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Kotak Mahindra Bank Limited is an Indian banking and financial services company that offers a range of financial services such as home loans and life insurance, Kotak Mahindra Bank offers a wide range of home loans in India to help employees or self-employed people buy their dream homes.
Kotak Bank Home Loan
You can apply for Kotak Bank Home Loan online through Kotak Bank website or mobile banking app and by visiting your nearest Kotak Mahindra Bank branch, Most of the time you don’t need to visit Kotak Bank office, it is safe as the entire home loan process is digital and encrypted.
When you apply for Kotak Home Loan in-principle approval, Kotak Bank will check whether to approve the loan or not, which is entirely based on the financial status of the applicant, With Kotak Mahindra Home Loan online process you can enjoy the convenience of fast loan processing and get your home loan sanction letter within 10 minutes.
In-principle approval is the guarantee given by the bank to you for the loan after thorough verification of the information and documents provided by you for Kotak Mahindra Bank Home Loan, A bank home loan in principle approval helps you get clarity on your finances and plan your dream home accordingly.
Kotak Mahindra Bank Home Loan Eligibility Criteria
Before applying for a home loan in Kotak Bank, you need to check your home loan eligibility once, if you meet the Kotak Bank Home Loan Eligibility Criteria, it will be easy for you to get a home loan, below is your Eligibility for Home Loan in Kotak Mahindra Bank Take a look and find out
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 18-60 years | 18-65 years |
| Minimum Income | Residents of Delhi, Chennai, Bangalore, Mumbai, Pune: Rs. 20,000/month Other cities: Rs. 15,000 | Residents of Delhi, Chennai, Bangalore, Mumbai, Pune: Rs.240000/- p.a. Other cities: Rs.180000/- p.a. |
| Minimum Qualification | Bachelor’s Degree | NA |
Kotak Mahindra Bank Home Loan Required Documents
An applicant for a home loan from Kotak Bank should submit the required documents which are simple and hassle-free, as these Required Documents are indicators of your financial stability and creditworthiness, any lender will definitely consider the documentation while approving your loan application.
Documents are one of the most important requirements for home loan, Kotak Bank takes the home loan documents process very seriously, but many a times applicants face the difficulty of not knowing what documents to provide while submitting the documents for home loan.
Kotak Mahindra Bank makes the home loan documents process very streamlined and transparent right from the start, see below which home loan documents are required to pass your home loan application in detail
- Identity Proof – Aadhaar Card, Voter ID, Passport, Driving License.
- Income Proof – Income Tax Pay Details, Bank Statement, Salary Slip
- Age Proof – PAN card, Voter ID, Aadhaar Card, Passport, Driving License
- Address Proof – Aadhaar Card, Passport, Voter ID, Driving License, Rental Agriment.
- Banking information.
- Relationship Proof.
- Proof of Educational Qualification
Kotak Bank Home Loan EMI Calculator
When you want to take a home loan Click Here Take an informed decision with Kotak Bank’s Home Loan EMI Calculator, a user-friendly tool that helps you know the home loan total amount and home loan interest rates, home loan tenure and many more key details.
Kotak Mahindra Home Loan Processing Fee & Charges
When you apply for a home loan, the lending bank or institution charges you a certain amount for the services they provide, this amount is called home loan processing fee, this home loan processing charge is non-refundable.
Home loan processing charges are a percentage of the total home loan amount you are applying for, if the application is rejected the amount will not be refunded to you.
Applicants should remember that home loan processing fee is not the only amount you have to pay, there are other charges too, so it is advisable for everyone to know the Kotak Bank Home Loan Processing fee Details in advance so that you understand the costs before applying for a home loan.
| Stage | Fee/Charge Description | Payable at | Amount in Rs. |
|---|---|---|---|
| Pre-disbursement | Processing fee (PF) | Application | Salaried: 0.5% (plus taxes and any other applicable statutory dues) of loan amount; |
| Self-Employed, HL top-up/Commercial Purchase: 1.0% (plus taxes and any other applicable statutory dues) of loan amount; | |||
| Upfront PF of Rs. 5,000 (plus taxes and any other applicable statutory dues) shall be collected at the time of login which is non-refundable. | |||
| (Non-refundable fee will be adjusted in overall PF before disbursement) |
Kotak Mahindra Bank Home Loan Interest
It is very important to know the interest rate when you apply for home loans, the home loan interest rate affects how much home loan you take and the total EMI you have to pay, so it is good to keep the interest rate in mind whenever you apply for a home loan, Kotak Bank Home Loan Interest You can get an attractive interest rate starting from 7.99%, here are more home loan interest rates:
| PRODUCT | APPLICANT | RATE OF INTEREST |
|---|---|---|
| Home Loan | Salaried | 8.85% – 9.35% p.a. |
| Self-employed | 8.90 – 9.40% p.a. | |
| Home Loan Balance Transfer | Salaried | 8.85 % onwards |
| Self-employed | 8.90 % onwards |
Note – Kotak Mahindra Bank Home Loan rates vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you can get the details once you visit the bank’s official website https://www.kotak.com/ Go to en/personal-banking/loans/home-loan/interest-rates.html and confirm