Kotak Mahindra Bank provides home loans with interest rates starting from 8.70% per annum for tenures of up to 25 years, offering up to 90% of the property's value as the loan amount. They also offer a balance transfer facility for existing home loan borrowers from other lenders at reduced interest rates. Additionally, Kotak Mahindra Bank waives the processing fee on online home loan applications.
Kotak Mahindra Bank Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.70% p.a. onwards |
| Loan Amount (LTV Ratio) | Up to 90% of property value |
| Loan Tenure | Up to 25 years |
| Processing Charges | Up to 1% of the loan amount |
| Minimum Monthly Income | Rs 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) Rs 15,000 (Other cities) |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
Kotak Mahindra Bank Home Loan interest rates start from 8.70% per annum. The bank provides different interest rates based on the employment profile of the applicants.
| Applicant Type | Interest Rate (p.a.) |
|---|---|
| Salaried | 8.70% - 8.95% p.a. |
| Self-employed | 8.75% - 8.95% p.a. |
Kotak Housing Loan
- Purpose: Kotak Mahindra Bank offers regular home loans to applicants for financing the purchase of new homes or renovating existing properties.
- Loan Tenure: Up to 25 years
Kotak Home Loan Balance Transfer
- Purpose: Existing home loan borrowers from other banks and HFCs can utilize Kotak Mahindra Bank's Home Loan Balance Transfer facility to transfer their existing home loans to Kotak Mahindra Bank at lower interest rates.
Kotak Home Loan for Women
- Purpose: Kotak Mahindra Bank provides affordable housing loans to women, including single women and widows, offering a concession of 1-2% on stamp duty.
- LTV Ratio: Up to 85% of property cost
Kotak Home Improvement Loan
- Purpose: Applicants can avail Home Renovation/Improvement Loans from Kotak Mahindra Bank to upgrade their existing home properties.
- LTV Ratio: Up to 90%
- Tenure: Up to 15 years
Kotak NRI Home Improvement Loan
- Purpose: NRI applicants can access NRI Home Improvement Loans from Kotak Mahindra Bank to renovate, upgrade, or furnish their existing homes in India.
- Loan Amount: Up to 80% of improvement cost
- Tenure: Up to 10 years
Kotak NRI Home Loan
- Purpose: Non-Resident Indians (NRIs) can avail Kotak NRI Home Loans from Kotak Mahindra Bank for purchasing or constructing homes, or upgrading existing homes in India.
- Loan Amount: Up to 80% of improvement cost
- Tenure: Up to 15 years
Also Read : Best Home Loan EMI Calculator
| General Fees & Charges | |
|---|---|
| Processing fees | Up to 1% of loan amount and Statutory Dues |
| Documentation Charges | Up to Rs. 10,000 |
| Charges for Copy of Documents | Rs. 500 per instance |
| Charges for Duplicate NOC I No Dues Certificate | Rs. 500 per instance |
| Repayment Mode I Account Swap Charges | Rs. 500 per instance |
| Charges for Copy of CIBIL Report (to Customers who has availed Loan I Overdraft from us) | Rs. 50 per instance |
| Commitment Fee | 2% of the undisbursed amount of the loan |
| Cheque Dishonour Charges | Rs. 750 (inclusive of GST and other applicable statutory levies) per instance) |
Also read: Best Home Loan Fees and Charges
| Requirements | Salaried | Self-Employed |
|---|---|---|
| Residency | Indian/NRI | Indian/NRI |
| Age | 18-60 years | 18-65 years |
| CIBIL Score | Above 750 | Above 750 |
| Loan Tenure | Up to 20 years | Up to 20 years |
| Minimum Net Income | Rs. 20,000 per month | Rs. 20,000 per month |
| Minimum Loan Amount | Check with Bank | Check with Bank |
| Maximum Loan Amount | Check with Bank | Check with Bank |
Also Read : Best Home Loan Eligibility
- PAN Card
- Aadhaar Card
- Passport
- Address Proof
- Bank statement
- Salary slip for last 3 months
- Proof of business existence
- Business Profile
- Business Reference
- Power of Attorney
- ITR and Form 16
- Job Confirmation Proof
- Relationship Proof
- All property documents with sanction map
- ITR for last 3 years with income computation
- Duly signed application form with a photograph
- Information regarding loans availed with its track record
- Education qualification certificate and proof of business existence
- Balance sheet for last 3 years along with profit and loss account certified by a Chartered Accountant
Also Read : Best Home Loan Documents Required
1. Who can be the co-applicant to my home loan?
Your spouse, parents, or major children can be your co-applicants for the home loan. While the co-owner of the property must be the co-applicant, the co-applicant doesn't necessarily have to be the co-owner of the property.
2. Can I choose between fixed and floating interest rates?
Kotak Mahindra Bank offers home loans at floating rates only.
Also read: Best Home Loan Balance Transfer
3. What is the current home loan interest rate offered by Kotak Mahindra Bank?
Kotak Mahindra Bank offers home loan interest rates starting from 8.70% per annum, which may vary depending on the type of employment of its applicants.
4. What is the turnaround time for the disbursal of Kotak Mahindra Home Loan?
Kotak Mahindra Bank claims to disburse home loans within 2 working days after the submission of relevant documents.
5. Can I foreclose my home loan availed from Kotak Mahindra Bank?
Yes, You have the option to foreclose the home loan, and there's no foreclosure fee charged on home loans with floating interest rates.