Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank offers home loans at affordable interest rates starting from 7.99% per year for both salaried and self-employed people. You can get up to 90% of your property value as a loan, especially in case of a balance transfer, with repayment options of up to 20 years. The bank does not charge any processing fee for online applications and also provides home loans under the PMAY scheme. Women borrowers can also enjoy special benefits, making the loan more convenient and affordable.
Kotak Mahindra Bank Home Loan Interest Rate
Kotak Mahindra Bank offers home loans at affordable interest rates starting from 7.99% p.a. The revised rates apply to new home loan applications, while balance transfer rates are available up to 8.20% p.a.
Home loan options are available for resident Indians and NRIs. The bank also offers home improvement loans for renovation or repair work.
Key Features
- Interest rates starting at 7.99% p.a.
- Balance transfer interest rate up to 8.20% p.a.
- Processing fee: up to 2% of the loan amount + GST (waived or reduced for online applications)
- Zero processing fee for online applicants in many cases
- PMAY subsidy available for eligible EWS, LIG, and MIG borrowers
- Repayment tenure up to 20 years
- Simple documentation process
- Optional home loan insurance at affordable premiums
Why Choose Kotak Home Loans
Kotak Mahindra Bank home loans combine competitive interest rates with flexible tenures and simplified online options. The availability of subsidies under PMAY and optional insurance cover make the loan suitable for a wide range of borrowers.
Compare Rates
It is a good idea to compare home loan interest rates across banks to find the best fit for your needs. Check eligibility, total cost including fees, and available subsidies before deciding.
Note: For exact rates and eligibility, visit the bank or check the official Kotak Mahindra Bank website.
Compare Home Loan Interest Rates Across Different Banks
| SBI Home Loan | 7.25% p.a. to 10.50% p.a. |
| HDFC Home Loan | 7.75% p.a. onwards |
| PNB Housing Finance | 7.70% p.a. to 11.45% p.a. |
| Axis Home Loan | 8.35% p.a. to 9.35% p.a. |
| Union Bank of India Home Loan | 8.60% p.a. onwards |
| Bank of Baroda Home Loan | Floating rate: 7.45% to 9.20% per year, Fixed rate: 9.15% to 10.20% per year. |
| LIC Home Loan | 7.50% p.a. onwards |
| Kotak Mahindra Bank Home Loan | 7.99% p.a. onwards |
| Central Bank of India Home Loan | 7.35% p.a. onwards |
| Aditya Birla Housing Finance | Salaried: 8.80%–14.00% p.a. & Self-employed: 9.10%–14.75% p.a. |
| HSBC Home Loan | 7.70% p.a. onwards |
| Standard Chartered Bank Home Loan | Starting from 8.95% p.a. |
| TATA Capital Home Loan | 7.75% p.a. onwards |
| YES Bank Home Loan | 9.00% - 11.50% p.a. |
| IDBI Home Loan | 7.65% p.a. onwards |
| Bandhan Bank Home Loan | 8.14% p.a. onwards |
| Federal Bank Home Loan | 8.75% p.a. onwards |
| South Indian Bank Home Loan | 8.30% p.a. onwards |
Kotak Mahindra Bank Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY) was launched in 2015 to make affordable housing available for all. Under this scheme, eligible applicants from Economically Weaker Section (EWS), Low-Income Group (LIG) and Middle-Income Group (MIG) can get an interest subsidy on their home loan through the Credit Linked Subsidy Scheme (CLSS).
Features and benefits
- Upfront interest subsidy on the outstanding principal.
- Subsidy is calculated using Net Present Value (NPV) at a 9% discount rate.
- Save up to ₹2.67 lakh as interest subsidy.
- Available for individuals with annual income up to ₹18 lakh.
- Subsidy can be claimed on loan amounts up to ₹12 lakh.
- Interest subsidy applies for up to 20 years or the loan tenure, whichever is lower.
Eligibility and subsidy details
| Category | Household Income | Interest Subsidy (p.a.) | Maximum Subsidy | Eligible Loan Amount | Eligible Carpet Area |
|---|---|---|---|---|---|
| EWS (Economically Weaker Section) | Up to ₹6 lakh | 6.5% | ₹2.67 lakh | ₹6 lakh | No restriction |
| LIG (Low-Income Group) | Above ₹3 lakh and up to ₹6 lakh | 6.5% | ₹2.67 lakh | ₹6 lakh | No restriction (60 sqm for home extension/repair) |
| MIG-I (Middle-Income Group I) | More than ₹6 lakh and up to ₹12 lakh | 4% | ₹2.35 lakh | ₹9 lakh | Up to 160 sqm |
| MIG-II (Middle-Income Group II) | More than ₹12 lakh and up to ₹18 lakh | 3% | ₹2.30 lakh | ₹12 lakh | Up to 200 sqm |
With Kotak Mahindra Bank’s PMAY support, you can reduce your home loan interest costs and move closer to owning your home. For more details, check eligibility criteria and apply through your nearest branch or online portal.
Kotak Mahindra Bank Home Loan Eligibility
To apply for a Kotak Mahindra Bank Home Loan, you need to meet the following criteria:
- Residency: Indian or NRI
- Age: Salaried applicants – 18 to 60 years & Self-employed applicants – 18 to 65 years
- CIBIL Score: Minimum 750
- Loan Tenure: Up to 20 years
- Minimum Monthly Income: ₹20,000
- Minimum Loan Amount: As per bank policy
- Maximum Loan Amount: As per bank policy
Explore Financial Calculators
Documents Required for Kotak Mahindra Bank Home Loan
Kotak Mahindra Bank asks for certain documents to process your home loan application. The list of documents depends on whether you are salaried, self-employed, or an NRI.
Documents for Salaried Individuals
- Passport-size photograph
- PAN Card and Aadhaar Card copy
- Residence proof
- Last 3 months’ salary slips
- Last 2 years’ Income Tax Returns (ITR)
- Form 16 for the last 2 years
- Last 6 months’ salary account bank statement
- Proof of relationship (if applicable)
- Details of existing loans (if any)
- Property documents with approved sanction map
Documents for Self-Employed Individuals
- KYC documents (same as salaried)
- Last 12 months’ bank statements of all accounts
- Government-approved age proof
- Income proof and business continuity proof
For Self-Employed Professionals (SEP):
- Last 3 years’ ITR (personal & business) with income computation
- Last 3 years’ profit & loss account and balance sheet, certified by a Chartered Accountant
For Self-Employed Non-Professionals (SENP), Companies, HUFs, Partnership Firms, LLPs:
- Same as SEP requirements
- Degree certificate (if required)
- Tax registration proof
- Business existence proof
- Partnership deed / Memorandum & Articles of Association / HUF ITRs
- Business profile on company letterhead
- Power of Attorney (if applicable)
- At least 2 business references
- Loan repayment history, if any
Documents for NRI Applicants
- Last 6 months’ bank statements (domestic and NRE/NRO/FCNR accounts)
- Passport copy
- Age proof
- KYC documents of Power of Attorney
- Income proof
For Fixed Salary Employees:
- Salary certificate in English with joining date, designation, and salary details OR
- Last 3 months’ salary slips
For Variable Salary Employees:
- Salary certificate in English (last 6 months’ details) OR
- Last 6 months’ salary slips
- Updated bank statement of salary account
- Proof of job continuity for 3 years
- Employment contract or appointment letter (in English, attested if translated)
- Continuous Discharge Certificate (CDC) for merchant navy employees
Power of Attorney:
- Attested by the Indian Consulate if the applicant is overseas
- Attested by a public notary in the country of residence if the applicant is not in India
How much home loan can I get from Kotak Mahindra Bank?
The loan amount depends on your profile, income, and eligibility. For balance transfers, you can get up to 90% of the property value. For loans between ₹20 lakh and ₹75 lakh, financing is up to 80%, and for loans above ₹75 lakh, it is up to 75% of the property cost.
How long does Kotak Mahindra Bank take to disburse a home loan?
After you submit the required documents, the loan amount is usually disbursed within 2 working days.
What can a Kotak Mahindra home loan be used for?
You can use the loan to buy a house, flat, or plot. It can also be taken for renovating or furnishing your existing home.
Who can apply as a co-applicant for a home loan?
Your spouse, parents, or adult children can be co-applicants. If the property has a co-owner, they must also be included as a co-applicant.
Can I increase my home loan amount later?
Yes, you can request an increase if you meet the eligibility criteria. The bank will check your income, credit score, and repayment history before approval.
What is the eligibility for quick paperless home loans?
Kotak Mahindra offers instant paperless home loans within 24 hours if you are 25–45 years old, earn at least ₹20,000 per month, and live in cities like Mumbai, Delhi, Bangalore, Chennai, Pune, Hyderabad, Indore, Ahmedabad, Jaipur, Chandigarh, or Surat.
Can I get PMAY subsidy on Kotak Mahindra home loans?
Yes, eligible applicants can get PMAY subsidy on urban properties. Rural properties are not covered under this scheme.
How do I apply for PMAY CLSS subsidy with Kotak Mahindra Bank?
You can apply for a home loan with the PMAY Credit Linked Subsidy Scheme (CLSS) at any Kotak Mahindra Bank branch.
Is women ownership necessary for PMAY subsidy?
For EWS and LIG categories, women ownership or co-ownership is required, except in cases of self-construction or extension. For MIG-I and MIG-II, this condition is not mandatory.
What is the Kotak Mahindra Bank home loan customer care number?
For assistance, call 1860 266 2666 (within India) or +91 22 6600 6022 (from abroad).