Kotak Mahindra Bank Home Loan

About Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, India . It has 1369 branches and 2163 ATMs across 689 locations. Being the fourth largest bank in India by assets, Kotak Mahindra Bank provides variety of financial services for corporate and retail customers.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Kotak Mahindra Bank Home Loans

Kotak Mahindra Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Kotak Mahindra Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Kotak Mahindra Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of Kotak Mahindra Bank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options
• Door step assistance provided

Features of Kotak Mahindra Bank Home Loan

Key Highlights

Objective:

Kotak Mahindra Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Up to 90% of the value of the property

Loan Tenure:

Up to 20 years of repayment period is available under Kotak Mahindra Bank home loan scheme. However, it varies for some customers depending on their profile.

Prepayment Charges:

No penalty is levied on prepayment. However, prepayment is allowed only after 6 months.

Processing Fees:

Up to 1.25% of the loan amount

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to Kotak Mahindra Bank at ease.

Insurance Protection:

Home loan protector insurance saves your family from the burden of repayment in the event of unfortunate death.

Interest Rate on Kotak Mahindra Home Loans

The interest rate starts form 8.35%. It is subject to change at the sole discretion of the bank.

Eligibility Criteria:

To avail the home loan from Kotak Mahindra Bank, you need to have the following eligibility criteria.

• You should be over 21 years of age.
• Steady source of income
• Good savings and credit history

Documents Required to Apply for Kotak Mahindra Bank Home Loans

Important documents to be submitted while applying for home loan with Kotak Mahindra Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Kotak Mahindra Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Kotak Mahindra Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Kotak Mahindra Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Kotak Mahindra Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Kotak Mahindra Bank account at your nearest Kotak Mahindra Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Kotak Mahindra Bank Home Loan?

You can either apply online or visit a nearby Kotak Mahindra Bank branch for the application. You can also download the home loan application form from the Kotak Mahindra Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Kotak Mahindra Bank Home Loans

With attractive interest rates and low processing fees, Kotak Mahindra Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Kotak Mahindra Bank home loan without any penalty. Kotak Mahindra Bank home loan is the best option to buy or construct your dream house.

Kotak Mahindra Bank Home Loan FAQs

1. What are processing fees on Kotak Mahindra Bank Home Loans?

0.50% of the loan amount or INR 11,800, whichever is minimum is charged as processing fee.

2. Is there penalty for prepaying the Kotak Mahindra Bank Home Loan?

No penalty is levied for prepaying the Kotak Mahindra Bank Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for Kotak Mahindra Bank home loans?

The maximum repayment period is 30 years.

5. How Can I apply for Kotak Mahindra Bank home loan?

You can either apply online or visit a nearest Kotak Mahindra Bank branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by Kotak Mahindra Bank?

No cap on the maximum loan amount and it depends on your repayment capacity which is decided by the bank.

7. Does Kotak Mahindra Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Kotak Mahindra Bank.

8. Can I get tax benefits from Kotak Mahindra Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.