Kotak Mahindra Bank offers lowest Home Loan interest rates starting at 8.70% p.a. Check eligibility online and get instant approval for Current Kotak Housing Loan for Maximum Tenure. The lowest Kotak Home Loan EMI is Rs 819 per Lakh for 25 years.
Updated: 29-05-2024 02:11:15 PM
| Loan Amount | Up to 90% of the property cost |
|---|---|
| Rate of interest | 8.70% onwards |
| Tenure | Up to 25 years |
| Lowest EMI possible | Rs. 819 Per Lakh |
| Processing fee | 0.25% – 2.00% of loan amount. |
While buying your dream home, Kotak Mahindra Bank home details are something that can’t be ignored. With a low interest rate starting from 8.70%, your EMI can be as low as Rs 829 per lakh for a tenure of 25 yrs.
Kotak housing loans are currently being offered at home loan Interest rates. The scheme applies to all loan amounts.
Kotak Mahindra Bank floating rates on Home Loans are as follows:
| Segment | Interest Rate |
|---|---|
| Home Loan Rate of Interest for Salaried Person | 8.70% |
| Home Loan Rate of Interest for Self Employed Individual | 8.75% |
*Home Loan interest rates are linked to repo rates
*Repo rate: 6.50%
*Terms & conditions applicable as per lender’s credit policy
*LTV is loan to property value ratio
*Kotak home loan interest rates also vary on individual’s cibil score.
| Credit Score | SALARIED | SELF-EMPLOYED |
|---|---|---|
| >800 | 8.85% | 8.90% |
| 776 – 800 | 8.85% | 8.90% |
| 751 – 775 | 8.85% | 8.90% |
| 726 – 750 | 8.95% | 9.00% |
| 700 – 725 | 9.05% | 9.10% |
| 650 – 699 | 9.25% | 9.30% |
| <650 | 9.35% | 9.40% |
| Lender | Maximum Loan Amount | Interest Rate | Processing Fee |
|---|---|---|---|
| Kotak Mahindra Bank Home Loan | Up to 90% of property | 8.70% | Up to 0.50% of the loan amount + GST & statutory levies |
| ICICI Bank Home Loan | Up to 90% of property | 8.75% | 0.50% – 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| SBI Home Loan | Up to 90% of property cost | 8.50% – 10.05% | Up to 0.50% + applicable GST |
| HDFC Home Loan | Up to 90% of property cost | 8.75% – 9.65% | Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes |
| Kotak Home Loan Processing Fee – Salaried individuals |
|
| Kotak Home Loan Processing Fees – Self employed/ Professionals: | For any loan amount: 0.50% + GST & statutory dues |
| Home Loan Top Up Processing Fees – for all profiles | 0.75% + GST & statutory dues |
| Documentation Charges for both Home Loan & Top Up | Rs. 4000 (at the time of disbursement) + GST & statutory dues |
| Charge for Interest Certificate/ Account Statement | Free, once in a financial year. Afterwards, Rs. 250 +GST & statutory dues per instance |
| Switch Fee |
|
| Repayment Mode/ Account Swap charge | Rs. 500 + GST & statutory dues per instance |
| Charge for Copy of any Document | Rs. 500 + GST & statutory dues per instance |
| Charges for Duplicate NOC/ No Dues Certificate | Rs. 500 + GST & statutory dues per instance |
| Prepayment Charge on Home Loan/ Top Up- Floating | Nil |
| Part prepayment on fixed or other accounts (Prepayment allowed only after 6 months; Capped at Rs 25000 to 25% of outstanding loan) | 4% of excess prepayment over 25% of outstanding amount |
| Foreclosure of Fixed or other accounts | 4% of amount paid + prepayment in last 12 months + GST & Statutory dues as applicable |
| Commitment Fee – Home Loan | 2% of loan amount + GST & statutory dues |
| Commitment Fee – Home Improvement / Extension: | 4% of undisbursed amount + GST & statutory dues |
| Commitment Fee – Top Up | 2% of loan amount + GST & statutory dues |
| Substitute Interest (Penal Interest) | 2% per month, compounded monthly |
| Cheque dishonour charges | Rs 750 + GST & statutory dues |
| Collection charges (in case of default) | 30% + GST & statutory dues of cheque / Instrument dishonour charges + substitute interest |
| Annual renewal charge on overdraft |
|
| Non Utilization Charges |
|
| Overline Rate/ Penal Interest in case of overline accounts (Overdrawal of OD) | 3% p.m. GST & statutory dues over & above normal OD Rate |
Kotak Mahindra Housing Loan eligibility criteria are straightforward. Follow the list given below:
For up to 5 years loan tenure
For loan tenure of above 5 years and up to 15 years
When applying for Kotak Home Loan, make sure you have following documents in place:
List of Kotak Mahindra Bank Home Loan documents for resident Indians:
| Proof of identity: (Copy of any one) | Passport/ Driving Licence/ Voter’s ID/ Aadhaar Card |
| Proof of residence: (Copy of any one) | Rental Agreement/ Electricity Bill/ Ration Card/ Passport (latest document, not later than 3 month old) |
| Proof of education: | Highest educational degree certificate |
| Proof of age: | Birth Certificate or Matriculation Certificate or Mark-sheet |
| Proof of income for salaried employees: | Latest salary slips or current dated salary certificate, Bank Statements showing salary credit and other EMI debits, and latest ITR. |
| Proof of income for self employed: |
|
| Signature proof: | PAN Card/ Driver’s Licence/ Passport/ Banker Attested Bank Account Statements.
*Please note that after providing signature proof, you will need to maintain this signature for the entire term of your loan. |
| Others |
|
NRI Applicants need to submit Appointment Letter/ Employment Letter/ Contract Copy in addition to above home loan housing documents for Income Proof, Identity Proof, Address Proof, and Age Proof.
You can reach out to Kotak Mahindra Bank home loan customer care by call, email or visiting the branch. The Kotak Home Loan customer care center can be contacted any time between 9 am to 6 pm from Mondays to Saturdays, except holidays.
Kotak Home Loan toll-free numbers are:
To call from overseas, use 24X7 customer service.
Abroad helpline number: +91 22 6204 2001 (chargeable)
Toll free NRI Helpline Numbers- country wise
| USA | 001180044990000 |
| Australia | 00180044990000 |
| Hong Kong | 0080044990000 |
| UK | 18557684020 |
| Canada | +658001013054 |
| Singapore | +658001013054 |
| UAE | 80001830148 |
Alternatively, you can visit your nearest Kotak Mahindra Bank branch for any queries. You can also write to them via Kotak Mahindra bank website, and they will get back to you on the matter.
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
Kotak Home Loan at affords rate of interest starting from as low as 8.70% p.a. for salaried as well as self-employed applicants.
Use MyMoneyMantra’s EMI Calculator or Kotak Mahindra Bank’s Home Loan EMI Calculator to calculate EMI for the proposed loan. These tools are free of cost. All you need to do is enter the loan amount, repayment tenure, and interest rate applicable on the loan to get EMI & Loan repayment schedule.
Key eligibility factors for Kotak Home Loan include income, work experience, educational qualification, age, future expenses and savings.
Yes, the processing fee for the women Kotak Bank Home Loan applicants is flat Rs 5,000 whereas other applicants can be charged maximum processing fee up to Rs 10,000.
Once the bank has done all verifications, legal and technical appraisals, and created relevant documents for the loan, you will be able to get the loan disbursed. MyMoneyMantra ensures shortest turnaround time for your home loan application.
It is best that to get your home insured against any property damage, either human-made or natural. Along with Kotak Mahindra Bank Home Loan, you can also avail a home insurance to cover any liability.
In most cases, the property in the question itself will be the security for a Home Loan.
You can repay Kotak Mahindra Bank Home Loan as per your convenience. Different options include Electronic Clearing System (ECS), Post dated cheques or online payment option.
