KOTAK MAHINDRA BANK HOME LOAN

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.

Kotak Mahindra Home Loan Interest Rates & Charges

Features and Benefits of Kotak Mahindra Bank Home Loan

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. 

Eligibility Criteria for Kotak Mahindra Home Loan

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:

• The minimum age of the applicant should be 18 years.
• The applicant should not be more than 65 years of age at the time of loan maturity. 
• The applicant should be salaried or self employed with a steady income. 
• The applicant should be a resident Indian or NRI. 
• The applicant should have at least a good credit score (minimum should be 750).

Documents Required for Kotak Mahindra Home Loan

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:

Kotak Mahindra Home Loan EMI Calculator 

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:

• Go to the official web portal of Kotak Mahindra bank.
• Click on the “Explore Products” menu.
• Click on the “Loans” menu and then hit the “Home Loan” option. 
• Now that you are on the home loan page, you have to click on the “EMI Calculator” option.
• Enter the home loan amount, the rate of interest and total loan repayment tenure in months or years.

You should now be able to view the total amount you have to pay every month for your home loan repayment. 

Compare other bank home loan interest rates

How to Apply for Kotak Mahindra Housing Loan

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:

• Navigate to the official website of Kotak Mahindra bank.
• Click on the “Explore Products” menu.
• Now, hit the “Loans” product.
• After that, click on the “Home Loan” option.
• On the home loan page, you need to click on the “Apply now” button.
• Next, select the home loan option. 
• Select whether you are an existing customer or a new customer.
• Now that you are on the home loan application form page, you need to fill the required details including your name, employment and residence type. 
• After filing the application form, hit “Continue”. 
• Enter the OTP you have received on your registered mobile phone. 

For any query or assistance with your Kotak home loan application, you can reach out to the bank’s customer helpline. 

Kotak Mahindra Bank Home Loan Customer Care 

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:

• 1860 266 2666
• +91 22 6600 6022 (for calling from outside India)

FAQs On Kotak Mahindra Home Loan

Q.1 What is the maximum Kotak Mahindra home loan amount can I apply for?

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. 

Q.2 How is Kotak Mahindra home loan eligibility determined?

Your eligibility for Kotak home loan is decided upon different factors such as your employment status, income, existing debts, credit history etc. 

Q.3 Can NRIs apply for a Kotak Mahindra home loan?

Yes. Kotak Mahindra bank home loan offered to NRIs.

Q.4 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.

Q.5 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)