Kotak Mahindra bank offers home loans at affordable interest rates starting from 6.65%. You can avail the home loan to make your dream home come true. Whether it is about constructing a new house or purchasing a flat, the Kotak Mahindra home loan makes sure the lack of funds doesn’t come between you and your dream. You can also avail the loan to buy a land to construct a house or renovate an existing one. Kotak home loan offers the loan amount at attractive rates and minimum processing charges with a fuss-free procedure.
|Loan Amount||75%-90% of the property value|
|Interest Charges||Ranges from 6.65% per annum to 7.30% per annum|
|Processing Fees||Up to 1% + GST|
|Tenure||Up to 20 years|
From interest rates and other types of charges to multiple add-on features, the Kotak bank home loan brings a range of highlights. Here are the features and benefits of Kotak Mahindra home loan that you can definitely count on:
1. Purpose : Kotak Mahindra bank offers home loans for various purposes related to housing. You can use this loan to buy a new house or flat, construct a new house, purchase a land or renovate your existing house.
2. Interest Charges : The Kotak Mahindra housing loan comes with attractive interest rates. The interest rate on home loans by Kotak starts at 6.65% per annum and goes up to 7.30% per annum. Interest charges also depend on various factors such as the loan amount, employment type , loan schemes etc.
3. Loan Tenure : Kotak housing loans come with a flexible repayment tenure ranging up to 20 years.
4. Balance Transfer : Kotak bank home loan features the balance transfer facility that allows you to transfer your existing loan to Kotak bank. This facility will help you transfer your existing home loan from another bank with a higher interest rate to the Kotak bank loan and save up on rate of interest.
5. PMAY : Kotak Mahindra bank home loan is also available under the Pradhan Mantri Awas Yojana (PMAY) scheme. This scheme is an initiative that is designed to provide affordable housing loans to the economically weaker section, Middle and low income groups of the society.
This PMAY scheme offers interest subsidy to the beneficiaries that fall under the eligible categories. The subsidy scheme can be availed for the maximum Rs 12 lakh of loan amount. The repayment tenure in this scheme ranges up to 20 years.
6. Prepayment : You can clear the debts by paying off your Kotak housing loan and close it without reaching the loan maturity. Kotak bank does not charge any prepayment penalty and allows you to foreclose your loan without charging any fees.
7. Easy Process : It is seamless to apply for the Kotak Mahindra bank housing loan. You can quickly get the process started, given that the option to apply for the loan is available on the offline and online platforms. Apart from that, the Kotak Mahindra bank home loan application requires minimum documentation which allows you to pile the necessary ones quickly and begin with the procedure.
You have to meet the eligibility requirements designed by Kotak Bank to allow you to avail the home loan. You should make sure that you meet the requirements based on income, employment, age and other factors that help determine eligibility for home loan.
Here is the eligibility criteria for Kotak home loan that you should meet:
You need to submit the necessary documents when applying for a home loan application. Here are the documents required for Kotak Mahindra bank home loan application:
|Documents||Salaried Applicants||Self Employed Applicants|
|Identity Proof||Aadhar Card, Voter’s ID Card, Passport, Driving Licence||Aadhar Card, Voter’s ID Card, Passport, Driving Licence|
|Address Proof||PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills||PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills|
|Income Proof||Salary Slips, Bank Statements, Form 16||Balance sheet and profit and loss account, IT Returns, Business Proof|
|Other Documents||Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank||Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank|
Kotak Mahindra Home Loan EMI Calculator is a tool which you can use to find out the total amount you will have to pay for Equated Monthly Installment (EMI) to repay your home loan. Knowing the EMI, you will be able to manage your budget accordingly and it will help decide the tenure of your home loan based on your repayment capacity.
Here is how to use Kotak Mahindra home loan EMI calculator:
You should now be able to view the total amount you have to pay every month for your home loan repayment.
|AXIS Bank Home Loan||7.75% to 9.40%|
|SBI Regular Home Loan||6.95% onwards|
|HDFC Bank Home Loan||6.95% to 7.50%|
|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|
|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%|
Applying for a Kotak home loan requires a simple procedure which can be performed either offline or online. Once you have ensured that you are eligible for Kotak Mahindra home loan and have all the necessary documents that are required for it, you can take the step to proceed with the Kotak Mahindra bank home loan application.
Here is how to apply for Kotak home loan:
Apply for Kotak Mahindra bank home loan offline
You can visit the nearest branch of Kotak Mahindra Bank to apply for a Kotak Mahindra home loan offline. When you visit the branch, make sure you carry the required documents that will be needed to be submitted along with the home loan application. The bank official will provide you the required assistance to proceed with the application.
Apply for Kotak Mahindra bank home loan online
Online presence of banks has made it easier to get started with home loan applications smoothly. If you wish to apply for the Kotak Mahindra home loan online, then you can simply visit the bank's website and get started with the application.
Here are the steps to apply for Kotak home loan online:
For any query or assistance with your Kotak home loan application, you can reach out to the bank’s customer helpline.
In case of any query, grievances or assistance regarding the Kotak Mahindra home loan, you can contact the bank customer service on the following number:
Kotak Mahindra bank home loan allows you to avail about 755 to 90% of the property value. It varies among the original loan and the balance transfer.
Your eligibility for Kotak home loan is decided upon different factors such as your employment status, income, existing debts, credit history etc.
Yes. Kotak Mahindra bank home loan offered to NRIs.
Interest Rates range between 7.40% to 9.70% per annum of home loan from Kotak Mahindra Bank.
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)Last Updated on : 24/Mar/2021
Know More About
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
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