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.
This easy loan will fund you for all home improvement needs including:
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:
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.
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|
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.
In addition to the filled in application form, you need to submit the following for applying to 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.
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.
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.
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.
Your monthly repayment amount will be:
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