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Kotak Home Loan

Kotak Housing Loan 2021

Last Updated 09th Jul 2021

Kotak Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.65% with quick approval and online process. Home Loan in Kotak Bank is quite popular with its special features and attractive rates under various Kotak Bank home loan schemes for different income and occupation groups. Some of the key features of Kotak Bank housing loan are:

  • Kotak Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Kotak Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Kotak Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Kotak Bank Home Loan Details

Kotak offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Kotak

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
Lowest EMI Per Lakh ₹ 754
  • Purpose of Loan: Kotak house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Kotak Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 20 years.
    • Interest rates in the range of 6.65% to 7.20%.
    • Kotak home loan EMI per lakh starts from ₹ 754. However, you can calculate your home loan EMI using Kotak home loan calculator 2021.
  • Special schemes: Kotak offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Kotak Bank Home Loans

Some of the features and benefits of Kotak Bank Home Loans are listed as follows:-

  • Kotak Bank Home Loan Interest Rate starts from 6.75%.
  • Kotak Bank charges a processing fees of Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Kotak Bank is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 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.

How to Get Easy Home Loan from Kotak Bank?

Getting a home loan from Kotak is fairly easy with an online application process. 5 Steps for Kotak Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Kotak 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 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’s representative will visit your home or office to collect your documents.
  • Step 4: Kotak 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 and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Kotak Bank Home Loan Documents Required

To apply for a home loan in Kotak, the bank asks you to submit the following Kotak Home Loan 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 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 accounts 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 Bank 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 Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Kotak Bank Home Loan Eligibility Calculator

Kotak Bank 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.

Compare Kotak Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Kotak?

To apply for Kotak Bank Home Loan, you will be required to submit Kotak home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Kotak Bank ?

Below-mentioned is the reason why you must avail a home loan from Kotak

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 home loan interest rate 2021 starts at 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.

What is Kotak Bank Home Loan procedure?

There are two methods to complete the application for Kotak Bank Home Loan Process online:

  • Apply online at Kotak Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does Kotak Bank check CIBIL for home loan?

Yes, to avail home loan from Kotak Bank, you must fulfill Kotak Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Kotak Home Loan News - Jul 2021
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 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
*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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