If you’re interested in taking out a home loan, it’s important to understand what Kotak Mahindra Bank offers and what you need to provide in order to qualify. In this article, we’ll go over all the key features of their home loans, as well as the interest rate and eligibility requirements. Finally, we’ll provide a list of required documents so that you can be sure to apply correctly.
Kotak Mahindra Bank Home Loan Highlights
|Interest Rate*||Starting at 7.99% p.a.|
|Loan Amount (LTV Ratio)||Up to 90% of property value|
|Loan Tenure||Up to 20 years|
|Processing Charges||Up to 1% of the loan amount|
Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank offers home loans at interest rates starting from 7.99% p.a. It offers a maximum loan tenure of 20 years and the processing fee charged is up to 1% of the loan amount plus GST. You can get a loan amount of up to 90% of your property value.
The Kotak Mahindra Bank Home Loan is a great way for you to get approved for your home loan with less hassle. They have a wide range of loans and plans to choose from, so it’s easy to find the right one for you. The bank provides additional features like doorstep service and free personal accident insurance cover with every home loan.
Kotak Mahindra Bank Home Loan Key Features
Kotak Mahindra Bank home loan comes with a host of features that makes it an attractive proposition for borrowers. Some of the key features of Kotak Mahindra Bank home loan are:
- Quick and easy disbursement.
- Loan amounts start from Rs. 10 lakhs up to Rs. 3 crores.
- Interest rates starting from 7.99% p.a.
- Loan tenure of up to 20 years.
- Doorstep service for loan application and disbursal.
- Balance transfer facility available.
- Pre-approved offers for existing Kotak Mahindra Bank customers.
Kotak Mahindra Bank Home Loan Interest Rates
Kotak Mahindra Bank offers some of the best home loan interest rates in the market. With a competitive rate starting from 7.99% p.a. The table below lists Kotak Mahindra Bank’s home loan interest rates for different loan schemes:
|Kotak Housing Loan||7.99%-8.50% p.a.|
|Kotak Home Loan Balance Transfer||8.00% onwards|
|Kotak Housing Loan||8.05%-8.60% p.a.|
|Kotak Home Loan Balance Transfer||8.00% onwards|
Read Also – HDFC Personal Loan
Kotak Mahindra Bank home loan EMI calculator is an online tool that helps you calculate the equated monthly instalments (EMI) that you will need to pay towards your home loan. The calculator takes into account factors such as the loan amount, interest rate and tenure to give you an estimate of your EMIs.
You can use the Kotak Mahindra Bank home loan EMI calculator to:
- Calculate your EMIs for different loan amounts, interest rates and tenures
- Plan your repayment schedule
- Compare EMIs across banks
To use the EMI calculator, simply enter your desired loan amount, interest rate and tenure into the fields provided. The calculator will then give you an estimate of your EMIs.
Types of Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank offers home loans tailored to suit your needs. Get information about the different types of Kotak Mahindra bank home loans and how they work.
1. Kotak Housing Loan
The Kotak Housing Loan scheme is a great way to finance the purchase or construction of a new home, or to renovate your existing home. With competitive interest rates and flexible repayment options, this loan can help you make your dream home a reality.
- LTV Ratio: 75%-90% of property cost
- Tenure: Up to 20 years
2. Home Improvement Loan
If you are planning to renovate or make improvements to your existing home, then you may be considering a home improvement loan from Kotak Mahindra Bank. This type of loan can provide you with the funds you need to make the changes you desire, whether it is a new kitchen, an extension, or simply redecorating.
- LTV Ratio: Up to 90%
- Tenure: Up to 15 years
3. NRI Home Loan
Kotak Mahindra Bank offers home loans to NRI individuals at competitive interest rates.
- Loan Amount: Up to 80% of improvement cost
- Tenure: Up to 15 years
4. Home Loan Balance Transfer
Kotak Mahindra Bank’s home loan transfer facility offers customers the opportunity to transfer their existing home loans to Kotak Mahindra Bank at lower interest rates. This can help customers save money on their monthly repayments, as well as reduce the overall cost of their loan.
5. Kotak Mahindra Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) is a flagship housing scheme of the Government of India. The scheme was launched in 2015 with the aim of providing affordable housing to all by the year 2022. Under the scheme, eligible beneficiaries can get a subsidy of up to Rs. 2.67 lakh on their home loan.
To be eligible for the PMAY subsidy, beneficiaries must meet certain income and other criteria. For instance, they must belong to the Economically Weaker Section (EWS), Low Income Group (LIG) or Middle Income Group (MIG). In addition, they must not own a pucca house in any urban area as well as not availed of any other housing subsidy from the government.
Eligibility Criteria For Kotak Mahindra Bank Home Loan
Here are the key eligibility criteria that you need to meet in order to qualify for a Kotak Mahindra Bank home loan:
|Age||For Salaried: 18-60 years|
For Self-employed: 18-65 years
|Gross Income||Minimum Rs 20,000 per month for Delhi, Bangalore, Mumbai, Pune and Chennai.|
Minimum Rs 15,000 per month for other cities.
|Minimum Qualifications||Bachelor’s Degree For applicants working in private limited companies and partnership firms|
|CIBIL Score||At least 750|
Documents Required for Kotak Mahindra Bank Home Loan
There are certain documents that you will need to submit in order to complete the application process. Here is a list of the required documents:
- Application form with photograph duly signed
- Aadhaar card
- PAN card
- Residence proof copy
- Bank statement
- Job confirmation proof
- Last three months’ salary slips (six months in case of NRI with variable salary)
- Form 16 and income tax
- Relationship proof
- Proof of business existence
- Business reference—recommendatory
- Business Profile
- Power of attorney
- Information regarding loan availed with its track record (if any existing loans)
- Education qualification certificate and proof of business existence
- Last three years’ income tax returns (ITR) with computation of Income
- Last three years’ balance sheets and profit & loss accounts were certified/audited by a CA.
- All property documents (chain) with sanction map
How To Apply For Kotak Mahindra Bank Home Loan
Here’s a step-by-step guide on how to apply for a Kotak Mahindra Bank Home Loan online:
- Log on to the Kotak Mahindra Bank website.
- Under the ‘Personal Banking’ section, click on ‘Loans’.
- On the next page, click on the ‘Home Loans’ tab.
- You will be directed to a page where you can choose from different types of home loans offered by Kotak Mahindra Bank. Select the one that best suits your needs.
- Once you have selected a home loan, click on the ‘Apply Now’ button.
- On the next page, you will be required to fill in your personal and financial details. Make sure all the information provided is accurate and up-to-date.
- After filling in all the necessary details, click on the ‘Submit’ button.
- Your application will be processed and you will be contacted by a representative from Kotak Mahindra Bank.
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Q. How much loan can I avail from Kotak Mahindra Bank?
Ans. The loan amount that you can avail from Kotak Mahindra Bank depends on various factors such as your income, repayment capacity, credit score, age, etc. However, you can expect to get a loan of up to 90% of the property value from the bank.
Q. What is the processing fee for Kotak Mahindra Bank home loan?
Ans. The processing fee for Kotak Mahindra Bank home loan is 1% of the loan amount plus taxes.
Q. How long does it take to get approved for a Kotak Mahindra Bank home loan?
Ans. The approval process can take anywhere from a few days to a few weeks. Once your application is received, Kotak Mahindra Bank will review all of your information and make a decision.
Q. What is the interest rate charged by Kotak Mahindra Bank on home loans?
Ans. Kotak Mahindra Bank offers competitive interest rates on home loans starting from 7.99% p.a. The actual interest rate offered will depend on factors such as your credit score, income and repayment history, amongst others.