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.
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
|
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 |
|
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 |
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.
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
1. Kotak Mahindra Bank Car Loan
2. Kotak Mahindra Bank Home Loan
3. Kotak Mahindra Bank Education Loan
4. Kotak Mahindra Bank Gold 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
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 :
Interest Rates range between 7.40% to 9.70% per annum of home loan from Kotak Mahindra Bank.
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.
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.
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) .
The loan amount provided by Kotak Mahindra Bank for home loan is Upto 90% value of the property.
The minimum loan tenure is 1 year and maximum loan tenure is 20 years of Kotak Mahindra Bank for home loan.
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
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