Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2664 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.

    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
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      I have done a balance transfer from Kotak Mahindra Bank and not received the cheque to HDFC. The customer service is not responding properly, am trying to contact my relationship manager for last 10 days and wrote email as well but no answer. The rate of interest was fine but there was too many charges. The loan duration is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • Kotak Personal Loan
      "Charges should be reduced"
      0.5 3.0/5 "Satisfactory"
      There was more charges on the personal loan, Kotak Mahindra taken around Rs. 6000 from 1.3 lakh for the tenure of 34 months. They gave me the part payment and foreclosure, only charges need to be reduced as per the bank norms, remaining all fine with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 14, 2019
    • Kotak Personal Loan
      "Good and need to reduce the rate of interest"
      0.5 4.0/5 "Great!"
      I have applied my personal loan with Kotak Mahindra through online. The rate of interest is little on the higher side. They have taken around 7 days to deliver the loan, I can do part payment and foreclosure with 5% which is higher. The documents are submitted online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      The process in getting this Personal loan has been quick and there has not been any hassle in the process. The loan amount has been sufficient and the interest rate with them has been nominal. There has not been any additional charges which they had made and the processing fee was nominal.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 09, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been quite simple and smooth where there was not been any hassle. The loan amount which they had provided has been sufficient and the interest rate with them has been quite high when compared with the market rate and there has been some charges which they had made as well.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 09, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was excellent. The rate of interest was little bit high and the processing fee was nominal. I have submitted the documents online and this is the best part. They took almost one week to process the loan. Part payment can be done after 6 months. I am really happy with Kotak Mahindra Bank.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 09, 2019
    • Kotak Personal Loan
      "Verification should be easy"
      0.5 5.0/5 "Blown Away!"
      Kotak interest rate is compartively low in the market but not I expected around 10% but they gave me around 11.4% for the loan amount of Rs. 3.5 lakhs. My loan has the tenure period of 36 months. After 6 months I can close the loan without any charges. But they did lots of verification it should be simple.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 09, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have a personal loan in Kotak which was taken before 2 months. The rate of interest is 2% higher compared to HDFC. Its a pre approved loan, customer service is good. The process was immediate and approved within 10 minutes. The loan duration is 24months, I can do pre clos and part payment after 6 months.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 08, 2019
    • Kotak Personal Loan
      "Need to fulfill the requirement"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra took long time to disburse the loan amount, along with the lots of queries. The bank have taken one month of time to sanctioned it. They didn't give me the sufficient loan amount, based on the cibil score, they taken some amount for the insurance product on loan but I didn't get the policy copy for it.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 08, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with KMB and my experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. Tenure period for this loan is 3 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 08, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through KOTAK MAHINDRA BANK , the customer service sis good and i did not face any issue at the time of documentation time . There are no hidden charges with this bank and tenure period is 4 years . Loan amount is up to the mark . Processing fee is also very much reasonable.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 22, 2018
    • Kotak Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I got a salary account in Kotak and when i was in need of personal loan i had applied with Kotak Bank. Well the time when i applied my application was considered and was taken care. With in minutes my application was processed and got instant Approved. The Interest rates are 12 % and when compared to other banks it is reasonable.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 20, 2018
    • Kotak Personal Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from Kotak Mahindra bank bank . Am ok with the rate of interest which they have provided Is good. There is nominal processing fees for the loan which is Rs 16000. I make the payments through Ecs every month. They did quick documentation and received the loan in 15 days.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Dec 19, 2018
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with this loan has been good and the loan amount which they had provided has been sufficient as well. The interest rate with them has been nominal and there has not been any sort of charges which they had been making so far. There has not been any hassle faced with the banking services of them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 19, 2018
    • Kotak Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been using my personal loan with Kotak mahindra bank, the loan amount they have charged me was not sufficient, i had expected up to 20,00,000 but i got 10,00,000 only, and the rate of interest they have charged me was up to 11.3% which was nominal,and there overall process went smoothly.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 18, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting this loan has been simple and easy and the loan amount which they had been provided has been a little less. The interest rate with them has been pretty high when compared with the market rate and the processing fee has also been pretty high.
      Was this review helpful? 2
      , faridabad
      Reviewed on Dec 18, 2018
    • Kotak Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The process is good and fast to get the personal loan with the KOTAK MAHINDRA BANK as the process is very quick to get the money. The rate of interest is of 14.8% which is nominal when compared to the others. The loan amount is good. The duration is for 4 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 16, 2018
    • Kotak Personal Loan
      "Bad experience"
      0.5 2.0/5 "Expected more"
      I have been using my personal loan with Kotak Mahindra bank, the loan amount they have given me is okay , i am not much happy with my loan amount they have given me up to 7,00,000 only, and there there Emi due date is on 6th of every month, but i said to change my due date they said i need to pay 4 month interest rate to change my due date, and the rate of interest they have charged me is high they have charged me up to 13.5% and even processing fee they have charged me up to 8000, that too is high i felt.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 15, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the services provided by KMB for personal loan, loan amount was for Rs 1.5 lacs with high interest rate when compared to other banks. Charges are high in this bank and the tenure period for this loan is 2 years. Customer support was not up to the mark with this bank.
      Was this review helpful? 5
      , chennai
      Reviewed on Dec 13, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It was not a good experience with KMB for personal loan, they said the loan amount will be disbursed within 3-4 days but it took 15 days to receive the loan amount. I expected the loan amount for Rs 9 lacs but only Rs 5 lacs was approved. Tenure period is 5 years with high interest rate and the customer support was not good.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Dec 13, 2018
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