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Frequently Asked Questions

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What is the maximum amount I can borrow?

You can avail a maximum loan amount upto 90% (upto 80% for loans between Rs. 30-75 Lacs & 75% for Loans above 75 Lacs)

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How will my loan eligibility be determined?

Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow.

Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.

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In how many years can I repay the loan amount?

You can opt for a loan period of up to 15 years, which can vary depending on the purpose of the loan and your profile.

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Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my loan?

In Floating rate loans, change in MCLR rate will have direct impact on the interest rate of Home Improvement Loan

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When will the loan be disbursed?

You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement.

Further, you should have invested your own contribution amount towards the cost of improvement of the property. 'Own contribution' is the difference between the cost of improvement of the property and the loan amount.

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