Highlights
- Kotak home loan rates range from 8.70% onwards
About Kotak Mahindra Bank Home Loan
A home loan with the combination of a low-interest rate and a higher loan amount is what you get at Kotak Mahindra Bank. You can enjoy a customized suite of home loan products to enable you to buy your dream home. The lower interest rates and minimal documentation only adds to your delight of taking a home loan from the bank. So, if you are also looking for a lender that can help you build your home, read below the details of one of the best home loans.
Kotak Mahindra Bank Home Loan Interest Rate November 2023
| Particulars | Details |
|---|---|
| Interest Rate | 8.70% onwards |
| Loan Amount | Customized |
| Tenure | Up to 20 years |
| Processing Fee | For Salaried - INR 10,000+GST For Self-Employed/Professional - 0.25% + GST on loan amount |
| Prepayment & Foreclosure Charges | Nil in case of floating rate loans |
Note: The rates shall be applicable for all sanctions until 31st of October, 2022 and disbursements on or before 30th November 2022 subject to no further Repo revision.
What is the eligibility to apply for Kotak Home Loans?
The eligibility required to apply for a home loan at Kotak Bank is mentioned below:
| Parameters | Salaried | Self-employed |
|---|---|---|
| Age | 21-65 Years | 21-65 Years |
| Income | Must have been earning reasonably higher | Must have been earning reasonably higher |
| Job/Professional Status | Must have worked for atleast 2-3 years | Must be in the same line of business for a minimum of 2-3 years |
What are the documents required for Kotak Home Loans?
The documentation required to apply for the loan is as follows:
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with Birth Date (Laminated, Recent, legible)/Photo ration Card with DOB/Employer Certificate/ID/School/College Leaving Certificate | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with Birth Date (Laminated, Recent, legible)/Photo ration Card with DOB/Employer Certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/Voter ID/Passport/Driving License, Passport Size Photographs | PAN Card/Voter ID/Passport/Driving License, Passport Size Photographs |
| Income Proof | Form 16 for last 2 years, Latest Salary Slip, 6-month Bank Statement | IT Returns for the Last 2 Years along with Audited Balance Sheet, P&L Account Statement for 2 Years, Shop & Establishment Act Certificate/ Sales Tax Certificate/SSI Registered Certificate/Copy of Partnership |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Signature Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
| Educational Qualification Proof | Mark Sheets or Certificates of the Degree Held by the Home Loan Candidate | Mark Sheets or Certificates of the Degree Held by the Home Loan Candidate |
| Property Documents | Applicable | Applicable |
Kotak Mahindra Bank Home Loan EMI Calculator
The important consideration for every home loan seeker is the EMI that will be payable each month. There is a special tool that is used to calculate the EMI on a home loan as per your convenience. You just need to mention the interest rate, the loan amount and the tenure for which you want to take the loan. Below is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.70% | 1 | ₹ 1,74,625 | ₹ 95,498 | ₹ 20,95,498 |
| ₹ 20,00,000 | 8.70% | 2 | ₹ 91,094 | ₹ 1,86,267 | ₹ 21,86,267 |
| ₹ 20,00,000 | 8.70% | 3 | ₹ 63,321 | ₹ 2,79,541 | ₹ 22,79,541 |
| ₹ 20,00,000 | 8.70% | 4 | ₹ 49,486 | ₹ 3,75,312 | ₹ 23,75,312 |
| ₹ 20,00,000 | 8.70% | 5 | ₹ 41,226 | ₹ 4,73,567 | ₹ 24,73,567 |
| ₹ 20,00,000 | 8.70% | 6 | ₹ 35,754 | ₹ 5,74,289 | ₹ 25,74,289 |
| ₹ 20,00,000 | 8.70% | 7 | ₹ 31,874 | ₹ 6,77,457 | ₹ 26,77,457 |
| ₹ 20,00,000 | 8.70% | 8 | ₹ 28,990 | ₹ 7,83,049 | ₹ 27,83,049 |
| ₹ 20,00,000 | 8.70% | 9 | ₹ 26,769 | ₹ 8,91,036 | ₹ 28,91,036 |
| ₹ 20,00,000 | 8.70% | 10 | ₹ 25,012 | ₹ 10,01,390 | ₹ 30,01,390 |
| ₹ 20,00,000 | 8.70% | 11 | ₹ 23,591 | ₹ 11,14,076 | ₹ 31,14,076 |
| ₹ 20,00,000 | 8.70% | 12 | ₹ 22,424 | ₹ 12,29,060 | ₹ 32,29,060 |
| ₹ 20,00,000 | 8.70% | 13 | ₹ 21,451 | ₹ 13,46,301 | ₹ 33,46,301 |
| ₹ 20,00,000 | 8.70% | 14 | ₹ 20,630 | ₹ 14,65,760 | ₹ 34,65,760 |
| ₹ 20,00,000 | 8.70% | 15 | ₹ 19,930 | ₹ 15,87,393 | ₹ 35,87,393 |
| ₹ 20,00,000 | 8.70% | 16 | ₹ 19,329 | ₹ 17,11,154 | ₹ 37,11,154 |
| ₹ 20,00,000 | 8.70% | 17 | ₹ 18,809 | ₹ 18,36,996 | ₹ 38,36,996 |
| ₹ 20,00,000 | 8.70% | 18 | ₹ 18,356 | ₹ 19,64,870 | ₹ 39,64,870 |
| ₹ 20,00,000 | 8.70% | 19 | ₹ 17,959 | ₹ 20,94,725 | ₹ 40,94,725 |
| ₹ 20,00,000 | 8.70% | 20 | ₹ 17,610 | ₹ 22,26,510 | ₹ 42,26,510 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 38,850 | ₹ 1,72,475 | ₹ 19,61,149 |
| 2 | ₹ 42,368 | ₹ 1,68,957 | ₹ 19,18,781 |
| 3 | ₹ 46,205 | ₹ 1,65,120 | ₹ 18,72,575 |
| 4 | ₹ 50,389 | ₹ 1,60,936 | ₹ 18,22,186 |
| 5 | ₹ 54,952 | ₹ 1,56,373 | ₹ 17,67,234 |
| 6 | ₹ 59,928 | ₹ 1,51,397 | ₹ 17,07,306 |
| 7 | ₹ 65,355 | ₹ 1,45,970 | ₹ 16,41,951 |
| 8 | ₹ 71,273 | ₹ 1,40,052 | ₹ 15,70,677 |
| 9 | ₹ 77,727 | ₹ 1,33,598 | ₹ 14,92,950 |
| 10 | ₹ 84,765 | ₹ 1,26,560 | ₹ 14,08,184 |
| 11 | ₹ 92,441 | ₹ 1,18,884 | ₹ 13,15,742 |
| 12 | ₹ 1,00,812 | ₹ 1,10,513 | ₹ 12,14,929 |
| 13 | ₹ 1,09,941 | ₹ 1,01,384 | ₹ 11,04,987 |
| 14 | ₹ 1,19,897 | ₹ 91,428 | ₹ 9,85,090 |
| 15 | ₹ 1,30,754 | ₹ 80,571 | ₹ 8,54,335 |
| 16 | ₹ 1,42,595 | ₹ 68,730 | ₹ 7,11,739 |
| 17 | ₹ 1,55,507 | ₹ 55,818 | ₹ 5,56,231 |
| 18 | ₹ 1,69,589 | ₹ 41,736 | ₹ 3,86,641 |
| 19 | ₹ 1,84,947 | ₹ 26,378 | ₹ 2,01,694 |
| 20 | ₹ 2,01,821 | ₹ 9631 | ₹ 0 |
Kotak Bank Home Loan Application Form
You have two options when it comes to applying for a home loan at Kotak Mahindra Bank. Either you can visit the website or at the nearest branch of the bank to serve the purpose. In either of the options, you need to fill in personal, residential, income and property details. Subsequent to filling the form, you should submit it to the bank to process your home loan application. The bank will approve the loan only after finding your details genuine in the investigation process, which involves an executive visit to your office and residence. If you come out true in the investigation, the bank will then send the executive to visit the property you are looking to buy. The executive, after assessing the condition of the property and the existing market value, will send prepare a legal & technical report, which would become a factor in determining the valuation of the said property. Depending on your repayment capacity, the bank will finance you up to 90% of the property valuation.
Kotak Mahindra Bank Loan Statement
Home loan statement will show the details of EMI payment and the value date of the payout to help you structure your budget in an effective manner. Now the question arises as to how you will access the statement. You can visit the bank branch to send your request for the statement, which will be handed to you immediately. Plus, if you are already a CASA customer of the bank and have Internet banking facility, you can then download the home loan statement online. Register for Internet banking if you do not have the same.
How can you calculate your eligibility for Kotak Home Loan?
Now let be specific on the loan amount that Kotak Mahindra Bank will disburse at your end. I mean to say, how home loan amount you would actually receive from the bank. As discussed earlier, income and savings are important parameters to decide one’s eligibility, so the bank will take the help of an eligibility calculator Loan Balance Transfer
- You can take a home loan to pay off the existing home loan.
- You can make the future payment to Kotak Mahindra Bank
- Transfer your existing home loan at interest rates that are lower than your existing home loan
- You can top-up your existing loan to get ready cash for any of your needs
- It is simple and easy to get a loan and the amount payable for your installments is designed to make you feel comfortable.
- You can avail the loan for maximum of upto 20 years or the outstanding tenure of the existing loan.
You can choose a Kotak Home Loan Transfer if:
- You are trying to reduce your existing interest rate and lower your EMIs
- You are trying to reduce your home loan term and pay off your existing loan faster
- You want to use the equity in your home to get money for any of your needs.
- You can also avail a top-up over the existing loan to get the required cash to fulfill your needs.
How much loan amount can you get on home loan transfer?
You can borrow upto maximum 90% of the cost of the property in the case of home loan transfer. The loan amount varies such as for loan amount between ₹20 lakhs to ₹75 lakhs you can get maximum upto 80% for the original loan and for amount ₹75 lakhs and above you can get maximum upto 75% of the borrowed amount in case of home loan balance transfer. However, in the case of commercial loan against property or loan against an existing property you can borrow upto maximum 60% of the cost of property. The balance transfer amount shall, however, be restricted to the outstanding balance of loan with the existing finance.
How Does Kotak Mahindra Bank Determine Home Loan Eligibility Amount?
Based on the below-mentioned points, Kotak Mahindra Bank will determine the amount that an individual can receive to buy a home.
Income- The bank will first glance at your income that you earn each month while deciding upon the loan amount for you. It adds each month’s income and arrives at the annual figure. More the income higher will be the loan amount and vice-versa. For example- a guy earning ₹50,000 per month is expected to receive a higher amount of loan compared to an individual with a monthly salary of ₹30,000.
Source of Income- Kotak Mahindra Bank also checks the source of income while examining the profile of a customer for home loan eligibility. The source means whether you earn the income via salary or by the business.
Savings- Savings is also an important aspect that Kotak Mahindra Bank looks upon to provide home finance. Savings actually is the difference between the income earned and expenditure incurred each month. Needless to say, if you save more, you get more loan.
Credit History– The existing or past loan can also have a bearing on your home loan eligibility at Kotak Mahindra Bank. If you are paying the loan EMI regularly without any default, then your credit score will be more and make the bank approve your home loan application. However, continuous payment default can worsen your credit score and make you ineligible for a home loan. Therefore, it is of paramount importance to show zero tolerance on payment default and boost your credit score for seamless home loan approval by Kotak Mahindra Bank.
Work Experience– Although the bank has not put forward anything specific about the work experience, you must have worked for at least 2-3 years to make your case stronger.
Age– You are eligible for a home loan if you apply between the age of 21-65 years at Kotak Mahindra Bank. However, the key lies in the maximum loan amount, which can be given to a younger individual with a reasonably higher number of years left before the retirement. So, when you apply at 30, chances for more loan amount will be greater compared to when you reach the 40s. So, start your professional life early if you are earnest in your purpose to buy a dream home.
What is the customer care number for Home Loans?
Any complaints or queries related to home loan? Dial the 24×7 toll-free number-1860 266 2666 of the bank’s home loan department and get all that resolved at the earliest. The complaints could be the irregularity in the payment of EMIs, not receiving the SMS alerts before and after the EMI payment and so on. The executives are ready to sort out all your queries and complaints to give you a pleasant home loan experience.
Features & Benefits
- Doorstep Service
- Easy Documentation & Loan Disbursement Procedure
- Attractive Rates of Interest
- Fast Turnaround Time
- Insurance Covers at Exciting Premiums
Kotak Mahindra Bank Home Loan FAQs
1. How to apply for a Kotak Mahindra Bank home loan online?
You can apply for the Kotak Mahindra Bank home loan either on the bank’s website or by downloading the bank’s official application. You can also apply for the hassle-free home loan at Wishfin. You just need to start by filling the home loan application form with a little general information.
2. Which is the best Kotak Mahindra Bank home loan scheme?
The best suited Kotak Mahindra bank home loan for you will solely depend on your home loan eligibility and your requirements. The scheme that fits your needs is best for you.
3. Should you take a housing loan from Kotak Mahindra Bank?
Yes, you should take a housing loan from Kotak Mahindra Bank because of its complete digital hassle-free home loan process, zero processing fees and fascinating door-step services.
4. What are the different types of Kotak Mahindra Bank home loan?
Some of the different types of Kotak Mahindra Bank home loan are Kotak Digi home loan, Kotak Mahindra Pradhan Mantri Awas Yojana and many others.
5. What is maximum home loan tenure in Kotak Mahindra Bank?
The maximum home loan tenure in Kotak Mahindra Bank is of up to 20 years.
6. How long does it take for Kotak Mahindra Bank home loan approval?
If your home loan application is complete and hassle-free, you can get a home loan approval from Kotak in a short period of 24 hours.
7. What is Kotak Mahindra Bank home loan processing fee?
The Kotak Mahindra Bank home loan processing fee up to 0.25% of the loan amount plus taxes and other statutory dues.
8. What is the minimum CIBIL score for Kotak Mahindra Bank home loan?
The minimum CIBIL score for Kotak Mahindra Bank home loan is 700.
9. What is the minimum salary to apply for a home loan in Kotak Mahindra Bank?
The minimum salary to apply for a home loan in Kotak Mahindra Bank ranges from Rs 15,000-Rs 20,000 depending upon your city of employment. Your monthly salary determines the amount of home loan you are eligible for.
10. What is the minimum home loan amount in Kotak Mahindra Bank?
The bank can provide you with a home loan amount that you require. However, it all depends on your monthly income that determines how much minimum and maximum home loan amount you are eligible for.
11. What is the maximum limit of Kotak Mahindra Bank housing loan?
The maximum limit of Kotak Mahindra Bank housing loan depends on your monthly income, CIBIL score, monthly expenses and other financial obligations. You can know the maximum home loan amount that you are eligible for by using the Kotak Mahindra Eligibility calculator.
12. Can a pensioner get a housing loan from Kotak Mahindra Bank?
Yes, a pensioner can get a housing loan from Kotak Mahindra Bank depending upon his eligibility factors and monthly income.
13. How much home loan can I get on 50000 salary from Kotak Mahindra Bank?
According to the Kotak Mahindra home loan eligibility calculator, the home loan that you can get on an INR 50,000 monthly salary, with an interest rate of 8.70% (the lowest Kotak home loan interest rate) and a tenure of 30 years, can be of around 38 lakhs.
14. How much housing loan can I get on 80000 salary from Kotak Mahindra Bank?
According to the Kotak Mahindra home loan eligibility calculator, the home loan that you can get on an INR 80,000 monthly salary, with an interest rate of 8.70% (the lowest Kotak home loan interest rate) and a tenure of 30 years, can be of around 56 lakhs.
