate
Salaried
6.50% - 7.10%
Self Employed
6.65% - 7.25%
*Home Loan interest rates are linked to repo rates.
*Repo rate: 4%
*Terms & conditions applicable as per lender’s credit policy
*LTV is loan to property value ratio
Kotak Home Loan Processing Fees & Charges
Home Loan Processing Fee - Salaried individuals
For < Rs 30 Lakh loan: 0.25% + GST & statutory dues
For > Rs 30 Lakh loan: 0.50% + GST & statutory dues
Home Loan Processing Fee - Self employed/ Professionals:
For any loan amount: 0.50% +GST & statutory dues
Home Loan Top Up Processing Fees- for all profiles
1% + GST & statutory dues
Documentation Charges for both Home Loan & Top Up
Rs 4000 (at the time of disbursement) + GST & statutory dues
Charge for Interest Certificate/ Account Statement
Free, once in a financial year. Afterwards, Rs 250 +GST & statutory dues per instance
Switch Fee
Switching to lower floating rate: Rs 10000 +GST & statutory dues
Switch in benchmark index & lowering of floating rate: Rs 15000 +GST & statutory dues
Repayment Mode/ Account Swap charge
Rs 500 + GST & statutory dues per instance
Charge for Copy of any Document
Rs 500 + GST & statutory dues per instance
Charges for Duplicate NOC/ No Dues Certificate
Rs 500 + GST & statutory dues per instance
Prepayment Charge on Home Loan/ Top Up- Floating
Nil
Part prepayment on fixed or other accounts (Prepayment allowed only after 6 months; Capped at Rs 25000 to 25% of outstanding loan)
4% of excess prepayment over 25% of outstanding amount
Foreclosure of Fixed or other accounts
4% of amount paid + prepayment in last 12 months + GST & Statutory dues as applicable
Commitment Fee - Home Loan
2% of loan amount + GST & statutory dues
Commitment Fee - Home Improvement / Extension:
4% of undisbursed amount + GST & statutory dues
Commitment Fee - Top Up
2% of loan amount + GST & statutory dues
Substitute Interest (Penal Interest)
2% per month, compounded monthly
Cheque dishonour charges
Rs 750 + GST & statutory dues
Collection charges (in case of default)
30% + GST & statutory dues of cheque / Instrument dishonour charges + substitute interest
Annual renewal charge on overdraft
0.25% of the limit (dropped limit after reduction of annual drop) on due date of renewal
NA for Smart Home Loan OD
Non Utilization Charges
0.25% of OD non-utilized limit, minimum OD Limit utilization threshold of 50% quarterly,
Min: Rs 1250 + GST, chargeable on quarterly basis.
Overline Rate/ Penal Interest in case of overline accounts (Overdrawal of OD)
3% p.m. GST & statutory dues over & above normal OD Rate
Notes:
Stamp Duty on Loan Agreement, Overdraft Agreement, Guarantor Agreement, Registration Charges etc. varies from State to State.
Stamping/ Notarisation of RBI and other Affidavits as applicable.
Charges for other Services would be specified as applicable e.g. Revalidation of Sanction, Change in Property, Reschedulement of Kotak Loan, Change in EMI Date, Solvency Charges etc.
Taxes/ other statutory levies may be charged to the Borrower if applicable as per Government/ RBI directives.
Kotak Mahindra Bank Home Loan Schemes
Kotak Digi Home Loan
Online home loan for property purchase or construction.
A simple 3 step Kotak Mahindra Bank Home Loan process: Fill details, upload documents & apply.
100% digital processing
Minimal documentation
Doorstep delivery
Zero processing fees for those who apply for Kotak Bank home loan online.
Maximum LTV % for 80 -90 %
Maximum Tenor: up to 20 years
Kotak Home Improvement Loan
Loan for home improvement, including & not limited to renovation, extension, and repairs.
Tenor up to 15 years or retirement age, whichever is earlier.
Can be availed of as a top up on existing home loan, or term loan
LTV varies as per the product.
Kotak Home Loan Balance Transfer
Transfer your home loan to Kotak Mahindra bank & reduce existing interest rate and subsequent EMIs.
Get option to reduce tenure by paying off principal.
Kotak special Home Loan applicable on balance transfer loans.
You can apply online or offline as per your convenience.
Also, eligible for regular benefits of Kotak Mahindra Housing Loan scheme.
Max tenor up to 20 years.
LTV up to 90% of property value.
Top up available against house equity for any personal needs.
NRI Home Loan
Kotak Home Loan scheme for NRs
Avail of housing finance for purchase or construction of a residential property in India.
Maximum tenure of 15 years.
Maximum LTV limit is up to 80% for NRI Home Loan; Up to 60% LTV for Commercial Property NRI Loans.
NRI Home Improvement Loan
Kotak Home improvement loan scheme for NRIs
Funding for renovation, furnishing, painting, tiling, flooring, waterproofing, plumbing or any other repair or make over task for existing residential unit in India.
Tenor of up to 10 years or retirement age (whichever is earlier).
Kotak Bank Home Loan is capped up to 80% value of home or up to 60% value of commercial property.
Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes
How to Calculate Kotak Mahindra Bank Home Loan EMI?
You should always calculate tentative EMI load before signing up for a home loan. This helps you make an informed decision according to your repayment capacity. You can use MyMoneyMantra Home Loan EMI Calculator to evaluate affordable Kotak Home Loan interest rate. All you need to do is input basic loan details such as loan amount, tenure, and interest rate. As you tap on the calculate button, you get an EMI estimate along with an amortization schedule for your home loan.
Banks set home loan interest rates according to their credit policy and external benchmark rates such as repo rate. Thus if you are applying for a Kotak Mahindra Bank Home Loan, you do not require additional interest rate calculator. An EMI Calculator will help you assess affordable EMI & rate of interest for your profile.
Kotak Mahindra Home Loan EMI Calculation
Loan Amount
10 years
20 years
30 years
Rs.20 lakh
Rs. 22,863
Rs.15,089
Rs.12,839
Rs.30 lakh
Rs.34,294
Rs.22,633
Rs.19,259
Rs.40 lakh
Rs.45,725
Rs.30,177
Rs.25,679
Rs.50 lakh
Rs.57,156
Rs.37,722
Rs.32,098
Rs.60 lakh
Rs.68,588
Rs.45,266
Rs.38,518
*For EMI calculation purpose, flat rate of Interest @ 6.50% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
How to check Kotak Mahindra Bank Home Loan application status?
You can conveniently check Kotak Mahindra Home Loan application status instantly by clicking on following link: Check your application status
Steps:
Click on the link.
Fill following details:
Product: Home Loan
Identifier: Application Form Number/ Prospect Number/ Lead Number/ CRN/ Mobile Number/ PAN & DOB/ First Name & DOB/ Second Name & DOB
Choose any one of the identifier and share it in next column.
Press submit for instantly tracking Kotak Home Loan application status.
How Much Home Loan Can I Get on My Property (LTV) from Kotak Mahindra?
Depending on the product you choose, Kotak Mahindra Bank offers Home Loans up to 90% LTV i.e. 90% of the property cost.
Loan Amount
Maximum Funding (subject to the market value of the property and repayment capacity of the borrower)
PMAY is a Credit-Linked Subsidy Scheme (CLSS) announced by Prime Minister Narendra Modi with a vision of providing 'housing for all' by the year 2022. You can reap the benefits of this housing credit scheme when applying for Kotak Mahindra Bank Home Loan. The bank offers CLSS under PMAY, that provides interest subsidy on Home Loans to eligible beneficiaries belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) segment. You can avail of this subsidy on house purchase or construction, as per the prescribed eligibility criteria.
Kotak Mahindra Bank Home Loan Customer Care
You can reach out to Kotak Mahindra Bank home loan customer care by call, email or visiting the branch. The Kotak Home Loan customer care center can be contacted any time between 9 am to 6 pm from Mondays to Saturdays, except holidays.
Alternatively, you can visit your nearest Kotak Mahindra Bank branch for any queries. You can also write to them via Kotak Mahindra bank website, and they will get back to you on the matter.
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✅ What is the current Kotak Mahindra Bank Home Loan Interest Rate?
On September 9, 2021 Kotak Mahindra Bank yet again slashed home loan interest rates by 15 bps. Kotak’s lowest home loan offer will be available for sixty days, i.e. from September 10, 2021 to November 8, 2021. Kotak’s special offer is available for both fresh as well as balance transfer customers.
✅ How do I calculate Kotak Mahindra Bank Home Loan EMI?
Use MyMoneyMantra's EMI Calculator or Kotak Mahindra Bank's Home Loan EMI Calculator to calculate EMI for the proposed loan. These tools are free of cost. All you need to do is enter the loan amount, repayment tenure, and interest rate applicable on the loan to get EMI & Loan repayment schedule.
✅ What is the maximum Home Loan amount that I can borrow from Kotak Mahindra Bank?
You can get a maximum of 90% of the property's value for Home Loan Balance Transfer. For new Home Loan applications, you will get a maximum of 80% value for up to 75 Lakhs of loan and 70% for more than 75 Lakhs of loan.
✅ What are the eligibility factors for Kotak Mahindra Home Loan?
Key eligibility factors for Kotak Home Loan include income, work experience, educational qualification, age, future expenses and savings.
✅ Is there processing fee concession for women Kotak Home Loan applicants?
Yes, the processing fee for the women Kotak Bank Home Loan applicants is flat Rs 5,000 whereas other applicants can be charged maximum processing fee up to Rs 10,000.
✅ When will my Kotak home loan get disbursed?
Once the bank has done all verifications, legal and technical appraisals, and created relevant documents for the loan, you will be able to get the loan disbursed. MyMoneyMantra ensures shortest turnaround time for your home loan application.
✅ Can I apply for Kotak Mahindra Home Loan with a co-applicant?
Yes, you can apply for Korak Mahindra Home Loan with a co-applicant. Indeed, it enhances your home loan eligibility when you apply with a co-applicant. Your spouse, parents or adult children can become your loan co-applicants. All co-owners of the property are also required to become co-applicant for the loan.
✅ Do I get Kotak Bank Home Loan disbursement in instalments?
Only in case of constructing loan for the property, the loan will be disbursed at regular intervals as assessed by Kotak Mahindra Bank. You will get home loan in lumpsum for purchase of home.
✅ Should I avail insurance for my home?
It is best that to get your home insured against any property damage, either human-made or natural. Along with Kotak Mahindra Bank Home Loan, you can also avail a home insurance to cover any liability.
✅ What is the security for the Kotak Mahindra Bank Home loan?
In most cases, the property in the question itself will be the security for a Home Loan.
✅ Will the sale agreement need to be registered?
It is important that any and every document related to your property is registered, along with the sale agreement between you and the seller.
✅ What are different types of Kotak home loan repayment options?
You can repay Kotak Mahindra Bank Home Loan as per your convenience. Different options include Electronic Clearing System (ECS), Post dated cheques or online payment option.
