Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank Home Loan

Kotak Bank offers Digi Home Loan at attractive interest rates starting at 6.60% p.a. for both salaried and self-employed applicants. The rate is being offered as part of their special balance transfer offer. You can avail a loan amount of up to 90% of the property value in case of a home loan balance transfer. The Kotak home loan is offered with loan tenures of up to 20 years. The bank charges zero processing fee for online applications. The bank also offers its housing loans under the PMAY scheme and concessions for women borrowers.

KOTAK Mahindra Bank Home Loan Interest Rate 2022

Kotak Mahindra Bank has updated its home loan interest rate to 6.60% p.a.The revised home loan interest rate will be valid for both new home loans as well as balance transfer home loans.

Kotak Mahindra Bank offers home loans at better interest rates and zero processing fee for online applicants. There are home loans for residents and NRIs, as well as home improvement loans. The interest rates range from 6.60% p.a. – 7.20% p.a.The processing fee is a maximum of 2% of the principal amount + GST. The PMAY interest subsidy is available to borrowers of EWS, LIG, and MIG classes. The loans can be repaid in up to 20 years.

Interest Rate for SalariedInterest Rate for Self employed
6.60% – .7.10%6.65% – 7.20%

The following are the key features of Kotak Mahindra’s loan schemes:

Kotak Digi Home Loan

Key highlights:

  • Interest rate (p.a.) : 6.60% to 7.20%
  • Processing fee: Up to 0.50% of the approved amount + GST
  • Available for applicants aged between 18 and 65 years
  • Zero processing fee for online application
  • Insurance option to cover your home loan available at attractive premiums
  • Zero charges on prepayment/foreclosure

Kotak Mahindra Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana was started by Prime Minister Narendra Modi in 2015 with a vision to provide a home to all citizens by 2022. Under this scheme, applicants from Economically Weaker Section (EWS), Middle Income Group (MIG) and Low-Income Group (LIG) are eligible to avail interest subsidy. The subsidy is given as a part of the Credit-Linked Subsidy Scheme (CLSS) under PMAY.Features and benefits of PMAY scheme:

  • Borrowers will get upfront interest subsidy benefit on the remaining principle
  • Interest subsidy Net Present Value (NPV) calculated at a discount rate of 9%
  • You can get a subsidy amount of up to Rs.2.67 lakh
  • The subsidy is available to individuals earning up to Rs.18 lakh per year.
  • Subsidy can be availed for a maximum loan amount of Rs.12 lakh
  • Interest subsidy for up to 20 years or the loan tenure, whichever is lower
Category of beneficiariesMaximum Household IncomeInterest Subsidy (p.a.)Maximum Subsidy AmountMaximum eligible loan amount for subsidyEligible carpet area
EWS Economically Weaker Section (EWS)Up to Rs.6 lakh6.5%Rs.2.67 lakhRs.6 lakhNo restriction
LIG Low Income Group (LIG)Above Rs.3 lakh and up to Rs.6 lakh6.5%Rs.2.67 lakhRs.6 lakhNo restriction For home extension/repair – 60 sqm
Middle Income Group (MIG –I)More than Rs.6 lakh and up to Rs.12 lakh4%Rs.2.35 lakhRs.9 lakh160 sqm
Middle Income Groups (MIG- II)More than Rs.12 lakh and up to Rs.18 lakh3%Rs.2.30 lakhRs.12 lakh200 sqm

Kotak Mahindra Home Loan EMI Calculator

 EMI calculator helps a borrower find out his/her loan repayment ability. It enables them to know whether they can afford the monthly payments towards the loan they are going to take. The calculation will be performed based on the information provided by the user such as the preferred loan amount, repayment tenure, and interest rate. Once the borrower enters the details, the tool will immediately show the estimated EMI. Every home loan borrower should ideally check the EMI through this tool before applying for a Kotak Mahindra Home Loan.

Kotak Mahindra Bank Eligibility Criteria

RequirementsSalariedSelf-Employed
ResidencyIndian/NRIIndian/NRI
Age18-60 years18-65 years
CIBIL ScoreAbove 750Above 750
Loan TenureUp to 20 yearsUp to 20 years
Minimum Net IncomeRs.20,000 per monthRs.20,000 per month
Minimum Loan AmountCheck with BankCheck with Bank
Maximum Loan AmountCheck with BankCheck with Bank

Documents Required for All Kotak Mahindra Home Loan Applicants

Kotak Mahindra Bank asks for the following documents to approve your home loan application:

Salaried applicants

  • 1 passport size photograph
  • Copy of PAN card (for applicants with relationship proof)
  • Copy of Aadhaar card (for applicants with relationship proof)
  • Copy of Residence proof (for applicants with relationship proof)
  • Last 3 months’ salary slips (for applicants whose income is considered)
  • Last 2 years Income Tax Return (ITR)
  • Form 16 of past 2 years
  • Last 6 months’ original bank statement of the applicant’s salary account (for applicants whose income is considered)
  • Proof of relationship
  • Details of the existing loan along with track record, if there is any
  • Property documents with sanction map

Self-employed applicants

  • All KYC documents (same as salaried individuals)
  • 12 month’s bank statement of all the accounts and current account mentioned in the form
  • Valid age proof approved by the government
  • Income proof documents and business continuity proof
    • Self-employed Professionals (SEP)
      • Last 3 years income tax returns, personal and business along with income computation
      • Last 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant
    • Self-employed Non-Professionals (SENP)/Co./HUF/ Partnership Firm/LLP)
      • Same documents as SEP
      • Degree Certificate
      • Registration Proof with Tax authorities as applicable to the type of business
  • Proof of existence of partnership firm/company/HUF/LLP
    • Partnership firm
      • Registered partnership deed
      • Letter from other partners
    • Company
      • Memorandum
      • Articles of association
    • HUF: IT returns
  • Business profile on the letter head of the proprietorship/partnership firm/company/HUF/LLP (for SENP/Co./HUF/ Partnership Firm/LLP)
  • Power of Attorney (Co./HUF/Partnership Firm/LLP)
  • Minimum 2 recommendatory business reference
  • Existing loan repayment track record (RTR) along with proofs, if there is any

NRI customers

  • Last 6 month’s bank statement of all domestic and (NRE/NRO/FCNR/ NRNR) and international accounts
  • Age proof
    • Copy of Passport
    • Copy of KYC Documents of Power of Attorney
  • Income proof
    • Fixed salary
      • Salary certificate (in English) containing name, date of joining, designation, and salary details; OR
      • Last 3 months’ salary slips
    • Variable salary
      • Salary certificate (in English) specifying name, date of joining, designation and salary details for last 6 months, OR
      • Last six months’ salary slips
  • Updated bank statement of the salaried account
  • Proof of job continuity for last 3 years
    • Employment contract copy/Appointment letter in English (Attested by the Embassy/Employer if translated from English)
    • Continuous Discharge Certificate or CDC for merchant navy employees
  • Power of Attorney
    • Attested by Indian consulate at the place of residence of the NRI customer if he/she is overseas at the time of application
    • Attested by a public notary in the place of residence of the NRI customer if he/she is not available in India at the time of application

Kotak Mahindra Bank Home loan FAQs

What is the maximum loan amount that I can apply for?

It completely depends on your profile. Based on your eligibility the bank will decide the loan amount that you can borrow. However, if you are transferring your existing home loan to Kotak Mahindra Bank, you can get up to 90% of the cost of the property. While for an original loan amount of Rs.20 lakh to Rs.75 lakh you can borrow up to 80% of the property cost, for an original loan amount above Rs.75 lakh you can get up to 75% of the cost.

What are the purposes for which I can take a personal loan from Kotak Mahindra Bank?

You can take a home loan from Kotak Mahindra Bank to buy a property, a flat, or a plot. You can also avail a loan for the purpose of renovating or furnishing your existing home or flat.

How much time will be required for disbursement of my home loan?

After you submit all the documents that have been asked for by the bank, the bank will take 2 working days to disburse the loan to your bank account.

Is it possible to get the benefits under PMAY scheme for properties in rural areas?

No, the PMAY scheme is not applicable for properties in rural areas. This facility can only be availed by eligible applicants who have a house in urban areas.

Where can I apply for Credit Linked Subsidy Scheme (CLSS) under PMAY?

You can apply for a housing loan under CLSS at any Kotak Mahindra Branches.

Is it mandatory to have women ownership to get subsidy under PMAY scheme?

It is mandatory to have women ownership or co-ownership for EWS and LIG beneficiaries. However, this condition is not applicable in case of self-construction or extension. MIG-I and MIG-II don’t need to fulfill this criterion.

Who can be my co-applicants for a Kotak Mahindra Bank home loan?

If you are an individual borrower, your parents, spouse, and major children can be the co-applicants. If there is a co-owner of your property, then he/she must be the co-applicant for the loan.

Can I extend my home loan amount availed from Kotak Mahindra Bank?

It depends on your eligibility and profile. If you are eligible for the same depending on your credit profile, income, and other details then you can apply for the same with the bank.

What are the eligibility criteria to get quick paperless home loans from Kotak Mahindra Bank?
In order to get a quick paperless loan sanctioned within 24 hours using your income tax credentials you are required to meet the following eligibility criteria:

  • Age limit – Between 25-45 years
  • Residency – Residents of Mumbai, Delhi, Gurgaon, Bangalore, Chennai, Pune, Hyderabad, Indore, Ahmedabad, Jaipur, Chandigarh, and Surat
  • Net Income – Minimum Rs.20,000 per month


What is the customer care number of Kotak Mahindra Bank?

You can reach out to the Kotak Mahindra customer care center on the following numbers:

1860 266 2666 (India)
+91 22 6600 6022 (Abroad)