Multiple banks. Different interest rates. Call it a "conflict of interest".
  •  Loading your search... Loading your search...
  • Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2105 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Kotak Mahindra Home Improvement Loan

    Apply for Personal Loan

    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

    Kotak Mahindra Home Improvement Loan Reviews

    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Kotak Mahindra bank as I was told that it is a paper less process. But finally the executive contacted me and requested me to submit the hard copies of my paper work. So I cancelled my application as I am not happy with the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I found the experience with Kotak Mahindra Bank to be very satisfactory. The rate of Interest of 14.49 % sounded reasonable and was something I found on par with the market standard. Also the process for the completion of the application was quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have approached Kotak Mahindra on my personal loan. They offered me interest rate as 14.99 which is expensive, where HDFC offers 12.99. It was a paperless approval, satisfied with the customer service, The EMI period for my personal loan is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.0/5 "Satisfactory"
      The process to get the personal loan is good at Kotak Mahindra Bank. They collected the documents on time and processed the details. The only problem is that they have disbursed the loan on September 1st and taken the first EMI after 15 days. I have also received a credit card without my consent. I have submitted my documents for a loan and they have used the same for the card as well which is not secured and professional.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I had applied for m a personal loan for an amount of five lakhs.Rate of interest is nominal as compared to other banks in the market.They had processed my loan in a short span of time. Overall I am happy to bank with kotak for futher financial products in future.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was good from KOTAK, but they took very long for the process to complete and even the rate of interest was high which is 16.75% and they have asked for the documents like my adhar card, 6 months bank statement ,6 months salary statement and id proof and they verified my documents and proceesed the service of KOTAK was very good for my personal account.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      The perosonal provides by kotak was good i got a great deal with decent intrest rate as far as the time concerned for processingthey werent quick enough, too many documentationd and follow ups done...overall an ok service apart from getting a good deal..
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank contacted me for the personal loan and collected my documents. After they collected my documents I got no information from them that the loan got declined. Though I followed up so much the bank took two months to inform me the status.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and the process was very lengthy for me. It took 15 days for them to process the loan. The interest rate and processing charges was okay. I was comfortable with it. But I would not recommend the bank.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra, i am happy that my loan application was approved and the required amount was disbursed. It was a good experience, the customer service was good, all the formalities were completed on time. They provided a door step service to collect the documents. I am also satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Kotak mahindra disbursed my loan amount within 15days of time. The customer service is average with Kotak mahindra. The service need to be prompt with Kotak mahindra. The rate of interest is high with Kotak mahindra when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service is good with Kotak mahindra. The customer support was average with Kotak mahindra. The delay has been made by kotak mahindra team. The required loan amount was been disbursed and I am satisfied with it. The rate of interest is little on a higher side but I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Long process"
      0.5 4.0/5 "Great!"
      It was a extremely long process with Kotak Mahindra bank for the personal loan. They took three months for the process. Every time I contacted them, they kept giving me dates and it finally got disbursed this month. I hardly received the loan I am receiving a message that the EMI will be deducted.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good coordination"
      0.5 4.0/5 "Great!"
      It was a good experience with Kotak Mahindra bank for the personal loan, as it was a door step service. They came over and collected all the documents and signatures. There were couple of managers who contacted me and guided me as I did not have few papers. They coordinated well. The interest rate and charges was on a higher side. It was around 14%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Rate of Interest is little higher"
      0.5 4.0/5 "Great!"
      I choose Kotak Mahindra after high recommendations from my friends and to my surprise they are good too. The loan amount got sanctioned pretty quickly and was disbursed on time. I felt the 14.5% Rate of Interest looks a little higher compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Better experience"
      0.5 4.0/5 "Great!"
      My Experience with Kotak Mahindra Bank was very good. It was a very quick approval from the bank and they disbursed the loan amount soon. Since I maintain my salary account with Kotak have approached for personal loan. Rate of Interest is nominal as 13.75% they did have processing fee.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Kotak is good"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra is a good bank, I applied for a personal Loan and got the same within few days. Unfortunately, due to some issue my first EMI didn't get through and consiquently the cheque got bounced and have been charged an additional charge of Rs. 750. I also believe this would affect my Credit score. I expected this bank could have contacted me earlier rather than calling me after almost 10 days.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "good experience"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK bank 2 years back. The loan amount was 5 lakh and the rate interest was 12% which was average. The EMI period was 5 years and they have sanctioned the loan with the committed . They have even provided door step service for the documentation collection. My overall experience was good here.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have applied for personal loan from Kotak Mahindra, I am happy that my loan application was approved and the loan amount was disbursed. The customer service was average because they did not disclose what will be the rate of interest. They provided a door step service for the collection of documents. I was in need of loan so i got it and my experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Process should be faster"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra taken long time to disburse the amount, they took more than 20 days to complete the process. I have submitted the documents in the first week but their was too delay. Apart from them, everything good including interest rate. I would like to suggest them their loan process should be faster.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.