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.
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.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 90% of property value
EMIs of other loans lower
Make your spouse a co-applicant
Choose longer tenure loan up to 20 years
Alternatively add your parents
|Interest rate||8.95% - 9.15%|
|Processing fee||10000 + GST|
|Loan Tenure||20 years|
|Guarantor Requirement||No Guarantor Required|
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.
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.
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.
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.
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.
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.
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.
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).
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.
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:
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%|
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.
List of documents required for all applicants/co-applicants:
List of documents required for salaried applicants/co-applicants:
List of documents required for self-employed professionals
List of documents required for self-employed non-professionals:
|Type of Charge||Applicable Fee|
|Processing fee||For online application: Nil
For offline application: 1.25% of the loan amount
|Part foreclosure charges||Zero charges on pure individual floating rate home loans.
For other products:
|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|
|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|
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 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.
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.
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.
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.
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.
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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