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Reviewed on 04/11/2022
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Here's a step-by-step guide to apply for a housing loan with Kotak Mahindra Bank:
Fill in your basic details and check your loan eligibility in just a few steps. It’s that easy!
Receive an in-principle sanction letter with your approved loan amount, giving you a clear idea of how to plan your finances.
Upload your required financial documents for verification. Once the property and legal checks are done, the approved loan amount gets disbursed.
Home Loan come in different types to cater to your unique requirements. Below are the various kinds you can choose from, depending on your needs:
Get funds to buy your dream home —whether it’s a ready-to-move-in property, a resale home or even a plot for construction. Enjoy flexible repayment options and competitive interest rates, making homeownership easier for first-time buyers and those looking to upgrade to a better space.
Pre-approved Home Loan provides you with a clear understanding of your eligibility for a loan before applying so you can go ahead with the purchase smoothly. Get instant approval based on your financial profile, so you can plan your home purchase with confidence.
A balance transfer allows you to transfer your loan to Kotak Mahindra Bank, which may help reduce your rate of interest and decrease the overall cost of repayment. Get EMI starting from Rs.785/Lakh** on your Home Loans.
At times, you require additional funds over and above your initial Home Loan—be it for renovations, fitting out, or personal needs. A top-up loan gives you extra funding without the hassle of applying for an additional loan. Borrow more funds easily while having a simple repayment plan.
Get the flexibility of an overdraft facility on your Home Loan. You can withdraw money as and when needed with the Home Loan overdraft and only pay interest on what you withdraw. Rather than taking a second loan, you can make use of this facility when the need arises. Save more money while being efficient in managing finances.
Interest rate is important when you apply for Home Loans in India. Your Home Loan interest rate can affect the overall EMI that you have to pay. With Kotak Home Loan, you can get an attractive interest rate starting @ 8.20%p.a.* Here's more:
| Customer Type | Effective Rate Of Interest |
|---|---|
Floating Category (Repo Rate: 5.50%) |
|
For Salaried & For Self-employed |
8.20% p.a. onwards* |
For existing customers switching from an Adjustable Interest Rate to a Fixed Rate* |
12% p.a. onwards (Fixed rate) |
*Final interest rate offered depends upon numerous factors including CIBIL score, financial history, FOIR, employment type, salary, financial obligations, and other personal details.
To know what EMI you have to pay on your Home Loan, you can refer to our Home Loan EMI calculator.
Before you apply for a Home Loan, make sure you check your Home Loan eligibility. Kotak Mahindra Bank has simple Home Loan eligibility criteria for its borrowers. Take a look:
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 18-60 years | 18-65 years |
| Minimum Income | Residents of Delhi, Chennai, Bangalore, Mumbai, Pune: ₹20,000/month Other cities: ₹15,000 |
Residents of Delhi, Chennai, Bangalore, Mumbai, Pune: ₹2,40,000/- p.a. Other cities: ₹1,80,000/- p.a. |
| Minimum Qualification | Bachelor's Degree | NA |
Check out the best Home Loan offers and apply online via Kotak Bank's website.
Documentation is an important aspect when it comes to a Home Loan. A simple and minimal documentation process makes it convenient for customers to apply for a Home Loan. Take a look at the document list for a Home Loan in India:
| Category | Documents Required |
|---|---|
| Identify proof | Passport, Aadhaar Card, PAN Card, Driving License, Voter ID Card, NREGA Job Card & Letter issued by National Population Register |
| Income proof | Salary slips, Income Tax Returns, Form 16, Bank statements, Profit & Loss Statement (for self-employed) |
| Education proof | Highest Degree Certificate |
Applying for a Home Loan is a significant financial decision. To make the process smooth and ensure you choose the best option, here are some important points to consider:
Understand the details of the Home Loan, including interest rates, repayment tenure and additional charges. Having clarity about the property you plan to purchase will also help you make an informed decision.
Account for additional expenses like maintenance, registration fees and taxes. Preparing for these costs ensures that you are financially equipped throughout the process.
Collect and organise essential documents such as identity proofs, income statements and bank statements. Proper documentation helps avoid unnecessary delays in the loan approval process.
A high credit score improves your chances of approval and helps you secure better loan terms. Review your credit report in advance and address any discrepancies or overdue payments.
Applying to several lenders at once can reduce your chances of approval as it may impact your credit score. Focus on researching and applying to a lender that suits your requirements.
Keep your current loan repayments and credit card dues under control. High outstanding debts can negatively affect your eligibility for a Home Loan.
Evaluate your financial stability and choose a loan amount you can comfortably repay. Over-borrowing can strain your finances and lead to repayment difficulties.
A Home Loan or a housing finance loan is a secured loan that provides you with the finances to buy your dream home. The Home Loan interest rate depends on your profile and depending upon your eligibility, you can get a loan as high as 90%* of the property value. You can check your eligibility online or offline by visiting your nearest Kotak Mahindra Bank branch.
Borrowing a Home Loan can be a great way to reduce your financial burden. When you avail of a Home Loan, you have the privilege of repaying the borrowed amount in smaller instalments, rather than arranging for a large sum of money at once. That is the reason why many home buyers choose to take a house loan. Kotak Home Loan understands how precious your investment is and offers funds 75 to 90% of your property cost. The Home Loan process is simple, convenient and seamless. Lucrative housing loan interest rates and Home Loan insurance premiums are important advantages of Kotak Home Loans.
Availing of a Home Loan is a huge undertaking. That is why the government has introduced several provisions in the Income Tax Act to lessen the burden of Home Loan repayment on taxpayers. These deductions are on the interest amount, principal amount, stamp duty and registration charges, pre-construction interest and even for first-time home buyers.
Home Loan comes in various types. Here are a few of them:
Explore your options and apply for a Home Loan here.
Home Loan offered by Kotak Mahindra Bank comes with minimal fees and charges. The Home Loan processing fee is based on the principal amount and tenure. The processing fee also differs depending on the type of employment of the applicant. For detailed and accurate information, visit the Fees & Charges page
The EMI amount you have to pay is based on the principal amount of your Home Loan, the interest rate, and the Home Loan tenure. You can effectively calculate the monthly instalments with our easy-to-use Home Loan EMI Calculator
Kotak Mahindra Bank has a simple and minimal documentation process, which makes the whole housing loan process hassle-free and easier. To know what kind of Home Loan documents you are required to submit, click here to know more.
Buying your own house requires a lot of financial commitment, especially if you want to buy a house in a metro city. However, to get a Kotak Home Loan, you must meet some eligibility criteria. These are:
The original property documents shall be handed over to the borrower(s) within 30 days from the date of receipt of the foreclosure amount in the respective loan account, subject to no cross defaults/cross collaterals within the bank.
Borrower(s) shall intimate the bank on clearance of cross default/cross collateral, if any, and place a fresh request for the release of property documents.
Know the detailed overview of the process here.
The maximum loan amount you can avail is up to Rs. 40 Cr. subject to your eligibility and the property value. You may get financing for up to 90%* of the property's cost.
Yes, you can add a co-applicant to your Home Loan. A co-applicant helps share the repayment responsibility and can improve your eligibility for a higher loan amount. This makes it easier to secure financing for your dream home. Additionally, it helps divide the repayment responsibility between applicants. Furthermore, both applicants enjoy applicable tax benefits.
Immediate family members like your spouse, parents or adult children can be co-applicants. The co-applicant should have a stable income to support the loan application. Adding eligible family members as co-applicants strengthens your loan profile.
Home Loan repayment is done through Equated Monthly Instalments (EMIs), which include both the principal and interest components. EMIs are paid over the loan tenure, as per the agreed schedule. The repayment can be automated through deductions from your bank account for convenience.
The EMI starts after the Home Loan is disbursed in full. Once the disbursal process is completed, the repayment schedule will begin as per the agreed tenure. This ensures timely repayment of the loan.
Learn all about Home Loan
What Exactly are Bank Approved Housing Projects - Explained!
Which Type of Interest Rate is best for you: Fixed or Floating?
TDS on Property Sale: How to File, Documents Required & Payment Process Online
Land Record Jharkhand: Jharbhoomi Portal Online for Registration
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
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