Kotak Bank offers Digi Home Loan at attractive interest rates starting at 7.20% p.a. for salaried and 7.35% p.a. for self-employed. You can avail 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. The bank charges zero processing fee for online applications. The bank also offers its housing loans under the PMAY scheme and concessions for women borrowers.
Kotak Mahindra Bank offers 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 7.20% p.a. - 9.30% 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.
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The following are the key features of Kotak Mahindra’s loan schemes:
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.
|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|
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.
|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|
Kotak Mahindra Bank asks for the following documents to approve your home loan application:
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.
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.
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.
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.
You can apply for a housing loan under CLSS at any Kotak Mahindra Branches.
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.
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.
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.
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:
You can reach out to the Kotak Mahindra customer care center on the following numbers:
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