Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank offers multiple home loans at attractive interest rates and zero processing fee for online applicants. There are home loans for residents and NRIs, as well as home improvement loans. The interest rates range from 9.10% p.a. to 9.40% p.a. The processing fee is a maximum of 2% of the principal amount + GST. The PMAY interest subsidy is available to borrowers of EWS, LIG, and MIG classes. The loans can be repaid in up to 20 years.

Kotak Mahindra Bank Home Loans

The following are the key features of Kotak Mahindra’s loan schemes:

Kotak Home Loan

Key highlights:

  • Available for applicants aged between 18 and 65 years
  • Zero processing fee for online application
  • Rs.5,000 flat processing fee for women applicants.
  • Zero charges on prepayment/foreclosure
Interest rate (p.a.)Processing fee
9.10% onwardsUp to 2% of the approved amount + GST

Kotak Home Improvement Loan

Key highlights:

  • Up to 90% of the improvement cost can be availed
  • Can be applied individually or as a joint ownership
  • Loan repayment tenure of a maximum of 15 years
  • Available for furnishing and renovating your home
Interest rate (p.a.)Processing fee
9.10% onwardsUp to 2% of the approved amount + GST

NRI Home Loan

  • Available for applicants who will be a maximum of 58 years old at maturity
  • Borrowing limit of up to 80% of the cost of the property
  • Loan repayment tenure of up to 15 years
  • Can be applied for along with a co-applicant

Kotak Mahindra Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana was started by Prime Minister Narendra Modi in 2015 with a vision to provide a home to all citizens by 2022. Under this scheme, applicants from Economically Weaker Section (EWS), Middle Income Group (MIG) and Low-Income Group (LIG) are eligible to avail interest subsidy. The subsidy is given as a part of the Credit-Linked Subsidy Scheme (CLSS) under PMAY.

Features and benefits of PMAY scheme:

  • Borrowers will get upfront interest subsidy benefit on the remaining principle
  • Interest subsidy Net Present Value (NPV) calculated at a discount rate of 9%
  • You can get a subsidy amount of up to Rs.2.67 lakh
  • The subsidy is available to individuals earning up to Rs.18 lakh per year.
  • Subsidy can be availed for a maximum loan amount of Rs.12 lakh
  • Interest subsidy for up to 20 years or the loan tenure, whichever is lower
Category of beneficiariesMaximum Household IncomeInterest Subsidy (p.a.)Maximum Subsidy AmountMaximum eligible loan amount for subsidyEligible carpet area
EWS Economically Weaker Section (EWS)Up to Rs.6 lakh6.5%Rs.2.67 lakhRs.6 lakhNo restriction For home extension/repair - 30 sqm
LIG Low Income Group (LIG)Above Rs.3 lakh and up to Rs.6 lakh6.5%Rs.2.67 lakhRs.6 lakhNo restriction For home extension/repair - 60 sqm
Middle Income Group (MIG –I)More than Rs.6 lakh and up to Rs.12 lakh4%Rs.2.35 lakhRs.9 lakh160 sqm
Middle Income Groups (MIG- II)More than Rs.12 lakh and up to Rs.18 lakh3%Rs.2.30 lakhRs.12 lakh200 sqm

Kotak Mahindra Home Loan EMI Calculator

Creditupchar EMI calculator helps a borrower find out his/her loan repayment ability. It enables them to know whether they can afford the monthly payments towards the loan they are going to take. The calculation will be performed based on the information provided by the user such as the preferred loan amount, repayment tenure, and interest rate. Once the borrower enters the details, the tool will immediately show the estimated EMI. Every home loan borrower should ideally check the EMI through this tool before applying for a Kotak Mahindra Home Loan.

Kotak Mahindra Bank Eligibility Criteria

Age18-60 years18-65 years
CIBIL ScoreAbove 750Above 750
Loan TenureUp to 20 yearsUp to 20 years
Minimum Net IncomeRs.20,000 per monthRs.20,000 per month
Minimum Loan AmountCheck with BankCheck with Bank
Maximum Loan AmountCheck with BankCheck with Bank

Documents Required for All Kotak Mahindra Home Loan Applicants

Kotak Mahindra Bank asks for the following documents to approve your home loan application:

Salaried applicants

  • 1 passport size photograph
  • Copy of PAN card (for applicants with relationship proof)
  • Copy of Aadhaar card (for applicants with relationship proof)
  • Copy of Residence proof (for applicants with relationship proof)
  • Last 3 months’ salary slips (for applicants whose income is considered)
  • Last 2 years Income Tax Return (ITR)
  • Form 16 of past 2 years
  • Last 6 months’ original bank statement of the applicant’s salary account (for applicants whose income is considered)
  • Proof of relationship
  • Details of the existing loan along with track record, if there is any
  • Property documents with sanction map

Self-employed applicants

  • All KYC documents (same as salaried individuals)
  • 12 month’s bank statement of all the accounts and current account mentioned in the form
  • Valid age proof approved by the government
  • Income proof documents and business continuity proof
    • Self-employed Professionals (SEP)
      • Last 3 years income tax returns, personal and business along with income computation
      • Last 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant
    • Self-employed Non-Professionals (SENP)/Co./HUF/ Partnership Firm/LLP)
      • Same documents as SEP
      • Degree Certificate
      • Registration Proof with Tax authorities as applicable to the type of business
  • Proof of existence of partnership firm/company/HUF/LLP
    • Partnership firm
      • Registered partnership deed
      • Letter from other partners
    • Company
      • Memorandum
      • Articles of association
    • HUF
      • IT returns
  • Business profile on the letter head of the proprietorship/partnership firm/company/HUF/LLP (for SENP/Co./HUF/ Partnership Firm/LLP)
  • Power of Attorney (Co./HUF/Partnership Firm/LLP)
  • Minimum 2 recommendatory business reference
  • Existing loan repayment track record (RTR) along with proofs, if there is any

NRI customers

  • Last 6 month’s bank statement of all domestic and (NRE/NRO/FCNR/ NRNR) and international accounts
  • Age proof
    • Copy of Passport
    • Copy of KYC Documents of Power of Attorney
  • Income proof
    • Fixed salary
      • Salary certificate (in English) containing name, date of joining, designation, and salary details; OR
      • Last 3 months’ salary slips
    • Variable salary
      • Salary certificate (in English) specifying name, date of joining, designation and salary details for last 6 months, OR
      • Last six months’ salary slips
  • Updated bank statement of the salaried account
  • Proof of job continuity for last 3 years
    • Employment contract copy/Appointment letter in English (Attested by the Embassy/Employer if translated from English)
    • Continuous Discharge Certificate or CDC for merchant navy employees
  • Power of Attorney
    • Attested by Indian consulate at the place of residence of the NRI customer if he/she is overseas at the time of application
    • Attested by a public notary in the place of residence of the NRI customer if he/she is not available in India at the time of application

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