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    We found 1 Kotak Mahindra Home Improvement Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 1975 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN
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    Overview about Kotak Mahindra Home Improvement Loans

    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
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  • Kotak Mahindra Home Improvement Loan Reviews

    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Kotak mahindra haven't revealed the reason for closing my personal loan application. The response part need to be improved with Kotak mahindra. The Kotak mahindra need to give reason to the customer why they are closing the application. The rate of interest which was offered by kotak mahindra was standard .
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "HIGH INTEREST"
      0.5 3.0/5 "Satisfactory"
      The sevice rendered by kotak bank was fine but the rate of charge and the proccessing fees was higher and the charges which they said was not during the process it was very much higher and I was very much disappointted with the charges of the kotak and i will not reccomend this account to my friends or relatives.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "Nice Experience"
      0.5 3.0/5 "Satisfactory"
      I am happy with the loan, because the rate of interest is low when compared with other banks. I had taken a loan for three lakhs but I received only two lakhs ninety thousand. Also, I am unhappy with the processing fee too. Even their customer service was not good no one contacted from the bank however, I am happy with this bank and the loan which was provided by the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 3.0/5 "Satisfactory"
      I wanted to go with Kotak Mahindra bank for the personal loan process because this is my existing bank and I do hold salary account. But unfortunately, I could not take the loan from Kotak, but I availed the loan from other financial institution. The major reason behind this is, only because of the high interest rate and processing fee. The bank may consider me when I approach them for the loan as I am a 3.5 years old customer of Kotak.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Dissatisfactory"
      0.5 2.5/5 "Just OK"
      I took personal loan earlier from Kotak Mahindra, it was very inconvenient process, before I got my loan disbursement, they took first month of EMI from my account. Their customer care executive are not very prompt and supportive but I got nominal interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Not flexible"
      0.5 2.0/5 "Expected more"
      KOTAK made me to run around here and there for the personal loan. one person took the request and processed the request. They called me and informed that were in of list of documents multiple times, it was a fault from their end the person who took the request did not execute the process properly before it could move to the next department. Had he completed the process on time, my loan would have got processed on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Nice Experience "
      0.5 5.0/5 "Blown Away!"
      The experience with Kotak Mahindra Bank is nice. The process was more than satisfactory as it was on time and it a easy process as well. I am also comfortable with the interest rate and processing charges. It is normal and the after loan services are also good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The Kotak mahindra executives gave a call and explained me about the product and I have given all my details and also submitted my required documents as well, they told they will be giving a call back after the approval but there was no response from Kotak mahindra, so that was the reason I haven't got the loan from Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "All went good"
      0.5 5.0/5 "Blown Away!"
      I did not find any kind of challenges while processing my personal loan with Kotak Mahindra Bank. All their services are pretty good and even I am happy with the interest rate. The executives are quite responsible towards the customer's application and all went good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The Kotak mahindra service was really good in concern to my personal loan application. They gave good response as per my requirement. The Kotak mahindra executive came to my place and collected the required documents so that was the reason I have closed the personal loan application. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Customer Service"
      0.5 4.5/5 "Excellent!"
      To be frank, interest rate is not really good but it is ok. Kotak Mahindra bank offered a personal loan last month. I do not have any dissatisfaction with the bank for the loan process but it would be more convenient if the interest rate is bit less. Customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 14, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      The property which I was shortlisted it was not finalized hence I dropped the plan to avail personal loan, but Kotak Mahindra have contacted me and confirmed my needs and they ready to sanction full amount with nominal interest as per the market but I denied to go head.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra offered me around 16% of interest for the personal loan, I am not fine with that rates. I asked them to negotiate the rate but based on salary, they offered me same interest rate. Then I took loan from other source, they gave me lower interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Responsive"
      0.5 4.0/5 "Great!"
      Earlier there was some requirement for the finance hence I applied for the personal loan with Kotak Mahindra Bank but later I do not find any requirement for the loan therefore I did not continue the loan process and I had cancelled it. Response wise, I cannot say anything wrong about the bank because I got a very good response from them.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Interest should be reduced "
      0.5 4.0/5 "Great!"
      I am not Compromised with Kotak Mahindra interest rate, hence I had taken loan from other bank with the interest rate 10.99 for the personal loan. But Kotak offered me 11.45% of interest, I asked them to reduced the rate but they denied process for the loan as it was offered for a lower interest.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Wonderful "
      0.5 4.0/5 "Great!"
      My experience was good one with the Kotak Mahindra bank and the loan amount got disbursed within ten to twelve days of time. Response was good one with them and the customer service and other things are really nice one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have postponed my plan hence I thought not to avail personal loan right now. Kotak Mahindra is a good even offered me the interest rate, which is better in the market but I have denied to process with them, only because of my personal reason nothing else.
      Was this review helpful? 0
      , greater noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Looking for a better service"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra have rejected my loan application, stating my salary did not meet with their criteria and they didn't provide any other options too. Service wise Kotak is good, they called and confirmed my requirements, even their interest rate was very much nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Communication gap should be eliminated"
      0.5 2.0/5 "Expected more"
      Kotak have not in formed the reason, why have rejected the application. Initially I got a call, they asked to submit the documents. Then no body turned up to collect the documents from my place for further process. Hence I could not continue with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      For the personal loan, I approached Kotak Mahindra bank. They processed the loan without any hassles. But the interest rate was high which was 14 % something. So I had transferred the loan to the other banks. Customer service was good with Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 09, 2017
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