Kotak Mahindra Bank Home Loan Interest Rate

Interest Rates on Kotak Mahindra Bank Home Loans

Eligibility criteria for individuals:

• Age: Salaried individuals should be between 18 - 60 years old

Self-employed individuals should be between 18 - 65 years old

• Gross Monthly Income

Delhi, Mumbai, Bengaluru, Pune & Chennai – Minimum of Rs.20000/- per month

Other cities – Minimum of Rs.15000/- per month

• Minimum qualification

Graduate if employed with private limited company or partnership firm

No such limitations if employed with public limited company, MNC or Government or Public Sector company

Eligibility criteria for Partnership firm/LLP/Indian Company

• Should be in existence for at least 3 years
• Gross Income

Delhi, Mumbai, Bengaluru, Pune & Chennai – Minimum net income should be Rs.2,40,000/- per annum

Other cities – Minimum of Rs.1,80,000/- per annum

Eligibility criteria for Hindu Undivided Family (HUF)

• The Karta of the HUF must be the primary applicant/co-applicant
• Should have been in existence for at least 3 years
• IT Returns of the HUF of 3 years is mandated
• Net Income

Delhi, Mumbai, Bengaluru, Pune & Chennai – Minimum net income should be Rs.2,40,000/- per annum

Other cities – Minimum of Rs.1,80,000/- per annum

Factors affecting your home loan eligibility and interest rate with Kotak Mahindra Bank

Kotak Mahindra Bank determines the loan amount and the interest rate based on your repayment capacity. It takes the following factors into consideration while processing your home loan application

• Annual/monthly income
• Type of employment
• Existing relationship with the bank
• Your general financial standing with regards to your savings, credit card payments and other existing liabilities
• Your credit history
• Your educational qualifications
• Your age and the number of dependents

Processing fees & other charges

Kotak Mahindra Bank Home Loan EMI Calculator

It is always wise to understand the repayment terms before getting into a loan. Knowing your monthly EMI helps you to plan your financial load accordingly. The bank website equips you with the EMI calculator that gives you the EMI for the loan amount and the corresponding interest rate and the tenure that you enter.

Documentation

Kotak Mahindra Bank processes your home loans with minimal documentation. The basic documents required are:

• Identity and signature proof
• Age and address proof
• Educational qualification proof
• Income and banking proof
• Relationship proof for joint application

FAQs : Kotak Mahindra Bank Home Loan Interest Rate

1. What is the maximum amount I can borrow for a home loan with Kotak Mahindra Bank?

You can borrow up to 80% of the cost of the property for loans up to Rs.75lakh. For loans above Rs.75 lakh, you can avail up to 75% of the property cost. For balance transfer loans, Kotak Mahindra Bank offers up to 90% loan amount.

2. What are the repayment tenures available for home loans?

Kotak Mahindra Bank offers a repayment tenure of up to 20 years, depending on your profile. For loan take overs, the outstanding tenure will be considered.

3. What are the processing fees for home loan?

The bank does not charge any processing fee for online applications. For branch banking applications, a nominal charge of up to 1.25% of the loan amount is charged as the processing fee.

4. What are the charges for pre-closure of loan?

Kotak Mahindra Bank allows borrowers to repay the loan in part or in full. There are no pre-payment charges for individual floating rate loans. However, there could be pre-payment charges for other home loan products. One should check with the bank for the schedule of charges.