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  • Kotak Mahindra Bank Home Loan

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  • 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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Kotak Mahindra Bank offers multiple home loans at attractive interest rates and zero processing fee for online applicants. There are home loans for residents and NRIs, as well as home improvement loans. The interest rates range from 8.85% p.a. to 9.20% p.a., and the current six-month MCLR to which home loans are pegged, is 8.80% p.a. The processing fee is a maximum of 2% of the principal amount + GST. The PMAY interest subsidy is available to borrowers of EWS, LIG, and MIG classes. The loans can be repaid in up to 20 years.

    Kotak Mahindra Bank Home Loans

    The following are the key features of Kotak Mahindra’s loan schemes:

    Kotak Home Loan

    Key highlights:

    • Available for applicants aged between 18 and 65 years
    • Zero processing fee for online application
    • Rs.5,000 flat processing fee for women applicants.
    • Zero charges on prepayment/foreclosure
    Interest rate (p.a.) Processing fee
    8.90% onwards Up to 2% of the approved amount + GST

    Kotak Home Improvement Loan

    Key highlights:

    • Up to 90% of the improvement cost can be availed
    • Can be applied individually or as a joint ownership
    • Loan repayment tenure of a maximum of 15 years
    • Available for furnishing and renovating your home
    Interest rate (p.a.) Processing fee
    8.90% onwards Up to 2% of the approved amount + GST

    NRI Home Loan

    • Available for applicants who will be a maximum of 58 years old at maturity
    • Borrowing limit of up to 80% of the cost of the property
    • Loan repayment tenure of up to 15 years
    • Can be applied for along with a co-applicant

    Kotak Mahindra Pradhan Mantri Awas Yojana (PMAY)

    Pradhan Mantri Awas Yojana was started by Prime Minister Narendra Modi in 2015 with a vision to provide a home to all citizens by 2022. Under this scheme, applicants from Economically Weaker Section (EWS), Middle Income Group (MIG) and Low-Income Group (LIG) are eligible to avail interest subsidy. The subsidy is given as a part of the Credit-Linked Subsidy Scheme (CLSS) under PMAY.

    Features and benefits of PMAY scheme:

    • Borrowers will get upfront interest subsidy benefit on the remaining principle
    • Interest subsidy Net Present Value (NPV) calculated at a discount rate of 9%
    • You can get a subsidy amount of up to Rs.2.67 lakh
    • The subsidy is available to individuals earning up to Rs.18 lakh per year.
    • Subsidy can be availed for a maximum loan amount of Rs.12 lakh
    • Interest subsidy for up to 20 years or the loan tenure, whichever is lower
    Category of beneficiaries Maximum Household Income Interest Subsidy (p.a.) Maximum Subsidy Amount Maximum eligible loan amount for subsidy Eligible carpet area
    EWS Economically Weaker Section (EWS) Up to Rs.6 lakh 6.5% Rs.2.67 lakh Rs.6 lakh No restriction For home extension/repair - 30 sqm
    LIG Low Income Group (LIG) Above Rs.3 lakh and up to Rs.6 lakh 6.5% Rs.2.67 lakh Rs.6 lakh No restriction For home extension/repair - 60 sqm
    Middle Income Group (MIG –I) More than Rs.6 lakh and up to Rs.12 lakh 4% Rs.2.35 lakh Rs.9 lakh 160 sqm
    Middle Income Groups (MIG- II) More than Rs.12 lakh and up to Rs.18 lakh 3% Rs.2.30 lakh Rs.12 lakh 200 sqm

    Kotak Mahindra Home Loan EMI Calculator

    BankBazaar EMI calculator helps a borrower find out his/her loan repayment ability. It enables them to know whether they can afford the monthly payments towards the loan they are going to take. The calculation will be performed based on the information provided by the user such as the preferred loan amount, repayment tenure, and interest rate. Once the borrower enters the details, the tool will immediately show the estimated EMI. Every home loan borrower should ideally check the EMI through this tool before applying for a Kotak Mahindra Home Loan.

    Kotak Mahindra Bank Eligibility Criteria

    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

    Documents Required for All Kotak Mahindra Home Loan Applicants

    Kotak Mahindra Bank asks for the following documents to approve your home loan application:

    Salaried applicants

    • 1 passport size photograph
    • Copy of PAN card (for applicants with relationship proof)
    • Copy of Aadhaar card (for applicants with relationship proof)
    • Copy of Residence proof (for applicants with relationship proof)
    • Last 3 months’ salary slips (for applicants whose income is considered)
    • Last 2 years Income Tax Return (ITR)
    • Form 16 of past 2 years
    • Last 6 months’ original bank statement of the applicant’s salary account (for applicants whose income is considered)
    • Proof of relationship
    • Details of the existing loan along with track record, if there is any
    • Property documents with sanction map

    Self-employed applicants

    • All KYC documents (same as salaried individuals)
    • 12 month’s bank statement of all the accounts and current account mentioned in the form
    • Valid age proof approved by the government
    • Income proof documents and business continuity proof
      • Self-employed Professionals (SEP)
        • Last 3 years income tax returns, personal and business along with income computation
        • Last 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant
      • Self-employed Non-Professionals (SENP)/Co./HUF/ Partnership Firm/LLP)
        • Same documents as SEP
        • Degree Certificate
        • Registration Proof with Tax authorities as applicable to the type of business
    • Proof of existence of partnership firm/company/HUF/LLP
      • Partnership firm
        • Registered partnership deed
        • Letter from other partners
      • Company
        • Memorandum
        • Articles of association
      • HUF
        • IT returns
    • Business profile on the letter head of the proprietorship/partnership firm/company/HUF/LLP (for SENP/Co./HUF/ Partnership Firm/LLP)
    • Power of Attorney (Co./HUF/Partnership Firm/LLP)
    • Minimum 2 recommendatory business reference
    • Existing loan repayment track record (RTR) along with proofs, if there is any

    NRI customers

    • Last 6 month’s bank statement of all domestic and (NRE/NRO/FCNR/ NRNR) and international accounts
    • Age proof
      • Copy of Passport
      • Copy of KYC Documents of Power of Attorney
    • Income proof
      • Fixed salary
        • Salary certificate (in English) containing name, date of joining, designation, and salary details; OR
        • Last 3 months’ salary slips
      • Variable salary
        • Salary certificate (in English) specifying name, date of joining, designation and salary details for last 6 months, OR
        • Last six months’ salary slips
    • Updated bank statement of the salaried account
    • Proof of job continuity for last 3 years
      • Employment contract copy/Appointment letter in English (Attested by the Embassy/Employer if translated from English)
      • Continuous Discharge Certificate or CDC for merchant navy employees
    • Power of Attorney
      • Attested by Indian consulate at the place of residence of the NRI customer if he/she is overseas at the time of application
      • Attested by a public notary in the place of residence of the NRI customer if he/she is not available in India at the time of application
    Kotak Mahindra Bank Home loan FAQs
    1. What is the maximum loan amount that I can apply for?
    2. It completely depends on your profile. Based on your eligibility the bank will decide the loan amount that you can borrow. However, if you are transferring your existing home loan to Kotak Mahindra Bank, you can get up to 90% of the cost of the property. While for an original loan amount of Rs.20 lakh to Rs.75 lakh you can borrow up to 80% of the property cost, for an original loan amount above Rs.75 lakh you can get up to 75% of the cost.

    3. What are the purposes for which I can take a personal loan from Kotak Mahindra Bank?
    4. You can take a home loan from Kotak Mahindra Bank to buy a property, a flat, or a plot. You can also avail a loan for the purpose of renovating or furnishing your existing home or flat.

    5. How much time will be required for disbursement of my home loan?
    6. After you submit all the documents that have been asked for by the bank, the bank will take 2 working days to disburse the loan to your bank account.

    7. Is it possible to get the benefits under PMAY scheme for properties in rural areas?
    8. No, the PMAY scheme is not applicable for properties in rural areas. This facility can only be availed by eligible applicants who have a house in urban areas.

    9. Where can I apply for Credit Linked Subsidy Scheme (CLSS) under PMAY?
    10. You can apply for a housing loan under CLSS at any Kotak Mahindra Branches.

    11. Is it mandatory to have women ownership to get subsidy under PMAY scheme?
    12. It is mandatory to have women ownership or co-ownership for EWS and LIG beneficiaries. However, this condition is not applicable in case of self-construction or extension. MIG-I and MIG-II don't need to fulfill this criterion.

    13. Who can be my co-applicants for a Kotak Mahindra Bank home loan?
    14. If you are an individual borrower, your parents, spouse, and major children can be the co-applicants. If there is a co-owner of your property, then he/she must be the co-applicant for the loan.

    15. Can I extend my home loan amount availed from Kotak Mahindra Bank?
    16. It depends on your eligibility and profile. If you are eligible for the same depending on your credit profile, income, and other details then you can apply for the same with the bank.

    17. What are the eligibility criteria to get quick paperless home loans from Kotak Mahindra Bank?
    18. In order to get a quick paperless loan sanctioned within 24 hours using your income tax credentials you are required to meet the following eligibility criteria:

      • Age limit - Between 25-45 years
      • Residency - Residents of Mumbai, Delhi, Gurgaon, Bangalore, Chennai, Pune, Hyderabad, Indore, Ahmedabad, Jaipur, Chandigarh, and Surat
      • Net Income - Minimum Rs.20,000 per month
    19. What is the customer care number of Kotak Mahindra Bank?
    20. You can reach out to the Kotak Mahindra customer care center on the following numbers:

      • 1860 266 2666 (India)
      • +91 22 6600 6022 (Abroad)
      

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    Kotak Mahindra Bank Home Loan Reviews

    • Kotak Home Loan
      "Need to provide more loan amount"
      0.5 2.5/5 "Just OK"
      I was applied for a home loan in KOTAK bank one month before which was processed through an online. On time I received a call from bank for verification process. The loan amount was low and not much sufficient for the tenure of 25 years. The rate of interest and processing are not aware. Due to low amount I have closed the loan process.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 09, 2019
    • Kotak
      Kotak Home Loan
      "ROI and charges is high"
      0.5 3.0/5 "Satisfactory"
      I have applied for a home loan with Kotak Mahindra Bank. The response was good and they were on time as well. Since I went ahead with another bank I did not take this loan from them. The rate of interest and processing fee is on the higher side when compared to the other banks.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 05, 2019
    • 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 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? 1
      , 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? 2
      , 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? 2
      , ahmedabad
      Reviewed on Mar 14, 2016
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