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    Kotak Mahindra Home Improvement Loan

    We found 2 Kotak Mahindra Home Improvement Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 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 1860 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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
      "High Rate of Interest"
      0.5 3.0/5 "Satisfactory"
      I thought to take a personal loan from Kotak Mahindra bank so I applied with them. But then, I am not feel comfortable with their rate of interest as it is very high than the other banks. So I just closed the application. But I got good response from the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The services provided by Kotak Mahindra bank was very much aveage. I had applied for a personal loan and I received a call and the team checked about my requirement. I was promised that some one would come over and collect my documents, but no one did and I could not proceed ahead for the loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      When I approached Kotak Mahindra Bank for the personal loan, I received very good response from them and they processed the loan application without any delay. It was smooth and prefect throughout the process. The rate of interest is normal one with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Not satisfactory"
      0.5 2.0/5 "Expected more"
      I applied from a different online channel for a personal loan with Kotak Mahindra bank and once the details reached the bank, the rate of interest was way higher than what I was eligible for and to what I was informed about at the first stage. I was informed about a rate of around 11% and Kotak was offering me 14%. The loan amount was also varying.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Be professional"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, their executives interrogated me. A particular lady from Kotak called me and she was really rude. From that day onwards I decided not to use the services of KOTAK in my life, even I would not use Kotak ATMS too. Also I got call from her manager too, even the manager is also speaking same as the lady. I would not recommend this bank to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The Kotak mahindra Bank service is best based on the personal loan application process.The interest rate applied for the loan was around 11.49 % processing fee and charges was around 8000/- Approximately documents collected by the executives loan got processed with in 1 month of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process went very smooth with Kotak Mahindra. They took around 10 days to disburse my personal loan. The response and the follow up was prompt. The rate of interest is 16.5 % which is very high with Kotak Mahindra. The service is very good with kotak mahindra. I can say my requirement has been fulfilled with kotak .
      Was this review helpful? 0
      , noida
      Reviewed on May 19, 2017
    • Kotak Personal Loan
      "Needs to improve"
      0.5 3.5/5 "Pretty good"
      Quite some time back, I had taken a personal loan from Kotak mahindra bank and the interest rate was around 17.69% and the loan amount got disbursed within seven working days of time. Processing charges were really huge with the Kotak mahindra bank. Foreclosure charges were around 5% of the total capital amount and there are no partial payment charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra bank has done a good job. They contacted me and informed me the details and checked about my requirement. The customer services was good and on time. The interest rate was of 11.49% and the processing charges was also minimal on the personal loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 18, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      Kotak Mahindra Bank was good for my personal loan. When I applied for a loan, they gave a very good response. They properly informed me about the loan process and its requirements. The rate was of 11.75% and the processing fee was around 13000 rupees the loan amount got approved in eight working days.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • Kotak Personal Loan
      "Always the best"
      0.5 5.0/5 "Blown Away!"
      The process from Kotak Mahindra bank was excellent and I got my personal loan within one week. The customer services are super fast and it was a smooth process till the end. I also got a great deal on the rate of interest of around 11% and the processing charges was also minimal.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 18, 2017
    • Kotak Personal Loan
      "Convenient process"
      0.5 5.0/5 "Blown Away!"
      The services are good from Kotak Mahindra Bank and they offered me a good deal on the interest rate and processing charges as well. The process was completed on time the loan amount was also as per my requirement. The after loan services are good and I am happy with this hassle free experience for the personal loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 17, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is good in processing my personal loan. Interest rate is kind of higher than the other banks and I am not happy with that. Rest of the services like their way of response, customer support and their style of service was good.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on May 17, 2017
    • Kotak Personal Loan
      "High on ROI & charges"
      0.5 4.0/5 "Great!"
      Kotak mahindra bank was good in the services overall and were cooperative as well, though they were a bit late in the process for the personal loan. The bank was high on the rate of interest and processing charges when compared to other banks. I got a rate of around 17%.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 17, 2017
    • Kotak Personal Loan
      "Delayed process"
      0.5 4.0/5 "Great!"
      I was told that I would get my personal loan withing two days from Kotak Mahindra Bank. But after the loan was approved, it took a month for me to receive the funds. The rate of interest was of 11.49% and the processing charges was of 2300 where as the other banks were charging 2K.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      Overall the service is very good with Kotak Mahindra in concern to my personal loan. The process took too much of time and the customer service part is good with Kotak. They took more than 1 month to disburse my personal loan. The promise interest rate was given but then the credit upraisal charge and insurance charges haven't communicated in prior but then they have charged around Rs.7,000. Other than these charges everything was fine with Kotak Mahidra.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal got disbursed with Kotak Mahindra on promised time. The response was quite good with kotak. The rate of interest is nominal when compared with others. I got the loam within one week of time with Kotak mahindra.Finally the service is very good with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Kotak mahindra gave prompt response in concern to my Personal Loan application. The rate of interest part is kind of high with them. The interest can be decreased in future. Kotak charged very nominal processing fee. Overall the service is good with Kotak mahindra.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 15, 2017
    • Kotak Personal Loan
      "Not Satisfied"
      0.5 1.0/5 "Really Bad"
      Usually personal loan takes two to three days of time to complete the process but when I applied with Kotak Mahindra bank, they took around 45 days of time. And interest rate is good but it is not as same as shown in their website, it was completely different.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 13, 2017
    • Kotak Personal Loan
      "Good service with hidden terms and conditions"
      0.5 3.0/5 "Satisfactory"
      Kotak mahindra took around 14 to 15 days to disburse my Personal loan, which is pretty long. The response and the follow up was good with Kotak mahindra. The rate of interest is nominal with kotak mahindra. They are charging high rates on the insurance part, even if we say we are not in need of insurance they are forcing to get a insurance along with a credit card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2017
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