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Kotak Home Loan Eligibility Calculator

Kotak Bank Home Loan Eligibility in India 2021

Last Updated 08th Jun 2021

Eligibility CriteriaKotak Bank Home Loan
Eligible Age of Borrower21 - 60 years
  • Kotak Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Kotak calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Kotak Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

Kotak Home Loan Eligibility

Kotak offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Kotak housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Kotak Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Kotak Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Kotak Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Kotak Home Loan Eligibility based on Salary

  • Net income: Your net monthly income determines how much Kotak Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Kotak Bank, the loan amount that you will be eligible for would be ₹ 28,43,079 to ₹ 43,07,887 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,86,159 to ₹ 86,15,773 for the same property at the same rate depending on your age at the time of loan application. However, Kotak Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years43.08 Lakh64.62 Lakh86.16 Lakh
30 years43.08 Lakh64.62 Lakh86.16 Lakh
35 years43.08 Lakh64.62 Lakh86.16 Lakh
40 years43.08 Lakh64.62 Lakh86.16 Lakh
45 years36.96 Lakh55.44 Lakh73.92 Lakh
50 years28.43 Lakh42.65 Lakh56.86 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Kotak Bank home loan eligibility.

  • Nature of employment: Kotak Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Kotak Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Kotak Bank based on Value of Property

  • Value of property: Kotak Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Kotak Bank's legal team.

The housing loan eligibility calculator of Kotak Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Kotak Home Loan

  • CIBIL Score: Kotak considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Kotak However, low CIBIL score reduces your chances to get a home loan. Kotak requires a minimum credit score of 650 to be eligible for a home loan.

Kotak Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Kotak to determine your home loan eligibility. Kotak Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Kotak Bank home loan is 0.65. Calculate your eligibility with Kotak Bank home loan calculator and apply for eligible loan amount hassle free.

Kotak Bank Home Loan for Women Eligibility

Kotak Bank offers the same rates to women borrowers starting at 6.75% with similar eligibility criteria for home loan. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my Kotak Home Loan Eligibility ?

To check Kotak Bank home loan eligibility perform the following steps:-

  • Go to the Kotak Bank website
  • Now navigate to the option Kotak Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 1860-266-2666 .

Other Loan Calculators

FAQs

What is the criteria to get Kotak Bank home loan?

The basic criteria to get a home loan from Kotak Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Kotak Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Kotak Bank?

The minimum salary required to avail home loan from Kotak Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Kotak Bank.

Is Kotak Bank good for home loan?

The lowest interest rate provided by Kotak Bank is 6.65% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Kotak Home Loan News - Jun 2021
  • 2021-04-13 : Kotak Mahindra Bank kept its home loan rate unchanged at 6.65%
    Even as some of the banks have hiked their home loan interest rate, Kotak Mahindra Bank has kept the home loan rate unchanged at 6.65%. The interest rate is applicable for both the home loan and balance transfer product. The bank is aiming to increase its share in the housing loan market.
  • 2021-03-02 : Kotak Mahindra cut its home loan rates to 6.65%
    Kotak Mahindra reduced its home loan rates by 10 bps to 6.65% till 31 March 2021. The 6.65% home loan rate is applicable to both home loan and balance transfer.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-20 : Kotak launched 2020 Edition of Khushi Ka Season
    Kotak Bank introduced 2020 edition of Khushi Ka Season. The bank is offering attractive loan rates, loan processing fee waivers and quick online loan approvals on a range of retail and Agri loan segments. Further, customers can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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