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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get Kotak Mahindra Bank home loans at affordable interest rates. Kotak Mahindra Bank Home Loan interest rates vary based on the home loan tenure, home loan amount, credit score, and many other factors. Also, women can obtain home loans at slightly lower rates.
Get loans starting from 11.25% interest rate
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Kotak Mahindra Bank is a preferred banking partner to millions of Indians looking for convenient and customer-friendly banking solutions. Their home loans designed to give the maximum benefits to its customers in way of higher loan amounts and low interest rates.
About Kotak Mahindra Bank Home Loan Interest Rate
| Loan Scheme | Loan Amount | Interest rate | |
|---|---|---|---|
| Salaried Individual/ Self - employed Professional | Self - employed - Non - professional | ||
| Home Loan | Up to Rs.30 lakhs | 8.95% | 9.10% |
| Rs.30 lakh - Rs.75 lakhs | 9.10% | 9.25% | |
| Rs.75 lakhs & above | 9.15% | 9.30% | |
| Top-up Loan | - | 9.30% | 9.30% |
| Top-up OD | - | 9.50% | 9.50% |
Kotak Mahindra Bank wants its customers to have an enjoyable home loan process. It gives various benefits and offers to its home loan borrowers to make them feel comfortable throughout the entire the loan process.
Ease of application : The bank allows its customers to apply through a simple online process with minimal documentation, reducing the overall time taken for loan processing. Customers can also apply through the 1000s of branches spread across the country.
Zero Processing Fees : The bank does not charge any processing charges for online home loan applications.
Doorstep assistance : Doorstep service to assist you with the loan application and document collection to prevent the hassle of running around in the branches
Home Loan Insurance : The bank offers attractive insurance plans to protect your home & home loan.
Quantum of loan amount : The bank offers loans of up to 80% of the property cost.
Eligibility : Kotak Mahindra Bank offers home loans to a wide base of customers.
Self-employed individuals should be between 18 - 65 years old
Delhi, Mumbai, Bengaluru, Pune & Chennai – Minimum of Rs.20000/- per month
Other cities – Minimum of Rs.15000/- per month
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
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
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
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
| Schedule | Charges |
|---|---|
| Loan Processing Charges | NIL for online application. |
| Documentation Charges | 0.5% of the loan amount |
| Stamping Charges | As per the respective State's Stamp Act |
| Commitment Charges | 2% on loan sanctioned less amount disbursed |
| Overdue Interest | 2% of the overdue amount, compounded monthly |
| Collection Charges | 30% of penal and cheque bouncing charges |
| Dishonour Charges Per Instance | Rs. 750.00 |
| Swap Charges( Replacement of PDCs) | Upto Rs. 500 per swap per Instance |
| Prepayment charges - Part/Full closure | NIL for pure Individual floating rate home loans |
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.
Kotak Mahindra Bank processes your home loans with minimal documentation. The basic documents required are:
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.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application