Kotak Home Loan Interest Rate Calculator - Mar 2017

Kotak Bank Home Loan Interest Rates

Last Updated 25th Mar 2017
Interest Rate 8.75% - 8.75%
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Lowest EMI Rs. 884 per lakh
Max Tenure 20 years
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan Online @8.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Kotak Bank Home Loan

Kotak Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan Kotak

Home loan interest rates offered by Kotak Bank depends upon MCLR.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Kotak Bank offers home loan based on 1 Year MCLR rates which is currently 8.85%.
Kotak Bank home loan interest rate depends upon
  • Loan amount: Home loan rate in Kotak Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Kotak Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Kotak Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Kotak Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Kotak Bank asks for a processing fee of 0.00% of loan amount with applicable service tax

Kotak Home Loan EMI Calculator

    Home Loan EMI of Kotak Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Home Loan EMI calculator of Kotak Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Kotak Bank Home Loan EMI?
  • EMI calculator of Kotak Bank helps you to calculate your monthly EMI at different rate of interest
  • Kotak Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Kotak Home Loan Eligibility Calculator

Home Loan eligibility criteria Kotak Bank
Eligibility of House loan in Kotak Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Kotak Bank offers Home loan to salaried at the age of 21 to 60 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, Kotak Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Kotak Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Kotak Bank eligibility. If you are working with a reputed company, probability of getting home loan from Kotak Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Kotak Bank gives you Home loan depending upon your income. Kotak Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Eligibility Calculator.

    Kotak Bank Floating Rate Home Loans

    Kotak Bank Home Loan Floating
    Upto Rs. 2,500,000 - 8.75%
    Rs. 2,500,001 - 10,000,000 - 8.75%
    Rs. 10,000,001 - 30,000,000 - 8.75%
    Above Rs. 30,000,000 - 8.75% linked to 1 Year MCLR

    Kotak Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to Kotak Bank?
    Kotak Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Kotak Bank
    You can avail additional top-up home loan from Kotak Bank, subject to your eligibility

    Housing Loan Kotak documents required

    Home Loan for Salaried employee Kotak Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed Kotak Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    Why to take home loan from Kotak Bank?
    Kotak Bank offers home loan at lower rate of interest i.e. at 8.75% with the lowest EMI of Rs. 884 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Kotak Bank.
    What is the maximum loan tenure I can opt under Kotak Bank house loan?
    Kotak Bank offers you a longer tenure of 20 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from Kotak Bank?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with Nil charges.
    Can I transfer my home loan from another bank to Kotak Bank?
    Yes, Kotak Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Kotak Bank offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in Kotak Bank?
    The benchmark applicable for home loan in Kotak Bank is 1 Year MCLR.
    What is the effect of part payments on Kotak Bank housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on Kotak Bank housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on Kotak Bank housing loan change in future?
    • Floating interest rate on Kotak Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.85%. So, when Kotak Bank offers a home loan at 8.75%, it applies a premium of -0.1% to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

    Kotak Bank Home Loan in India

    Kotak Bank Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 011-66006022
    Ahmedabad 079-66006022
    Ambala 080-66006022
    Anand 079-66006022
    Aurangabad 022-66006022
    Bangalore 080-66006022
    Bhilai 1800-102-6022
    Bhilwara 1800-102-6022
    Bhiwadi 022-66006022
    Bhopal 011-66006022
    Bhubaneswar Cuttack 1800-102-6022
    Bikaner 1800-102-6022
    Chandigarh 0161-65006022
    Chennai 044-66006022
    Cochin 0422 66006022
    Coimbatore 0422-66006022
    Dehradun 1800-102-6022
    Delhi 011-66006022
    Durg 1800-102-6022
    Faridabad 080-66006022
    Gandhinagar 079-66006022
    Ghaziabad 011-66006022
    Goa 022-66006022
    Greater Noida 011-66006022
    Gurgaon 011-66006022
    Guwahati 1800-102-6022
    Gwalior 011-66006022
    Hyderabad 040-66006022
    Indore 011-66006022
    Jabalpur 011-66006022
    Jaipur 0141-6536022
    Jalandhar 0161-65006022
    Jodhpur 1800-102-6022
    Kanpur 011-66006022
    Karnal 080-66006022
    Kolhapur 022-66006022
    Kolkata 033-65506022
    Kota 1800-102-6022
    Kozhikode 1800-102-6022
    Lucknow 011-66006022
    Ludhiana 0161-65006022
    Madurai 044-66006022
    Meerut 011-66006022
    Mehsana 079-66006022
    Mohali Sas Nagar 0161-65006022
    Mumbai 022-66006022
    Mussoorie 1800-102-6022
    Nagpur 022-66006022
    Nashik 022-66006022
    Noida 011-66006022
    Noida Extn. 011-66006022
    Panipat 080-66006022
    Patna 033-65506022
    Pondicherry 1800-102-6022
    Pune 020-65216022
    Raipur 1800-102-6022
    Rajkot 0281-66006022
    Ranchi 1800-102-6022
    Rohtak 080-66006022
    Roorkee 1800-102-6022
    Salem 044-66006022
    Shimla 1800-102-6022
    Sonepat 080-66006022
    Surat 0261-6600602
    Trichy 044-66006022
    Udaipur 1800-102-6022
    Vadodara 0265-6646022
    Varanasi 011-66006022
    Vijaywada 040-66006022
    Vizag 040-66006022
Kotak Home Loan Interest Rate News - Mar 2017
01st Feb 17 Kotak Mahindra Bank reduces home loan rate by 35 basis points
Kotak Mahindra Bank has reduced its home loan interest rates for new home loan borrowers. The revised home loan interest rates for salaried employees now stands at 8.75 percent as compared to 9.10 percent earlier. The bank has also reduced home loan interest rates for self employed borrowers by 35 basis points to 8.80 percent. The new rates are effective from 1st February, 2017.
22nd Aug 16 Kotak Bank lowers home, business loan rates
Kotak Mahindra Bank has reduced interest rates on home loans and business loans as a part of its monsoon bonanza to capture the growing credit demand as economy revives. The new home loan rate is 9.35 percent per annum with interest rates on business loans/overdraft lower by up to 1 percent. The bank has also announced a 25 percent discount on the processing fees of these loans. The new rates are valid till September 10, 2016.
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