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  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2567 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 3.0/5 "Satisfactory"
      The experience i had in getting this personal loan has been okay, where the loan amount which they had provided had been sufficient and the interest rate with them also had been nominal. Their customer support also had been helpful at times and has been responsive. There has not been any hassle faced with them so far.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 19, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount also had been satisfactory as well. The interest rate with them has been quite okay and there has been some processing fee which they had charged. Their customer support and their staff responses also had been very good as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with Kotak Mahindra bank for personal loan, the process took 30 days to complete and the customer support was not up to the mark. The loan amount was based on my requirement and the rate of interest was nominal when compared to other banks.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan had taken almost three to four days and the process had been easy. The loan amount which they had provided has been satisfactory and the interest rate also been good as well. There has not been any charges which they had been charged also had been good when compared with the market rate.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've taken a personal loan form the Kotak Mahindra Ban. The loan amount 3 lacs, interest rate was more, customer support is waiting time at the branches are high. They need to stick to their timings and appointments.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I had chosen to go with them since the EMI was very low with them and the process in getting this loan has been taken more time than usual. It took almost a month in getting the loan. The loan amount was satisfactory and the interest rate was quite reasonable. Their customer support and their staff responses also had been good in the initial times but it has gone not so well in the late days.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with Kotak Mahindra bank and my experience was good, the process was smooth and i received my loan amount in 10 days. The rate of interest was nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan with KOTAK BANK . The loan amount was 4 lakhs and the interest rate was satisfactory . The tenure period was 5 years .They have sanctioned the loan with the committed time and the processing fee was also high. The customer service and responses was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through KOTAK BANK , i receive my loan with in 4 days the process was too quick with this bank , i did not face any issues while getting loan and at the time of documentation . Rate of interest is 13% and processing fee is also very much nominal .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good. Can do better"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with Kotak Mahindra Bank. The experience was good, but there was a delay in the process. I was told that I would receive the loan in six days, but it took three weeks. I received the loan as needed. The rate of interest is around 11% and the processing fees was charged as well.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 11, 2018
    • Kotak Personal Loan
      "Time consuming"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from the Kotak Mahindra bank for 2.5 lacs, the interest rate was 14% , It took so much time to get approved and finally I got the loan amount. They need to work on the processing and application and ensure a timely disbursal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 05, 2018
    • Kotak Personal Loan
      "Need to reduce charges"
      0.5 5.0/5 "Blown Away!"
      My experience with Kotak Mahindra bank for personal loan was good, the loan amount was for Rs 4 lacs with high interest rate when compared to other banks. The charges are high on preclosure. Customer service was good and i preclosed the loan is 2 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 05, 2018
    • Kotak Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      I have taken personal loan from KOTAK BANK , the rate of interest is 10.99 % initially they said different rate and later they charge different interest rate . . Customer service is not up the mark . Processing fee is 10000 and tenure period is 24month .
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 01, 2018
    • Kotak Personal Loan
      "Poor Service"
      0.5 2.0/5 "Expected more"
      I've taken a personal loan from the Kotak Mahindra Bank. The process was smooth, there were issues with the EMI auto debit and my cheque got bounced and Credit score also got affected. They need to be more precise with the payments collection.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 31, 2018
    • Kotak Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My loan amount was taken with KOTAK BANK , there is no hidden charges with this bank . Customer service and their follow up is good , the process of getting loan is too quick . My tenure period is 5year and rate of interest is 11.99% and it is nominal in the market . Processing fee is nominal and they gave preclosere option too .
      Was this review helpful? 3
      , indore
      Reviewed on Aug 30, 2018
    • Kotak Personal Loan
      "Good overall "
      0.5 4.0/5 "Great!"
      My personal loan is with Kotak Mahindra Bank. The process to get the loan was smooth and there was no delay. But the details like processing fee is not transparent and due to which the loan amount was lesser than expected. The rate of interest is of 13.75%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 29, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've taken a personal loan from the Kotak Mahindra Bank. The Rate of interest was high. The whole application process was easy and hassle free. They need to keep the interest rate in par with the market rate.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 28, 2018
    • Kotak Personal Loan
      "ROI and charges very high"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank. The customer services and response is good. There are no issues in the process. They have provided the loan on time. But they have offered a very high rate of interest which is of 22% and the processing fee is high too. It is recommended only in an emergency.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 28, 2018
    • Kotak Personal Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      My personal loan is with Kotak Mahindra Bank. The customer services and response is okay, but could have been more better if they were quick. Since the documentation was not signed there was a delay. The rate of interest offered to me is of 10.99%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 27, 2018
    • Kotak Personal Loan
      "Good loan"
      0.5 4.0/5 "Great!"
      Processing and documentation was easy, there was no issues in processing the documents, i feel like rate of interest in normal, also there was no issues in transferring the funds to my account, over all everything is fine and customer service is a also good with them its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 25, 2018
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