Home Loan serves as one of the best financial instruments to finance the purchase or construction of your dream house in case the life-time savings is insufficient. With easy-to-meet eligibility criteria and simple application procedure, you can fulfil your dream of your own residence and avoid rental payment without much difficulty.
You can get a Kotak Mahindra Bank Home Loan at an affordable interest that starts from 9.00% p.a. Besides the interest rate, you also get to choose a tenure ranging up to 20 years so that you can repay at your convenience. You can now easily apply for Kotak Home Loan through Bajaj Markets.
One of the most crucial factors to consider availing a home loan is to check the Kotak Mahindra Bank home loan interest rate.
Apart from the rate of interest, a bank levies certain additional fees and charges on a housing loan. Find these rates in the following table:
Fee/Charge Description |
Amount in Rs. |
Processing fee |
Salaried Applicant: 0.5% of loan amount plus applicable taxes |
Self-Employed Applicant: 1% of loan amount plus applicable taxes |
|
Rs. 5,000 plus applicable taxes will be taken during login. This will be non-refundable |
|
Interest Certificate/ Statement of Account/ Amortisation Schedule |
Requested through Mobile Banking/Net Banking/Whatsapp Banking: Free |
Request as Physical Copy through Customer Service/Branch: Rs. 250 plus applicable taxes |
|
Charges for copy of any documents (Duplicate NOC, Copy of property documents, etc.) |
Rs. 500 plus applicable taxes |
Any Other documents /letter (e.g. Subsidy Confirmation Letter, Credit Opinion Letter, Interest paid confirmation letter, etc.) |
Rs. 500 plus applicable taxes |
Repayment mode/ Account swap charges |
Rs. 500 plus applicable taxes |
Prepayment/Foreclosure Charges |
Individual Applicants: NIL |
MSE certified applicants: NIL (if the applicant forecloses the loan through own fund source) |
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MSE certified applicants: 3% (plus applicable taxes) of the prepayment/foreclosure amount (if the applicant forecloses through borrowed source of funds. |
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Prepayment or foreclosure is not permitted for first 6 months |
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In case of part prepayments that are over 25% of outstanding loan amount: 3% (excluding any applicable dues and taxes) of the excess prepayment amount. |
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For full prepayment any time after the lock-in period: 3% (excluding any applicable dues and taxes) of the foreclosure loan amount, and the prepaid payments made during the past 12 months. |
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Instrument (Cheque/ECS/Mandate) dishonour charges |
Rs. 500 plus applicable taxes |
Substitute Interest (Penal Interest) |
2% per month (plus applicable taxes) on EMI amount that is not paid |
Collection charges (In case of default) |
30% (plus applicable taxes) of cheque/instrument dishonour charges plus penal rate |
Loan cancellation charges |
0.10% of loan amount or Rs. 25,000 whichever is higher (plus applicable taxes) |
Annual Renewal Charges |
0.25% (plus applicable taxes) of the OD limit. This will be collected on renewal due date |
Non-utilization Charges |
0.25% of the non-utilized OD limit or Rs. 1250 whichever is higher (plus applicable taxes |
Additionally, here are the highlights of Kotak home loan:
Loan to Value Ratio (LTV) |
75% - 80% of the property’s value |
Loan tenure |
Up to 20 years |
Monthly income of the applicant |
Rs.20,000 (varied as per the city) |
Note that taxes and other statutory levies may be charged to you depending on the RBI/Government directives. Consider having a clear conversation with the bank representative regarding the fees and charges for a clear understanding.
The different parameters needed for fulfilling Kotak Mahindra Bank home loan eligibility are mentioned below:
Salary applicants must be between the ages of 18 and 60 and self-employed individuals should be between the age of 18 and 65 years.
The required minimum monthly income for applicants residing in Delhi, Bangalore, Mumbai, Pune, and Chennai is Rs.20,000. Additionally, for those living in other cities, the minimum monthly income requirement is Rs.15,000.
If the applicant works for a private limited company or a partnership firm, he or she must be a graduate. There is no such criterion if the applicant works for a public limited company, MNC, government, or public sector company.
Apart from this, to be eligible for a Kotak home loan, you must possess a decent credit score of 750 or above. This will ensure the bank that you are a creditworthy borrower, increasing your chances of loan application approval.
One of the many benefits of obtaining a housing loan from Kotak Mahindra Bank is that it comes with a convenient online application process. You can obtain a Kotak home loan easily by going through the following steps:
Step 1: Click on the ‘Apply Now’ button
Step 2: Fill in the initial application form with your basic information like employment status, mobile number, date of birth, etc.
Step 3: Click on ‘Check Your Offer’ to proceed to the next page
Step 4: Mention your income and employment details and state the required information about the property you wil mortgage
Step 5: Click on ‘Proceed’ after entering your marital status, gender and PAN card details
At this stage, you will enter a new page where you can see the list of home loans extended by partnered lenders
Step 6: Choose ‘Kotak Mahindra Home Loan’ from the available options
Step 7: Choose the loan amount and repayment tenure of your choice.
Upon following these steps, you will have to wait for approval of your loan application. You will get notification about your loan approval after the process completes.
For any grievances or queries on Kotak home loan, individuals can reach out the bank by dialling 1860-266-2666 on weekdays between 9 am and 6 pm.
The loan amount you can obtain depends on various factors, such as your monthly income, age, city of residence and more. Additionally, you should also maintain a healthy credit score to obtain a high loan amount.
Only a few relations can be co-applicant to a Kotak home loan. Thus, note that only your near relatives can apply jointly with you for a home loan.
Yes, you can increase your home loan amount. However, this may be only possible if you opt for a home loan balance transfer.
Salaried individuals have to pay 0.5% of the loan amount as processing fees and taxes as applicable. On the other hand, self-employed individuals need to pay 1% of the loan amount as processing fees and taxes as appliacable.
Yes, upon obtaining a home loan from Kotak Mahindra Bank, you can exercise the tax benefits that come under Section 80C, Section 24B, Section 80EE and Section 80EEA of the Income Tax Act.
Home loan processing fees are non-refundable. These are one-time fees that are to be made along with the loan application.
The maximum loan repayment tenure that Kotak Mahindra Bank offers is 20 years.