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  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2448 Users
    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
      "Need to improve"
      0.5 2.0/5 "Expected more"
      I requested for the personal loan from Kotak bank but my request got rejected and also they did not informed the reason for rejection about my personal loan. They offered me tenure loan for the period of 36 months and also they offered personal loan amount up to Rs 150,000. Interest rate is 14 % for my loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 22, 2018
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK Bank. The loan amount was 1 lakh and The Interest rate was 10.99% which is average in the market.The tenure period was 2 years .The loan process was smooth and hassle free . My overall experience was good and its recommendable.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with KOTAK bank. The loan amount was 1 lakh and the Interest rate was 12.85% which is average in the market . The tenure period was 2 years . The loan process was very good and smooth. They have sanctioned the loan with the committed time. My experience was good and its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 20, 2018
    • Kotak Personal Loan
      "Unnecessary additional charges"
      0.5 0.5/5 "Unacceptable"
      Very unprofessional. They had recorded my bank details wrongly and because of the ecs payment was failing every month .. I have been doin the payment manually every month . And on top of that they charge u OD charges stating tat the ecs payment bounced .. i hav been telling them U hav taken the account details wrongly and so it bounced , now because of low balance or anything. They are not keen on updating the correct details as well.. every two months they call and ask me to pay the OD charges of 1000+.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with KOTAK BANK. The loan amount was 3.5 lakhs and the Interest rate was 16.75% which is very high than other banks. The tenure period was 4 years. The loan process was smooth and hassle free. They have provide door step service for collecting documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 17, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience from Kotak Mahindra Bank on my personal loan. The interest rate was good and they charged a nominal processing fee. I got lesser amount than what I had applied for. The documentation process was good and collected at doorstep.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Kotak Personal Loan
      "Better"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with KOTAK bank. The loan amount was1 5 lakhs and the Interest rate was 16..49% which is high than other banks in the market . They have sanctioned the loan with the committed time and the pre clouser is after 1 year. My overall experience was better .
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • Kotak Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      It was a pretty good experience with Kotak Mahindra Bank. The rate of interest was normal for the personal loan. The processing fee quite fee when compared to other banks. They have sanctioned the loan within a week. The executive came to my place and collected the documents.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 14, 2018
    • Kotak Personal Loan
      "Best "
      0.5 4.0/5 "Great!"
      My experience is good one with the Kotak mahindra bank and the rate of interest is around 10.99%, also the customer service is not much good as per the current competitors. The loan amount got disbursed within six to seven days of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 14, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have got the loan amount after the documentation in 2 weeks of time. The KOTAK MAHINDRA BANK customer support need to be focused in their response part. The rate of interest and the charges are lower than other banks , I am satisfied with the loan amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 12, 2018
    • Kotak Personal Loan
      "a good service"
      0.5 5.0/5 "Blown Away!"
      I had applied and got the personal loan from KOTAK MAHINDRA BANK. They processed my personal loan application and sanctioned promised principle amount with in a short period. The rate of interest is also affordable by comparing with other loan partners. The customer service is also good and well responsive. I can recommend their services to my friends who are in need.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 09, 2018
    • Kotak Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I do have the personal loan with the Kotak mahindra bank and the interest rate is around 10.99%. They have disbursed the loan amount within two weeks of time.Everything is good one with the Kotak mahindra bank . I am really happy with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 09, 2018
    • Kotak Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with Kotak Mahindra Bank through online channel. The rate of interest was bit higher compared to others. The processing fee was zero. The disbursement was on time. The executive came to the place and collected the documents.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 08, 2018
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Kotak on my personal loan. I have applied for 5L and the tenure period is 5 years. The documentation process was easy and simple. The rate of interest was nominal which was 14.75%. There is no part payment but I can do pre closure after a year.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the personal loan with the Kotak mahindra bank and the interest rate is around 7%, also it was provided through my organization. The EMI is around 7230 Rupees for two years of time. Service aspects are good one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank. I must say the processing of the amount took 10 days, even though after providing all the docs. The interest rate is bit high which is around 16% and processing fee is 2%. My loan amount is around Rs. 3,00,000.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 07, 2018
    • Kotak Personal Loan
      "Good but to be faster"
      0.5 4.0/5 "Great!"
      It was a good experience with Kotak Mahindra Bank. The customer service and response was good. They took 2 weeks to process the loan. They provided a doorstep service of document collection. The rate of interest and charges are nominal. I am paying around Rs.33,000 rupees through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 07, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Kotak Mahindra bank for Rs. 2,00,000 at 18% interest rate. The processing was done in 2 hours of time. The customer service was good and the processing was also done quickly. Based on this I am very satisfied but the rate of interest is very high,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Kotak Mahindra bank for Rs. 2,00,000 at 18% interest rate. The processing was done in 2 hours of time. The customer service was good and the processing was also done quickly. Based on this I was very satisfied but the rate of interest is high.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Kotak Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank is great one for me because they have disbursed the loan amount within a week to ten days of time. Customer service and other things are really fine one for my personal loan application and am pretty much okay with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
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