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  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2592 Users

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    Kotak Mahindra Home Improvement Loan

    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.

    Apply for Personal Loan

    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
      "Interest rate should be redcued"
      0.5 4.0/5 "Great!"
      I have a personal loan with Kotak Mahindra Bank. The rate of interest is 17% which was high. The loan duration is 5 years and it was taken before one month. I got a proper response from the customer support. Every month installment is going to be 7700 rupees for loan of 3L.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My perosnal loan experience was good with Kotak mahindra bank, the process took 1 week to complete. Customer support was good and they responded on time. The loan amount was for Rs 1 lac with nominal interest rate. The tenure period for this loan was 5 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • Kotak Personal Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have got my loan on time. I have received the interest rate of 10.99% per annum and i'm satisfied with it. I have been charged Rs.1100 as processing fee. I have applied the perosn alson 2.5 lakhs and i have chosen the tenure period of 4 years. The documentation process was okay. There is a option of pre-closure and partial payment.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK MAHINDRA BANK , they charge very high rate of interest and even processing fee were too high it is 5000. There is no hidden charges with this bank . Customer support and their response is good while getting the loan . The tenure period is 3year and there is no foreclosure option with this Bank.
      Was this review helpful? 0
      , greater noida
      Reviewed on Nov 14, 2018
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this loan where the process has been simple. The loan amount which they had provided has been good and the interest rate with them has been around 13% which has been nominal. The processing fee and charges came around like 4000 which has been good as well.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 13, 2018
    • Kotak Personal Loan
      "Need to reduce the interest rate"
      0.5 2.0/5 "Expected more"
      I have applied my personal loan in Kotak Mahindra Bank. I have a saving account and expecting the loan with them but the rate of interest was 19% for 2L which is very high compared to other banks. I got a proper response. I have cancelled the loan and gone for HDFC Bank.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 12, 2018
    • Kotak Personal Loan
      "Covenient bank"
      0.5 3.0/5 "Satisfactory"
      I have got the loan on time. I do have an issue with Kotak. They have given me a insurance product along with the personal loan. When i contact the customer care they told me that the insurance is refundable one and security purpose and anywhere in the documents, they have not mentioned that insurance is refundable. I have applied the loan amount of Rs, 10 lakhs and they have sanctioned the same. They have offered me a interest rate of 12% and the processing fee was 2%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 12, 2018
    • Kotak Personal Loan
      "Process should be faster"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank taken more than one month to disbursed the amount, they were keep collecting the documents from my end. But interest rate and fee are nominal as like other banks. I have taken loan amount of Rs. 1 lakh for tenure of 36 months.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 12, 2018
    • Kotak Personal Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      I have one personal loan in Kotak Mahindra Bank before 2 month, overall it was good. After doing the comparison on online and I found the best offers. The customer service is good. The rate of interest and charges are normal like other banks. They have given what I have required. Premium of 11K auto debit. They are giving more credit limit.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 03, 2018
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have been using with the personal loan with the KOTAK MAHINDRA BANK where the process of getting the personal loan is very good also it is quick process. the rate of interest is nominal which is 10.99% added on that they have given the loan amount which is satisfactory.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 03, 2018
    • Kotak Personal Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      Got my personal form kotak mahindra bank , as the rate of interest is nominal . Paying the payments through Ecs . Got approved in just 10-15 days as instant approval process there is processing fees for the personal loan with tenure period of few years . Their customer service and response is good regarding personal loan.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Nov 01, 2018
    • Kotak Personal Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      Earlier I have taken Kotak Mahindra personal loan it was good. But the response got delay from their end. I took loan for the tenure of one year. The charges was high in terms of interest. But being a corporate employee the documentation and all went well.
      Was this review helpful? 3
      , kolkata
      Reviewed on Nov 01, 2018
    • Kotak Personal Loan
      "Should improve their customer service"
      0.5 2.5/5 "Just OK"
      I was in need and to get the loan amount approved it almost took 2-3 weeks of time. There was no proper update from the bank, i had to call them up for regular update. The interest rate are reasonable here and also without my knowledge they have approved a credit card on my name, when i came to know this i declined it. Bank should not approve anything without Customer Knowledge.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 01, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My perosnal loan experience was good with Kotak mahindra bank, the process took 1 week to complete. Customer support was good and they responded on time. The loan amount was for Rs 1 lac with nominal interest rate. The tenure period for this loan was 2 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2018
    • Kotak Personal Loan
      "Interest rate to be moderate"
      0.5 4.0/5 "Great!"
      The customer service and response was good for my personal loan in Kotak Mahindra Bank. I felt the interest rate was pretty high and which was not negotiable. They have taken almost 10 days to process the loan. I have opted the loan for 36 months and the payment mode is convenient.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 31, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I took my personal loan in Kotak Mahindra Bank through online portal. I am satisfied with their rate of interest. They charged processing fee around 2.5%, i think. The customer service and response was good. The loan process was easy and simple.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 31, 2018
    • Kotak Personal Loan
      "Great card"
      0.5 5.0/5 "Blown Away!"
      I have applied for a personal loan with the Kotak Mahindra bank. I got the loan with in 3 days, Documentation was easy. The interest rate is normal when comparing with other banks in the market. The whole loan process was smoothly also they dont charge any hidden charges also.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 30, 2018
    • Kotak Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I bank with Kotak mahindra bank for the personal loan. i got my loan amount as per my expectation and there process to get loan was fine. the rate of interest and processing fee they charge is nominal. i had been applied for this loan for long back .
      Was this review helpful? 5
      , mumbai
      Reviewed on Oct 20, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I bank with Kotak mahindra bank for the personal loan. they rate of interest and there processing fee which they charge was nominal and i got loan amount as per my expectation and there were no hassle after loan got processed and even tenure period is good.
      Was this review helpful? 7
      , new delhi
      Reviewed on Oct 20, 2018
    • Kotak Personal Loan
      "BEST SERVICE"
      0.5 4.0/5 "Great!"
      It is my salary account so i have taken the loan with KOTAK MAHINDRA BANK. The loan amount is sufficient and also the rate of interest is that 10.99%. The service is good with this bank. The duration is for 1 year for repaying the loan. The process is a delay to get but within 7 days i got loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 19, 2018
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