KOTAK MAHINDRA HOME LOAN

Kotak Mahindra Bank offers home loans starting @ 7.50% p.a. for tenures of up to 30 years and for loan amounts of up to 90% of the property’s value. Kotak Mahindra Bank Home Loan also offers balance transfer facility to existing home loan borrowers of other lenders at lower interest rates. Kotak Mahindra Bank also waives off processing fee on online home loan applications.

Kotak Mahindra Bank Home Loan Interest Rates

Kotak Housing Loan

Kotak Home Loan Balance Transfer

Compare Kotak Home Loan Interest Rates vs Other Lenders

Kotak Mahindra Home Loan Processing Fees & Other Charges

Note: GST and other applicable charges applicable as per prevailing rate will be levied over and above on the charges given in the table. The figures given in the table are indicative and are subject to change at the banks’ discretion without prior information..

Types of Kotak Mahindra Bank Home Loan

Kotak Housing Loan

Purpose: For purchase/construction/renovation of house
LTV Ratio: 75%-80% of property cost
Tenure: Up to 20 years

Home Loan Balance Transfer

Purpose: For transfer of existing home loan from other financial institutions to Kotak Mahindra Bank at lower interest rates

 Processing Fees: Up to 6% of loan amount

LTV Ratio:

Home Improvement Loan

Purpose: For renovating or making other improvements in the existing house.
LTV Ratio: Up to 90%
Tenure: Up to 15 years

NRI Home Loan

Purpose: Home loan for NRI applicants
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 15 years

NRI Home Improvement Loan

Purpose: To meet all the home improvement requirements for home loan applicants
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 10 years

Eligibility Criteria for Kotak Mahindra Bank Home Loan

Eligibility For Kotak Housing Loan

Age:

• For Salaried: 18-60 years
• For Self-employed: 18-65 years

 Gross Income of Indian Resident

• At least Rs 20,000 per month for Delhi, Bangalore, Mumbai, Pune, Chennai
• At least Rs 15,000 per month for other cities

Minimum Qualification

• For applicants working in private limited companies and partnership firms: Bachelor’s Degree
• For applicants employed with public limited company or MNC or Government or public sector company: No minimum qualification

Eligibility For Home Improvement Loan

• Age
• Monthly Income
• Savings and Credit History
• Qualification
• Work Experience
• Source of Income
• Number of Dependents
• Probability of Individual Continuing in same Occupation

Eligibility For NRI Home Loan

• Age: 58 years at the time of loan maturity
• Should be a graduate and employed for at least 3 years
• Minimum Income:

For loan tenure up to 5 years annual gross salary should be:
USA/UK/Other countries excluding gulf
USD 20,000 for Merchant Navy
Dirhams 36,000 for Gulf countries

For loan tenure above 5 years to 15 years:
USD 42,000 for USA/UK/Other countries excluding gulf
USD 26,000 for Merchant Navy
Dirhams 48,000 for gulf countries

• Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash

Eligibility For NRI Home Improvement Loan

• Maximum Age: 58 years
• Minimum Qualification: Graduation
• Employed for last 3 years
• Minimum Income:

For tenure up to 5 years:
Dirhams 36,000 for gulf countries
USD 30,000 for USA/UK/Other countries excluding gulf
USD 20,000 for Merchant Navy

For tenure above 5 years
Dirhams 48,000 for Gulf countries
USD 26,000 for Merchant Navy

• Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash

Kotak Mahindra Home Loan Documents Required

List of Kotak Mahindra Home Loan Documents Required for Salaried

• Passport size photographs
• A copy of PAN card (all applicants)
• A copy of Aadhaar card (all applicants)
• A copy of residence proof (all applicants)
• A copy of age proof
• Income proof for salaried– 3-month salary slips (of all applicants whose income is considered)
• Form 16 and ITR of last 2 years (of all applicants whose income is considered)
• Last 6-months bank statement in original where salary credited (of all applicants whose income is considered)
• Last 6-months bank statement of any other bank a/c (of all applicants whose income is considered)
• Relationship proof
• Details of the loan availed with a track record (if any existing loans)
• All property documents (chain) with sanction map

List of Kotak Mahindra Home Loan Documents Required for Self Employed

• Passport size photographs
• A copy of PAN card (all applicants)
• A copy of Aadhaar card (all applicants)
• A copy of residence proof (all applicants)
• Bank statement/ passbook for last 12 months (for applicants whose income is being considered for eligibility)
• Income proof and business continuity proof:
  • Latest 3 years income tax returns, personal and business along with computation of income (2 years for Kotak Group customers)
  • Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant. (2 years for Kotak Group customers)
  • Degree certificate
• Proof of the existence of partnership firm/ company/ HUF/ LLP:
  • For partnership firm – Registered partnership deed and Letter from other partners stating
  • For Company – Memorandum, and Articles of association
  • For HUF – IT return