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Kotak Mahindra Bank is a private sector bank that offers banking products and financial services for corporate and retail customers. On 29 April’ 2020, Kotak Bank became the second-largest bank by Market capitalization. Currently, the bank has 1600 branches and 2519 ATMs across India.
Kotak Bank gives a Home Loan with an affordable interest rate. It has also simplified the entire process the home loan. The Kotak home loan is available for Indian residents and NRIs. Read on to know more about eligibility, documents, process, etc.
With the Kotak Mahindra Home Loan, you can get a step closer to your dream home. The bank renders you a bunch of customised home loan plans so that you can have a seamless and pleasurable home buying experience.
An individual should be a graduate and should be employed with a private limited company or partnership firm
If an individual is employed with Public limited company, MNC, government or public sector company, then there is no such criteria
Talk to our investment specialist
The interest rate is one of the important factors in deciding the loan as it can make your repayment either easy or hard. The Kotak Mahindra Housing loan interest starts at 7.10% per annum and the rates are linked to RBI’s repo rate.
Also, CIBIL Score plays an important role in deciding your loan interest rates.
Individual Type | CIBIL Score > 750 | CIBIL Score < 750 |
---|---|---|
Salaried Person | Upto 7.10% | Upto 7.45% |
Self Employed | Upto 7.25% | Upto 7.35% |
Note- The above interest rates are for loan of any amount. Also both individual types Special Balance Transfer Rate goes at a Repo Rate of 4.00%.
The below table consists of Kotak Home Loan interest rates for various slab. The rate for women borrowers starts at 7.20% per annum. The Repo rate for all borrower types is @4.00%.
Slab | Women Borrower as of the main applicant | Self-Employed Professionals | Non-Self Employed Professionals | Others |
---|---|---|---|---|
Up to Rs.30 lakh | 7.20% - 9.00% | 7.35% - 9.15% | 7.40% - 9.20% | 7.25% - 9.05% |
> Rs. 30 lakh - upto Rs. 75 lakh | 7.20% - 9.00% | 7.35% - 9.15% | 7.40% - 9.20% | 7.25 % - 9.05% |
> Rs. 75 lakh | 7.30% - 9.10% | 7.45% - 9.25% | 7.50% - 9.30% | 7.35% - 9.15% |
Note: The figures given in the table are indicative and are subject to change as per RBI policy.
As the name goes, this Kotak home loan is ideal if you are looking to give a new look to your home. You can renovate your home by opting for a Kotak home improvement loan.
The home loan eligibility relies on the following factors-
Kotak NRI Home loan gives an opportunity to unlock your dream home with ease. There are few things which an NRI needs to have in order to get the approval for the home loan.
Qualification, Age & Employment
Note: The applicant and the co-applicant income will be considered for eligibility. Both the income will be considered if both are NRIs. If the applicant is NRI and co-applicant is Indian resident it cannot be approved by the bank.
For loan tenure up to 5 years
For loan tenure between 5 years to 15 years
Note: Salary should be received direct Bank Credit or by cheque and not by cash.
Through this scheme, you can pay off an existing balance of the home loan at lower interest rates.
The home loan balance transfer eligibility are as follows:
Kotak Bank offers Credit-Linked Subsidy Scheme (CLSS) under PMAY, which provides interest subsidy on housing loans to eligible beneficiaries from the Economically Weaker Sections (EWS), Low-Income Group (LIG) and Middle-Income Group (MIG) segment.
You can avail Pradhan Mantri Awas Yojana subsidy for constructing or purchasing a house.
Eligibility | EWS-LIG | MIG-I | MIG-II |
---|---|---|---|
Maximum household income per annum | Up to Rs. 6 lakh | Rs. 6-12 lakh | Rs. 12-18 lakh |
Maximum property area | No restriction | 160 sq.m | 200 Sq.m |
Maximum loan amount of PMAY subsidy calculation | Rs. 6 lakh | Rs. 9 lakh | Rs. 12 lakh |
Maximum tenure for subsidy calculation | 20 years | 20 years | 20 years |
Interest Subsidy (% p.a) | 6.5% | 4% | 3% |
Pradhan Mantri Awas Yojana subsidy amount | Rs. 2.67 lakh | Rs. 2.35 lakh | Rs. 2.30 lakh |
Women ownership on the property | Yes | Not applicable | Not applicable |
Beneficiary family should not own a pucca house in India | Applicable | Applicable | Applicable |
Kotak Mahindra has a dedicated customer care service that will resolve your queries of banking products and other banking related information.
Toll-free Number for India: 18602662666
Chargeable Number for Abroad: 912266006022
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