Kotak Bank - 8.70% for Home Loan - New Purchase Home Loan

Kotak  Bank Home Loan:

Kotak Bank is a large private bank with the lowest home loan percentage in India.

currently, the bank offers home loans beginning from 8.20% p.a. onwards* with quick approval and an online process.

Home loans in Kotak Bank are popular with their special features and attractive rates under various Kotak Bank home loan schemes for different incomes and occupations.

 

Taking a loan from Kotak Bank has the following benefits:

1. Lowest interest rate in the range of 8.20% p.a. onwards**

2. Loan available for both salaried and self-employed. 

3. Special rates for women borrowers.

4. Borrowers within the age group 21 to 60 years.

5. Loan value ratio of 90%.

6. Loan tenure range from 5 to 20 years.

7. Kotak Bank allows prepayment of homeloan with Nil charges on floating rate loans.

 

Kotak Home Loan Details:

Age	Min 21 and max 60 years for salaried Min 21 and max 65 years for self-employed.
Repayment Tenure	20 years interest
t rate	8.20% p.a. onwards*
Processing fees	Rs.10000 + GST
Rate Linked To	RLLR

 

Kotak Home Loan:

Apply:

Apply for an Kotak Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Kotak Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Kotak Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two 2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for

construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA,

copy of partnership deed and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Home Loan Schemes Kotak:

1. Home Renovation Loan

A home renovation loan is used to specifically upgrade your home, be it redecorating or repairing. It can be used for both.

The home loan processing fee that the bank charges for this type of loan ranges from 0.25 % to 2.00 %. No prepayment charges are levied on this type of home loan.

 

2. Home Loan Balance Transfer

A home loan balance transfer facility is used when borrowers are paying a high interest rate on their existing home loan and wish to switch to another bank offering a lower interest rate and a better home loan deal.

Foreclosure charges for floating rates are nil, but for fixed-rate one has to pay 4% of the principal outstanding.

 

3. Home Construction Loan

A home construction loan provides the borrowers with funds to build a house.

The home loan processing fees for this type of home loan can go up to 2 %, and the borrower doesn’t have to pay any prepayment on the floating interest rate, but for the fixed interest rate, it depends on the lender.

 

4. Bridge Loan

The processing fees generally start at 0.35 % and go up to 3 %.

 

5. Kotak Digi Home Loan: Key highlights:

1. Available for applicants aged between 18 and 65 years

2. Zero processing fee for online application

3. Insurance options to cover your home loan available at attractive premiums

4. Zero charges on prepayment/foreclosure.

 

6. 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 the Economically Weaker Section (EWS), Middle Income Group (MIG), and Low-Income Group (LIG) are eligible to avail of interest subsidies.

The subsidy is given as a part of the Credit-Linked Subsidy Scheme (CLSS) under PMAY.

 

Features and benefits of the PMAY scheme:

1. Borrowers will get an upfront interest subsidy benefit on the remaining principal

2. Interest subsidy Net Present Value (NPV) calculated at a discount rate of 9%

3. You can get a subsidy amount of up to Rs.2.67 lakh

4. The subsidy is available to individuals earning up to Rs.18 lakh per year.

5. Subsidy can be availed for a maximum loan amount of Rs.12 lakh

6. Interest subsidy for up to 20 years or the loan tenure, whichever is lower.

 

Frequently Asked Questions:

 

Q. Why should I opt for a balance transfer to Kotak Bank?

Ans. Kotak Bank offers the lowest home loan EMI  availed at the lowest interest rate 8.20% onwards *  for a maximum tenure of 20 years.

if you are paying an EMI, you should consider the option for a loan transfer to Kotak for your existing bank.

 

Q. Does Kotak offer a concessional home loan interest rate for women?

Ans. Yes, Kotak offers special home loan interest rates for women.

 

Q. Is Kotak Bank's home loan a floating-rate loan or a fixed-rate loan?

Ans. Kotak home loan is offered at both fixed and floating rates.

In the case of the fixed rate, the interest remains the same throughout the tenure.

On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

 

What is the Kotak home loan rate today?

Ans. Kotak home loan rate today is in the range of 8.20% onwards *

 

How much interest does Kotak take on home loans?

Ans. The rate of interest on Kotak home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income, etc.