Kotak Home Loan offers a range of home loans to individuals to purchase their dream homes. Also, its website offers some useful resources like Home Loan Calculators, Interest rates, Eligibility Criteria, and customized loan offerings. It provides a perfect solution as per the needs of the customer be it a first time buyer, upgrading to dream house or planning to reduce EMI of House Loan by shifting. The loan can be applied for via Kotak’s website, or visiting the nearest branch.
A Snapshot of Kotak Home Loan
| Kotak Mahindra Bank Home Loan Highlights | |
| Interest Rate* | 8.85% p.a. onwards |
| Loan Amount (LTV Ratio) | Up to 90% of property value |
| Loan Tenure | Up to 20 years |
| Processing Charges | Up to 1% of the loan amount |
| Minimum Monthly Income | INR 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) INR 15,000 (Other cities) |
Kotak Home Loan Eligibility Criteria
In case of an Individual:
Age:
- In case of salaried persons, the age of the applicant must be in between 18 and 60 years.
- In case of self-employed persons, the age of the applicant must be in between 18 and 65 years.
Indian Resident with a Gross Income of:
- In case of residents of Delhi, Mumbai, Bangalore, Pune, and Chennai the applicant shall have a minimum Income of INR 20,000 per month.
- In case of other cities, the applicant shall have a minimum Income of INR 15,000 per month.
Minimum Qualifications:
- In case of private limited company or a partnership firm employees, the minimum educational qualification required is a Bachelor’s degree.
- In case the applicant is either a public limited company employee or MNC or Government or public sector company employee, no minimum qualification is required.
In case of a Partnership Firm/ LLP/ Indian Company:
- The firm/organization should have been existing for a minimum of 3 years.
- The partnership firm/LLP/Indian Company should have a minimum net income of:
- INR 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
- INR 1,80,000 per annum for companies/firms/LLPs in other cities.
In case of a Hindu Undivided Family:
- The applicant or co-applicant must be Karta of HUF.
- The HUF should be in existence for a minimum of 3 years.
- The ITR should be made available for a minimum of last 3 years.
- HUF should have a minimum net income of:
- INR 2,40,000 per annum for HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
- INR 1,80,000 per annum for HUFs in other cities.
Kotak Home Loan Interest Rates
Below mentioned are the Kotak Home Loan Interest Rates:
Kotak Housing Loan
| For Salaried | 8.85%-9.35% p.a. |
| For Self-employed | 8.90%-9.40% p.a. |
Kotak Home Loan Balance Transfer
| For Salaried | 8.85% onwards |
| For Self-employed | 8.90% onwards |
Documents Required for Kotak Home Loan
Below mentioned is the checklist of documents required in case of Salaried Professionals, Self-Employed Professionals & Non Professionals, Co. / HUF/ Partnership Firm/ LLP, And NRI’s:
- Application Form duly signed along with photograph
- PAN Card
- Aadhar Card
- Passport
- Copy of Residence Proof
- Bank Statement
- Salary Slip of last 3 months (6 months in case of NRIs)
- Form 16 & Income Tax Return
- Proof of confirmation of job
- Proof of Relationship
- Proof of Business Existence
- Business Profile
- Power of Attorney
- Information of existing loan availed
- Certificate of Education Qualification
- ITR of last 3 years along with the computation of Income
- Balance Sheet & P&L of last 3 years audited by a CA
- Property documents
Kotak Home Loan Fees & Charges
| 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) | ||||
| Post-disbursement | Copy of Any Documents | |||
| Interest Certificate/ Statement of Account/ Amortisation Schedule | Event | Accessed via self-service mode on Mobile Banking/Net Banking/Whatsapp Banking: Free | ||
| Physical/Soft copy request through Customer Service/Branch: Rs. 250 (plus taxes and any other applicable statutory dues) | ||||
| Charges for copy of any documents (Duplicate NOC, Copy of property documents, etc.) | Event | Rs. 500 (plus taxes and any other applicable statutory dues) | ||
| Any Other documents /letter (e.g. Subsidy Confirmation Letter, Credit Opinion Letter, Interest paid confirmation letter, etc.) | Event | Rs. 500 (plus taxes and any other applicable statutory dues) | ||
| Change in Repayment mode | ||||
| Repayment mode/ Account swap charges | Repayment mode change | Rs. 500 (plus taxes and any other applicable statutory dues) | ||
| Conversion Fee | ||||
| Switch Fee | On conversion | Switch to lower floating rate(with/without change in Benchmark) for Housing/Extension/Improvement: 0.5% of the principal outstanding and undisbursed amount(if any) at the time of conversion with a cap of Rs. 10,000 (plus taxes and any other applicable statutory dues) | ||
| Prepayment Charges | ||||
| Prepayment/Foreclosure Charges | Prepayment/ Foreclosure | NIL for Term Loans given to Individual Borrowers for non-business end use. | ||
| For Micro & Small Enterprises (MSE): | ||||
| MSE certified borrowers if loan is foreclosed from own source of fund: NIL | ||||
| MSE certified borrowers loan closed from borrowed funds: 3% (plus taxes and any other applicable statutory dues) of the prepayment/foreclosure amount | ||||
| Others (Individual borrowers for business end use and Non-individual borrowers) : | ||||
| • No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement | ||||
| • Post lock– in period, part prepayment of minimum Rs. 25,000 and maximum of up to 25% of outstanding loan amount can be made without any prepayment charges every 6 months | ||||
| • The minimum period between any two prepayment shall be at least 6 months | ||||
| • For any Part Prepayment in excess of 25% of outstanding loan amount: 3% (plus taxes and any other applicable statutory dues) of the excess prepayment amount | ||||
| • For Full Prepayment any time after the Lock-in-Period: 3% (plus taxes and any other applicable statutory dues) of the Foreclosure Loan amount plus amounts prepaid during the last 12 months | ||||
| Penal charges | ||||
| Instrument (Cheque/ECS/Mandate) dishonour charges | Instrument dishonour | Rs. 500 (plus taxes and any other applicable statutory dues) | ||
| Substitute Interest (Penal Interest) | Late payment | 2% per month (plus taxes and any other applicable statutory dues) on unpaid EMI amount for delayed period | ||
| Collection charges (In case of default) | Late payment | 30% (plus taxes and any other applicable statutory dues) of cheque/instrument dishonour charges plus penal interest | ||
| E.g. EMI amount due for 30 days (a month) – Rs. 1,00,000 | ||||
| Penal interest (I) – Rs. 2000 | ||||
| Instrument dishonour charge (II) – Rs. 500 | ||||
| Total (I)+(II) – Rs. 2500 | ||||
| Collection charge excluding taxes – Rs. 750 (30% of Rs. 2500) | ||||
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Other charges |
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| Levy of penal interest for non-compliance of sanction terms including but not restricted to increase in credit risk like non-submission of title documents, non-commencement of construction as per undertaking, adverse repayment behaviour, other breach of agreement terms | Event | 2% incremental pricing over and above existing spread (plus taxes and any other applicable statutory dues) | ||
| Legal charges | Event | As Incidental/ At Actuals | ||
| Loan cancellation: Charges applicable in the event of customer opting to cancel the loan post disbursement without encashing the Disbursement Cheque. | Event | 0.10% of Loan Amount or Rs. 25,000 whichever is higher (plus taxes and any other applicable statutory dues) | ||
| (If encashed the same shall be treated as pre closure/foreclosure) | This will be over and above PF payable. | |||
