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  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2525 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
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra bank. I have taken 1 lac, I got the loan with in 2 days. I applied online banking. The interest rate is low. It was a very fast personal loan experience with the bank and their services.
      Was this review helpful? 3
      , pune
      Reviewed on Jul 14, 2018
    • Kotak Personal Loan
      "They should connect with the customers"
      0.5 1.0/5 "Really Bad"
      It is okay to loan get rejected. There should be some problem in my side. For that they did not given any call from Kotak. I did not received the message like loan application number and details of the loan. I'm still looking for the loan of 2 lakhs. It was applied the amount of 4 lakhs. Somebody came to my place to collect the documents. They have offered me nothing and i don't know any details about the loan
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • Kotak Personal Loan
      "Process was bit delay"
      0.5 5.0/5 "Blown Away!"
      The approved loan was 5 lakhs. The rate of interest was 10.99%. The monthly EMI is 11000 for a tenure for 5 years. There was no processing fee or documentation charges. The service was really good. But it was some delay in between for the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 04, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Kotak mahindra bank bank which they approved in quickly and the amount is reflected in next day ,its instant approve process. As am satisfied with the rate of interest which is nominal one . They provided the tenure period of 1 year and i make the payment monthly though ECS. There are nominal processing fees also.
      Was this review helpful? 0
      , noida
      Reviewed on Jul 04, 2018
    • Kotak Personal Loan
      "Good bank to take personal loan"
      0.5 5.0/5 "Blown Away!"
      It took lots of time to disburse the loan. I had done a many follow up from them. Their is a lots of issues while processing the loan. They used to say will process the loan within 24 hours and their is no proper intimation also from them. They never called for the delay of the loan. The relationship manager did not give any proper response. They have provided the interest rate of around 13%. And processing fee of 0.5%.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 30, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have not got the personal loan with the Kotak mahindra bank because of some other reasons. I would like to say that the interest rate is around 14% for the personal loan. Everything is better one with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 27, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan has been easy and smooth. But the interest rate with them has been high as they had been charging 14.5%. The loan amount which i was looking for was 4L and they had provided me with 2L and there has not been any issues with that. They also had been having a very good customer support which is always reachable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 25, 2018
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them had been very good so far and the process in getting the loan had been very good. The loan amount which they had given had been satisfactory and the interest rate with them had been normal. There has not been any kind of issues faced with them so far with the services which they had been providing.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 25, 2018
    • Kotak Personal Loan
      "Good Top up Plan"
      0.5 4.5/5 "Excellent!"
      I have applied the loan top up with the Kotak Mahindra bank for my existing loan with other bank. I have to pay the EMI of Rs. 4995 every month. I will pay easily by using the net banking. They are charging me a interest rate of 10.99%. The customer care service is prompt.
      Was this review helpful? 1
      , kochi
      Reviewed on Jun 21, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with them so far. The process in getting the loan has been very good and simple. It has taken almost 15 days in getting the loan amount and the loan amount had been satisfactory. But the interest rate has been a little high compared with the other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've 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 smooth as as a breeze...
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 16, 2018
    • Kotak Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK Bank 6 years back. The loan amount was 1 lakh and the given interest rate was satisfactory . The tenrue period was 2 years . I had a very good process and its was very simple. The customer service and responses was up to the mark. I have not faced any inconvenience with the service here. The processing fee was nominal.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 16, 2018
    • Kotak Personal Loan
      "Prompt services from Kotak "
      0.5 4.0/5 "Great!"
      My loan got delayed due to the annual closing of the banking process. I have mailed to them regarding the delay. But i never got the reply from them. But relationship manager was good. She always give proper response whenever i called her. Their is no hidden charges. Whatever they have promised about the interest rate, they have maintained. They have to be handle with care. Actually, My loan got approved, but i got the money late. If anyone needs of money, then it is not good. Very Lengthy documentation process. They have got more than 100 signatures in the documents which has to be improved. But it is a hassle free services from the Kotak bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 10, 2018
    • Kotak Personal Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I have the personal loan with the Kotak mahindra bank and the interest rate is around 11%. I would like to say that the response is good one and I have got the loan amount within a week of time. I am really happy with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Kotak Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK BANK 2 years back. The loan amount was 1 lakh and the process was very quick. I am completely satisfied with their Mobile application which is very convenient and through which i have taken instant loan. The processing fee was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with KOTAK BANK.I have requested for 3 lakhs loan amount but due to my low Cybil score they have issues just 2.5 lakhs which was not pre informed when i they have processed it . The customer service and responses was not up to the mark. Their interest rate was 17% which is very high and the processing free was also high here .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan on the last November, the process in getting this loan has been very easy and smooth. The loan has got at the correct time and the loan amount had been satisfactory. The interest which they had been charging had been wonderful. The banking services had been ahead when compared with the other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "If you follow up you will get the loan"
      0.5 5.0/5 "Blown Away!"
      Processing fee is like anything other banks. I have done a regular follow up with the loan team. I don't think so i would have get my loan without my follow up. The commitment was given to me is not met. They said you will get the loan tomorrow. The same word they are saying for at least a week. Without proper follow up it not way to get loan. Around 12% as a interest rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and it was overall a good experience. The loan amount was for Rs 1.5 lakhs with high interest rate when compared to other banks. The process was quite long and it took 20 days to disburse the loan. The tenure period for this loan is 48 months.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "To give better service to attract the customer. "
      0.5 3.0/5 "Satisfactory"
      Customer care service is worst. Employees don't know how to deal with their customer. I called to customer care, to know the confirmation of loan. They keep on giving different number. They themselves don't know proper status of the customer's information. I got message like my loan got approved. But it took 20 days to get the loan after my loan approved.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 06, 2018
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