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Kotak Mahindra Bank Home Loan Interest Rates 2025

Updated on: Jan 8th, 2025

|

6 min read

Kotak Mahindra Bank offers home loans to retail customers. You can choose the right home loan scheme for you by matching the loan features with your requirements. In this article, we will cover all possible questions related to Kotak Mahindra Bank home loans. With the loan amount being up to 90% of the property cost and the interest rates starting from 8.75% p.a, Kotak Bank provides a way to fulfil your dreams with the Kotak Mahindra Bank Home Loan. 

Highlights of Kotak Mahindra Bank home loan interest rates

Kotak Mahindra Bank Home Loan Amount 

Up to 90% of property value

Kotak Mahindra Bank Housing Loan Interest Rate

Starting at 8.75% p.a

Loan Tenure

Up to 25 years

Processing Fees

Upto 1% of the home loan amount

Foreclosure Charges

NIL

Kotak Mahindra Bank Home Loan Interest Rates for Women 

8.75% is the concession rate given to women.

Interest rates of Kotak Mahindra Bank home loans

Customer Type

Rate of Interest

For Salaried & For Self-employed

8.75% onwards

Comparison between Kotak Bank home loan interest rates with other banks

Banks 

Home Loan Interest Rates

State Bank of India 

8.50% p.a to 10.45% p.a

Axis Bank

8.75% p.a to 9.15% p.a

Bank of Baroda

From 8.4% p.a

Punjab National Bank

From 8.50% p.a

HDFC Bank Limited 

8.75% p.a to 9.40% p.a

ICICI Bank

from 9.25% p.a. 

Citi Bank

From 7.45% p.a

LIC Housing Finance

8.50% p.a. to 10.35% p.a.

Kotak Mahindra Bank

From 8.70% p.a.

Federal Bank

10.15% p.a. - 10.20% p.a.

Top home loan schemes of Kotak Mahindra Bank

Home Loan

Get swift approvals for home loans in metro cities. Up to 75%-80% of the property cost can be obtained as financing.

Balance Transfer

Transfer existing home loan balance to Kotak Mahindra Bank to pay off the outstanding balance at a lower interest rate. Customised instalment plans are offered.

Loan Against Property

Fulfil your personal and business needs through a loan against property. Flexible loan eligibility for a loan amount of Rs.10 lakh-Rs.50 crore. Commercial, residential, and industrial property are eligible with easy repayment options.

Pradhan Mantri Awas Yojana (PMAY)

This is a credit-linked subsidy scheme to provide housing for all by 2022. Interest subsidy is provided to beneficiaries from economically weaker sections, low-income groups, and middle-income groups.

Features and benefits of Kotak Mahindra Bank home loan

  • Get up to 75%-80% of the property’s value as financing.
  • Zero processing fee on online applications for a home loan.
  • The bank offers doorstep service instead of visiting the bank multiple times.
  • Documentation for the loan is kept at a minimum.
  • Insurance option to cover your home loan at an affordable premium.
  • Competitive interest rates offered on home loans.
  • Quick home loan application processing.
  • Easy balance transfer facility at low-interest rates.
  • Balance Transfer Top-Up also available.

Who is eligible for Kotak Mahindra Bank home loans

  • Individuals should be aged between 18 and 60 years (65 for self employed applicants).
  • Individual applicants employed with a private limited company or partnership firm should be a graduate. 
  • Gross income for individuals living in: 
    • New Delhi, Mumbai, Bangalore, Pune and Chennai - minimum income of Rs.20,000/month 
    • Other cities - minimum income of Rs.15,000/month
  • For Partnership firms/ LLP/Indian Companies/HUF in:
    • New Delhi, Mumbai, Bangalore, Pune and Chennai, the minimum net income should be Rs.2,40,000 p.a. 
    • Other cities the minimum net income should be Rs.1,80,000 p.a.
  • Partnership firms/ LLP/Indian Companies/HUF should be in existence for a minimum of 3 years.
  • Karta of HUF must be applicant/co-applicant
  • IT returns for three years, in case of HUF

Documents required for Kotak Mahindra Bank home loans

Below are the documents required for: 

  • Salaried individuals
  • Self Employed professionals
  • Self Employed Non Professionals/HUF/partnership/LLP
  • Non resident indians 

Bank statements/passbook copy for last 6 months for domestic accounts and last 12 months for international accounts:

  •  
    • Age proof
    • Passport 
    • Drivers license 
    • School leaving certificate
    • Birth certificate
    • Voters identification card
    • Pan card 
  • (NRI’s only need to submit Passport)
  • Income Proof
    • Last 3 months salary slip (applies only for salaried individuals)
    • Form 16 of latest 1 assessment year (applies only for salaried individuals)
    • Latest 3 years income tax returns, personal and business along with computation of income. (applies only self employed professionals and self employed non professionals)
    • Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant. (applies only self employed professionals and self employed non professionals)
  • Business/Service/Profession Proof
  • Repayment Proof
  • Property Proof

Fees and charges

Processing Fee (Non-Refundable)

Loan Amount

Salaried (excluding GST and Statutory dues)

Self-Employed (excluding GST and Statutory dues)

Top Up/Commercial Purchase (excluding GST and Statutory dues)

< Rs.30 lakh

0.25% 

0.50%

1%

-

>Rs.30 lakh

0.50%

0.50%

1%

-

Documentation Charges (Non-Refundable)

Rs.4,000 (at the time of disbursement) 

-

-

-

Kotak Mahindra Bank home loan EMI calculator

We offer an important tool, the home loan calculator, to help you evaluate and plan your budget for a home loan.

History of Kotak Bank Home Loan Interest Rates

Year

Interest Rates

2024

8.75% p.a

2023

6.75% p.a. to 8.45% p.a.

2022

7.00% p.a.

2021

6.50% p.a. to 7.25% p.a.

 

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Frequently Asked Questions

When can I make a prepayment towards my home loan?

You are not allowed to make prepayments within the first six months from the date of home loan EMI commencement. The initial six months are considered as a lock-in period. You can make prepayments from the 7th month.

Is there a restriction on how much prepayment I can make?

There is no restriction as such. A part prepayment of a minimum of Rs.25,000 and a maximum of up to 25% of the outstanding loan amount can be made without any prepayment charges every 6 months. For any part prepayment over 25%, 4% (plus GST and statutory dues) of the excess prepayment amount shall be charged as prepayment charges.

What are the stamp duty charges applicable?

Stamp duty on a loan agreement, guarantor agreement, and registration charges vary from state to state. It may also vary based on the stamping/notarisation of RBI prevalent at the time of loan disbursement and other affidavits as applicable.

When is the right time to transfer my home loan balance from another bank?

When you are in one of the following situations, you may transfer the home loan balance from another bank to Kotak Mahindra Bank:

  • Looking to reduce the interest rate on home loans to reduce the instalment payment.
  • Looking to pay off the home loan as early as possible.
  • Looking to use the equity in your house so you can use the money for your needs. A top-up loan can be taken above the existing loan to manage finances for your needs.
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