20,00,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Menu

Kotak Home Loan

Kotak Housing Loan 2021

Last Updated 13th Apr 2021

  • Current Kotak Bank home loan interest rate starts at 6.65%.
  • Processing fee on Kotak Bank home loan is Maximum ₹ 10,000.
  • Kotak Bank home loan tenure ranges from 5 to 20 years.
  • Interest rates on Kotak Bank housing loans are linked to RLLR.
  • Apply for Kotak home loan online and get cashback upto ₹ 1,000*.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Kotak Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 20 years
Interest Rate 6.65%
Interest Rate Linked To RLLR
Processing Fee Maximum ₹ 10,000

Features & Benefits of Kotak Home Loans

  • 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 Home Loan Procedure

Getting a home loan from Kotak Bank is fairly easy with an online application process. A home loan can be availed from Kotak Bank in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of Kotak Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of Kotak Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Kotak Bank’s representative will visit your home or office to collect your documents.
Step 4: Kotak Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Kotak Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Kotak Home Loan EMI Calculator

Kotak home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Kotak Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that Kotak Home Loan EMI calculator offers is accurate and reliable.

Kotak Home Loan Eligibility Calculator

Kotak Home loan eligibility calculator is an online tool that helps the Kotak home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Documents Required for Kotak Home Loan

To apply for a home loan in , one is required to submit the following documents:

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Kotak bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank account held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Kotak Pradhan Mantri Awas Yojana Subsidy 2021

Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on Kotak home loans. The repayment tenure of Kotak PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with Kotak.

PMAY Eligibility

  • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
  • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
  • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
  • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Compare Kotak Home Loan with Other Banks

FAQs

Can I apply for an Kotak home loan online?

Yes, you can apply for a Kotak home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Kotak home loan scheme?

Choosing the best Kotak home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Kotak home loan scheme is based on one’s needs.

Is Kotak good for a home loan?

Kotak is one of the best home loan lenders in the country. Currently, Kotak lowest home loan interest rate is 6.65%.

How can I check my Kotak home loan status?

One can check their Kotak home loan status on Kotak’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Kotak mobile app

What is the eligibility for a Home Loan of Kotak Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

Does Kotak Bank Home Loan include registration fees?

Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

What is Kotak Bank Home Loan procedure?

You can apply for a Kotak Bank Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting Kotak Bank Home Loan apply online portal and can check your Kotak Bank online Home Loan status by logging into your customer account with MyLoanCare.

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 loan with the benefit of paying less EMI per month.

Can I foreclose my Home Loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to Kotak Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Kotak Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Kotak Bank is RLLR


Kotak 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
Loader
Please wait while your information is being processed...