A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Kotak Mahindra Bank Home Loan

    Kotak Bank home loan interest rate starts from 9.00% p.a., with a loan amount of up to 90% of the property value in case of a home loan balance transfer. The Kotak home loan is offered with loan tenures of up to 20 years. IDBI Bank charges zero processing fee when you avail a home loan from them through an online application. The prepayment charges on IDBI Bank home loan is 6% of the loan amount if its within 12 months and 5% otherwise. The bank also offers its housing loans under the PMAY scheme and concessions for women borrowers. 

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    We found 1 Kotak Mahindra Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.95% - 9.15% Floating
    10000+GST One time fee
    -
    1-20 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited. The bank offers personal finance solutions. Kotak Mahindra Bank provides you home loans accompanied by highly customised facilities and services for a seamless and pleasurable home-buying experience. To know more, follow some simple steps given below to get attractive deals.


     

    You’re probably Eligible for an Kotak Mahindra Bank Home Loan if you are

    01
    02
    03
    04
    Kotak Mahindra Bank Home Loan Minimum Age

    At least 21 years old

    Kotak Mahindra Bank Home Loan Maximum Age

    Less than 65 years old

    Kotak Mahindra Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Kotak Mahindra Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Kotak Mahindra Bank Home Loan Amount Eligibility is based on these factors

    01
    02
    03
    Kotak Mahindra Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Kotak Mahindra Bank Home Loan Maximum Loan to property value

    Loan capped @ 90% of property value

    Kotak Mahindra Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your Eligible Kotak Mahindra Bank Home Loan amount by these steps

    01
    02
    03
    Kotak Mahindra Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant

    Kotak Mahindra Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 20 years

    Kotak Mahindra Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for Kotak Mahindra Bank Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Kotak Mahindra Bank Home Loan Interest Rates
    Updated on 17 Jun 2019

    Kotak Mahindra Bank Home Loan Details
    Interest rate 8.95% - 9.15%
    Processing fee 10000 + GST
    Loan Tenure 20 years
    Pre-closure Charges Nil
    Guarantor Requirement No Guarantor Required

     

    Why Home Loan from Kotak Mahindra Bank:

    Kotak Mahindra, one of India’s leading financial institution, offers its customers the service of home loans. What puts these home loans above the fray are the bevy of features which they offer, which make it easier on you to not only avail the loan but also pay it back. These home loans have been tailor made to provide all the benefits for a smooth, and problem free experience.

    Features and Benefits of Kotak Mahindra Bank Home Loan:

    1. Doorstep Service – As a Kotak Mahindra customer, you get the advantage of availing doorstep service for your home loan. No need to visit the bank and await your turn to be attended to or submit your documents. A bank representative will visit you at your house to help you out with the formalities of applying or a loan.

    2. Low Interest Rates – One of the primary reasons why the Kotak Mahindra Home Loan is popular is due to the low rates of interest it offers, making it one of the most affordable home loans available in the market.

    3. Quick and Hassle-free Loan Disbursement Process – Once your loan is approved by the bank, you needn’t wait to receive your loan amount. The bank has in place a very quick and hassle free loan disbursement process to ensure that the loan amount reaches you within minimum time.

    4. Minimal and Simple Documentation – Unlike other loan providers which ask applicants to provide extensive documentation in order to apply for the loan, Kotak Mahindra makes the process loads simpler. You only have to provide a few basic documents like your identity proof, employment proof, residence proof, bank statements and a valid proof of your repayment ability to be on your way to apply for your loan.

    5. Home Loan Insurance Options At Attractive Rates – As a home loan buyer, Kotak Mahindra provides you with the added benefit of availing home insurance plans for your dream home. You can avail these home insurance plans at very attractive premium rates to ensure that your house is protected from any external risks or perils.

    6. Longer Tenure – To make it easier for you to avail and repay your home loan, without it becoming a burden, Kotak Mahindra offers home loans which are accompanied by a maximum repayment tenure of 20 years. However, the loan tenure can also vary depending on the applicant’s profile.

    7. Security Required Towards Loan – While in most cases, the house or the property to be purchased will be considered as adequate security towards the home loan. The property/house will be taken as security till the entire loan has been repaid. However, in certain cases, additional security may be required, which can be in the form of receipts of Term Deposits or Life Insurance policies taken with Kotak Mahindra (if available).

    8. Loan Amount – Kotak Mahindra provides home loans which allow you to borrow 90% of the value of the house or property to be purchased. For loans up to the value of Rs 20 lakh to Rs 75 lakhs, you an avail up to 80% of the cost of property and for loans above Rs 75 lakh, you can avail loan amount up to 75% of the property value.

    Kotak Mahindra Home Loan Eligibility Criteria

    Kindly note that individuals may apply for these loans on a single or joint basis. Co-applicant need not necessarily be the co-owners of the property.

    For both Salaried and Self-employed individuals:

    Eligibility Criteria Requirement
    Age Salaried applicant:
    • Minimum: 18 years
    • Maximum: 60 years
    Self-employed applicant:
    • Minimum: 18 years
    • Maximum: 65 years
    Monthly Income
    • Minimum monthly income of Rs.20,000 for applicants located in Delhi, Bangalore, Mumbai, Chennai and Pune
    • Minimum monthly income of Rs.15,000 for applicants located in other cities
    Minimum Qualification
    • The applicant should be a graduate if he/she is employed with a partnership firm or private limited company
    • No criteria for applicants employed with MNC/Public limited company/Government/Public sector company

    New Kotak Mahindra Bank Home Loan Interest Rate:

    The interest rates offered by Kotak Mahindra Bank on home loans are as follows:

    Loan Amount Interest Rate
    Up to Rs.30 lakh Up to 14.5%
    Rs.30 lakh to Rs.40 lakh Up to 14.5%
    Rs.50 lakh to Rs.100 lakh Up to 14.5%
    Above Rs.100 lakh Up to 14.5%

    Kotak Mahindra Bank MCLR Rate for Home Loans:

    Effective June 1, 2017, Kotak Mahindra Bank set its Marginal Cost of Funds Based Lending Rate (MCLR) at 8.90% for home loans with tenures of one year. These rates are applicable to all rupee loans and credit limits that have been sanctioned and renewed by the bank respectively from April 1, 2016.

    Tenure MCLR
    Overnight 7.90%
    1 month 7.95%
    3 months 8.25%
    6 months 8.50%
    1 year 8.90%
    2 years 8.85%
    3 years 8.85%

    Kotak Mahindra Home Loan Documents

    List of documents required for all applicants/co-applicants:

    • Identity Proof (any one)
      • Voter ID (with relationship proof)
      • Valid Passport (with relationship proof)
      • Aadhaar Card (with relationship proof)
      • PAN Card (with relationship proof)
    • Residence Proof (any one)
      • Aadhaar Card (with relationship proof)
      • Valid Passport (with relationship proof)
      • Voter ID (with relationship proof)
      • Ration Card (with relationship proof)
    • Relationship Proof Processing fee cheque favoring the bank
    • Own contribution proof
    • Allotment letter
    • Title deeds of the plot.
    • Sales deed
    • Conveyance deed
    • Past title chains in case of pre-owned properties
    • Latest property tax receipt
    • Copy of the plan, approved by local authority
    • Duly filled application form affixed with passport size photographs of the applicant/co-applicant

    List of documents required for salaried applicants/co-applicants:

    • Income Proof:
      • Bank statements showing salary credits for the last 6 months
      • Latest Form 16 and Income Tax Returns for the last 2 years
      • Salary slips or salary certificates for the last 3 months
    • Details of other existing loans with track record, if any

    List of documents required for self-employed professionals

    • Bank statements of both the individual and the business entity who income is being considered for the last 1 year
    • Income Proof and other documents:
      • Income Tax Returns of both the individual and the business entity along with computation of income for the last 3 years (2 years if the applicant is an existing customer)
      • Balance sheet and Profit and Loss account audited by a certified CA for the last 3 years (2 years if the applicant is an existing customer)
      • Degree Certificate
    • Business Existence Proof:
      • Business address proof
      • Business profile
      • Latest Form 26AS
      • Copy of partnership deed in case the business entity is a partnership firm
      • Memorandum and Articles of Association if the business entity is a company

    List of documents required for self-employed non-professionals:

    • Bank statements on the current account and all other bank account mentioned in the application for the last 1 year
    • Income Proof and other documents:
      • Income Tax Returns of both the individual and the business entity along with computation of income for the last 3 years (2 years if the applicant is an existing customer)
      • Balance sheet and Profit and Loss account audited by a certified CA for the last 3 years (2 years if the applicant is an existing customer)
      • Registration Proof with Property Tax receipt
    • Business Existence Proof:
      • Business address proof
      • Business profile
      • Latest Form 26AS
      • Copy of partnership deed in case the business entity is a partnership firm
      • Memorandum and Articles of Association if the business entity is a company

    Kotak Mahindra Home Loan Fees and Charges

    Type of Charge Applicable Fee
    Processing fee For online application: Nil
    For offline application: 1.25% of the loan amount
    Foreclosure charges
    • Zero foreclosure charges for full prepayment of the loan for individual floating rate home loans
    • 4% of the principal outstanding amount plus 4% on the amount prepaid in the last 1 year for home loans other than individual floating rate home loans
    Part foreclosure charges Zero charges on pure individual floating rate home loans.
    For other products:
    • No charges applicable up to 25% of the outstanding loan amount with a gap of 6 months
    • 4% on the principal outstanding if more than 25% of the outstanding is part prepaid
    Documentation charges 0.50% of the loan amount
    Stamping charges Applicable depending the respective State’s Stamp Act
    Dishonour charges Rs.750 per instance
    Overdue interest 2% of the overdue amount, compounded monthly
    Commitment charges 2% on the sanctioned loan amount disbursed
    Collection charges 30% of penal and cheque bouncing charges
    Swap charges (Replacement of Post-Dated Cheques) Up to a maximum of Rs.500 per swap per instance
    Solvency Certificate Rs.10,000
    No Due Certificate Nil
    Duplicate issue of No Objection Certificate (NOC) Rs.500
    Charges applicable if the customer requests the bank for copies of the Amortization Schedule Zero charge for the first copy during the year.
    Rs.250 per request post the first copy.
    Loan rebooking Rs.10,000 or 0.50% of the outstanding loan amount, whichever is higher
    APAC Reschedulement charges 1% of the outstanding loan amount
    Change in asset/collateral/property RS.10,000 or 0.50% of the outstanding loan amount, whichever is higher
    Change in installment due date 0.50% of the loan amount plus broken period interest or Rs.5,000 plus broken period interest (if any), whichever is less
    Pay Order re-issuance Rs.100 per instance
    Charges for providing a copy of the credit report to the applicant Rs.50

    Home Loan EMI Calculator 

    Having a clear idea about the amount that is to be paid on a monthly basis towards the home loan is important before you apply for one. This is where BankBazaar’s Home Loan EMI Calculator comes in handy. All you have to do is key in the required details and click on ‘Calculate’. The automized EMI Calculator will calculate the Equated Monthly Instalment (EMI) you will have to pay against your home loan and provide you with a break-up of the principal, interest and total amount payable during the loan tenure.  The EMI Calculator will also provide with the Amortization Schedule illustrating your debt repayment schedule on a monthly and annual basis. 

    Kotak Home Loan Balance Transfer 

    Kotak Mahindra Bank offers eligible customers its home loan balance transfer facility at competitive interest rates. It also offers better customer services to pay off existing home loans. Borrowers can transfer their outstanding home loan amount from their existing loan lenders to Kotak Mahindra Bank at comparatively lower rates of interest to save on the cost of credit/interest paid to the existing lender. The bank also offers top-up loans on the existing loan in case of emergencies. The top-up loan can be used for any purposes such as your children’s education, medical expenses, etc. 

    Once your home loan has been transferred to Kotak Mahindra Bank, all future EMIs will be made to the bank. In order to facilitate customers to pay their EMIs conveniently, the bank also provides the EMI customisation facility where you can customise the tenure of your home loan.

    Kotak Home Loan FAQs

    1. How is my home loan eligibility determined by the bank?

      The bank initially determines your home loan repayment capacity before deciding on the home loan amount you are eligible for. When determining your loan repayment capacity, the bank considers various factors such as your monthly income, number of co-applicants, the co-applicants' income, liabilities, assets, credit history and continuity of occupation into consideration.

    2. Is there any processing fee associated with this home loan?

      Yes, Kotak Mahindra Home Loans taken with the Floating Interest Rate plan will be charged a loan processing fee at the rate of up to 1.25% along with any applicable GST.

    3. Who can be my co-applicant while applying for a home loan?

      Immediate family members such as your spouse, parents or children can be your co-applicants when applying for a home loan. It is mandatory for all co-owners of the property to be the co-applicants for the home loan. However, it is not mandatory for the co-applicant to be the co-owner of the concerned property.

    4. How will the loan be disbursed?

      The disbursement of the loan shall be done either in full or in installments based on the progress of the construction / requirements of funds for the purchase of the property. The same will be decided by the bank after careful evaluation.

    5. Is it necessary for the Agreement of Sale to be registered?

      Yes, it is necessary to get the Agreement of Sale to be registered. Under the Indian Registration Act, 1908, it is mandatory in many Indian states to have the Agreement of Sale done between the builder or seller of the property and the buyer of the property to be registered. Also, it is beneficial for you as a buyer of the property to get the Agreement registered.

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    Kotak Mahindra Bank Home Loan Reviews

    • Kotak Home Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I took a home loan with Kotak Mahindra because of faster approval. It was repaid within 3 years and they have charged me 3%. The total tenure was 20 years. The customer service is excellent. Even the foreclosure was very speedy. Before 10 years, they have charged me 11% floating interest rate and even at that time Sbi has charged 10% but the approval was very low so I have processed with Kotak.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 11, 2019
    • Kotak
      Kotak Home Loan
      "Quick services"
      0.5 4.5/5 "Excellent!"
      My home loan is with Kotak Mahindra Bank. I had no hassles to get the loan through. The customer services are good and they are responsive too. They were very aggressive to get in touch with the real estate people. The documentation was collected on time. The interest rate and processing charges are nominal as well.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on May 03, 2019
    • Kotak Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with KOTAK MAHINDRA BANK BANK . The documentation part was too easy . The rate of interest was too nominal and even processing fee is very fine compare to other . The banking process is very quick within week i got my loan amount .
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Apr 30, 2019
    • Kotak Home Loan
      "Very good interest rate"
      0.5 4.5/5 "Excellent!"
      From the Kotak mahindra bank , I got a very good offer for taking a housing loan with them . They were ready to provide a loan without any processing fees and lesser interest rate of 8.88 % . The main reason is Initially I taken a car loan and closed it on time .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 28, 2019
    • Kotak Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am very happy with KOTAK MAHINDRA BANK for the home loan. The rate of interest is 8.9% which is very nominal . I got the loan without any delay or hassles. The processing fee is also good .The customer services and response is good. I also got the loan on time.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 26, 2019
    • Kotak Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was quite a good experience i had with this Home loan and the loan amount which they had provided has been sufficient it is 40 lakhs . I have taken my loan with KOTAK MAHINDRA BANK . The tenure period is 20 years and rate of interest is nominal it is 8.9% . No hidden charges are there .
      Was this review helpful? 2
      , pune
      Reviewed on Jan 26, 2019
    • Kotak Home Loan
      "Not satisfied"
      0.5 0.5/5 "Unacceptable"
      I have give my documents for kotak mahindra bank credit card. I gave my document last time in the beggining of nov 2018. It is mor then 2 months and niw while checking my aoplication status on kotak bank online my application is still in proccess. Worst banking service ever i face.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Kotak Home Loan
      "Best financial service "
      0.5 5.0/5 "Blown Away!"
      I have taken Housing loan from the Kotak mahindra bank , They have given Fair rate of interest based on the market price . They did instant approval process as fast as they can do . . There is no nominal processing fees as every bank i used to charge which is minimal .Overall am satisfied with the financial service .
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Kotak Home Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      The experience i had with this Home loan has not been good since the process has taken more time than usual. There has been some issues on the documentation and their customer support team response has been slow. The interest rate with the has been much higher compared with the market rate and the issues had been sorted out at last by the Managing Director after i writing a letter.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 09, 2018
    • Kotak Home Loan
      "Looking for better credit limit"
      0.5 5.0/5 "Blown Away!"
      I have my credit card approved with Kotak Mahindra bank and the experience was good, the process took 1 month to complete. They gave a credit limit of Rs 15000 which is less for this credit card. There is no annual fee charged for this credit card. I get cash back offers on this credit card and i use this card for general purpose. Customer service was good and they responded on time.
      Was this review helpful? 2
      , thane
      Reviewed on May 14, 2018
    • Kotak Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Kotak Mahindra Bank, the loan amount was for Rs 18 lakhs with the rate of interest of 10% which is higher when compared to all other banks. It was overall a good loan experience with this bank. Customer service was good and they provided door step service to collect the documents. I received my loan amount within 10 days. The tenure of the loan is 15 years and i pay an EMI of Rs 20300 for this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 11, 2018
    • Kotak Home Loan
      "Better Loan to have"
      0.5 4.5/5 "Excellent!"
      The process for my Home Credit Loan was done instantly and it didn't require much process too. The rate of interest offered is pretty low too and the Bank was pretty responsive for the Loan. I had the complete outline about the Loan and it was easy for me to select the product.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 20, 2017
    • Kotak Home Loan
      "Good banking service"
      0.5 4.0/5 "Great!"
      I have approached Kotak Mahindra for my home loan since the rate of itnerest is low when compared to the other bankers so I have chosen Kotak. They have collected my documents, within a 10 days they will update my loan status. I got a good credit score.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 09, 2017
    • Kotak Home Loan
      "Disappointed Service"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra service was very bad, Earlier I had taken home loan with ING Vysya but after Kotak Mahindra took over that bank. Everything got changed I had requested them to do foreclosure but they did not respond. Then I went to the main branch and I got approval after two months of my request from Visakhapatnam branch. They asked me to do NEFT or RTGS. While I was doing the transaction it didn't accept to do huge amount. Finally I went to the branch and closed the loan and I got NOC after a month's time.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Apr 26, 2017
    • Kotak Home Loan
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I got the housing loan with the Kotak mahindra bank and the interest rate was competitive one like it was around 8.65%. The loan amount got disbursed to the developer within 45 days of time. Processing charges around nominal one with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 08, 2017
    • Kotak Home Loan
      "Housing loan"
      0.5 1.0/5 "Really Bad"
      KOTAK Housing loan is meant only for customer who's property value is very huge and big. For example Office company and all major units they are willing to provide the loan. They are not providing housing loan not for a common man. I had approached them for the housing loan I did not get any sort of reply from them till date.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Jan 12, 2017
    • Kotak Home Loan
      "False assurance"
      0.5 2.0/5 "Expected more"
      I have experienced a bad process of credit card application from Kotak bank. They do not have any coordination among the staff. I got call from 3-4 executives for documents inspire of submitting it after 1st call. Then after approx 2 week I get a call again that they need document again as they had misplaced the earlier set. This is such a negligence shown by the bank. Secondly they offer me a card which is free for lifetime with credit limit of 200000. I got my card after a week of submitting document again. Now the limit I got was 50000 only and within a week without even using the card I get an invoice of 571 God knows for what. Wrong assurance just to sell your card will impact you very badly.
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 28, 2016
    • Kotak Home Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with kotak which was disbursed within 15 days after completing all the verification and documentation process. Interest rate charged was above 10% and the processing fee was also normal. The response was good which i liked very much
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Mar 14, 2016
    • Kotak Home Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from Kotak Mahindra bank. The services are good. They completed my loan process very quickly. I got the loan within seven days. The rate of interest very reasonable. It was of 9.1%. The processing charges was normal. Overall a excellent experience.
      Was this review helpful? 0
      , jaipur
      Reviewed on Mar 07, 2016
    • Kotak Home Loan
      "Great loan providers..."
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank was kept increasing the interest rate for the home loan and I done balance transfer. Except the rate the Kotak is very good in all the aspects. Customer service is awesome and the processing time is pretty fast. All the options are available on their portal so there is no reason to visit their office. Even their payment options are very good.
      Was this review helpful? 1
      , pune
      Reviewed on Feb 25, 2016
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