Kotak Mahindra Bank Home Loan

Updated on January 08, 2025

Author: MybankingTips Team

Kotak Mahindra Bank provides home loans with interest rates starting from 8.70% per annum for tenures of up to 25 years, offering up to 90% of the property's value as the loan amount. They also offer a balance transfer facility for existing home loan borrowers from other lenders at reduced interest rates. Additionally, Kotak Mahindra Bank waives the processing fee on online home loan applications.

Kotak Mahindra Bank Home Loan Highlights 
Interest Rate 8.70% p.a. onwards
Loan Amount (LTV Ratio) Up to 90% of property value
Loan Tenure Up to 25 years
Processing Charges Up to 1% of the loan amount
Minimum Monthly Income Rs 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) Rs 15,000 (Other cities)

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan by Kotak Mahindra Bank
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

Kotak Mahindra Bank Home Loan Interest Rates

Kotak Mahindra Bank Home Loan interest rates start from 8.70% per annum. The bank provides different interest rates based on the employment profile of the applicants.

Applicant Type Interest Rate (p.a.)
Salaried 8.70% - 8.95% p.a.
Self-employed 8.75% - 8.95% p.a.

Types of Kotak Mahindra Bank Home Loan

Kotak Housing Loan

  • Purpose: Kotak Mahindra Bank offers regular home loans to applicants for financing the purchase of new homes or renovating existing properties.
  • Loan Tenure: Up to 25 years

Kotak Home Loan Balance Transfer

  • Purpose: Existing home loan borrowers from other banks and HFCs can utilize Kotak Mahindra Bank's Home Loan Balance Transfer facility to transfer their existing home loans to Kotak Mahindra Bank at lower interest rates.

Kotak Home Loan for Women

  • Purpose: Kotak Mahindra Bank provides affordable housing loans to women, including single women and widows, offering a concession of 1-2% on stamp duty.
  • LTV Ratio: Up to 85% of property cost

Kotak Home Improvement Loan

  • Purpose: Applicants can avail Home Renovation/Improvement Loans from Kotak Mahindra Bank to upgrade their existing home properties.
  • LTV Ratio: Up to 90%
  • Tenure: Up to 15 years

Kotak NRI Home Improvement Loan

  • Purpose: NRI applicants can access NRI Home Improvement Loans from Kotak Mahindra Bank to renovate, upgrade, or furnish their existing homes in India.
  • Loan Amount: Up to 80% of improvement cost
  • Tenure: Up to 10 years

Kotak NRI Home Loan

  • Purpose: Non-Resident Indians (NRIs) can avail Kotak NRI Home Loans from Kotak Mahindra Bank for purchasing or constructing homes, or upgrading existing homes in India.
  • Loan Amount: Up to 80% of improvement cost
  • Tenure: Up to 15 years

Also Read : Best Home Loan EMI Calculator

 

Kotak Mahindra Home Loan Processing Fees & Other Charges

General Fees & Charges
Processing fees Up to 1% of loan amount and Statutory Dues
Documentation Charges Up to Rs. 10,000
Charges for Copy of Documents Rs. 500 per instance
Charges for Duplicate NOC I No Dues Certificate Rs. 500 per instance
Repayment Mode I Account Swap Charges Rs. 500 per instance
Charges for Copy of CIBIL Report (to Customers who has availed Loan I Overdraft from us) Rs. 50 per instance
Commitment Fee 2% of the undisbursed amount of the loan
Cheque Dishonour Charges Rs. 750 (inclusive of GST and other applicable statutory levies) per instance)

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for Kotak Mahindra Bank Home Loan

Requirements Salaried Self-Employed
Residency Indian/NRI Indian/NRI
Age 18-60 years 18-65 years
CIBIL Score Above 750 Above 750
Loan Tenure Up to 20 years Up to 20 years
Minimum Net Income Rs. 20,000 per month Rs. 20,000 per month
Minimum Loan Amount Check with Bank Check with Bank
Maximum Loan Amount Check with Bank Check with Bank

Also Read : Best Home Loan Eligibility

Kotak Mahindra Home Loan Documents Required

  • PAN Card
  • Aadhaar Card
  • Passport
  • Address Proof
  • Bank statement
  • Salary slip for last 3 months
  • Proof of business existence
  • Business Profile
  • Business Reference
  • Power of Attorney
  • ITR and Form 16
  • Job Confirmation Proof
  • Relationship Proof
  • All property documents with sanction map
  • ITR for last 3 years with income computation
  • Duly signed application form with a photograph
  • Information regarding loans availed with its track record
  • Education qualification certificate and proof of business existence
  • Balance sheet for last 3 years along with profit and loss account certified by a Chartered Accountant

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Your spouse, parents, or major children can be your co-applicants for the home loan. While the co-owner of the property must be the co-applicant, the co-applicant doesn't necessarily have to be the co-owner of the property.

Kotak Mahindra Bank offers home loans at floating rates only.

Kotak Mahindra Bank offers home loan interest rates starting from 8.70% per annum, which may vary depending on the type of employment of its applicants.

Kotak Mahindra Bank claims to disburse home loans within 2 working days after the submission of relevant documents.

Yes, You have the option to foreclose the home loan, and there's no foreclosure fee charged on home loans with floating interest rates.

Explore other Card Categories

Explore Cards from All Banks