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Kotak Home Loan Interest Rates 2021

Kotak Bank Housing Loan Interest Rate

Last Updated 13th Apr 2021

Current Kotak Bank Home loan interest rates for Apr 2021 starts at 6.65% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Maximum ₹ 10,000.

Loan AmountKotak Bank Repo Rate Home Loan Rate
Upto ₹ 30 Lakh6.65%
₹ 30 Lakh - ₹ 75 Lakh6.65%
₹ 75 Lakh - ₹ 2 Cr6.65%
Above ₹ 2 Cr6.65%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Kotak Bank Home Loan Interest Rates

Kotak Bank offers various products on home loan. Kotak Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Kotak Bank Home Loan Interest Rate starts from 6.65%.
  • Kotak Bank charges a processing fees of Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 20 years.
  • Lowest EMI per lakh on home Loan from Kotak Bank is ₹ 754 per lakh offered at the lowest interest rate of 6.65% at the longest loan tenure of 20 years.
  • Kotak Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Kotak Bank has an average customer rating of 4.7/5.0 from customers who have taken a home loan from the bank.

Kotak Bank Home Loan Rate

Current Kotak Bank home loan interest rates are in the range of 6.65% to 7.20%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.65%. The table below gives the interest rates on various housing finance schemes of Kotak Bank.

Kotak Bank Home Loan Scheme Interest Rates
Kotak Bank Repo Rate Home Loan 6.65% - 7.20%

Kotak Bank Home Loan Charges

Kotak Bank Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Kotak Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Kotak Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Kotak Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Kotak Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Kotak Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR) 6.68% to 7.23%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 20 Years
  • Kotak Bank Home Loan Interest Rate: 6.65% to 7.20%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 754 for 20 Years ₹ 1,00,000 loan at 6.65% (lowest rate, longest time period) to ₹ 1,990 for 5 Years ₹ 1,00,000 loan at 7.20% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.68% to 7.23%
  • Total cost payable over loan tenure: ₹ 18,319 for 5 Years loan to ₹ 81,563 for 20 Years loan

FAQs

What is Kotak Home Loan interest rate?

Kotak Home Loan interest rate ranges between 6.65% to 7.20%.

Why should I opt for balance transfer to Kotak Bank?

Kotak Bank offers competitive Home Loan rates with the best EMI of ₹ 754 per lakh availed at a low-interest rate of 6.65% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 754 per lakh, you should consider the option for a loan transfer to Kotak Bank from your existing bank. EMIs can be calculated through Kotak Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Kotak Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Kotak Bank housing finance EMI ?

Part prepayments 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 Home Loan 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 a loan.

  • Kotak Bank offers RBI Repo Rate linked Home Loan which starts at 6.65%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Kotak Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.65% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Kotak Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Kotak Bank Repo Rate linked Home Loan rate will cut from 6.65% to 6.5%.

What is the current Kotak Bank Home Loan rate?

The current Kotak Home Loan rate starts from 6.65% with a processing fee of Maximum ₹ 10,000


Kotak Bank Home Loan Reviews 4.7/5  by 3 customers
MyLoanCare Service
5/5.0
Banks Service
4.3/5.0
Amit, Pune
Reviewed on 27th Jan 2021
5 / 5 stars
Kotak Bank Home Loan Availed in Jan 2021

Excellent support by MyLoanCare team. I was able to get loan in short time at very good interest ratRead more...

Rakesh G, Bangalore
Reviewed on 04th Mar 2020
5 / 5 stars
Kotak Bank Home Loan Availed in Feb 2020

Great service from Balram from the beginning to the end. It took a long time for this to happen but Read more...

Dhinesh Palaniappan, Bangalore
Reviewed on 10th Feb 2020
4 / 5 stars
Kotak Bank Home Loan Availed in Dec 2019

MyLoanCare was good But Kotak complicated a few things. Read more...

Kotak Bank Home Loan News - Apr 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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