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Kotak Bank Home Loan now helps in buying your dream home. The Kotak Bank Home Loan satisfies your needs by offering the lowest interest rates, zero processing fees, minimal documentation, home loan insurance coverage at lucrative premiums, doorstep service, and easy online applications. Now it has become very easy to apply for Kotak Home Loans.
Owning a home may be a long-waited dream of your life. And, unfortunately, this dream might still appear out of your reach. This is where a Kotak home loan plays a pivotal role.
A Kotak Mahindra Bank home loan is a secured loan you can acquire by pledging your property as collateral. You can use this fund to buy, construct, renovate, or extend your beloved home. Afterwards, the money you borrow needs to be repaid in monthly instalments and interest.
Let’s face it; Unless you have enough money, you’ll need a home loan.
The interest rate on Kotak Mahindra home loans is at an all-time low. With a good credit history and strong repayment capacity, you can easily avail of this low-interest Kotak home loan with favourable terms and flexible repayment options.
To simplify your home ownership journey, we presented below all you need to know about a Kotak Bank home loan. Here, we will cover the required fees and charges, features and benefits, documentation process, etc.
Following are the key features and benefits of Kotak Mahindra home loans:
A low-interest rate matters tremendously, as it can make a big difference in your financial future. Kotak Bank home loan offers interest rates starting at just 8.75. This ranks among the best in the market, making it a more appealing and affordable option to borrowers. This can ultimately empower you to save thousands of your hard-earned money on your monthly repayments, thereby reducing the overall financial burden on your budget. Hence, you can confidently buy your dream home without worrying about hefty EMIs.
Kotak Mahindra Bank home loan proffers you the flexibility to choose your loan tenure at your convenience and repayment capability. Namely, you can select your repayment duration ranging from 5 to 25 years. By doing so, you can adjust your home loan EMIs to perfectly align with your monthly income and effectively minimise the chances of default. Moreover, the Bank offers the flexibility of starting with lower EMIs and gradually increasing them as your income grows, ensuring a comfortable repayment journey.
Kotak Mahindra home loans provide up to 90% of the property’s market value. If you are looking for a home loan with a substantial amount, Kotak Bank home loan is an ideal option for you. Although, it is crucial to recognize that the ultimate loan amount is contingent upon several factors, such as your CIBIL Score, monthly income, property demand, and overall creditworthiness. Notably, you can use the Kotak Mahindra Home Loan Calculator via the Pluto Money website, thereby easily estimating the loan amount you can avail of from the Bank.
Nowadays, you can easily secure the Kotak home loan online, eliminating the need to visit a Bank branch. Hence, say goodbye to tedious paperwork and time-consumable bank visits and instead embrace the convenience of an end-to-end online application process. Notably, you can avail of these online services via the official website of Pluto Money anytime, providing 24×7 assistance. And the entire process would hardly take around 10 minutes. And above all, the Bank offer a 50% discount on the processing fees for all digital applications.
Kotak Mahindra Bank home loan is catered not only for buying a property or home. The Bank extends its purpose further, making it a more borrower-friendly option. Namely, you can avail of this home loan for various purposes such as buying a ready-made or under-construction housing property, purchasing a plot and constructing a house on it, extending or renovating your existing house, transferring your outstanding house loan balance, or (almost) anything which pertinent your home requirements.
Opting for a Kotak Mahindra home loan makes you eligible for tax deductions. These tax deduction benefits typically come under Section 24(b) or Section 80C of the Income Tax Act, 1961, subject to specific conditions and limits. It is important to note that you become eligible for this tax deduction once the property construction is completed and you have acquired the possession certificate. You can utilise the Pluto Money tax benefit calculator to gain further insights into your tax benefits. You can easily locate access to this handy calculator from the official website of Pluto Money.
Kotak home loans require only basic documents. Typically, the bank demand documents regarding your age proof, income proof, property proof, and account statement. Moreover, you can conveniently submit these documents online anytime and anywhere, without any time or geographical constraints.
Below written are the Kotak Bank home loan requirements and eligibility criteria.
| For Indian Citizens | For NRI Citizens |
Age Eligibility:
Gross Income:
Minimal Qualification:
| Age Eligibility:
Gross Income:
|
Note: Salary must be regular either on a weekly, fortnight or monthly basis. The salary must be disbursed through cheque or direct bank credit but must not be in cash.
Prior to applying for a Kotak home loan, it is crucial to clearly understand the various fees and charges associated with the loan. Namely, apart from the interest rate, the predominant fees and charges that a borrower must pay to the bank are processing fees. This one-time charge typically encompasses the expenses related to document verification, credit history assessment, property valuation, and other administrative costs associated with your loan approval. Generally, the processing fee is paid only after your loan application is approved and is usually deducted from the loan amount disbursed. Moreover, besides the processing fees, an ideal borrower should also consider for other fees and charges they might encounter throughout the repayment journey. Let’s take a look at the list of major fees and charges for Kotak Mahindra bank home loan:
| Type of Charge | Amount |
| Interest rates | 8.75% – 9.35%(for salaried applicants); 8.80% – 9.60%(for self-employed applicants) |
| Processing fee | Up to 0.5%(for salaried applicants); Up to 0.1%(for self-employed applicants) |
| Upfront processing fee | Rs. 5,000 |
| Cheque Bounce Charges | Rs 500 |
| Pre-Payment/foreclosure Penalty | For up to 3 years: 4%; For after 3 years: 2% |
| Max Tenure | Up to 25 years |
| Loan Amount (LTV Ratio) | Up to 90% of property value |
There are several documents you need to submit along with your application process. The Bank uses these documents to verify your identity and assess your creditworthiness. Hence, it is crucial to approach this stage of your application process with more care and precision.
Following are the required document you need to submit for the Kotak bank home loan:
You can compute your EMIs (Equated Monthly Investments) by knowing the principal loan amount, rate of interest and the maximum tenure offered by Kotak Bank. Here is the formula used for EMI calculation for Kotak Bank Home Loan.
The formula for calculating the EMI amount is:
EMI = (P × R × (1+r)^n)/((1+r)^n-1)
Where,
The principal loan amount – P can range from ₹10 lakh to 10 crores.
The rate of interest – R is at 8.65%
The loan tenure – n can be up to 20 years
You can also use Pluto Money Home Loan EMI Calculator to calculate the EMI for Kotak home loans, making it more easy and quick. To avail of this handy tool, you can follow these simple steps:
Balance transfer is transferring your existing loan from one bank to Kotak Mahindra Bank due to lower interest and better terms. Namely, Kotak Bank offers a home loan balance transfer facility, featuring an interest rate commencing at just 8.75% p.a., coupled with tenures extending up to 20 years. Furthermore, the bank provides the opportunity to obtain a top-up loan alongside the balance transfer, catering to your supplementary financial needs. And the interest rate on a top-up loan tends to be lower than that of a personal loan or a credit card, rendering it a cost-effective solution.
Let’s take a look at the step-by-step process involved in the balance transfer of a Kotak Mahindra Bank home loan.
The Kotak Mahindra Bank Home Loan Customer Care Number is 1860 266 2666. You can call this number to speak to the customer care team of the bank regarding any queries or assistance related to home loans. The services are available between 9:00 AM to 7:00 PM, from Monday to Saturday (excluding holidays). You can also find other contact details like email, SMS, chatbot, or web search results. Let’s scroll down.
The minimum salary for a home loan must be Rs. 20,000 for Delhi, Banglore, Pune, Chennai and Mumbai. It is Rs 15,000 for the other cities in India.
No, Kotak bank does not have a fixed rate of interest. They offer both floating and fixed rates of interest.
To apply for a Kotak bank home loan online, you need to visit the bank's official website. Go to Explore Products, select Home Loan and click on Apply Now. Enter your credentials and property details and pay the application charges. After this, a relationship manager from the bank will get in touch with you and will guide you to upload further and submit documents and wait for the approval.
To check your Kotak Bank home loan status online, you need to visit the bank's official website, go to the Help Centre and select Home Loan. From the drop-down, select the sixth option, Home Loan Application Status. On the redirected page, you will find three tabs regarding branches, telephone communication information and digital communication information. Choose the one that suits you best. You will get all the contact details to know your status on the next page.
The minimum CIBIL score for a Kotak Bank home loan is 750 points.
The maximum loan amount you can avail yourself is 20 years, and the minimum is 3 years.
You have to submit a copy of your Passport, Voter's Identity Card, Driving Licence, and Aadhaar Letter/Card.
Yes, you can foreclose the home loan in Kotak Bank. There is no foreclosure fee on home loans for floating interest rates.
Kotak Mahindra Bank does not refund the processing fees levied on home loans. However, it does not charge a processing fee on home loan applicants if they fill the form online.
Kotak Mahindra Bank proclaims to disburse the number of home loans within 2 working days.