Check Kotak Home Loan

Kotak Home Loan

Kotak Mahindra Bank Home Loan @ 7.99% p.a - Check Kotak Home Loan Types & 2022 Schemes

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 7.70%

Disclaimer: Kotak Bank is not a Finserv MARKETS’ partner. Offers would be from partner Banks/NBFCs only.

Kotak Home Loans are affordable, flexible and easy-to-apply. Kotak Bank Home Loan interest rates start at 7.99% per annum. Kotak Bank Housing Loan also offers extended loan tenures and EMI waivers.

Kotak Home Loan Details

Interest Rate

7.99% p.a. onwards

Loan Amount

Upto 90% of Property Value

Processing Fee

Upto 1% of Loan Amount

Max Tenure

20 years

Min monthly Income

Rs 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) Rs 15,000 (Other cities)

Kotak Home Loan Interest Rates

Interest rate plays a crucial role in the home loan process. Applicants look for home loan options that offer competitive interest rates which are budget-friendly and do not burn a hole in their pockets. Kotak bank offers different interest rates to self-employed and salaried individuals as per their financial capabilities. There are separate Kotak home loan rates applicable for home loan balance transfer cases.

 Kotak Mahindra home loan interest rates for Salaried and Self-employed Individuals:

Category

Interest Rates

Salaried

7.99 % - 8.05% (per annum)

Self-employed

8.05% - 8.60% (per annum)

Also check: home loan interest rate in detail.

Kotak Mahindra home loan interest rates for home loan balance transfer cases:

Category

Interest Rates

Salaried

8.00 % (per annum)

Self-employed

8.00 % (per annum)

Kotak Home Loan Processing Fees and Charges

Check out the table below to find out Kotak Mahindra home loan processing fees and charges -

Category

Charges

Loan Processing Fee

1% of the total loan amount + Statutory Dues

(There are zero processing charges in Kotak home loan online applications)

Loan Documentation Fee

Upto Rs. 10,000

Loan Commitment Charges

2% of the loan amount (undisbursed)

Cheque Dishonour Fee

Rs. 750 (GST + Statutory Dues) per instance

Document Copy Charges

Rs. 500

Repayment or Account Swap Charges

Rs. 500

No Dues Certificate / NOC Copy

Rs. 500

CIBIL Report Copy

Rs. 50

Note - The home loan fees and charges might change with the change in terms and conditions of the bank.

Kotak Home Loan Eligibility

There are certain home loan eligibility parameters that you must fulfil to get instant approval of a Kotak home loan. The bank has a different set of rules for salaried and self-employed individuals -

Salaried Individuals

  • You must be between 18 - 60 years of age.

  • You should have a minimum monthly income of Rs. 20,000.

  • You should have a CIBIL score of 750 or above.

  • You should not have any defaulter record in banks or financial institutions.

  • You should hold a Bachelor's degree in case you are employed in a private company or MNC.

Self-Employed Individuals

  • You must be between 18 - 65 years of age.

  • You should have a minimum monthly income of Rs. 20,000.

  • You should have a CIBIL score of 750 or above.

  • You should not have any defaulter record in banks or financial institutions.

Kotak Home Loan EMI Calculator

Kotak home loan EMI calculator helps an individual to assess the amount of the monthly instalments they will have to pay after their loan approval. You can check EMI amounts for different loan amounts offered at different rates for different tenures as per your requirements and repayment capacity.

The Kotak home loan calculator is available online free of cost. You can check EMI amount values multiple times without any hassle. To check the Kotak bank home loan EMI amount, you will need to enter the loan amount, interest rate, and loan tenure in the Kotak home loan EMI calculator, and the calculator will display the monthly instalment amount on the screen 

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

Check out the table below to understand Kotak home loan functionality -

Chargeable Interest rate - 7.99%

Amount

EMI amount (10 years)

EMI amount (20 years)

Rs. 10 Lakhs

Rs. 12,127

Rs. 8,358

Rs. 20 Lakhs

Rs. 24,255

Rs. 16,716

Rs. 40 Lakhs

Rs. 48,510

Rs. 33,433

Rs. 50 Lakhs

Rs. 60,637

Rs. 41,791

Also Check: Home Loan EMI Calculator to calculate monthly EMI for different tenures.

How to Apply for Kotak Home Loan Online

Follow these quick and simple steps to apply for a Kotak home loan online:

  • Step 1: Visit the official portal of Kotak Mahindra Bank.

  • Step 2: Go to the loans section and tap on ‘Home Loan’.

  • Step 3: Next, click on ‘Apply Now’.

  • Step 4: You will be redirected to a page where the application form will be visible. Fill in all the required and recheck them.

  • Step 5: Attach all the required documents along with the form.

  • Step 6: Click on ‘Submit’.

  • Step 7: Your application will be successfully submitted, and your form will be reviewed. In case your form does not have any point of default, it will be accepted.

  • Step 8: Once approved, the funds will be instantly transferred after mandatory paperwork. 

How to Apply for Kotak Home Loan Offline

Follow these quick and simple steps to apply for a Kotak home loan offline:

  • Step 1: Visit the nearest branch of Kotak Mahindra Bank.

  • Step 2: Inquire about the available home loans.

  • Step 3: The executive will guide you further in the application procedure.

  • Step 4: Fill up the form and submit it along with the required documents to the executive.

  • Step 5: Your application will be successfully submitted, and your form will be reviewed. In case your form does not have any point of default, it will be accepted.

  • Step 6: Once approved, the funds will be instantly transferred after mandatory paperwork.

Documents Required for Kotak Home Loans

The documentation required for Kotak home loans is very basic and can be arranged easily as well. Check out the list of documents required for salaried and self-employed applicants -

1. Documents required for Salaried Individuals

  • Passport- Size photographs

  • Income Proof - latest 3-months salary slips, ITR of last two years, and Form -16

  • Bank Statements - You must submit the last 6 months' bank statements of your salary account

  • Identification Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for identification proof

  • Age Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for age proof

  • Signature Proof -PAN card or Passport can be used for Signature proof.

  • Address Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for address proof

  • Details or documents of existing loans

  • Property documents with sanctioned maps

2. Documents required for Self-Employed Individuals

  • Passport-size photographs

  • Identification Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for identification proof

  • Age Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for age proof

  • Signature Proof -PAN card or Passport can be used for Signature proof.

  • Address Proof - PAN card, Aadhaar card, Passport, Voter ID, etc. Any of the following can be used for address proof

  • Bank Statements - You must submit last year’s bank statements.

  • Income Proof -

    1. Latest bank statements of past 3 years

    2. P&L account details along with balance sheets of past 3 years

    3. Degree certificate

  • Existence Proof -

    1. Partnership Deed or NOC from other partners for Partnership firms

    2. Article and Memorandum of Association for Companies

    3. IT returns for HUFs

  • Details or documents of existing loans

  • Property documents with sanctioned maps

Kotak Home Loan Types

Kotak Mahindra bank offers different types of home loans to its customers as per their budget goals and financial capabilities. Every category of Kotak home loans serves a specific purpose and agenda and aims to deliver a delightful experience to the customers. Check out the list below to find an ideal Kotak home loan option for you -

  • Purchase Home Loan - This is one of the most prevalent home loan options, where you can get a 90% property value amount sanctioned by the bank against a constructed or under construction property. With various tax benefits, you are also allowed to choose between fixed and floating interest rates.

  • Home Loan for Improvement - To offer financial assistance to its customers for the home improvement or renovation, Kotak bank offers home loans for improvement. The customers can make structural changes in the property, paint or get repairs done with the money.

  • Home Loan for Construction - Kotak home loans for construction is a category of loans you can apply for if you wish to build your dream house but do not have sufficient funds to construct it. To apply for a home construction loan, you should primarily hold ownership of the plot or land. To get Kotak bank home loans for construction, you will have to find the total cost of construction and submit the quote to the bank. The bank will disburse the loan amount in instalments per the work's progression. There will be supervisors who will monitor the construction activities before the disbursement of every instalment.

  • Home Bridge Loans - Kotak Mahindra home loans have a short-term loan category. Bridge loans are offered for a maximum tenure of two years to people who wish to purchase a new home but are unable to find a buyer for their old home or property. The new property is kept as collateral with the bank, however, in case you are unable to find a buyer for the old property, the bank has the authority to convert the bridge loans into loans against property and charge applicable interest rates.

  • Conversion Home Loan - This home loan category is available for people who already got their house financed by the bank but wish to buy a new home. The existing home loan is transferred to the newly purchased house in such cases.

Features and benefits of Kotak home loan

  • Competitive Interest Rates - Kotak Mahindra bank offers competitive interest rates to its customers, starting at 7.99%, especially for home loan transfer facility cases.

  • Flexible Repayment Tenure - The bank offers its customers a flexible repayment tenure of up to 20 years. The customers can choose their tenure as per their budget and capacity.

  • Easy Procedure - The online and offline Kotak home loan application procedure is quite simple and user-friendly. Customers can complete their loan applications without any hassle.

  • Quick Fund Disbursal - Once the loan application is approved, you get instant fund disbursal into your account for their usage.

  • High Loan Amount - Kotak Mahindra offers up to 90% of the property value as a loan to its customers at competitive interest rates.

  • Insurance - If you apply for a Kotak home loan, you will be offered home loan insurance along with the loan amount for accidental property damage.

  • No Guarantor Required - You do not require any guarantor for their Kotak home loan applications. They can individually get their loan approved if they fulfil the eligibility criteria.

Factors affecting Kotak Home Loan Interest Rates

The three crucial elements that affect Kotak Mahindra home loan interest rates are -

  • Income - If you apply for a Kotak bank home loan, you must have a stable income source. Your monthly income decides the monthly EMIs that you can afford. In such a situation, if you have a higher income, you can opt for a shorter tenure, which also influences the interest rate.

  • Current Debt Status - Apart from basic factors like age and income, your current debt status also plays a crucial role in deciding the interest rate for a home loan. All the regular cash flows are considered to understand your EMI paying capacity. Considering that you already have prior financial commitments, the Kotak home loan rates are decided as per the risks involved.

  • Credit History - Another important factor that influences the Kotak home loan's interest rate is your credit history. The past track records are taken into consideration, along with the CIBIL score, to evaluate your profile. The lender reviews all the points like existing debt, credit cards, spending behaviour, etc. and then decides the interest rate.

 Kotak Home Loan Customer

Kotak Home Loan customer care team offers a resolution to customer queries, complaints, grievances, etc. Customers can call on 1860-266-2666 anytime between 9 am - 6 pm and consult care team executives. Kotak home loan customer care team is available from Monday - Friday.

Kotak Bank Home Loan FAQs

  • ✔️Can I apply for a Kotak home loan online?

    Customers can apply for a Kotak home loan online via the bank’s official website as well as from any online external marketplace.

  • ✔️What are the processing fees for Kotak home loans?

    Kotak bank charges 1% of the loan amount plus Statutory dues as processing fees in offline applications. In case you wish to skip the processing charges, you can apply for a Kotak bank home loan online.

  • ✔️Does Kotak give pre-approved home loans?

    Kotak bank offers pre-approved home loans to its customers. Customers can check their eligibility for pre-approved loans online and consult a bank executive for further procedures.

  • ✔️ What is the maximum limit of a Kotak home loan?

    Kotak banks sanctions a maximum loan amount that is equivalent to 90% of the property.

  • ✔️How can I check my Kotak home loan status?

    You can visit the bank's official website and check the status of their home loan application using the application number, mobile number, PAN details, CRN, etc. Upon entering any of these details, the portal will display the current status of the Kotal home loan application.

  • ✔️Does Kotak check CIBIL for a home loan?

    You should have a CIBIL score of 650 or above to get easy and hassle-free Kotak bank home loan approval.

  • ✔️What maximum loan tenure can I opt for under the Kotak house loan?

    The maximum loan tenure in Kotak home loan is 20 years.

  • ✔️Can I transfer my house loan from another bank to Kotak?

    Customers can transfer home loans from another bank to Kotak without any hassle using the home loan balance transfer facility and enjoy the benefits of competitive and pocket-friendly interest rates.

  • ✔️ Can I club my spouse's income with mine and apply for a joint Home Loan?

    In case the partner holds the co-ownership of the property, their income can also be considered for home loan applications.