Kotak Mahindra Bank Home Loan
Features & Benefits
Attractive Interest Rates
Benefit from competitive interest rates linked to the RBI's repo rates.
Minimal Documentation
Experience a hassle-free and quick documentation process.
Flexible 25-Year Tenure
Opt for a customizable repayment tenure of up to 25 years, offering long-term flexibility.
Overview
Kotak Mahindra Bank Home Loan
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 20 years.
Rate of Interest
8.70% - 9.85%
Loan to Value
80% - 85%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
| Rate of Interest | 8.70% - 9.85% |
| Loan Tenure | Max 30 Years |
| Eligibility | 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 |
| Property Supported | Plot Purchase / Independent Building / Apartment / Re Sale Property |
| LTV | 80% - 85% |
| Offerings | Plot Loan / Construction Loan / Balance Transfer |
| Addons | Top up / Interior Loan / Extension Loan |
| Processing Fees | 0.1% - 0.5% of the loan amount + GST |
| Other Charges | Notary / Franking = 1000-2000 / MODT - 0.2% - 0.7% of your loan amount (based on your state) |
| Overdraft Facilities | |
| Balance Transfer | |
| Highlights | • Slightly Higher Interest Rates • Process is sometimes slow & not completely online • Average After Sales Support • Great Offerings for Loan Against Property • Good for Self Employed Customers • Lower Fees • Easy Prepayments |
*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 | 8.70% - 9.85% |
| Monthly EMI | ₹ 44,026 - ₹ 47,755 |
Eligibility Criteria for Kotak Mahindra Bank Home Loan
| Criteria | Details |
|---|---|
| Age | Salaried : 18 to 60 years Self-employed: 18 to 65 years |
| Indian Resident with a Gross Income of | Metro Cities: Minimum Rs. 20,000 per month Other cities: Minimum Rs. 15,000 per month |
| Minimum Qualifications | Private limited company or partnership firm: Bachelor’s degree Public limited company, MNC, Government, or public sector company: No minimum qualification required |
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 |
Get the best Home Loan interest rates tailored for you
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
Kotak Mahindra Processing Fee and Charges
Processing Charges
| Employment | Amount in Rs. |
|---|---|
| Salaried | 0.5% of loan amount Upfront PF of Rs. 5,000 |
| Self-Employed, HL top-up/Commercial Purchase | 1.0% of loan amount Upfront PF of Rs. 5,000 |
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 | Purpose | LTV Ratio | Tenure | Special Features |
|---|---|---|---|---|
| Kotak Housing Loan | Purchase new home, renovate existing property | – | Up to 20 years | Available for new and renovation purposes |
| Kotak Home Improvement Loan | Renovation or upgrading current residence | Up to 90% | Up to 15 years | High LTV ratio |
| Kotak NRI Home Loan | 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 | Upgrade/renovate existing home | Up to 80% | Up to 10 years | 80% of improvement cost |
| Kotak Home Loan Balance Transfer | Transfer existing home loan to Kotak | – | Remaining tenure | Lower interest rates |
| Kotak Home Loan for Women | Home purchase for women | Up to 85% | As per regular loans | Concessional stamp duty, available to single women and widows |
Details
Kotak Housing Loan
- 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
- 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
- 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
- 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
- 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
- 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%.
How to Apply
Applying for a Kotak Mahindra home loan is a straightforward process:
- Check Eligibility: It’s essential to verify that you meet the eligibility criteria for your selected loan product.
- Collect Documents.
- Visit a Local Branch: After that, visit your nearest Bank of India branch and fill out the application form.
- Submit Documents: Submit your application along with the required documents.
- Application Review: The bank will review your application and documents.
- Loan Approval: Upon approval, your loan will be sanctioned, and you can start your homeownership journey.
Do not want to get into this hassle? Get Kotak Mahindra Bank’s best rates in a single call.
Kotak Mahindra‘s commitment to transparency, customer-centricity, and competitive interest rates makes it a preferred choice for homebuyers.
Kotak Mahindra is here to support your journey towards your dream home.
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 | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% 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.