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Kotak Mahindra Home Loan

Home Loan Bank Information

Bank Name
Processing Fees
Kotak Mahindra Bank
1 - 20
Rs 20000
1 - 30
Rs 3000
Bajaj Housing Finance
1 - 20
0.3 %
LIC Housing Finance
0 - 30
Rs 10000
See More Offers

Table of Contents



Kotak Mahindra is here to help you with their latest home loan schemes and facilities.

When you apply for the In-principle approval, the bank checks whether or not to approve the loan. This solely depends on the applicant’s financial health. The in-principle approval is the guarantee that the bank gives you for the loan after checking the sanctity of the provided information and documents. You don’t need to visit the lender’s office. It is safe and secure due to the process being digital and encrypted. The process is paperless and hassle-free. After getting the in-principle approval, you are ensured about the loan amount that is sanctioned. This throws light on the budget and the amount within which you can afford your residential property.

The in-principle approval helps you get clarity on your finance and helps you plan your dream home accordingly.

However, you might want to think over the repayment of the amount you borrowed, but Kotak Mahindra is there to offer a helping hand with their flexible interest rates, thus letting you breathe for a while.


Floating vs Fixed Interest Rate

  • Floating rate on Kotak Bank housing loan is concatenated to its 6 month MCLR rate, which is currently running at 8.70%. When Bank offers a home loan at an interest rate of 8.90%, it applies a premium of 0.2% to its MCLR rate to come to this home loan rate.
  • When RBI increases rates, the bank also holds chances to increase its MCLR rate and thus, the applicable interest rate for all existing and new home loans might increase as well. When RBI reduces interest rates, and consequently, the bank cuts down the MCLR rate, the benefit of lower rates will get passed on to both old borrowers and new house loan accounts.


Fixed Interest Rate Floating Interest Rate
Interest Rates are relatively higher Interest Rates are relatively lower
Remains unaffected by financial market conditions Are affected by the changes in the financial market
EMIs are fixed EMIs alter as per interest rate
Budget planning is possible Budget planning is close to impossible.
Sense of security is achieved Generates a good amount of savings
Fits in for short/medium term (3-10 years) Applicable for long term (20-30 years)
Lesser number of risk is involved The higher amount of risk is involved.


Highlights of Kotak Mahindra Home Loan

  • A maximum loan amount of upto 90% can be availed. Up to 80% of loan can be availed for an amount ranging from Rs. 30-75 lacs. 75% of loan amount can be availed for Rs. 75 lacs and above.
  • Bank allows ownership as an individual as well as joint ownership
  • Bank provides a loan repayment tenure of at most 15 years.
  • A loan, apart from ownership can be applied for renovation, redecoration, an extension of property
  • Women applicants can pay flat Rs 5000 as a processing fee when applied offline.
  • No need for a guarantor
  • No need for foreclosure or prepayment fee.
  • The repayment capacity shall be determined by the bank which will help you decide how much you can borrow.
  • The disbursement can be taken after credit, legal and technical appraisals of the property are done.


Kotak Bank housing loan interest is dependent on the following parameters:

  • Loan amount: Housing loan rate in Kotak Bank depends inversely upon the loan amount the loan applicant applies for. Greater the loan amount, the lesser will be the interest rate.
  • Your salary: your mode and amount of income shall help you in identifying your applicable rate of interest. The bank’s rate of interest varies as per your monthly income. Higher your income, lesser will be the rate of interest.
  • Type of loan opted for: Kotak Bank allows differential rates for female borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under the contemporary tariffs and offers on interest rates and home loan schemes.
  • Existing bank customers: Kotak Bank has special preferences for their existing bank account holders and customers. This added benefit shall reduce the rate of interest on the applied home loan. That is, if you are an old customer from the bank, you will be benefitted with a lesser rate of interest.
  • Tax benefits: as per the Income-tax act of 1961, citizens of India are capable of getting tax benefits on the principal amount and interest rates of a home loan under section 24 and section 80C of Income Tax Act.


Kotak Mahindra Home Loan Charges

Interest Starting from 8.60 %
Charges for processing the application No charges for online process (Up to 2% of the loan amount will be charged for offline application)
Tenure Maximum 20 years
Amount Based on the applicant’s profile
Charges for Cheque Bounce Rs 750 ( per occurrence )
Instrument / Cheque Swap Charges Rs 500 ( per occurrence )
Foreclosure or Prepayment Charges No charges for floating rate of interest and up to 4 % in the case of fixed rate
Charges for documentation 0.5 % from total loan amount

Note: Interest rates are as of 2019


Kotak Mahindra Home Loan Interest Rates

Loan Amount Primary Applicant Interest Rates
Salaried/Self-employed Professional Self-employed Non-professional
Up to 30 lakhs Women 8.90% 8.90%
Others 8.95% 9.10%
30.01 lakhs-75 lakhs Women 8.95% 8.95%
Others 9.10% 9.25%
75.01 lakhs and above Women 9.05 to 9.55% 9.05 to 9.55%
Others 9.15 to 9.55% 9.3 to 9.55%


Eligibility Criteria for Kotak Mahindra Home Loan

Criteria Salaried Individuals Self-employed Individuals
Age Minimum 21 years – maximum 65 Minimum 21 years – Maximum 65
Salary criteria Should have a high income Must have a high income
Job Status Should have a work experience for a minimum of 2 to 3 years Should have been running the same business for period of at least 2 to 3 years


  • Anyone can avail a home loan, provided they are self – employed or salaried. The minimum age for applying for a home loan is 21 years, and the maximum age is 65. While, a self – employed professional with the income required can also apply for a home loan.
  • However, Kotak Mahindra verifies with the information provided and decides upon the amount of money that can be lent to the borrower based on parameters like age, education, number of dependents, salary, income, assets of the spouse, etc.


Kotak Mahindra Home Loan Types

Main Home Loan

  • Kotak Mahindra funds 70% – 80% of the property cost. This adds up to the convenience in buying a residential property.
  • Cuts down the huge expenses of the proprietor.
  • Kotak Mahindra does not have strictness about interest rates. With the moderately feasible interest rates, repayment in monthly instalments become easier within the tenure of the loan.
  • Kotak Mahindra ensures ZERO processing fee on the online application of home loan.
  • On offline application, Kotak Mahindra charges 1. 25% from the loan amount added to GST and any other taxes are levied.
  • Kotak offers in – principle approval of your home loan by utilising your income tax credentials without any use of pen and paper.
  • The loan will be sanctioned within 24 hours of the filling up of the online form.


Home loans can get quicker approval in the metropolitan cities of India.

MUMBAI: offers convenient interest rates, convenient documentation, options for insurance to cover up your home loan at easy premiums, services provided at your doorstep, for salaried professional, the loan repayment tenure extends up to 20 years and for self-employed professional, it extends for up to 15 years, with faster turnaround time.

DELHI: zero processing fee for online applications, a flexible process and no other charges are involved, liquefied documentation, insurance premium to cover your home loan.

BENGALURU: offers attractive interest rates, convenient documentation, options for insurance to cover up your home loan at easy premiums, services provided at your doorstep, for salaried professional tenure extends up to 20 years and for self – employed professional, it extends for up to 15 years, faster turnaround time.

PUNE: offers attractive interest rates, convenient documentation, options for insurance to cover up your home loan at easy premiums, services provided at your doorstep, for salaried professional tenure extends up to 20 years and for self-employed professionals, it extends for up to 15 years, faster turnaround time.

HYDERABAD: offers attractive interest rates, convenient documentation, options for insurance to cover up your home loan at easy premiums, services provided at your doorstep, for salaried professional tenure extends up to 20 years and for self-employed professionals, it extends for up to 15 years, faster turnaround time.

CHENNAI: offers attractive interest rates, convenient documentation, options for insurance to cover up your home loan at easy premiums, services provided at your doorstep, for salaried professional tenure extends up to 20 years and for self-employed professional, it extends for up to 15 years, faster turnaround time.


Interest rate (p.a.) Processing fee
8.90% onwards Up to 2% of the permitted amount added to GST


Fixed Deposit Linked Home Loans

  • Under this scheme, interest rate shall be altered only when retail deposit rate of one – year alters.
  • Home loans are provided against fixed deposits to finance your ownership with your existing fixed deposit.
  • Customers need not have fixed accounts in Kotak Mahindra bank to be facilitated with this scheme.
  • Instead of Retail Prime Lending Rate (RPLR), one – year retail deposit rate is charged on loan as per Kotak Mahindra.


Kotak Home Improvement Loans

  • A loan that helps you renovate your home or extend your housing premises for decoration or spatial purposes, interior decoration, waterproofing and every other work for improvising your residential property can be provided.
  • Can be applied singly or as a joint ownership
  • The maximum loan repayment tenure is 15 years.
  • Up to 90% of the improvement cost will be provided.
  • Just in the case of lack of equity to get a home equity loan or cash-out refinance, a personal loan can be taken. A personal loan is a fair way to finance your home improvements.


Kotak Flexi Home Loan

  • The main motive of Kotak flexi loan scheme is to protect the borrowers from volatile interest rates or the changing interest rates.
  • Interest remains the same for the initial 3 years. Then it is fixed again depending upon the prevailing index rate for the next three years. The process goes on till the loan tenure.
  • This scheme thus aids the customer to stick to the fixed index rate for a considerable period, thus avoiding a sudden change in interest rate.
  • Floating rate of interest is volatile, which alters the contemporary market rate.


Bank Home Loans for Newlyweds

  • Joint home loan might be one of the most expensive purchases in your life.
  • You can have your spouse as your co – applicant.
  • When more than one person borrows the finance and repays jointly, it is called a joint home loan.
  • You can take a higher amount of loan because you are not the only one repaying. Repayment shall be made jointly, and thus, it becomes less of a burden when it is not entirely on you.
  • Higher chances of approval.
  • Benefits in the income tax and other higher tax savings.
  • Due to the existence of a joint account, repayment can be done jointly and hence, it becomes more flexible and convenient.
  • When a married couple owns the property, chances of legal issues are lesser, compared to an individual ownership.
  • If one of the borrowers is unable to repay the bank still shall not force itself to be defaulting on the loan; hence, relieving the customer. This is because, the other applicant is an equally responsible borrower who is capable of paying the EMI.


Home Loan Fee and Charges

  • The processing charges are free of cost for online application. But if applied offline, an amount equivalent of 1. 25 percent of the total loan amount is applicable.
  • Kotak Mahindra charges a standard documentation charge – 0.5% from the total loan amount.
  • Kotak Mahindra bank charges applicable stamping charges.
  • There are nil credit administration fees or credit appraisal charges charged by the bank.
  • The disbursed amount deducted from 2% of the loan amount is levied.
  • If the applicant cannot make sure about the EMI by paying them on time, the bank charges an overdue of 2% of fee, calculated starting from the due date of the exact payment date.
  • A collection charge of 30 % of instrument or cheque charges plus overdue interest shall be charged by the bank. However, service taxes and statutory taxes shall also be included.
  • Rs. 750 shall be levied as cheque dishonour charges.
  • Rs. 500 is charged for each Cheque swapping.
  • Prepayment of loan is an exclusive service provided by Kotak Mahindra bank. To elucidate, the customer is free to pay back the loan amount well ahead of the end of original loan tenure. If the applicant has applied for the Kotak Flexi loan scheme or the floating index rate, the bank shall allow foreclosure without any pre – payment charges. For each and every loan in floating rate or the Kotak Flexi loan, the financial provider shall not accept prepayment before 6 months starting from the first EMI’s date. This implies that at least 6 EMIs should have been paid by the borrower before applying for a foreclosure. After completing this, the applicant shall foreclose the loan by giving a 4% prepayment charge on the principal amount outstanding plus 4% of the amount pre – paid in the past 12 months.
  • The applicant is free to apply for NOC. The borrower can get an NOC at a charge of Rs 500 per copy.
  • If requested by the applicant, Kotak Mahindra shall charge Rs 10000 to issue a solvency certificate.
  • A report of credit information can be issued with a minimal Rs 50 is charged.
  • In the case of the applicant wishing to get hold of a detailed statement of account depicting the borrower’s transactions pertaining to the loan in sequential order, he can pay an amount of Rs 250. This amortisation schedule shall be issued once in a year without charges.
  • APAC Re-schedule meant:  The bank provides the mentioned service at 1% charge of the interest in the principal amount outstanding.
  • Kotak Mahindra also allows partial prepayment of loans.  But still, a gap of minimum 6 months shall be there between the 1st EMI date and the part payment. The bank shall allow part – payment free of charges in the case; the borrower wishes to repay their loan equivalent of 25 % of the outstanding amount. In case the applicant wills to choose and exceeds the above mentioned limit, the bank shall charge them an interest rate 4 % over the excess over the part pre – payment amount which means that the amount reaches after the deduction of eligible part pre – payment account. In the case of floating interest schemes, the bank shall not charge.
  • In the case of an alteration of the structure, a change of assets, property or collaterals, the loan shall be booked again. The bank permits this facility by charging 0.5 % over the outstanding amount of the loan or Rs.10000 for each development of the property.
  • Kotak Mahindra also permits an alteration in the change in the date of the EMI. They charge Rs 5000 as service stand plus interest of the broken period / 0. 5 % outstanding amount added to any existing interest of the broken period.
  • Kotak Mahindra allows the facility of change of property or collaterals at 0.5 %  interest rate on outstanding amount of loan.
  • The bank extends the facility of the reissuance of  a pay order at Rs 100 for each occurrence.


Kotak Mahindra Home Loan for NRI or PIO

Who is an NRI?

Under the Foreign Exchange Management Act 1999, the following people are considered to be NRIs:

  • Citizens of India staying abroad for the purpose of employment, business or education or any other circumstances that imply an uncertain stay outside India.
  • Govt. servants who are posted outside India for the purpose of serving a mission or similar other agencies set up by the government receive their salaries from the govt. Resources.
  • Govt. servants who are assigned jobs abroad with the foreign government or the regional or international agencies like the World Bank, International Monetary Fund, World Health Organisation, Economic and Social Commission for Asia and Pacific (ESCAP).
  • Officials of state government and public sector undertakings which are posted abroad for temporary assignments in their branches and outlets.
  • Merchant Navy.
  • This loan is applicable for applicants not more than 58 years of age.
  • The borrowing limit is up to 80% of the cost of the property.

For NRIs, finance is available for owning a residential property.

Before the expiry of original loan tenure, foreclosure shall be allowed without charging of any penalty.

A liberty to switch between fixed interest rates and floating interest rates shall be provided.


Bank Loan for NRI

Kotak ensures that every Non – Residential Indian (NRI) gets to have their dream homes even if they are thousands of miles apart from their country.



  • Higher eligibility
  • Attractive interest rates
  • Convenient loan disbursement process
  • Simplified documentation.
  • Insurance premium to cover up the home loans
  • Rapid turnaround time
  • Maximum of 80% of the cost of the property can be borrowed in the case of Home Loans. In the case of commercial property loans, up to 60% of the cost of the property can be borrowed.
  • The loan repayment period is up to 15 years, which might vary as per your profile.
  • The repayment capacity in Kotak Mahindra Bank shall further determine how much you can borrow.
  • Your spouse, parents or your major children can be your co-applicant if you are an individual. The co-applicant need not be the co-owner of the property.



Tenure Annual Gross Salary
Up to five years USA/UK/ other countries except for Gulf Gulf Countries Merchant Navy
USD 30,000 Dirhams 36,000 USD 20,000
From 5 years up to 15 years USA/UK/ other countries except for Gulf Gulf Countries Merchant Navy
42,000 Dirhams 48,000 USD 26,000
  • Applicants should have a minimum age of 21 years.
  • The borrower should have a minimum educational qualification, i.e., they should at least be a graduate holding a bachelor’s degree.
  • Applicants should be employed for at least three years.
  • The maximum age of the applicant shall be 58 years at the time of the maturity of the loan.
  • The salary should be received on a weekly / monthly / fortnightly basis.
  • The salary should NOT be in the form of cash. Salary should be either through direct bank credit or by cheque.
  • Any individual applying for Kotak NRI home Loan has to abide by the provisions of Foreign Exchange Management (for borrowing and lending in rupees ) Regulation, 2000. FEMA is an act of the Parliament of India was formulated for the promotion of orderly development as well as maintenance of foreign exchange market in India.
  • The eligible loan amount shall be finalised depending on the borrower’s income capacity.
  • Personal guarantee by a third party is mandated if loan is sought individually.
  • NRE / NRO / FCNR / NRNR / NRSR accounts, or also through rentals being received out of the borrower’s property.



  • Domestic bank statement of minimum 6 months.
  • An active international account or salary of half a year.
  • Valid copies of passport or visa.
  • Salary receipt of last six months.
  • Salary certificate.
  • Contract copy of appointment letter or letter of employment.
  • Power of attorney in favour of a local applicant.
  • Age proof.
  • Address proof.
  • Identity proof.


Country of residence / services:

Loans are given to NRIs / PIOs living or having an occupation in any of the under-mentioned countries only:

  • North America: USA & Canada
  • Europe: UK and all other countries of Europe.
  • Asia: Japan, China, South Korea, South East Asian Countries (Singapore, Malaysia, Indonesia, Thailand, etc.), Gulf Countries (UAE, Saudi Arabia, Oman, Kuwait)
  • Australia
  • New Zealand


How to Apply for Kotak Mahindra Home Loan

Applying for a home loan in Kotak Mahindra is as simple as learning the alphabets. The home loan can be applied online as well as offline.

  • Visit the website to apply for a home loan.
  • The form has three sections: 1) Provide info, 2) View quote 3) Apply online
  • Provide your basic info like your Full name, Mobile number, Email ID, Residence City, Nearest Area. Then click on submit
  • Now get a quote.
  • Now apply online.
  • The bank shall sanction the loan after verification within 24 hours.
  • The process is paperless and uses just your income tax credentials.

N.B: Kotak permits an individual to transfer their existing home loan from any other financial institution to Kotak Mahindra bank at lower interest rates.


Kotak Mahindra Home Loan EMI Calculator

Calculating the incidental Equated Monthly Instalment on the loan amount has been made more flexible with an online facility of EMI calculator in the website portal. Borrowers can get a monthly EMI of Rs 881 per lakh under Kotak Mahindra loan.

Loan Amount 10-year Loan 15-year Loan 20-year Loan
Rs 20 Lakh Rs 25,012 Rs 19,930 Rs 17,610
Rs 30 Lakh Rs 37,517 Rs 29,895 Rs 26,416
Rs 50 Lakh Rs 62,529 Rs 49,825 Rs 44,026


A fixed-rate of interest is never charged in Kotak Mahindra bank home loans. Instead, a floating rate of interest is applied on home loan in Kotak. This rate of interest which is charged on a floating basis depends on the tenure of the loan


Document Checklist for Kotak Mahindra Home Loan

Self-attested photos with a duly signed application form.
Bank statements of the last 3 months or latest ITR or Form 16
Salary slip of latest date or current dated salary certificate along with Form 16 in the case of salaried people.
As in the case of both salaried and non-salaried individual, 2 passport size photographs have been mandated.
Carry  a cheque for loan processing fee
Proof of the highest educational degree. Applicants should at least hold a bachelor’s degree.
Identity proof might include any of voter card, AADHAR card, copy of passport, driving license. These shall serve the purpose for an identity proof because the enlisted documents have the applicant’s photograph against their name, proving their identity.

Address proof might include any of the following:

  • Ration card
  • Electricity bill
  • Telephone bill
  • Rental agreement
  • ADHAAR card
  • PAN card
  • Passport

An applicant needs to provide any of the enlisted documents for the verification of the correctness of their address by the bank.

As an age proof provide class 10th certificate or/and birth certificate.

These documents provide the sanctity of the applicant’s age, thus helping them confirm the age limit factor. The minimum age for application of home loan is 21 years.

The bank looks out for the income status of the applicant. Thus, providing a bank statement is mandated. Before an application of home loan, Yes bank has every right to seek for the individual’s financial picture and the creditworthiness of the same.

As a signature proof, Pan card, driver’s license, passport copy or banker’s attested bank account statements are required. Any of the documents mentioned above are to be submitted positively.

Also, the applicant’s signature in the enlisted document copies should be clear and pretty capable of understanding. It is mandated for the applicants to maintain the same signature as their standard signature throughout the loan period.

Proof of relationship. Marriage registry certificate for the case of married couples.

Details of any existing loan and the track record (if applicable).

Property documents along with the sanction map (if any).


Apart from this, the bank shall verify certain documents for self – employed people:

  • The license of company registration, shop establishment act and 3-year-old Saral Copy
  • Income tax certificates that shall be 3 yrs old. Company audit, profit and loss, balance sheet, income reports.
  • Property documents, utility bill, store electricity and telephone bill.
  • Address proof includes a utility bill, license with an enclosed passport size photograph.


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