Kotak Mahindra Bank Home Loan Highlights | |
Interest Rate* | 8.75% p.a. onwards |
Loan Amount (LTV Ratio) | Up to 90% of property value |
Loan Tenure | Up to 25 years |
Processing Charges | Up to 1% of the loan amount |
Minimum Monthly Income | Rs 20,000 (Delhi, Mumbai, Chennai, Pune, Bangalore) Rs 15,000 (Other cities) |
Note: Rates as of 28th September 2023

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Table of Contents
Kotak Mahindra Bank Home Loan Interest Rates
Kotak Housing Loan
For Salaried | 8.75%-9.35% p.a. |
For Self-employed | 8.80%-9.60% p.a. |
Kotak Home Loan Balance Transfer
For Salaried | 8.75% onwards |
For Self-employed | 8.80% onwards |

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Compare Kotak Home Loan Interest Rates with Other Lenders
Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
SBI | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |

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Kotak Mahindra Home Loan Processing Fees & Other Charges
General Fees & Charges | |
Processing Fee | Up to 1% of loan amount and Statutory Dues |
Documentation Charges | Up to Rs. 10,000 |
Commitment Fee | 2% of the undisbursed amount of the loan |
Cheque Dishonour Charges | Rs. 750 (inclusive of GST and other applicable statutory levies) per instance) |
Charges for Copy of Documents | Rs. 500 per instance |
Repayment Mode I Account Swap Charges | Rs. 500 per instance |
Charges for Duplicate NOC I No Dues Certificate | Rs. 500 per instance |
Charges for Copy of CIBIL Report (to Customers who has availed Loan I Overdraft from us) | Rs. 50 per instance |
Charges Specific to Term Loans | |
Prepayment Charges | No prepayment/foreclosure is allowed till the lapse of the lock-in period of 6 months after EMI Commencement After the lapse of the lock-in period, part prepayment of min. Rs. 25,000 and max. up to 25% of outstanding loan amt. can be made without any prepayment charges every 6 months. The min. period between any two prepayments shall be at least 6 months For part prepayment made over 25% of the outstanding loan amt. – 4% of the excess prepayment amt. shall be charged For full prepayment any time after the lapse of lock-in period – 4% of the foreclosure loan amt. + amounts prepaid during the last 12 months shall be charged |
Substitute Interest (Penal Interest) | 2% p.m. compound monthly on the amt. due but unpaid from the date of the amount falling due till the date of actual payment |
Collection Charges (in case of Default) | 30% of Cheque / Instrument Dishonour Charges + Substitute Interest |
Charges Specific to Overdraft Facility | |
Top Up Overdraft |
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Charges for Interest Certificate / Account Statement | Free once in a Financial Year. Thereafter, Rs. 250 per instance |
Also check the processing fees for home loan

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Types of Kotak Mahindra Bank Home Loan
Kotak Housing Loan
Purpose: Kotak Mahindra Bank offers regular home loans to its applicants to finance the purchase of new homes or renovation of existing home properties.
Tenure: Up to 25 years
Kotak Home Improvement Loan
Purpose: Applicants can avail Home Renovation/Improvement Loans from Kotak Mahindra Bank for upgrading their existing home properties.
LTV Ratio: Up to 90%
Loan Amount | LTV Ratio |
Rs 35 lakh to Rs 70 lakh | Up to 80% |
Above Rs 75 lakh | Up to 75% |
Tenure: Up to 15 years
Kotak NRI Home Loan
Purpose: NRIs can avail Kotak NRI Home Loans for purchase or construction of homes or upgradation of existing homes in India
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 15 years
Kotak NRI Home Improvement Loan
Purpose: NRI applicants can avail NRI Home Improvement Loans from Kotak Mahindra Bank for renovating, upgrading or furnishing their existing homes in India.
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 10 years
Kotak Home Loan Balance Transfer
Purpose: Existing home loan borrowers of other banks and HFCs can avail Kotak Mahindra Bank Home Loan Balance Transfer facility for transferring their existing home loans to Kotak Mahindra Bank at lower interest rates.
Kotak Home Loan for Women
Purpose: Kotak Mahindra Bank offers affordable housing loans to women including single women and widows with a concession of 1-2% on stamp duty.
LTV Ratio: Up to 85% of property cost

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Eligibility Criteria for Kotak Mahindra Bank Home Loan
For Kotak Housing Loan
Age
- For Salaried: 18-60 years
- For Self-employed: 18-65 years
Gross Income of Indian Resident
- At least Rs 20,000 per month for Delhi, Bangalore, Mumbai, Pune, Chennai
- At least Rs 15,000 per month for other cities
Minimum Qualification
- For applicants working in private limited companies and partnership firms: Bachelor’s Degree
- For applicants employed with public limited company or MNC or Government or public sector company: No minimum qualification
For Hindu Undivided Family (HUF)
- The applicant or the co-applicant should be the Karta of Hindu undivided Family
- The HUF should provide their IT returns for at least 3 years
- The HUF should have existed for at least 3 years
- The minimum net income requirement for Hindu Undivided Family living in Delhi, Bangalore, Mumbai, Pune, Chennai is Rs 2.4 lakh p.a. and for other cities is Rs 1.8 lakh p.a.
Kotak Mahindra Bank may also check the credit score of its home loan applicants while setting Kotak Bank Home Loan Eligibility, just like other lenders do while evaluating the home loan eligibility of their applicants.

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For Kotak NRI Home Loan
- Age: 58 years at the time of loan maturity
- Should be a graduate and employed for at least 3 years
Minimum Income Requirement:
For loan tenure up to 5 years annual gross salary should be:
- USA/UK/Other countries excluding gulf
- USD 20,000 for Merchant Navy
- Dirhams 36,000 for Gulf countries
For loan tenure above 5 years to 15 years:
- USD 42,000 for USA/UK/Other countries excluding gulf
- USD 26,000 for Merchant Navy
- Dirhams 48,000 for gulf countries
Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash
For Kotak NRI Home Improvement Loan
- Maximum Age: 58 years
- Minimum Qualification: Graduation
- Employed for last 3 years
- Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash
Minimum Income Requirement:
For tenure up to 5 years:
- Dirhams 36,000 for gulf countries
- USD 30,000 for USA/UK/Other countries excluding gulf
- USD 20,000 for Merchant Navy
For tenure above 5 years:
- Dirhams 48,000 for Gulf countries
- USD 26,000 for Merchant Navy
Also compare the home loan eligibility of top 10 home loan lenders

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Kotak Mahindra Home Loan Documents Required
- Duly signed application form with a photograph
- PAN Card
- Aadhaar Card
- Passport
- Address Proof
- Bank statement
- Salary slip for last 3 months
- ITR and Form 16
- Job Confirmation Proof
- Relationship Proof
- Proof of business existence
- Business Profile
- Business Reference
- Power of Attorney
- Information regarding loans availed with its track record
- Education qualification certificate and proof of business existence
- ITR for last 3 years with income computation
- Balance sheet for last 3 years along with profit and loss account certified by a Chartered Accountant
- All property documents with sanction map
Also check the list of documents required for home loans

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Kotak Mahindra Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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FAQs
1. What is the turnaround time for the disbursal of Kotak Mahindra Home Loan?
Ans. Kotak Mahindra Bank claims to disburse home loans in 2 working days after the submission of relevant documents.
2. Can I choose between fixed and floating interest rates?
Ans. Kotak Mahindra Bank offers home loans at floating rates only.
3. Can I foreclose my home loan availed from Kotak Mahindra Bank?
Ans. Yes, you can foreclose the home loan. No foreclosure fee is charged on home loans at floating rates of interest.
4. Who can be the co-applicant to my home loan?
Ans. Your spouse, parents or your major children can be your co-applicants. The co-owner of the property should necessarily be the co-applicant, but the co-applicant need not be the co-owner of the property.
5. What can be the reasons for the rejection of home loan?
Ans. A home loan application can be rejected due to poor credit score, frequent job changes, age, high EMI/NMI ratio, etc. of the home loan applicant and/or due to issues related to property and documentation.
6. What is the minimum credit score required to avail home loans from Kotak Mahindra Bank?
Ans. Kotak Mahindra Bank has not mentioned the cut-off credit score for home loan applicants. However, applicants having credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Click Here:- To know more about Credit Score based Interest Rates of Home Loan
7. Is the processing fees for Kotak Mahindra Bank home loans refundable?
Ans. No, Kotak Mahindra Bank does not refund processing fees levied on home loan applications. However, it does not charge any processing fees on online home loan applications.