Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank offers home loans starting at just 6.65% onwards, which currently is one of the lowest rates of interest for a home loan in India. The bank finances up to 80% of the property cost to both salaried as well as self-employed professionals. Additional benefits of Kotak Mahindra Home Loan include a flexible tenure, multiple repayment options, and also, quick processing.

Home Loan

A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide beforehand how much an amount of loan you would want, what interest rate you are comfortable paying, and also the tenure of the loan.

Kotak Mahindra Home Loan Summary

Interest Rate6.65% onwards
Loan-to-Value RatioUp to 80% of property value
Loan TenureUp to 20 years
Processing Charges0.25%- 0.5% of loan amount and Statutory Dues + GST

Kotak Mahindra Home Loan Interest Rates

Kotak Mahindra Bank offers home loans at an easy floating rate of interest. Kotak home loan rates are linked to the Repo Rate calculated by the Reserve Bank of India, which currently stands at 4.00%. Any change in the repo rate, whether increase or decrease, will accordingly alter the Kotak Mahindra housing loan interest rates. Currently, the bank’s rate of interest for a home loan is 6.65% p.a. onwards.

Amount of LoanSalaried IRSelf Employed IR
LTV less than 80%6.75% Onwards6.85% Onwards
LTV greater than 80%6.85% Onwards6.95% Onwards

Kotak Mahindra Home Loan Schemes

Kotak Mahindra Bank offers a variety of home loan schemes for varied home loan requirements of individuals. Some of them are discussed as follows:

1. Kotak Mahindra Home Loan

Kotak Mahindra Home Loan can be availed for a variety of purposes such as home purchase, home construction, renovation, and also plot purchase.

Key Features & Benefits

  • Affordable interest rates starting from 6.65% p.a. onwards
  • Flexible repayment tenure up to 20 years
  • To cover home loans, insurance options

2. Kotak Mahindra Home Improvement Loan

With this type of loan called Kotak Mahindra Improvement Loan, upgrade the look and appeal of your house without getting tensed about the finances.

Key Features & Benefits

  • Attractive interest rates
  • Flexible repayment tenure extending up to 15 years
  • Up to 90% LTV.

3. Kotak Mahindra Home Loan Balance Transfer

Individuals who wish to transfer their existing and outstanding home loans to Kotak Mahindra can apply for Home Loan Balance Transfer.

Key Features & Benefits

  • Transfer your existing home loan at the lowest interest rates starting at just 6.65%.
  • With a balance transfer, the top-up facility can also be availed.
  • Borrow up to 90% of the cost of the home.
  • Flexible loan tenure stretching up to 20 years

4. Kotak Mahindra NRI Home Loan

Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) who wish to own a home in India can apply for Kotak Mahindra NRI home loans.

Key Features & Benefits

  • Attractive interest rates 6.75%
  • Financing up to 80% of the property cost
  • Flexible repayment tenure extending up to 15 years

Home Loan Fees and Additional Charges 

Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below: 

  • Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the processing charge thus is a variable metric. This fee is non-refundable.
  • Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
  • Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
  • Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
  • Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
  • Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
  • Incidental charges: These charges cover the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly installments on time.
  • Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
  • Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
  • Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.



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