Kotak Home Loan Interest Rates 2021

Today 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%.

Below-mentioned are Kotak Bank home loan rates for multiple housing schemes.

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

The home loan interest rates in Kotak for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount	Rate
Upto ₹ 30 Lakh	6.65%
₹ 30 Lakh - ₹ 75 Lakh	6.65%
₹ 75 Lakh - 2 Cr	6.65%
Above ₹ 2 Cr	6.65%

Home Loan Interest Rate for Self-Employed

Loan Amount	Rate
Upto ₹ 30 Lakh	6.75%
₹ 30 Lakh - ₹ 75 Lakh	6.75%
₹ 75 Lakh - 2 Cr	6.75%
Above ₹ 2 Cr	6.75%

Kotak Bank has reduced interest rates on home loan by 0.1% on 22 Jan, 2021. After the cut in Kotak Bank home loan rates, the latest rates start from 6.65%. The past home loan interest rate trend of Kotak Bank is as below:

Last Revised Date	Lowest Home Loan Interest Rate of Kotak	Rate Difference
22 Jan, 2021	6.75%	▼-0.1%

Kotak Bank offers multiple home loan schemes at affordable interest rates. However, you must do comparison between Kotak Bank and other bank’s home loan rates before applying:-

Particulars	Kotak Bank	SBI	HDFC
Interest Rate	6.65% - 7.20%	6.70% - 7.05%	6.75% - 8.20%
Processing Fees	Max ₹ 10,000	Upto 0.40% Min ₹ 10,000	Min ₹ 3,000
Loan Tenure	20 Years	30 Years	30 Years
Maximum Loan Amount	₹ 5 Cr	₹ 7 Cr	₹ 5 Cr
Age	21 - 65 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 754 per lakh	₹ 645 per lakh	₹ 649 per lakh

Kotak Bank charges the maximum processing fees at ₹ 10,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees	maximum fee of ₹ 10,000
Foreclosure Charges	Nil for floating rate home loans

Kotak Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Kotak Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Kotak Bank offers the lowest home loan balance transfer rate of 6.65%.

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: ₹ 1,18,319 for 5 Years loan to ₹ 1,81,563 for 20 Years loan

✅What is Kotak Home Loan Interest Rate?

Kotak Home Loan interest rate ranges between 6.65% to 7.20%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

✅Has Kotak reduced home loan rates?

As per the current rates, Kotak has cut its home loan rates by 0.1% from 6.75% to 6.65%, which is one of the best rates in the market. The new rates are effective from 22 Jan, 2021.

✅Why should I opt for balance transfer to Kotak Bank?

Kotak Bank offers lowest Home Loan EMI of ₹ 754 per lakh availed at the lowest interest rate 6.65% for a maximum tenure of 20 years. 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.

• Kotak Bank offers RBI Repo Rate linked Home Loan which starts at 6.65%. Current Repo Rate of RBI is 4.00%. The 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 the 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 and Maximum ₹ 10,000.Kotak housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Kotak offers different home loan rates for different home loan products.

✅Can Kotak Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Kotak to lower the home loan rates.

✅What are the interest rates of home improvement loans in Kotak?

You can avail of Kotak home loans for home improvement at regular home loan rates starting at 6.65%.

✅Can Kotak revise the home loan interest rates for their existing customers?

Kotak home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

✅Does Kotak offer a concessional home loan interest rate for women?

Yes, Kotak offers special home loan interest rates for women. As against Kotak home loan rates for male which is 6.65%, the home loan interest rate for women starts at %.

✅What is the Kotak home loan rate of ₹ 25 Lakh for 15 years?

Kotak home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Kotak provides home loan interest rate starting at 6.65%.

✅At what interest rate does an Kotak employee get a home loan?

Kotak offers concessional home loan rates of about 1% than the current home loan rates to Kotak employees.

✅Is Kotak Bank home loan a floating rate loan or fixed-rate loan?

Kotak home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.