|Loan Amount||Up to 90% of the property cost|
|Rate of interest||6.55% onwards|
|Tenure||Up to 20 years|
|Lowest EMI possible||Rs. 746 Per Lakh|
Benefits of signing up with Kotak Mahindra Bank Home Loan are:
Kotak Mahindra Housing Loan eligibility criteria are straightforward. Follow the list given below:
For up to 5 years loan tenure
For loan tenure of above 5 years and up to 15 years
Tip - Check Cibil score for home loan before applying.
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:|
|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.
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.
Also Read - Home Loan Tax Benefits
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:
|Salaried||6.55% - 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
*Interest rate also vary on individual's cibil score.
|Home Loan Processing Fee - Salaried individuals|
|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|
|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|
|Non Utilization Charges|
|Overline Rate/ Penal Interest in case of overline accounts (Overdrawal of OD)||3% p.m. GST & statutory dues over & above normal OD Rate|
Additional Reading: Minimum cibil score required for home loan.
Additional Reading: How to improve cibil score immediately?
|Lender||Maximum Loan Amount||Interest Rate||Processing Fee|
|Kotak Mahindra Bank Home Loan||Up to 90% of property||6.55%-7.30%|
|ICICI Bank Home Loan||Up to 90% of property||6.75%-7.55%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||Up to 90% of property cost||6.75% - 8.05%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crore||6.90%-8.40%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||6.75%-7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
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.
|Loan Amount||10 years||20 years||30 years|
|Rs.20 lakh||Rs. 22,863||Rs.15,089||Rs.12,839|
*For EMI calculation purpose, flat rate of Interest @ 6.55% p.a. is considered. The calculation is indicative only. Your EMI schedule will vary as per rate of interest offered to you.
You can conveniently check Kotak Mahindra Home Loan application status instantly by clicking on following link: Check your application status
Additional Reading: How to get loan for low cibil score?
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)|
|Up to Rs. 30 Lakhs||90% of the cost of the property|
|Above Rs. 30 Lakhs and up to Rs. 75 Lakhs||80% of the value of the property|
|Above Rs. 75 Lakhs||75% of the property cost|
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.
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.
Kotak Home Loan toll-free numbers are:
To call from overseas, use 24X7 customer service.
Abroad helpline number: +91 22 6204 2001 (chargeable)
Toll free NRI Helpline Numbers- country wise
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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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.
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.
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.
Key eligibility factors for Kotak Home Loan include income, work experience, educational qualification, age, future expenses and savings.
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.
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.
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.
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.
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.
In most cases, the property in the question itself will be the security for a Home Loan.
It is important that any and every document related to your property is registered, along with the sale agreement between you and the seller.
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.