Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2370 Users

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    Kotak Mahindra Home Improvement Loan

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    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

    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

    Kotak Mahindra Home Improvement Loan Reviews

    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank 1 month back. The loan amount was 1 lakhs and the interest rate was 11-12% which was average . There is no part payment option here and the loan process was good. My overall experience was good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 14, 2017
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with Kotak Mahindra bank was very good. I am overall happy with the services which they provided and there was no issues with the documents part and the customer service. The loan amount was for Rs 1.02 lakhs with the nominal rate of interest. A penalty of 5% has to be paid to preclose the loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 13, 2017
    • Kotak Personal Loan
      "Interest and Charges should be reduced"
      0.5 4.0/5 "Great!"
      Kotak gave me personal loan based on the car loan, their documentation process was also simple they disbursed the amount without any hassle. It would be great if they reduced the interest and charges. During demonetization time they added Rs. 18,000 as a charges for the loan product.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 13, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Kotak Mahindra Bank.The loan amount is 3.52 lalkhs,rate of interest is nominal as compared to others.I have to submitted documents to process the loan.No processing fees were deducted.Net banking is fine.The executives shared the complete details of the product.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Dec 12, 2017
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank.I have received a loan amount as expected they had immediately processed the loan with nominal rate of interest.I get the best service interacting with the executives,i submitted documents to process the loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 12, 2017
    • Kotak Personal Loan
      "Best banking"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Kotak Mahindra Bank.They have processed the loan within 2 weeks i feel its a lengthy process compared to others,they did not call me post applying for the loan instead i had to call the bank to make follow ups.Rate of interest is nominal.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 12, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank . The tenure period was 5 years and the loan amount was 1.5 lakhs . The rate of interest was between 10-11% which was satisfactory . The customer service and responses was up to the mark. The loan was approved on time and the process fee was also reasonable.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with KOTAK bank . I have taken 1 lakh and the interest rate was 12.5% which was avergae in the market . The tenure period was 4 years and the processing fee was bit high here but they have sanctioned the loan with the committed time.
      Was this review helpful? 1
      , faridabad
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Approchable for personal loan"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan from Kotak Mahindra . The approved loan amount is 1.2 lakhs. The monthly EMI is 6000 for 24 months. The approved rate of interest is 10.99%. The communication with the bank is good. The documentation process was too much.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Best Bank for loan"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with Kotak Bank. It is a pre approval loan without any documentation and no verification. The disbursement was happened in one minute. I didn't even to pay the processing fee earlier. It was a great experience with Kotak Bank. The charges and interest rate is also normal.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Needs to improve on ROI"
      0.5 4.5/5 "Excellent!"
      My personal experience was very good with Kotak Mahindra Bank, the process was quite long, it took 20-25 days for the loan amount to get approved, there was some issue with the signature on the documents so it was delayed. When it comes to customer service, it was good and they responded on time, documents were collected door step. The tenure of this loan is 3 years and the rate of interest of 14.5% is high when compared to all other banks.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was approved and the requested amount was disbursed. The process was smooth, it took 12-13 days for the loan amount to get approved. Rate of interest is 10.99% which is nominal when compared to other banks. Customer service from KMB was good and they responded on time, documents were collected door step.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The personal loan service was good with Kotak mahindra bank and they took 10days to disburse my loan amount. The rate of interest is average and I am satisfied with it. The required loan amount has been given and I happy with it. The customer support is prompt with Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken why personal loan with KOTAK bank which was a very convenient and hassle free process. The loan amount was 2 lakhs and the rate of interest was 12% which was avergae in the market . The EMI period was 3 years .They have provided door step service for collecting document and the processing fee was 3000.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good personal loan experience with Kotak Mahindra Bank, i am happy with the services which they provided me. Customer service was good and they responded on time, they provided door step service to collect the documents. The process was very smooth, it took 10 days for the loan amount to get approved. There is a penalty of 5% on pre closure and part payment. The rate of interest of 14.29 is high when compared to other banks.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan application was approved with Kotak Mahindra Bank and the experience was quite good. It took 10 days for the loan amount to get approved. The process was smooth, customer service was good and they provided door step service to collect the documents. The rate of interest was high when compared to all other banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The Kotak mahindra bank took long time to give response and there was lack of communication among their own executives. The customer support was not up to the mark with the Kotak mahindra bank. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Kotak mahindra.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra bank personal loan process need to be improved . They took longer than higher because they took a week time to disburse the loan amount after the documentation process. The rate of interest is less when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra Bank,the loan amount is one lakh.The rate of interest is nominal as compared to other banks.They took almost two weeks to complete the loan request.I have given post dated cheques to clear my EMI.The overall service is an average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with KOTAK bank . The loan amount was 2.5 lakhs and the interest rate was 14% which was very high in the market . The customer service and responses was up to the mark. They have provided door step service for collecting document and the process was nominal here so I would like to recommend their service to others.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
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