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Kotak Mahindra Bank Home Loan Highlights
| Particulars | Details |
| Interest Rate* | 8.75% 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 (50% off on processing fees for digital applications) |
| Minimum Monthly Income | Rs 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) Rs 15,000 (Other cities) |
Note: Rates as of 11th December 2024
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Kotak Bank Home Loan Interest Rates
The home loan interest rates of Kotak Mahindra Bank start from 8.75% p.a. onwards. The lender offers differential interest rates based on the employment profile of the applicants.
| Applicant Type | Interest Rate (p.a.) |
| Salaried | 8.75% p.a. onwards |
| Self-employed | 8.75% p.a. onwards |
Compare Kotak Home Loan Interest Rates with Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Kotak Bank Home Loan Processing Fees & Other Charges
Below-mentioned are the details on processing fees and other charges associated with Kotak bank home loan.
General Fees & Charges
| Particulars | Details |
| Processing Fee | Up to 1% of loan amount (50% off on processing fees for digital applications) |
| Documentation Charges | Up to Rs. 10,000 |
| 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) |
| Charges for Copy of Documents | Rs. 500 per instance |
| Repayment Mode I Account Swap Charges | Rs. 500 per instance |
| Charges for Duplicate NOC I No Dues Certificate | Rs. 500 per instance |
| Charges for Copy of CIBIL Report (to Customers who has availed Loan I Overdraft from us) | Rs. 50 per instance |
Charges Specific to Term Loans
Prepayment Charges – No prepayment/foreclosure is allowed till the lapse of the lock-in period of 6 months after home loan EMI commencement. After the lapse of the lock-in period, part prepayment of minimum Rs. 25,000 and maximum up to 25% of outstanding loan amount can be made without any prepayment charges every 6 months.
- The minimum period between any two prepayments shall be at least 6 months for part prepayment made over 25% of the outstanding loan amount.
- 4% of the excess prepayment amount shall be charged for full prepayment any time after the lapse of lock-in period.
- 4% of the foreclosure loan amount along with amounts prepaid during the last 12 months shall be charged.
Substitute Interest (Penal Interest) -2% p.m. compound monthly on the amt. due but unpaid from the date of the amount falling due till the date of actual payment.
Collection Charges (in case of Default) – 30% of Cheque / Instrument Dishonour Charges + Substitute Interest.
Charges Specific to Overdraft Facility
| Particulars | Details |
| Top Up Overdraft | Annual Review Charges – Renewal fees of 0.25% of the limit (dropped limit after reduction of annual drop) per instance |
| Non Utilisation Charges – 0.25% of the difference between actual average utilisation and 25% of the average operating limit during the quarter, subject to min. of Rs. 1,250 + GST, chargeable on a quarterly basis | |
| Charges for Interest Certificate / Account Statement | Free once in a Financial Year. Thereafter, Rs. 250 per instance |
Kotak Mahindra Home Loan Documents Required
The list of documents required for home loan from Kotak Mahindra Bank has been presented below.
- Duly signed application form with a photograph
- PAN Card
- Aadhaar Card
- Passport
- Address Proof
- Bank statement
- Salary slip for last 3 months
- ITR and Form 16
- Job Confirmation Proof
- Relationship Proof
- Proof of business existence
- Business Profile
- Business Reference
- Power of Attorney
- Information regarding loans availed with its track record
- Education qualification certificate and proof of business existence
- ITR for last 3 years with income computation
- Balance sheet for last 3 years along with profit and loss account certified by a Chartered Accountant
- All property documents with sanction map
Apply for Kotak Home Loan at Attractive Interest Rates Click Here
Eligibility for Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank may also check the credit score of its home loan applicants while setting home loan eligibility, just like other lenders do.
For Kotak Housing Loan
| Particulars | Details |
| Age | For Salaried: 18-60 years |
| For Self-employed: 18-65 years | |
| Gross Income of Indian Resident | At least Rs 20,000 per month for Delhi, Bangalore, Mumbai, Pune, Chennai |
| At least Rs 15,000 per month for other cities | |
| Minimum Qualification | For applicants working in private limited companies and partnership firms: Bachelor’s Degree |
| For applicants employed with public limited company or MNC or Government or public sector company: No minimum qualification | |
| For Hindu Undivided Family (HUF) | The applicant or the co-applicant should be the Karta of Hindu undivided Family |
| The HUF should provide their IT returns for at least 3 years | |
| The HUF should have existed for at least 3 years | |
| The minimum net income requirement for Hindu Undivided Family living in Delhi, Bangalore, Mumbai, Pune, Chennai is Rs 2.4 lakh p.a. and for other cities is Rs 1.8 lakh p.a. |
Kotak NRI Home Loan
- Age: 58 years at the time of loan maturity
- Should be a graduate and employed for at least 3 years
Minimum Income Requirement
Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash.
For loan tenure up to 5 years annual gross salary should be:
- USA/UK/Other countries excluding gulf
- USD 20,000 for Merchant Navy
- Dirhams 36,000 for Gulf countries
For loan tenure above 5 years to 15 years:
- USD 42,000 for USA/UK/Other countries excluding gulf
- USD 26,000 for Merchant Navy
- Dirhams 48,000 for gulf countries
For Kotak NRI Home Improvement Loan
- Maximum Age: 58 years
- Minimum Qualification: Graduation
- Employed for last 3 years
Minimum Income Requirement
Salary should be credit in bank account on weekly/fortnightly/monthly basis through cheque or direct bank transfer.
For tenure up to 5 years:
- Dirhams 36,000 for gulf countries
- USD 30,000 for USA/UK/Other countries excluding gulf
- USD 20,000 for Merchant Navy
For tenure above 5 years:
- Dirhams 48,000 for Gulf countries
- USD 26,000 for Merchant Navy
Kotak Mahindra Bank Home Loan EMI Calculator
Applicants get an estimate of their home loan EMI by using the calculator available below.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Types of Kotak Mahindra Bank Home Loan
Kotak Housing Loan
Purpose: Kotak Mahindra Bank offers regular home loans to its applicants to finance the purchase of new homes or renovation of existing home properties.
Tenure: Up to 25 years
Kotak Home Improvement Loan
Purpose: Applicants can avail Home Renovation/Improvement Loans from Kotak Mahindra Bank for upgrading their existing home properties.
LTV Ratio: Up to 90%
| Loan Amount | LTV Ratio |
| Rs 35 lakh to Rs 70 lakh | Up to 80% |
| Above Rs 75 lakh | Up to 75% |
Tenure: Up to 15 years
Kotak NRI Home Loan
Purpose: NRIs can avail Kotak NRI Home Loans for purchase or construction of homes or upgradation of existing homes in India
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 15 years
Kotak NRI Home Improvement Loan
Purpose: NRI applicants can avail NRI Home Improvement Loans from Kotak Mahindra Bank for renovating, upgrading or furnishing their existing homes in India.
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 10 years
Kotak Home Loan Balance Transfer
Purpose: Existing home loan borrowers of other banks and HFCs can avail Kotak Mahindra Bank Home Loan Balance Transfer facility for transferring their existing home loans to Kotak Mahindra Bank at lower interest rates.
Kotak Home Loan for Women
Purpose: Kotak Mahindra Bank offers affordable housing loans to women including single women and widows with a concession of 1-2% on stamp duty.
LTV Ratio: Up to 85% of property cost
FAQs on Kotak Mahindra Bank Home Loan
What is the current home loan interest rate offered by Kotak Mahindra Bank?
Kotak Mahindra Bank offers home loan interest rates starting from 8.75% p.a. depending on the employment type of its applicants.
Can I choose between fixed and floating interest rates?
Kotak Mahindra Bank offers home loans at floating rates only.
Can I foreclose my home loan availed from Kotak Mahindra Bank?
Yes, you can foreclose the home loan. No foreclosure fee is charged on home loans at floating rates of interest.
What is the turnaround time for the disbursal of Kotak Mahindra Home Loan?
Kotak Mahindra Bank claims to disburse home loans in 2 working days after the submission of relevant documents.
Who can be the co-applicant to my home loan?
Your spouse, parents or your major children can be your co-applicants. The co-owner of the property should necessarily be the co-applicant, but the co-applicant need not be the co-owner of the property.
What is the minimum credit score required to avail home loans from Kotak Mahindra Bank?
Kotak Mahindra Bank has not mentioned the cut-off credit score for home loan applicants. However, applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Is the processing fees for Kotak Mahindra Bank home loans refundable?
No, Kotak Mahindra Bank does not refund processing fees levied on home loan applications. However, it does not charge any processing fees on online home loan applications.
What can be the reasons for the rejection of home loan?
A home loan application can be rejected due to poor credit score, frequent job changes, age, high EMI/NMI ratio, etc. of the home loan applicant and/or due to issues related to property and documentation.