•  Loading your search... Loading your search...
  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2492 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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
      "Average"
      0.5 2.5/5 "Just OK"
      I have approached KOTAK bank for my personal loan .They have canceled my request with out any intimations. I was looking for 6 lakhs and the interest rate was 14.99% which is very high . The customer service and responses was not good.My experience was not up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The kotak mahindra bank personal loan service is not up to the mark and they haven't gave me proper response in regards to my personal loan application. they took around 20 days of time to completed the personal loan process. The rate of interest is fine but the charges are very high with the Kotak .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan service was good and i have got prompt response from them. The customer support service is good from the Kotak mahindra bank. I have got the loan amount within 3 to 4 days of time. The required loan amount has been given but the hidden charges can be reduced.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was good from the Kotak mahindra bank and I have got the loan amount within a day time. The customer support service and the response is good from the kotak mahindra. The required loan amount has been given and I am satisfied with tit. The rate of interest and the charges are quite high with Kotak when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have postponed the Personal loan plan at present so that was the reason I haven't got the personal loan from the Kotak mahindra bank. The customer support service and the response was good from the Kotak mahindra bank. The rate of interest and the charges where quite high when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The interest was quite low which made me to choose this institution. I did not find any other bank with it where the representative has suggested me. But later on there was a rate of interest showing high to almost 20%. There was not much discussion with the customer executive have been made. Even the company was not listed because of the reason it was being dropped.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 13, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I was in need of a personal loan for my sisters marriage expenses therefore for purpose I had applied for the personal loan. There has also been other banks which had offers. The rate of interest was too much high during that time when compared with the other banks which were offering personal loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The service which they had provided when i had applied for this loan was quite good. During that time the rate of interest was good as well. Since i have a loan which has got sanctioned from another bank i have closed this loan from them. But overall it was a good loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The kotak mahindra bank haven't gave me any response in concern to my personal loan application. The costumer support service gave a call back and explained me about the products but after that there was no responses for them , so that easy the reason I haven;t got the loan from them.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from the Kotak mahindra bank ,but there was no response from the kotak Mahindra bank in regards to my personal loan . The customer support service and the response need to be improved from the Kotak Mahindra bank. The rate of interest was quite high with the Kotak Mahindra bank personal loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2018
    • Kotak Personal Loan
      "Need improvement"
      0.5 1.0/5 "Really Bad"
      There was no response from the Kotak mahindra bank in regards to my personal loan application. The loan application need to give prompt response from the Kotak mahindra bnak and they need to focus on their customers. The service need to be improved from Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have approached KOTAK bank for my personal loan but the loan was not approved due to my very low cybil score.The customer service and responses was not good at all.The loan amount was 4 lakhs and the interest rate was also very high so my overall experience was not good.,
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      Using Kotak mahindra bank for 4 years for personal loan , they actually helped me in time with the loan. But am not satisfied with the tenure period and rate of interest , even asked their customer care and response which i got is okay .Rate of interest is high so i have to pay more in emi.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Kotak Mahindra Bank. It was a very easy process to get my loan. It was a pre approved loan and I got the loan in few minutes. I could do it in my net banking itself. The rate of interest was reasonable, it was of 11% and the processing charges are normal too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra bank and my loan experience was good. The loan amount was based on my requirements and the rate of interest was nominal when compared to other banks. The tenure period for this loan is 4 years and they charge 2% for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The personal loan process is not up to the mark with the Kotak mahindra bank and I got the personal loan from the Kotak mahindra bank around 9 months ago., The customer support service and the response is average with the Kotak mahindra bank . The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Kotak mahindra bank personal loan services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with KMB and my loan experience was good, the loan amount was for Rs 5 lakhs with high interest rate when compared to other banks. The tenure period for this loan is 5 years and they charge 4% of the principal amount for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have my personal loan with AXIS Bank. The loan amount was 3 lakhs and the interest rate was 16.75% which is high . The EMI period was 3 years . The process was very easy but it took a month for the loan . They did not sanctioned the loan with the committed time. The processing fee was 2% which is nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK BANK . The loan amount was 15 lakhs an the interest rate was 15.25% which is bit high and the tnrue period was 3 years . The customer service and resp0omses was up to the mark. The processing fee was nominal. They have provide door step service for selecting documents but they have delayed the process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.