Kotak Mahindra Bank has not mentioned the cut-off credit score for home loan applicants. However, applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank provides home loans with interest rates beginning at @8.50% per annum for terms extending up to 25 years and for loan sums covering up to 90% of the property’s worth. The bank additionally provides a balance transfer option for current home loan borrowers from other financial institutions at reduced interest rates. It also eliminates the processing fee for online home loan applications.
Kotak Mahindra Bank Home Loan Highlights
| Particulars | Details |
|---|---|
| Interest Rate | 8.50% p.a. onwards |
| Loan Amount (LTV Ratio) | Up to 90% of property value |
| Loan Tenure | Up to 25 years |
| Processing Charges | Up to 0.25% of the loan amount |
| Minimum Monthly Income |
|
Table of Contents
Kotak Bank Home Loan Interest Rates
The home loan interest rates of Kotak Mahindra Bank start from 8.50% p.a onwards. The lender offers differential interest rates based on the employment profile of the applicants.
Fees and Charges Details
| Particulars | Details |
|---|---|
| Duplicate NOC | Rs 100 |
| Copy of property documents, etc | Rs 500 |
| Repayment mode/ Account swap charges | Rs 500 |
| Legal Charges | At actuals |
| Switch Fee (Floating to Fixed) | Rs 2500 (plus taxes) |
| Reschedulement of Loan Term | Rs 500 (plus taxes) |
Types of Kotak Mahindra Bank Home Loan
1. Kotak Housing Loan
- Purpose: Kotak Mahindra Bank offers regular home loans to its applicants to finance the purchase of new homes or renovation of existing home properties.
- Tenure: Up to 25 years
2. Home Improvement Loan
- Purpose: Loans designed to assist you in financing the expansion, enhancement, or renovation of your home are referred to as home improvement loans. You can use this loan to remodel your home or to add extra rooms. The money from this loan may be utilized for tasks such as painting, repairs, electrical wiring, and more.
- Tenure: Up to 25 years
- LTV Ratio:
| Loan Amount | Loan to Value (LTV) Ratio |
|---|---|
| Up to ₹30 lakh | Up to 90% |
| ₹30 lakh – ₹75 lakh | Up to 80% |
| Above ₹75 lakh | Up to 75% |
3. NRI Home Loan
- Purpose: NRIs can avail Kotak NRI Home Loans for purchase or construction of homes or upgradation of existing homes in India.
- Loan Amount: Up to 80% of improvement cost.
- Tenure: Up to 15 years
4. Kotak Home Loan Balance Transfer
Purpose: Existing home loan borrowers of other banks and HFCs can avail Kotak Mahindra Bank Home Loan Balance Transfer facility for transferring their existing home loans to Kotak Mahindra Bank at lower interest rates.
5. Kotak Home Loan for Women
- Purpose; Kotak Mahindra Bank provides cost-effective housing loans to women, including single women and widows, along with a 1-2% reduction on stamp duty.
- LTV Ratio: Up to 85% of property cost.
Compare Kotak Home Loan Interest rates with Banks/NBFCs
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Documents required for Kotak Mahindra Home Loan
Here are the documents required for Kotak Mahindra Home Loan:
- Fully completed signed application form with a photograph
- PAN Card
- Aadhaar Card
- Passport
- Address Proof
- Bank Statement
- Salary slip for last 3 months (for salaried applicants)
- ITR and Form 16
- Job confirmation proof
- Relationship proof
- Proof of business existence
- Business Profile
- Business Reference
- Power of Attorney
- Information regarding loans availed with its track record
- Educational qualifications and proof of business existence
- ITR for last 3 years with income computation
- Balance sheet for last 3 years along with profit and loss account certified by a Chartered Accountant
- All property documents with sanction map
Also Read: Benefits for Women Borrowers
Eligibility Criteria for Kotak Mahindra Bank Home Loan
There are various aspects that are considered for the eligibility of Kotak Mahindra Bank Home Loan:
Age
- For Salaried persons is between 18 to 60 years.
- Self-employed persons are between 18 to 65 years.
Gross Income
- Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
- Minimum Income of Rs. 15,000 per month for the residents of other cities.
Minimum Qualifications
- If the applicant is employed by a private limited company or a partnership firm, the least educational requirement needed is a Bachelor’s degree.
- If the applicant is working for a public limited company, multinational corporation, government entity, or public sector firm, there is no minimum qualification necessary.
For a Partnership Firm/LLP/Indian Company
- The firm/organization should have been existing for a minimum of three years.
- The partnership firm/LLP/Indian Company should have a minimum net income of: 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai. 1,80,000 per annum for companies/firms/LLPs in other cities.
For a Hindu Undivided Family (HUF)
- The applicant or the co-applicant must be the Karta of the HUF.
- The HUF should have been in existence for a minimum of three years.
- The HUF should provide their IT returns for a minimum of three years.
- HUF with a Minimum Net Income of: 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai. 1,80,000 per annum for the HUFs in other cities.
Kotak Mahindra Bank Home Loan EMI Calculator
OneNDF EMI calculator assists borrowers in determining their capacity to repay loans. It allows them to determine if they can manage the monthly payments for the loan they intend to secure. The computation will be carried out using the details given by the user, including the desired loan amount, repayment period, and interest rate. As soon as the borrower inputs the information, the tool will instantly display the estimated EMI. It is advisable for every home loan borrower to verify the EMI using this tool prior to applying for a Kotak Mahindra Home Loan.
How to Apply for a Home Loan Through OneNDF
When seeking a mortgage loan at OneNDF, you won’t need to navigate a pile of paperwork or endure a tedious process. Here’s the approach to take:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s all! Your application has been sent. A member of our team will reach out to you soon to assist you with the upcoming steps.
FAQs
Kotak Mahindra Bank provides home loan interest rates beginning at 8.50% per annum, subject to the employment category of its applicants.
Kotak Mahindra Bank offers home loans at floating rates only.
Indeed, you can execute the foreclosure on the mortgage. No foreclosure charge applies to home loans with variable interest rates.
Kotak Mahindra Bank states it will approve home loans within 2 working days after receiving the necessary documents.
