Kotak Mahindra Bank Home Loan Highlights | |
Interest Rate* | 8.85% 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 5th June 2023

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Table of Contents
Kotak Mahindra Bank Home Loan Interest Rates
Kotak Housing Loan
For Salaried | 8.85%-9.35% p.a. |
For Self-employed | 8.90%-9.40% p.a. |
Kotak Home Loan Balance Transfer
For Salaried | 8.85% onwards |
For Self-employed | 8.90% 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 | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
LIC Housing Finance | 8.60% – 10.35% | 8.60% – 10.55% | 8.60% – 10.75% |
ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
PNB Housing Finance | 8.75% - 14.50% | 8.75% - 13.00% | 8.75%-11.35% |
Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
Bank of Baroda | 8.60% - 10.65% | 8.60% - 10.65% | 8.60% - 10.90% |
Union Bank of India | 8.50% – 10.75% | 8.50% – 10.95% | 8.50% – 10.95% |
IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards |
Tata Capital | 9.15% onwards | 9.15% onwards | 9.15% onwards |
Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |

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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: Regular home loan scheme for purchase or construction of house, and renovation of existing home
LTV Ratio: 75%-80% of property cost
Tenure: Up to 25 years
Home Improvement Loan
Purpose: Loans for renovating/improvements in the existing house.
LTV Ratio: Up to 90%
Tenure: Up to 15 years
NRI Home Loan
Purpose: Home loans offered to NRI individuals
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 15 years
NRI Home Improvement Loan
Purpose: To meet all the home improvement requirements for home loan applicants
Loan Amount: Up to 80% of improvement cost
Tenure: Up to 10 years
Home Loan Balance Transfer
Purpose: Home loan transfer facilitates transfer of existing home loans to Kotak Mahindra Bank at lower interest rates.
Processing Fees: Up to 6% of loan amount
LTV Ratio:
Loan Amount Rs 20 lakh-Rs 75 lakh | Up to 80% of property cost |
Loan Amount above Rs 75 lakh | Up to 75% of property cost |

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Eligibility Criteria for Kotak Mahindra Bank Home Loan
Eligibility 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
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.
Eligibility For Home Improvement Loan
- Age
- Monthly Income
- Savings and Credit History
- Qualification
- Work Experience
- Source of Income
- Number of Dependents
- Probability of Individual Continuing in same Occupation

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Eligibility For 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:
- 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
- For loan tenure up to 5 years annual gross salary should be:
Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash
Eligibility For NRI Home Improvement Loan
- Maximum Age: 58 years
- Minimum Qualification: Graduation
- Employed for last 3 years
- Minimum Income:
- 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
Salary should be received on weekly/fortnightly/monthly basis either through cheque or direct bank credit and not by cash
Also compare the home loan eligibility of top 10 home loan lenders

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Kotak Mahindra Home Loan Documents Required
For Salaried
- Passport size photographs
- A copy of PAN card (all applicants)
- A copy of Aadhaar card (all applicants)
- A copy of residence proof (all applicants)
- A copy of age proof
- Income proof for salaried- 3-month salary slips (of all applicants whose income is considered)
- Form 16 and ITR of last 2 years (of all applicants whose income is considered)
- Last 6-months bank statement in original where salary credited (of all applicants whose income is considered)
- Last 6-months bank statement of any other bank a/c (of all applicants whose income is considered)
- Relationship proof
- Details of the loan availed with a track record (if any existing loans)
- All property documents (chain) with sanction map
For Self Employed
- Passport size photographs
- A copy of PAN card (all applicants)
- A copy of Aadhaar card (all applicants)
- A copy of residence proof (all applicants)
- Bank statement/ passbook for last 12 months (for applicants whose income is being considered for eligibility)
- Income proof and business continuity proof:
- Latest 3 years income tax returns, personal and business along with computation of income (2 years for Kotak Group customers)
- Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant. (2 years for Kotak Group customers)
- Degree certificate
- Proof of the existence of partnership firm/ company/ HUF/ LLP:
- For partnership firm – Registered partnership deed and Letter from other partners stating
- For Company – Memorandum, and Articles of association
- For HUF – IT returns
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.