Kotak Mahindra Bank Home Loans

Kotak Mahindra Bank Home Loan

8.60% - 8.65% p.a.

Fixed/Floating

Processing Fee
1.25

Loan Amount
₹ -
Tenure
1 - 20 Years

Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank can be a good fit for you as this bank provides you home loan of minimum Rs 5 lacs to maximum of Rs 20 crores within 4 working hours after loan approval at the annual interest rate of 8.70% per annum. Kotak Mahindra bank offers you tenure to repay the loan amount from 5 years to 20 years. The prepayment charges in Kotak Mahindra Bank are zero to 4% of the balance amount and no pre payment charges on floating rate loans.


Kotak Mahindra Bank is a good fit for you if?

If You're need of High Lending Amount – Kotak Mahindra Bank can be a very good option if you are in a need of a high loan amount. Kotak Mahindra Bank offers you the maximum loan amount of upto Rs 20 crores within just 4 hours of approval. In a comparison of its competitor, Tata Capital Bank who provide the maximum of Rs 10 crores and takes for about 4-5 working days after the loan approval. So if you see, Kotak Mahindra Bank is a much better choice.

Kotak Mahindra Bank Home Loan at a glance

Annual Interest Rate

8.70%

Loan Term

5 Years - 20 Years

Loan Amount

Rs. 5 Lacs - Rs. 20 Crores

Time of Funding

Within 4 hours

Pre-Payment Charges

Zero to 4% of the balance amount

Kotak Mahindra bank provides you home loan of minimum Rs 5 lacs to maximum of Rs 20 crores within 4 working hours after loan approval at the annual interest rate ranging 8.70% per annum. If you compare this with Tata Capital Bank, they offer you minimum of Rs. 2 lakhs to maximum of Rs. 10 crores and takes 4-5 days after the loan is approved. Kotak Mahindra bank offers you tenure to repay the loan amount from 5 years to 20 years. The prepayment charges in Kotak Mahindra Bank are zero to 4% of the balance amount while if you see ICICI Bank they charge 5% as prepayment charge.

Why Choose Kotak Mahindra Bank?

Zero Processing Charges – Kotak Mahindra bank doesn't take any processing charges on online applications. While if you see Axis Bank charges upto 1% as processing fee charges on the loan amount. While here are nil processing charges.

Doorstep Service – Kotak Mahindra Bank offers you doorstep service so you don't need to come to the branch. They will send a representative at your home to help you with documentation and loan processing.

Optional Insurance Cover – Kotak Mahindra Bank offers you optional insurance cover. This helps you to secure the repayment of the loan in case of unforeseen events. So, your nominee/heir can use the same insurance in future to repay the loan amount.

No Prepayment Charges – Kotak Mahindra Bank offers you zero prepayment charges on floating rate loans with no locked-in period so you can prepay your home loan anytime after the full disbursement of the loan amount without paying any additional fee.

What to watch out for?

Operates within selected cities – Kotak Mahindra bank offers home loans within very few indian cities mentioned as follows – Mumbai, Pune, Ahmedabad, New Delhi, Jaipur, Rajkot, Chennai, Thane, Raipur, Chandigarh, Ahmednagar, Aurangabad, Baroda, Bengaluru, Cochin, Coimbatore, Goa, Gurgaon, Hyderabad, Indore, Kolhapur, Kolkata, Ludhiana, Nagpur, Nashik, Panipat, Surat, Tirupati, Vashi, Vijayawada, and Vizag.

Tenure Only Upto 20 Years – Kotak Mahindra bank offers you maximum tenure of upto 20 Years whereas many other competing banks and FIs such as Aadhar Housing Finance and Tata Capital offers tenure upto 30 years.

Income of Indian Co-Applicant Isn't Considerable for Eligibility – Kotak watches out the income of a co-applicant. It can only be considered to avail enhanced loan amount limit if the co-applicant is also an NRI.

Compare Kotak Mahindra Bank Home Loans to Other Banks

Bank Name Kotak Mahindra Bank YES Bank Axis Bank

Typical APR

8.70%

9.35% - 13% 8.50% - 12.50%

Loan Term

5 Years - 20 Years

1 Year - 35 Years 1 Year - 30 Years

Maximum Lending Amount

Rs. 20 Crores

Rs. 35 Lacs Rs. 15 Crores

Processing Fee

Upto 1.25% of Loan amount

0.50% to 1% of the loan amount

Min Rs. 10,000

Up to 1% of the loan amount

Min Rs. 10,000

Time to Funding

 

Within 7 working days of approval  

Pre-Closure

Zero to 4% of the balance amount

Zero to 2.5% of the outstanding amount Zero to 2% of the balance amount

If we compare Kotak Mahindra bank with other banks then Kotak Mahindra bank offers maximum loan amount of upto Rs 20 crores within 4 hours of loan approval which is quite good, while YES Bank offers maximum loan amount of upto Rs 35 lacs and Axis bank offers upto Rs 15 crores. The typical APR in case of Kotak Mahindra bank is 8.70% per annum while in case of YES Bank the typical APR ranges from 9.35% to 13% per annum and Axis bank typical APR ranges between 8.50% to 12.50% per annum . Kotak Mahindra Bank offers you tenure to repay the loan amount from 5 to 20 years while YES Bank offers tenure from 1-35 years and Axis Bank offers tenure of upto 1 years to 30 years.

Kotak Mahindra Bank charges you the processing fee upto 1.25% of the loan amount while YES Bank processing fee charge is upto 0.50% to 1% of the loan amount to the maximum and 10,000 to the minimum, and Axis Bank charges you the processing fee upto 1% of the loa amount as maximum and 10,00 to the minimum. Kotak Mahindra Bank pre closure charges are 4% of the balance amount, YES Bank preclosure charges are zero to 2.5% of the outstanding amount while Axis Bank preclosure charges are the lowest from zero to 2 % on the outstanding amount.

Am I Eligible?

  • Minimum age of the applicant should be 21 years at the time of loan application.
  • Maximum age should not be more than 65 years at the time of loan maturity. In case of a salaried applicant, maximum age at the loan maturity should not exceed the retirement age of the applicant.
  • NRI applicant residing Overseas except Gulf applying for a home loan with tenure of upto 5 years should have a minimum gross income of Rs. 30,000.
  • NRI Applicant applying for home loan for tenure of 5-15 years, should have a minimum gross income of Rs. 42,000.
  • NRI applicant should have a minimum education qualification equal to graduation.
  • NRI applicant should have a minimum work experience of at least 3 years.
  • NRI applicant should not be more than 58 years old at the time of maturity of the loan.

Loan Offerings

Kotak Mahindra Bank Home Loan

  • Kotak Mahindra bank provides home loan at the interest rate of 8.70% per annum for salaried and self-employed. Kotak Mahindra Bank lends you loan of minimum to Rs 5 lakhs to maximum of Rs 20 crores within 4 hours of approval of your loan. Kotak Mahindra bank offers tenure of upto 20 Years for Salaried and upto 15 years for Self-Employed. The processing fee charged by Kotak Mahindra Bank is 1.25%. The maximum amount borrower can borrow is upto up to 90% (upto 80% for original loan between Rs. 20-75 Lacs, & 75% for original loan above Rs. 75 Lacs) of the cost of the property in case of Home Loan Balance Transfer.
  • Documents required:
    • Last 3 Months Salary Slips along with Latest Form 16/ITR.
    • Last 6 Months Bank Statement of Salary Account
    • Proof of Educational Qualifications
    • Proof of Signature
    • Processing Fee Cheque
    • Loan Application with KYC Details and photographs

Kotak Mahindra Bank Superfast Home Loan

  • Kotak Mahindra Bank offers superfast home loan for salaried applicant. In Kotak Mahindra Bank super fast home loan you can avail funds within 4 hours of approval. Your co-applicant can be any family member who is either salaried or not working. Co-applicant cannot be a self-employed person under Kotak Mahindra Bank superfast home loan offer. There are no hidden charges this is a hassle free process. Kotak Mahindra Bank provides you superfast home loan at a interest rate of 8.70% per annum. Kotak Mahindra Bank charges you the processing fee upto 1.25% of the loan amount and offers you tenure to repay your loan amount from 5 to 20 years.
  • Documents required:
    • Last 3 Months Salary Slips along with Latest Form 16/ITR.
    • Last 6 Months Bank Statement of Salary Account
    • Proof of Educational Qualifications
    • Proof of Signature
    • Processing Fee Cheque
    • Loan Application with KYC Details and photographs

Kotak Mahindra Bank NRI Home Loan

  • Kotak Mahindra bank provides home loan at a interest rate of 8.70% per annum to NRIs as well as PIOs residing in the following countries – USA, Canada, Europe-UK and all European countries, Asia -Japan, China, South Korea, South East Asian Countries (Singapore, Malaysia, Indonesia, Thailand, etc), Gulf Countries (UAE, Saudi Arabia, Oman, Kuwait) and Australia and New Zealand. For taking NRI home loan offer your salary should be received on Weekly/Fortnightly/Monthly basis either through Direct Bank Credit or by Cheque & not by Cash. You can borrow up to 80% of the cost of the property in case of Home Loans. The processing fee charged by Kotak Bank is 1.25%. Kotak Mahindra Bank offers you tenure to repay your loan amount upto 15 years.
  • Documents required:
    • Bank Statement for last 6 months (Domestic Account)
    • Salary Slip for Last 6 months or an Active International Accoun
    • Copies of Passport or Visa
    • Certificate for Salary
    • Employment / Appointment Letter
    • Power Of Attorney in favor of a Local Applicant

Kotak Mahindra Bank Balance Transfer

  • Kotak Mahindra Bank offers you bank balance transfer at the interest rate of 8.70% per annum. The maximum amount you can borrow from Kotak Mahindra bank is up to 90% of the cost of the property in case of Home Loan Balance Transfer, subject to maximum upto 80% for original loan between Rs. 20 Lakhs to 75 Lacs and 75% for original loan above Rs. 75 Lacs. Kotak Mahindra Bank offers you tenure to repay the loan amount upto 20 years.The processing fee charged by Kotak Bank is 1.25%.
  • Documents required:
    • Copy of PAN Card
    • Last 12 months bank statement
    • Proof of existing repayments, if any
    • Loan Application along with KYC Details and 3 photographs
  • Documents required for property:
    • Allotment letter
    • Advance money receipt
    • Title Deed

Kotak Mahindra Bank Home Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Kotak Mahindra Bank Home Loan

8.70% per annum

Kotak Mahindra Bank Superfast Home Loan

8.70% per annum

Kotak Mahindra Bank Home Loan Balance Transfer

8.70% per annum

Kotak Mahindra Bank NRI Home Loan

8.70% per annum

How to Apply for Kotak Mahindra Bank Home Loan?

At Paisa

    • Check the loan offer which is best for you and click on apply now.
    • Fill the required details (purpose,annual salary,EMIs you can pay).
    • Choose the loan you want to take
    • Submit the details.

At nearest Union Bank of India Branch

    • Visit the nearest branch of the bank along with the loan application form.
    • Click here to download application form for Kotak Mahindra Bank Home Loan.
    • Fill up the mandatory details.
    • Submit your details.

After I Apply?

Check loan status

  • Through Status Tracking Page
    • Click here to go on online retail loan application page.
    • Then click on "existing"
    • After this put up your reference number and mobile number
    • Click the submit button
  • Through Customer Care
    • First you need to dial 1800-22-2244 / 1800-208-2244 (Toll-Free) and wait for the IVR options.
    • If you want to proceed in hindi you will have to press 1, if want to proceed in english press 2, for regional language press 3.
    • Now, press 2 for product related services and your call will be transferred to Customer Customer Executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Upto 1.25% of Loan amount

Foreclosure Charges

Allowed anytime after full disbursement

NIL

For Floating Rate Loans to Individuals

Part-payment Charges

Allowed once in each 6 months

NIL

For Floating Rate Loans to Individuals


4% of the Principal Outstanding

For Other Cases

Penal Charges

2% per month on the overdue amount

EMI Bounce Charges

Rs. 750 per instance

Swap Charges

Upto Rs. 500 per instance

Document Charges

0.5% of the Loan amount

Solvency Certificate

Rs. 10,000

Duplicate Issue of NOC

Rs. 500

Rebooking Charges

0.50% of the Outstanding Amount

Minimum Rs. 10,000 per event of property

Change in Property / Asset / Collateral

0.50% of the Outstanding Amount

Minimum Rs. 10,000 per event of property

The processing fee charged by Kotak bank is upto 1.25% of the loan amount. Kotak Mahindra Bank doesn't take any foreclosure charges(allowed anytime after full disbursement) for floating rate loans for the individuals. The Part-payment charges(allowed once in six months) are nil for floating rate loans to the individuals. But 4%of the principal outstanding for other cases. Kotak bank penal charges are 2% on the overdue amount they also take EMI bounce charges of Rs. 750 per instance. Kotak Mahindra Bank also take swap charges for upto Rs. 500 per instance, 0.5% of the loan amount documentation charges are also charged by kotak. If there is duplicate issue of NOC Rs 500 is charged. Kotak also take rebooking charges as 0.50% of the outstanding amount or minimum of Rs. 10,000 per event of the property. If you want change in property/asset/ collateral 0.50$ of the outstanding amount or minimum of Rs. 10,000 per event of property is charged by Kotak Mahindra Bank.

FAQs

How can I Kotak Mahindra Bank Customer Support?

You can contact Kotak Mahindra Bank at 1860-266-2666 (1860-266-0811 for 811 Customers).

Can I change my payment due date?

Yes, Kotak allow you to change the payment due date. However, a fee equal to Rs. 5000 plus interest rate on broken period or 0.50% of the loan plus interest rate on broken period will be levied.

When will I receive the disbursed amount?

Disbursement will be made after credit, technical and legal appraisals of the property as well as after submitting the required documents for the loan and depositing the margin money.