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 2405 Users
    Personal Loan BYTES FROM OUR KITCHEN

    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
      "Better"
      0.5 4.0/5 "Great!"
      Kotak has offered 12.69% interest rate for the personal which was high. But normally the rate of interest was low compared to others. The loan disbursement on time. I had applied for 3.50L. The total duration is 5 years. The charges are applicable for pre closure .My documents are collected by the executive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      They have sanctioned the personal loan was around 1L 52K, in my account it came 1L 46K so I have asked them to share the break-up. But I haven't received yet anyway I don't required now, its okay they started debiting the installment. The rate of interest was more compared to other banks. The processing fee is applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank. The loan mount was 4 lakhs and the tenure period was 4 years . The Interest rate was 12% average In the market.I had a very good loan experience here and the charges were also nominal. My experience was good and its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK bank.The loan amount was 1 lakh and the interest rate was 16.99% which is bit high than other banks. The EMI period was 3 years. Ere the pre closure is after 1 year and the processing was also nominal. My overall experience was excellent and I am happy with the service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken was taken with KOTAK bank. The loan amount was 1.60 lakh and the Interest rate was 14% which is bit high than other banks in the market.The loan process was quite easy and the processing fee was nominal. My overall experience was good and its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am completely happy with kotak service. It shows interest rate as low but when I compare with the other banks the full amount was more than close it. The documentation process was simple and they provided a doorstep service. The loan was disbursed on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan from KOTAK MAHINDRA BANK around a year ago. They have disbursed the loan amount within 3 days of time. The customer support was prompt with KOTAK MAHINDRA BANK. It was a pre approved loan because I have applied the loan through mobile application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Got the personal loan amount within 15days of time . The rate of interest is nominal with the Kotak mahindra bank . The customer support service is prompt with the Kotak mahindra bank. The documents were collected on time with the kotak mahindra bank. I would say I am satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK bank. The Interest rate was 11% which is avergae in the market. The tenure period was 2 years. I had a very good experience here but they have much time for sanctioning the loan. The processing fee was 3000 . They have provided door step serveice for collecting documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have got the personal loan with the Kotak mahindra bank and the response was pretty good one. I would like to say that the rate of interest was around 10.99% and the customer service was very good too. I am really happy with the Kotak mahindra bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Faster approval & good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with Kotak on my personal loan. The process was easy and good. The rate of interest was normal. I took 1L as a personal loan and have to pay monthly around 2000 rupees. It was for a tenure of 5 years. The executive came to my place and collected all the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had the great experience with the Kotak mahindra bank for the personal loan, which got disbursed. Response is very quick and am very happy with them. I would like to say that the rate of interest is around 16%. I am happy with the Kotak mahindra bank credit card.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Need to be quick and fast"
      0.5 2.5/5 "Just OK"
      Initially the Kotak mahindra bank promised that they will disburse the loan amount within 4 days of time but they failed to do it, they took around 20days of time. Even I have submitted the documents on time before the time frame. The customer support and their executives need to be quick and fast in their process.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The kotak mahindra bank had given me good response in regards to my personal loan application. The customer support told that they don't have option to upload the documents through online so they personally asked me to come and visit their bank to get the loan amount. The response was really good with kotak mahidndra bank. I am satisfied with the kotka mahindra bank service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service with the High interest"
      0.5 3.0/5 "Satisfactory"
      The kotak bank has offered me a personal loan based on my credit card. They have disbursed the loan amount with in 3days of time. I am satisfied with the loan amount because they have approved the required loan amount. The rate of interest and the charges were high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The paper work was done in quick time. The rate of interest is bit high when compared with others. The customer support and the response was good with the Kotak Mahindra bank. They have disbursed the loan amount in 2 weeks of time. They could have provide within a week time, but the documentation process took some time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with Kotak Mahindra bank and the experience was good. The loan amount is for Rs 3.9 lakhs with the rate of interest of 14.65% which is bit high when compared to all other banks. The process was smooth and i received my loan amount within 1 week. I am not aware of the processing fees and the tenure of this loan is 5 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan experience with Kotak Mahindra bank was quite good, the process was very smooth and i received my loan amount within 1 week. The loan amount i requested for is Rs 2 lakhs and the rate of interest is 10.99% which is nominal when compared to other banks. Customer service was good and they collected documents on time. The tenure of this loan is 4 years and it was a good service overall from KMB.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My Personal loan experience with Kotak Mahindra bank was average, the process was quite long and the documents were not collected on the exact venue. When it comes to customer service, it was good and they responded on time. I did not get any alerts on the status of the application. The rate of interest of 10.99% is nominal when compared to other banks. The requested amount was disbursed and the tenure of this loan is 2 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Prcocess needs to be faster"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak Mahindra Bank. The rate of interest was normal like other banks. I took 1,96,000 rupees as a personal loan. I am paying monthly 18,000 through ECS. The documents are submitted online. I got a proper response but the process was very slow. They took more than 20 days for the loan disbursement.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 13, 2018
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