Kotak Mahindra Bank Home Loan: Interest Rate, Eligibility, Processing & Customer Care

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KOTAK MAHINDRA BANK HOME LOAN 

About Kotak Mahindra Bank Home Loan :

Kotak Mahindra Bank is one the most trusted banks for home loans. It is an Indian private sector bank and its headquarters at Mumbai. Kotak Mahindra Bank offers banking and financial services for corporate and retail customers.There are so many banks and non-banking financial companies in India that provide various financial products to the customers. These can be banking, insurance, loans or credit cards. Kotak Mahindra Finance Ltd. was established in 1985. The same got converted into a bank- Kotak Mahindra Bank Ltd. in March 2003. Kotak Mahindra Bank has presence in commercial vehicles, Retail finance, Corporate Banking, Treasury and Housing Finance.

People usually want to get the loan in case of any financial issues. Home loan is some amount of money that is taken from a bank to make a home or buying plots for making a home.. Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get a home loan with ease..You all think that “how it is possible? To overcome this issue Kotak Mahindra Bank came with an exciting opportunity i.e. Kotak Mahindra Bank Home Loan. Kotak Mahindra Bank Home loan provides an attractive interest rate with less paperwork. The interest rate provided by Kotak Mahindra Bank for Home Loan is 7.40% to 9.70% per annum. Kotak Mahindra Bank also provides doorstep services to the customers.

Benefits of Kotak Mahindra Bank Home Loan :

1. Easy home loan balance transfer

2. Zero processing fee for online application 

3. Low processing fees

4. Attractive rate of interest starts at 7.40% to 9.70% per annum

5. Flexible repayment option upto 20 years 

6. Less and simple documentation for the customers 

Fees and charges of Kotak Mahindra Bank Home Loan :

TYPE 

CHARGES 

Processing fee (Non refundable)

Maximum 2% of the loan amount plus GST and other statutory levels

Charges 

NIL 

Charges for interest certificate 

Rs.250 (plus GST and other applicable statutory levels) per instance

Documentation charges 

Upto Rs.10000 plus GST and other statutory levels

Commitment fee

2.% of the undisbursed amount of the loan plus GST and other statutory levels

Cheque dishonour 

Rs.750 (including of GST and other applicable statutory levels) per instance

Swap charges 

Rs.500 (including of GST and other applicable statutory levels) per instance 

Duplicate NOC / No due certificate

Rs.500 plus other applicable statutory levels per instance 

Cibil Score 

Above 750

Penal interest 

2% per month 

Collection charge

30% plus other applicable statutory levels

Eligibility Criteria for Kotak Mahindra Bank Home Loan :

ELIGIBLE 

Salaried and self employed

AGE

For salaried employees = 18 years to 60 years 

For self employed = 18 years to 65 years 

MINIMUM INCOME 

Rs.20000 per month 

QUALIFICATION 

Graduate when applicant is employed with the private ltd companies or partnership firms

Applicants employed with public ltd companies or MNCs or Government or public sector companies there is no criteria.

EXPERIENCE 

For salaried employees = Worked for at least 2 to 3 years 

For self employed =  Same line of the business for a minimum 2 to 3 years 

CIBIL SCORE 

Above 750

Documents Required for Kotak Mahindra Bank Home Loan :

1. Fully filled signed application form 

2. Passport size photograph

3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id

4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id 

5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited

6. For Self employed individuals / professionals = 2  years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.

Compare other bank home loan interest rates :

BANKS 

INTEREST RATE

AXIS Bank Asha Home Loan

Starts at 10.05% onwards 

AXIS Bank Shubh Aarambh Home Loans

Starts at 7.75% onwards

AXIS Bank Fast Forward Home Loans

Starts at 7.75% onwards

AXIS Bank Home Loan

7.75% to 9.40%

AXIS Bank Empower Home Loan

Start at 9.55% onwards 

AXIS Bank Super Saver Home Loan

8.15% to 8.30%

AXIS Bank TopUp Loan

8.90% to 9.15%

SBI NRI Home Loan

6.95% onwards

SBI Flexipay Home Loan

7.40% onwards 

SBI Privilege Home Loan

6.95% onwards 

SBI Regular Home Loan

6.95% onwards 

SBI Shaurya Home Loan

6.95% onwards 

SBI Pre-approved loan

6.95% onwards 

SBI Realty Home Loan

7.65% onwards

SBI Home Top Up Loan

7.90% onwards

SBI Bridge Home Loan

9.50% to 10.50%

SBI Tribal plus Home Loan

6.75% onwards

SBI Earnest Money Deposit

10.45% onwards

SBI Reverse Mortgage Loan

8.05% onwards

SBI CRE Home Loans

7.45% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

HSBC Bank Smart Home Loan

11.005 to 11.505

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

Other products of Kotak Mahindra Bank :

1. Kotak Mahindra Bank Car Loan

2. Kotak Mahindra Bank Home Loan 

3. Kotak Mahindra Bank Education Loan 

4. Kotak Mahindra Bank Gold Loan

How to apply for Kotak Mahindra Bank Home loan :

There are two ways to apply for home loans from Kotak Mahindra Bank 

1. Offline Method : By visiting the bank branch

2. Online Method :

  • First of all first visit to official website of Kotak Mahindra bank

  • In retail section go to the “loans”

  • Now click in home loan

  • Now  go to “home loan”

  • Now click on apply now and fill application form 

How to calculator EMI of Kotak Mahindra Bank Home Loan :

The following formula is used to calculate EMI of Kotak Mahindra Bank Home Loan :

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

P stands for Loan Amount

R stands for Interest Rate

N stands for tenure in number of months 

How to contact with Kotak Mahindra Bank :

1. By customer care contact number : 18602662666 / 18602660811

2. By customer care email id : itsecurity.bank@kotak.com

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Kotak Mahindra Bank Home Loan Frequently Asked Questions :

1. What is the Home Loan interest rate in Kotak Mahindra Bank?

Interest Rates range between 7.40% to 9.70% per annum of home loan from Kotak Mahindra Bank.

2. How to pay Kotak Mahindra Bank Home Loan online?

Repayment of the home loan at Kotak Mahindra Bank is made on Bullet Payment basis; customers can also avail EMI facility on Home Loan and overdraft facility for businesses is also available. To pay the Home Loan online, all you need to do is visit the bank’s website and give the loan account number/ CRN number and make the payment.

3. How to check home loan status?

Check the status of your loan by visiting the bank’s official website and clicking on the ‘Track my Application’ link. You can also contact the bank via email or call on their customer care number for more information.

4. How much processing fee is charged by Kotak Mahindra Bank for home loan?

The processing fee charged by Kotak Mahindra Bank for home loan is maximum 2% of the loan amount plus GST and other statutory charges (Non refundable) .

5. What is the loan amount of Kotak Mahindra Bank HomeLoan?

The loan amount provided by Kotak Mahindra Bank for home loan is Upto 90% value of the property.

6. What is the minimum and maximum loan tenure of Kotak Mahindra Bank for home loan?

The minimum loan tenure is 1 year and maximum loan tenure is 20 years of Kotak Mahindra Bank for home loan.

7. How much age of the customer is required to get a home loan from Kotak Mahindra Bank?

For salaried employees the age is 18 years to 60 years and for self employed the age is 18 years to 65 years to get a home loan from Kotak Mahindra Bank.

 

Last Updated on : 17/Aug/2020

Know More About

Kotak Mahindra Bank Home Loan

You're eligible for a Kotak Mahindra Bank Home Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Kotak Mahindra Bank Home Loan Interest Rates

Updated on 25 Nov 2017

Kotak Mahindra Bank Home Loan Details
Interest Rate (Monthly reducing balance) 7.4% - 9.7%
Processing Fees Maximum 2% of the loan amount plus GST and any other statutory charges
Loan Tenure 1 year to 20 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959