Kotak Mahindra Bank Home Loan Interest Rate
No matter whether you are a first-time home buyer or looking to upgrade an existing home, you might have your reasons to apply for a home loan. How about turning it into a hassle-free experience with the help of Kotak Mahindra Bank? Counted as one of India’s best private banks, Kotak Mahindra offers affordable home loans to salaried and self-employed applicants. The Kotak Mahindra home loan interest rate starts at 8.70% p.a. for salaried applicants. The Kotak home loan rate starts at 8.75% p.a. for self-employed applicants. The bank charges a nominal processing fee of up to 1.00% of the loan amount on all such loan applications. Besides the lower Kotak Mahindra Bank home loan interest rate, the ease of availing of Balance Transfer and Top-Up home loans makes it a prime lender among aspiring homeowners. The maximum loan repayment tenure offered by Kotak is up to 25 years.
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Kotak Mahindra Bank Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property cost |
|---|---|
| Rate of Interest | 8.70% p.a. onwards |
| Processing Fees |
Up to 1.00% of the loan amount |
| Max Tenure for Loan Repayment | 25 years |
Kotak Mahindra Bank Home Loan Interest Rates in 2024
Kotak Mahindra Bank understands the needs of different people and offers them convenient home loans at an affordable interest rate starting at 8.70% per annum. The maximum tenure for loan repayment is up to 25 years. The tables given below enlist the Kotak Mahindra home loan interest rate 2023 for different categories of home loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 8.70% - 8.95% p.a. |
| Self-Employed | 8.75% - 8.95% p.a. |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 16.40%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | (Repo Rate: 6.50%) 8.70% p.a onwards. (Salaried) |
| All Loans | (Repo Rate: 6.50%) 8.75% p.a. onwards (Self-Employed) |
Kotak Mahindra Bank Home Loan for Women Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.75% p.a. onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | 8.70% - 8.95% p.a. (Salaried) |
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | 8.75% - 8.95% p.a. (Self-Employed) |
Interest rates were last updated on 20th November 2023
Kotak Mahindra Bank Home Loan Interest Rates for All Schemes in India
Kotak Mahindra Bank offers aspiring homeowners a wide range of housing finance schemes at affordable interest rates. Both salaried and self-employed applicants can apply for the same after meeting the eligibility criteria set by the bank. The starting interest rate for Kotak Bank is 8.70% per annum onwards. The table below lists some of the popular home loan schemes offered by Kotak Mahindra Bank:
| Rates of Interest for Each Plan | Rates of Interest for Each Plan |
|---|---|
| Home Loan |
|
| Kotak Home Improvement Loan |
|
| Kotak NRI Home Loan |
|
| Kotak NRI Home Improvement Loan |
|
| Kotak Home Loan Balance Transfer |
|
| Kotak Home Loan for Women |
|
| Kotak Top-Up Loan |
|
Kotak Mahindra Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
Like all other prestigious banks, Kotak Mahindra Bank takes pride in offering its customers three convenient types of facilities to make home loans more comfortable. These are listed below:
Kotak Mahindra Bank Home Loan Balance Transfer
Kotak Bank offers home loan borrowers from other banks and NBFC to enjoy lower interest rates and flexible EMIs by shifting their outstanding loan amount to Kotak Bank. For this, it offers them Kotak Mahindra Bank Balance Transfer Home Loans. The Kotak balance transfer home loan interest rate starts at 8.70% per annum.
Kotak Mahindra Bank Home Loan Top-Up
Kotak Mahindra is a customer-friendly bank that offers all the financial services keeping the customer at the main center. Take, for instance, Kotak Bank Top-Up Home Loans, which gives customers a convenient option to lower their home loan interest rate and enjoy flexible repayment through reduced EMIs. Another benefit of Kotak Bank Top Up Home Loan is that it brings along some lucrative tax benefits for the customers who have applied for home loans for constructing, renovating or extending their homes. The Kotak Bank Top-Up home loan interest rate starts at 8.70% per annum.
Kotak Mahindra Bank Home Loan Overdraft Option
The Kotak Mahindra Bank Overdraft facility is an excellent opportunity for existing customers to avail some additional funds without applying for a new loan amount. The Kotak Bank overdraft facility is like a bank account linked with the home loan where the customer deposits and withdraws money whenever required.
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Compare Kotak Mahindra Bank Home Loan Interest Rate with Top Banks
Kotak Bank offers competitive interest rates on all its home loan products. However, we do suggest you to do a prior comparison between other lending banks and NBFCs before applying for a Kotak home loan. The table below enlists the interest rates and processing fees of other leading banks and NBFCs in India providing home loans to help you make a comparison with those offered by Kotak Mahindra Home Loans.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Standard Chartered | 8.75% p.a. onwards | 0.5% - 1% of the approved loan amount |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Rs. 10,000 max) |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| Axis Bank | 9.00% - 9.40% p.a. | Up to 1% of the loan amount |
| Kotak Mahindra | 8.70% onwards | 0.50% of loan amount |
Kotak Mahindra Bank Home Loan Balance Transfer Interest Rates
Kotak Mahindra Bank allows customers having a home loan in another bank or NBFC to easily transfer the outstanding loan amount to Kotak through Balance Transfer Home Loans. More and more home loan borrowers across the country are switching to Kotak home loans through these easy-to-get balance transfer home loans for lower interest rates and reduced EMIs.
Kotak home loan balance transfer interest rates for salaried and self-employed individuals start at 8.70% per annum. Have a look at the easiest way to apply for a Kotak Bank balance transfer process:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with all your key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Kotak Mahindra Bank Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Kotak Balance Transfer on home loans.
Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan
How to Calculate Kotak Mahindra Bank Home Loan Interest Rates?
Save yourself the hassles of visiting a bank branch to know the interest rate payable on a Kotak home loan plan by using the online home loan interest rate calculator that is conveniently available at EMI. Use this calculator to better plan your monthly finances and know what you might need to pay as your Kotak Mahindra Home Loan EMI. The table below provides a detailed estimate of the EMI payable and the interest rate on home loans from Kotak Mahindra Bank:
Kotak Mahindra Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.70% p.a. | Rs. 12,506 | Rs. 8,805 | Rs. 7,831 |
| Rs. 20 lakh | 8.70% p.a. | Rs. 25,7012 | Rs. 17,610 | Rs. 15,663 |
| Rs. 30 lakh | 8.70% p.a. | Rs. 37,517 | Rs. 26,416 | Rs. 23,494 |
| Rs. 40 lakh | 8.70% p.a. | Rs. 50,023 | Rs. 35,221 | Rs. 31,325 |
| Rs. 50 lakh | 8.70% p.a. | Rs. 62,529 | Rs. 44,026 | Rs. 39,157 |
| Rs. 60 lakh | 8.70% p.a. | Rs. 75,035 | Rs. 52,831 | Rs. 46,988 |
| Rs. 70 lakh | 8.70% p.a. | Rs. 87,541 | Rs. 61,637 | Rs. 54,819 |
| Rs. 80 lakh | 8.70% p.a. | Rs. 1,00,046 | Rs. 70,442 | Rs. 62,651 |
| Rs. 90 lakh | 8.70% p.a. | Rs. 1,12,552 | Rs. 79,247 | Rs. 70,482 |
| Rs. 1 crore | 8.70% p.a. | Rs. 1,25,058 | Rs. 88,052 | Rs. 78,313 |
The figures in the table above are based on an 8.70% p.a. interest rate offered by Kotak Mahindra Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
Kotak Mahindra Bank asks for a minimum CIBIL score of 650 to approve home loans for eligible applicants.
Some of the key advantages of applying for a Kotak Mahindra Bank home loan are:
- Lower interest rates
- Minimum documentation
- Flexible EMI repayments
- Easy Balance Transfer
- Attractive Top-Ups
Yes, some banks and NBFCs do offer special interest rates or concessions for women borrowers or senior citizens. Kotak Bank offers lower EMI on home loans to women borrowers.
It might take from 1 week to 10 days for a Kotak Bank home loan disbursement. During this duration, the lender will verify the documents submitted by the applicant.
Yes, you can choose between fixed and floating interest rates on home loans. But, if you want to swap from fixed to floater or vice-versa after getting a home loan, the bank may charge some swapping fee for the same.
No, the processing fees for a Kotak Mahindra Bank home loan are not refundable.
The processing fee for a home loan is levied by the bank to make up for the expenses incurred to process each home loan application. Kotak Mahindra Bank charges up to 1.00% of the loan amount as the processing fee on all home loan applications.