Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    We found 1 Kotak Mahindra Home Improvement Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 1911 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Overview about Kotak Mahindra Home Improvement Loans

    The Kotak Mahindra Home Improvement Loan is designed to help you renovate, paint or furnish your home to realize your dream of a perfect home.

    Where can I use the loan amount?

    This easy loan will fund you for all home improvement needs including:

    • Decoration
    • Renovation
    • Painting
    • Flooring
    • Plumbing
    • Furnishing
    • Electric work
    • Waterproofing
    • Roofing
    • Grills and aluminium windows
    • Tiling
    • Construction of overhead or underground tank
    • Compound wall paving
    • Bore well

    Who can avail this loan?

    Individuals, both singly or jointly can apply for home improvement loan from Kotak Mahindra Bank. The eligibility of an applicant depends on the following factors:

    • Monthly or annual income
    • Work experience
    • Income source
    • Credit and savings history
    • Age
    • Professional qualifications
    • Number of dependents
    • Perceived stability in future for current occupation

    The owner of the property in question has to be one of the co-applicants for the loan. However, other co-applicants need not be co-owners of the property.

    What is the maximum amount of loan I can avail?

    The maximum limits on the loan are as follows:

    Overall cost of home improvement Amount of loan sanctioned Less than Rs.20 lakhs 90% of expenses Rs.20 lakhs to Rs.75 lakhs 80% of expenses Above Rs.75 lakhs 75% of expenses  Kotak Personal Loan Offers

    What is the rate of interest on Kotak Mahindra Home Improvement Loan?

    Both fixed interest and floating rate schemes are available. The interest rate will be decided by the bank as per the terms. In general, Kotak Mahindra Bank offers loans at up to 14% p.a.

    What are the documents required for this loan?

    In addition to the filled in application form, you need to submit the following for applying to this loan:

    • Banking details and income proof
    • Age and address proof
    • Identity and signature proof
    • Educational qualification proof

    What are the terms for Kotak Mahindra Home Improvement Loan?

    • Repayment tenure available up to 15 years on a case-to-case basis.
    • Loan amount will be disbursed in instalments or in full subject to fund requirement and progress of home improvement work
    • The agreement for sale of the property should be registered.
    • The property in question is taken as security against the loan amount. In some cases, life insurance policies or term deposit receipts from this bank may also be required as security.
    • As per the order of the Reserve Bank of India, no prepayment charges are to be applied on the loan amount when prepaying the borrowed amount.
    • Processing fee is charged at up to 1.25% of the loan amount.

    How do I apply for this loan?

    You can apply for this loan by submitting the application form along with the relevant documents to a branch of Kotak Mahindra Bank.

    Can I apply for Kotak Mahindra Home Improvement Loan online?

    Yes, online application facility is available from the bank. You need to log in to the bank’s website and select the service you want to avail from the bank. You can follow the steps outlined in the website to make your online application. Alternatively, you can use BankBazaar’s online application portal to apply for this loan online.

    What are the tax benefits on this loan?

    Home improvement loans offer tax deductions of up to Rs.30,000 p.a. on repayment amount. The tax deductions are available under Section 24(b) of the Income Tax Act, 1961.

    Example

    For overall home improvement expenses of Rs.11 lakhs, you can get up to Rs.10 lakhs (approx) in loan. Let’s assume the interest rate is 14% p.a.

    • Amount: Rs.10 lakhs
    • Repayment tenure: 15 years (180 months)
    • Interest: 14.00%
    • Processing charges: 1.25%

    Your monthly repayment amount will be:

    EMI: Rs.13,317

    • Total principal due: Rs.10 lakhs
    • Total interests due: Rs.13.972 lakhs
    • Processing fee: Rs.12,500
    • Total amount payable: Rs.24.10 lakhs
     Loading your search... Loading your search...
  • Kotak Mahindra Home Improvement Loan Reviews

    • Kotak Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The rate of interest was too low but the documentation charges and the additional charges were really high with Kotak Mahindra personal loan. I got the disbursement within 20 working days from Kotak Mahindra. The service need to be quick and fast in future. The customer service and the executives needs an improvement with Kotak Mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "They should be transparent in their process"
      0.5 1.0/5 "Really Bad"
      When I put a request for Kotak personal loan through online channel, I found their interest was 16.49%. After submitting all my application through online, Kotak executive called and informed the interest rate was 16.99%. Finally when my loan was under processing, they were saying one by one charges like processing and insurance fee. Finally they rejected the application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I was preoccupied with other work. I could not respond to Kotak Mahindra Bank for the personal loan. There were continuous calls and messages from them requesting me to take the loan. Not sure on the interest rate and processing charges.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      At the start I applied for a loan amount of 1,30,000, next day I was in need of 2,80,000 but KOTAK had disbursed 1,30,000 much before that. I was trying to reach the executives but none turned up. They simply sent me a text message stating that the executives would get in touch with me after 5 days of time. Therefore KOTAK needs to be more customer oriented. As far as the rates are concerned it is low when compared with others in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Experience was good and quick with the Kotak Mahindra bank for the personal loan, which I have got. The rate of interest was around 11.5% and the customer service, response was also went in the smooth way. There were no hindrances, which I have faced with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The company which I work is a Partnership firm and the Kotak Mahindra was about to collect my documents to proceed with my Personal loan, but no one turned up and I never got a call, any text message, mails regarding my personal loan application. I guess my company is not listed under the Kotak Mahindra banks criteria. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I had approached Kotak Mahindra for the personal loan when there was a need, later on I don't have requirement to take personal loan. That's the reason why, I had closed my loan application. Kotak Mahindra response is good, they had called me with regards to the loan process, but I don't any interest to proceed further with them with regards to the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Need to be revise the rate of interest"
      0.5 3.0/5 "Satisfactory"
      I got the personal loan with the Kotak mahindra bank and the loan amount got disbursed within two weeks of time, The services are fine one with them till now and the response is good one. Interest rate and the processing charges were something huge.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "Improper response"
      0.5 1.0/5 "Really Bad"
      I had not received proper response from Kotak Mahindra Bank for the personal loan. What are the documents I had submitted all are qualified and eligible for the loan. But I had received a call from Kotak where a lady spoke with me. She said that I am not eligible for the loan in a rude way and closed my application. Then I approached HDFC bank and got the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "They have to improvemise their customer service"
      0.5 2.0/5 "Expected more"
      I took personal loan from HDFC, Because I felt Kotak Mahindra interest rate is high. When I approached for the loan Kotak they offered me 14% of interest, but HDFC offered 12.99%. But I guess there is no processing fee for personal loan in Kotak. Finally I have not availed loan from Kotak, infact no one have contacted me for the loan process.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      I had received good response from Kotak Mahindra Bank for the personal loan. Meantime I was trying with other banks for the loan because the interest rate is higher with Kotak than the other banks. Other than that I had no issues with Kotak for the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Kotak Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, I did not get any good response from them and the drawback is that they delayed my loan about three weeks and I have to escalate it, to sort out all things.. It was not that smooth and prefect throughout the process. The rate of interest was 15% which is high when compared with others.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 17, 2017
    • Kotak Personal Loan
      "Kotak mahindra bank is such a fraud bank "
      0.5 0.5/5 "Unacceptable"
      I want to share my reviews. My father took a loan from Kotak bank, we paid all the instalments and the interest on time but their officers Did fraud with us, when my father deposited d money in d cc limit account, the officers blocked d money from d account nd den when we requested to unblock our account they didn't pick d call infact they took a revenge from us and bcz of shortage of money which they blocked, my business has been goes down day by day atlast we have decided dat we should have to change d bank bcz they blocked all d cc limit and as well as they took interest as well. When we deposit all d limit balance to d Kotak bank and all d charge which are due from our side we gave it to them but they did fraud with us now all d officers are denied to give property papers infact they are not giving properties registered deed along with not to close cc limit account nd now my family reputation is degrade day by day, my family is facing d financial problem bcz of Kotak bank.
      Was this review helpful? 0
      , guna
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Not recommendable"
      0.5 2.0/5 "Expected more"
      My experience with Kotak Mahindra bank is not satisfactory. The rate of interest is very high and so is the processing fees and they are forcibly asking me to take add on facilities like wallet insurance. This is for a personal loan process and the bank is not recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Interest rate and charges has to be reduced"
      0.5 4.0/5 "Great!"
      I took personal loan in the year 2006 from Kotak Mahindra, initially they committed they would be charging the interest rate around 11 to 12% but when I was processed my loan with them, they charged around me 15% of interest, whatever it may be, if they give clear information about the loan process that would be great.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 3.0/5 "Satisfactory"
      Initially Kotak mahindra was very good in the process after submitting the documents again they have asked me to submit the missed out document, then I felt that they are taking too much of time. I have choose the other bank. The documentation process need to be improved with Kotak Mahindra. The rate of interest was nominal with Kotak Mahindra. I would say it was an average service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 15, 2017
    • Kotak Personal Loan
      "Loan process should be flexible"
      0.5 3.0/5 "Satisfactory"
      Kotak personal loan interest rate is not upto the mark, finally I have loan due to my personal commitment. I have taken the amount of Rs.1.8 lakh for the tenure of three years. They charged 14% of interest and with some processing fee. It would be better, if their loan process is flexible and it is as per the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 15, 2017
    • Kotak Personal Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      The Kotak Mahindra didn't gave any kind of proper response in concern to my personal loan application . They have disbursed my loan within 20 days. They have promised to disburse within a week time but they have failed to do it. The rate of interest is nominal with Kotak Mahindra. I am happy about the loan amount, but the additional charges can be reduced in future.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 14, 2017
    • Kotak Personal Loan
      "Not Responsive"
      0.5 1.0/5 "Really Bad"
      I had submitted the documents for the personal loan with Kotak Mahindra bank and the verification is done. But whenever I call the guy who collected the documents he is not picking up the call. Also I did not receive any kind of status update from Kotak Mahindra bank. It has been almost two months when I applied for the loan but till now there are no updates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2017
    • Kotak Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank delivered good service for my personal loan. Interest rate is good as per the current market rate. I had no problem with Kotak in taking the personal loan. They provided a very good customer service and their response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.