Kotak Mahindra Bank Home Loan Interest Rate

• The interest rate on a Kotak Home Loan starts at 7.99% per year.
• Borrowers who are salaried or self-employed can take advantage of Kotak's festival offer.
• The lowest potential EMI is Rs. 733 per lakh.
• Loan amount: up to 90% of the purchase price.
• Repayment period of up to 30 years.
• The processing fees for Kotak Mahindra Home Loan are minimal. A maximum of 0.50% of the loan amount is permitted.

Kotak Mahindra Bank home loan interest rate 2024-

There are different types of home loans to cater to different needs-

This loan will serve for the purchase, construction, renovation, and more of a house. The coverage of this loan will be from 75% to 80% of the property cost. The tenure of this loan is 20 years.

This scheme is for home loans for NRI applicants. The coverage of this home loan is 80% of the improvement cost. Up to 15 years is the tenure of this loan.

This scheme is to renovate or make various other improvements to the existing house. It can cover up to 90% of the property value. The tenure of this loan is 15 years.

This scheme is to meet all of the improvement needs of the home applicants. The loan amount of this is up to 80% of the improvement cost. The tenure of this loan is ten years.

The aim of this scheme is to transfer the existing home loan from other financial institutions to Kotak Mahindra Bank at a lesser rate of interest rate. The processing fee for this loan is 6% over the loan amount.

• Kotak Mahindra Bank Home Loans are currently available at the market's lowest interest rates.
• Enjoy doorstep service and simple loan processing.
• Outstanding post-disbursement services.
• Quick and easy disbursement within 4 hours of application.
• Kotak Home Loan insurance is available at a low rate.
• For floating rate home loans, there are no foreclosure or prepayment penalties.
• The property in the transaction is used as collateral for the house loan. As additional security, receipts of term deposits or other Life Insurance policies with Kotak are acceptable.
• After successfully repaying 12 EMIs, you can apply for a Kotak Mahindra Home Loan top-up.

Salaried individuals should be between the ages of 18 and 60.

Individuals who work for themselves should be between the ages of 18 and 65.

Gross Monthly Income: Minimum of Rs.20000/- each month in Delhi, Mumbai, Bengaluru, Pune, and Chennai. Other cities: Rs.15000/- per month minimum.

If working for a private limited corporation or a partnership firm, the minimum qualification is a bachelor's degree. There are no such restrictions if you work for a public limited business, a multinational corporation, the government, or the public sector.

These are the sets of general documents that will be needed to apply for the home loan from Kotak Mahindra Bank-

• Proof of Identity
• Age proof
• Address Proof
• Income Proof
• Tax Proof
• Processing Fee cheque

Processing Fee - 1% of the home loan amount.

You can apply for a home loan from Kotak Mahindra Bank with five simple steps:

Step 1: You will have to visit the official portal of Kotak Mahindra Bank.

Step 2: You will then have to direct towards the loans section of the portal.

Step 3: In the loan section, you will have to choose a home loan and know if you are eligible.

Step 4: Once you know you are eligible, you will be allowed to fill in all of the required details with the needed documents.

Step 5: Once that is done, you can submit the application, and the procedure on your side is complete.