Kotak Mahindra Bank Home loan can be taken to fund your dream house purchase. A home loan is a secured loan, where the house you intend to purchase is considered as collateral. Kotak Mahindra Bank is one of India’s leading financial institutions today. It offers home loan services to its customers providing loan accounting value up to 90% of the property cost. These home loans are offered for a maximum period of 20 years. The duration of the loan depends on the business profile of the applicant.
If the loan amount lies between Rs. 20 to Rs. 75 lakhs, then it is only 80% of the loan value one can apply for. However, if the loan value applied is more than 75 lakhs, then one can avail only 75% of the property cost. At Loanbaba.com, you will come across information about all types of Kotak Mahindra Home Loans in India.
| Kotak Mahindra Bank Home Loan Details Updated on | |
|
Loan Amount |
Up to 75 lakhs |
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Loan Tenure |
1 year to 30 years |
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Interest Rate |
Starts at 8.45% |
Some of the Kotak Mahindra home loan features are as follows.
At Loanbaba, you can compare and apply for Home loans online. You can check out several housing loans and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
The Kotak Mahindra bank home loan interest rate starts at 8.45%, but varies as per individual profile. Keep a check on this page to note the updated Kotak Mahindra bank home loan interest rates for the current year.
Home loan eligibility may differ from one candidate to another. You can also use free-of-cost Kotak Mahindra Bank home loan eligibility calculator at Loanbaba.com. The eligibility criteria for Kotak Mahindra bank housing loan are discussed below:
Kotak Mahindra Bank has home loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Below provided are important questions about home loan Kotak Mahindra in India.
Kotak Bank offers Kotak Flexi Home Loan primarily designed to protect the customers from heavy interest rates. Thus loans under this scheme are provided at fixed interest rates. The fixed rates are generally more, owing to multiple charges, while the loans offered at floating interest rates are highly volatile owing to immediate changes in the market rates. This scheme, however, prevents its customers from uncertainties of paying more with an increase in market’s interest rates.
This is a special product designed by the Kotak Mahindra Bank that charges interest at the deposit rate on loan for one year instead of the Retail Prime Lending Rate (RPLR). Thus, the interest charges on loan shall change only if the deposit rate for one year has an alteration. This facility is accessible with both Kotak Flexi Home Loans as well as conventional floating rate home loans.
This scheme offers loans to customers for renovation, furnishing, changes to the house appearance, decoration, tiling, construction, extension of the premises, waterproofing or any other activity commenced regarding the enhancement of existing house of the applicant.
Under this scheme, one can transfer his existing home loans from other financial institutions to Kotak Mahindra benefiting with the elimination of high-interest charges at the existing institution.
Kotak Mahindra bank also offers home loans to NRI’s looking forward to purchasing a new house in India or wanting to renovate and extend the existing property owned by them in India.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Kotak Mahindra Bank.
