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Frequently Asked Questions

When will I have to pay the processing fee on my home loan?

The processing fee on the home loan is payable at the time of application.

Is the processing fee on home loan refundable?

No, the processing fee on home loan is not refundable.

Is prepayment of home loan allowed?

Yes, prepayment of home loan is allowed.

What are the various Home Loan fees and charges?

Kotak Mahindra Bank charges its customers the following fees/charges:

  • Processing fee
  • Requesting for Interest Certificate, Account Statement and Amortisation Schedule
  • Copy of any documents like NOC or Property documents
  • Changing repayment mode or swapping account
  • Switch fees
  • Prepayment and Foreclosure charges
  • Penalties on late payment or instrument dishonour

What is the GST charged on processing rates?

A GST of 18% is applicable on loan processing fee.. Kotak Mahindra Bank charges a processing fee of 0.5% in case of salaried professionals, while for non-salaried individuals it is 1%. Processing fee generally is a non-refundable charge to be paid by the borrower at the time of loan application.

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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.

* Rs. 5,000 Flat processing fee applicable for women applicants.