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Product Details
Bank Name

Kotak Mahindra Bank

Maximum Loan Tenure

25 years.

Maximum Loan Amount

No upper limit.

Interest Rate

Salaried: Beginning from 8.70%

Self-employed: Beginning from 8.75%

Type

Floating

Kotak Home Loan
Down Payment

Not specified.

Fees and Charges

Processing Fee: 0.5%
Legal Fee: At actuals.
Prepayment Penalty: Nil for prepayment through own funds for floating rate home loans.

Minimum CIBIL Score

Not specified.

Down Payment and Fees
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Kotak Home Loan

Special Features

50% off for all digital applications. 

Eligibility Criteria

Kotak Mahindra Bank has specific eligibility criteria for its home loan products, which vary slightly depending on factors like your employment type and city of residence. Here's a summary of the key points:

General Eligibility:

  • Age: 18 to 60 years for salaried individuals, 18 to 65 years for self-employed individuals.

  • Nationality: Indian resident.

  • Minimum Income:Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
    Rs. 15,000 per month for residents of other cities.

  • Credit Score: Minimum 700 (ideally 750 and above for optimal interest rates).

Employment Specifics:

  • Salaried individuals: Minimum job experience of 2 years required. Bachelor's degree required for private company/partnership firm employment, not mandatory for government/MNC jobs.

  • Self-employed individuals: Business/profession must be operational for at least 3 years. Income tax returns for the past 3 years needed. Minimum annual income:Rs. 2,40,000 for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
    Rs. 1,80,000 for residents of other cities.

Additional Documents:

  • Identity proof: PAN card, Voter ID, Aadhaar card, Passport, Driving License.

  • Income proof: Salary slips, Form 16 for salaried individuals, Income tax returns and business financials for self-employed individuals.

  • Age proof: Same documents as identity proof.

  • Address proof: Same documents as identity proof.

  • Relationship proof (for co-applicants): Marriage certificate, birth certificate, etc.

  • Banking information: Bank statements, account details.

Additional Points:

  • Kotak Mahindra Bank offers a home loan eligibility calculator on their website to help you assess your pre-qualification.

  • Meeting the minimum criteria doesn't guarantee loan approval. The bank will assess your overall financial situation and repayment capacity before taking a final decision.

  • Specific loan terms and interest rates may vary depending on your eligibility and chosen loan product.

Special Concession

None.

Home Saver Option

No.

Features, Eligibility and Concession
Pros
  • Fast processing. 

  • 50% off on processing fee for digital applications. 

  • Long tenure of 25% years. 

  • Minimal documentation.

Cons
  • High interest rate in comparison to PSU banks. 

  • High processign fee. 

Pros & Cons
Application Procedure

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