Overview
Kotak Mahindra
When considering home loans, Kotak Mahindra Bank stands out with competitive interest rates starting at just 8.75% per annum. These rates are available for both salaried and self-employed applicants. You can secure financing for up to 90% of the property’s value, and loan terms extend up to 30 years.
Rate of Interest
8.75% - 9.85%
Loan to Value
80% - 85%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
| Rate of Interest | 8.75% - 9.85% |
| Loan Tenure | Max 30 Years |
| Age | Salaried: 18 - 60 years Self Employed: 18 -65 years |
| Profession | Salaried/Self Employed |
| Income | Metro Cities : 20,000/Month & Above Other Cities : 15,000/Month & Above |
| Nationality | Resident Indian/ NRI |
| Max Loan Amount | Upto 5cr |
| Plot Purchase | |
| Independent Building | |
| Apartment | |
| Resale Property | |
| New Construction | |
| LTV | 80% - 85% |
| Home Loan | |
| Plot Cum Construction Loan | |
| Balance Transfer | |
| Overdraft Facility | |
| Top Up Facility | |
| Other Offerings | Home Improvement Loan |
| Processing Fees | 0.5% - 1.00% of the loan amount + GST |
| Other Charges | Reschedulment of Loan Term: Rs. 500 |
| Overdraft Facilities | |
| Highlights | • Attractive Interest Rates • Minimal Documentation • 50% off on processing fees for all digital applications • Customizable Tenure |
*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.
| Loan Amount | ₹ 50,00,000 |
| Loan Tenure | 20 years |
| Rate of Interest | 8.75% - 9.85% |
| Monthly EMI | ₹ 44,185 - ₹ 47,755 |
Eligibility Criteria for Kotak Mahindra Bank Home Loan
Before applying for a Kotak Mahindra Bank home loan, it’s important to understand the eligibility criteria. Here’s a brief overview of the key factors that determine your eligibility.
| Criteria | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Age | 18 to 60 years | 18 to 65 years |
| Minimum Income | Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai. Minimum Income of Rs. 15,000 per month for the residents of other cities. | Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai. Minimum Income of Rs. 15,000 per month for the residents of other cities. |
| Nationality | Resident Indian/ NRI | Resident Indian/ NRI |
Calculate your Kotak Mahindra Home Loan eligibility and unlock exclusive offers for you!
Kotak Mahindra Home Loan Interest Rates
| Customer Type | Effective Rate Of Interest |
|---|---|
| For Salaried | 8.75% onwards |
| For Self-employed | 8.75% onwards |
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Kotak Mahindra Processing Fee and Charges
Processing Charges
| Employment | Amount in Rs. |
|---|---|
| Salaried | 0.5% – 1.00% of the loan amount + GST |
| Self-Employed, HL top-up/Commercial Purchase | 0.5% – 1.00% of the loan amount + GST |
Kotak Mahindra Home Loan Documents
Bank Statements/Passbook Copy
| Document | Salaried Individuals | SEP | SENP/Co./HUF/Partnership Firm/LLP | NRIs |
|---|---|---|---|---|
| Bank statement/pass book copy | ✔ | ✔ | ✔ | ✔ |
| Last 6 months bank statements from domestic(*FCNR/NRNR) & salary/active international account | ✔ | ✔ | ✔ | ✔ |
Age Proof
| Document | Salaried Individuals | SEP | SENP/Co./HUF/Partnership Firm/LLP | NRIs |
|---|---|---|---|---|
| Passport | ✔ | ✔ | ✔ | ✔ |
| Driving License | ✔ | ✔ | ✔ | ✖ |
| School Leaving Certificate | ✔ | ✔ | ✔ | ✖ |
| Birth Certificate | ✔ | ✔ | ✔ | ✖ |
| Voter Identity Card | ✔ | ✔ | ✔ | ✖ |
| PAN Card | ✔ | ✔ | ✔ | ✖ |
Income Proof
| Document | Salaried Individuals | SEP | SENP/Co./HUF/Partnership Firm/LLP | NRIs |
|---|---|---|---|---|
| Last 3 months’ salary slips | ✔ | ✖ | ✖ | ✖ |
| Form 16 of latest 1 assessment year | ✔ | ✖ | ✖ | ✖ |
| Latest 3 years ITR, personal and business | ✖ | ✔ | ✔ | ✖ |
| Latest 3 years profit and loss accounts and balance sheet | ✖ | ✔ | ✔ | ✖ |
Kotak Mahindra Home Loan Schemes
Comparison
| Loan Scheme | Interest Rates | Purpose | LTV Ratio | Tenure | Special Features |
|---|---|---|---|---|---|
| Kotak Housing Loan | 8.75% p.a onwards | Purchase new home, renovate existing property | 80-90% | Up to 30 years | Available for new and renovation purposes |
| Kotak Home Improvement Loan | 8.75% p.a onwards | Renovation or upgrading current residence | Up to 90% | Up to 15 years | High LTV ratio |
| Kotak NRI Home Loan | 8.75% p.a onwards | Purchase/construct new home, upgrade/renovate | Up to 80% | Up to 15 years | Tailored for NRIs, 80% of upgrade cost |
| Kotak NRI Home Improvement Loan | 8.75% p.a onwards | Upgrade/renovate existing home | Up to 80% | Up to 10 years | 80% of improvement cost |
| Kotak Home Loan Balance Transfer | 8.75% p.a onwards | Transfer existing home loan to Kotak | – | Remaining tenure | Lower interest rates |
| Kotak Home Loan for Women | 8.75% p.a onwards | Home purchase for women | Up to 85% | As per regular loans | Concessional stamp duty, available to single women and widows |
Details
Kotak Housing Loan
- Interest Rate: 8.75% p.a onwards
- Purpose: Purchase new home properties or renovate an existing house property.
- Tenure: Up to 20 years.
- Features: Available for new home purchases and renovations.
Kotak Home Improvement Loan
- Interest Rate: 8.75% p.a onwards
- Purpose: Renovation or upgrading of the current residence or house properties.
- LTV Ratio: Up to 90%.
- Tenure: Up to 15 years.
- Features: High LTV ratio for renovation or upgrades.
Kotak NRI Home Loan
- Interest Rate: 8.75% p.a onwards
- Purpose: Purchase or construct new home properties, upgrade or renovate existing homes.
- LTV Ratio: Up to 80% of the home upgrade cost.
- Tenure: Up to 15 years.
- Features: Tailored for NRIs, covers 80% of the upgrade cost.
Kotak NRI Home Improvement Loan
- Interest Rate: 8.75% p.a onwards
- Purpose: Upgrade or renovate already-built homes in India.
- LTV Ratio: Up to 80% of the home improvement cost.
- Tenure: Up to 10 years.
- Features: Specifically for NRI applicants, covers 80% of improvement costs.
Kotak Home Loan Balance Transfer
- Interest Rate: 8.75% p.a onwards
- Purpose: Transfer existing home loans from other banks to Kotak Mahindra Bank.
- Features: Avail lower interest rates by transferring home loan balances.
Kotak Home Loan for Women
- Interest Rate: 8.75% p.a onwards
- Purpose: Home loans for women, including single women and widows.
- LTV Ratio: Up to 85% of the property cost.
- Features: Concessional stamp duty rate of 1-2%.
Kotak Mahindra Home Loan Application Process
Applying for a Kotak Mahindra home loan is a simple process:
- Check Eligibility: Ensure you meet the eligibility criteria for the loan product you’ve chosen.
- Gather Documents: Collect all necessary documents for the application.
- Visit a Branch: Go to your nearest Kotak Mahindra branch and complete the application form.
- Submit Documents: Submit your filled application form along with the required documents.
- Application Review: The bank will review your application and documents.
- Loan Approval: Once approved, the loan will be sanctioned, and you can begin your journey to homeownership.
Do not want to get into this hassle? Get Kotak Mahindra Bank’s best rates in a single call.
How to Download Kotak Mahindra Home Loan Statement?
Downloading your Kotak Mahindra Home Loan Statement is quick and easy, allowing you to access your loan details and track your payments online.
1.Through Net Banking:
Log in to Kotak Mahindra’s Net Banking portal.
a. Select the “Installment Loans” tab.
b. Choose “Personal Loans.”
c. Click on “Overview.”
d. Download or view your home loan statement.
2. Through Mobile Banking:
a. Open the Kotak Mahindra Mobile Banking app.
b. Navigate to the “Loans” section.
c. Select “Personal Loan.”
d. Download or view the statement from there.
Kotak Mahindra Customer Care
To facilitate effective communication with customers, in addition, Kotak Mahindra offers various channels for customer support.
| Service | Contact Information |
|---|---|
| Email ID | itsecurity.bank@kotak.com |
| Toll-Free Number | Call on 1860 266 0811 from 09.00 AM to 07.00 PM (Monday to Saturday excluding Bank holidays) |
| Text Message | SMS KPRIVY to 5676788 or 9971056767 (for Privy customers) |
| Official Address | 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051 |
| Website | www.kotak.com |
Comparison
You can also compare the home loan rates of different banks here. For detailed comparison between top banks you can visit our compare banks page.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)
Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.
Kotak determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.
Kotak determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.