Kotak Mahindra Home Loan Interest Rates

4.5

Kotak Mahindra Bank is among the top banks in India. The home loans offered by the bank are designed to help customers achieve their dream of a house. The rate of interest on home loan for salaried and self-employed applicants range from 8.65% - 9.35% pa and 8.75% - 9.45% pa, respectively. The facility of a loan balance transfer is also available. An amount ranging between INR 10 lakhs and ten crores can be availed for a term between 1 to 20 years.

  • Home Loan offer for You

  • 8.7% - 9.6%

    Interest Rate (p.a.)
  • ₹10L - ₹10Cr

    Tenure(5 - 25 Years)
  • ₹2,061 - ₹2,105

    EMI Per Lakh

Check Latest Home Loan Offer From Kotak Mahindra Bank

  • 8.7% - 9.6%

    Interest Rate (p.a.)
  • ₹10L - ₹10Cr

    Tenure(5 - 25 Years)
  • Up to 3% of loan amount

    Processing Fee

Compare Kotak Mahindra Home Loan Interest Rates with Other Lenders

The following includes the Kotak Mahindra Bank home loan interest rates compared with other lenders. This information may help a borrower choose the lender with the best home loan rates.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Kotak Mahindra Bank Home Loan Interest Rates 2024

Home loans by Kotak Mahindra Bank allow an individual to fulfil their dream of owning a home. Their attractive interest rates put little financial strain and help plan their financial obligations. The current Kotak Mahindra Bank home loan interest rate for salaried employees ranges between 8.65% - 9.00% p.a., and for self-employed ranges between 8.75% - 9.45% p.a. Several factors influence the interest rate offered to a borrower, like credit score, loan amount, LTV ratio etc.

Kotak Mahindra Bank Home Loan Highlights

The following table exhibits the Kotak Mahindra Bank home loan interest rate highlights. Borrowers must go through the table and better understand the interest rate.

Product Applicant Rate Of Interest
Home Loan Salaried 8.65% - 9.00% p.a.
Self-Employed 8.75% - 9.45% p.a.
Home Loan Balance Transfer Salaried 8.65% Onwards
Self-Employed 8.75% Onwards

Note: The interest rate mentioned above is as per January 2023.

Kotak Mahindra Bank Home Interest Rates on Loan schemes 

Kotak Mahindra Bank offers a few home loan schemes to cater to the different needs of individuals. These schemes have different interest rates.

The Kotak Mahindra Bank home loan interest rate on various schemes is shown in the table below:

Scheme Interest Rate for Salaried Employees (p.a.) Interest Rate for Self-Employed (p.a.)
Home Loan 8.65% - 9.00% 8.75% - 9.45%
Home Loan Balance Transfer 8.65% onwards 8.75% onwards
Home Improvement Loan 8.65% - 9.00% 8.75% - 9.45%
NRI Home Loan 8.65% - 9.00% 8.75% - 9.45%
Home Loan for Women 8.49% onwards 8.49% onwards

Note: The interest rates mentioned above are dated January 31, 2023.

Kotak Mahindra Bank Home Interest for Salaried and Self-Employed

Kotak Mahindra Bank home loans can be applied by salaried and self-employed individuals. However, they are bound to experience a difference in the eligibility criteria, documents required and thus, the interest rate, owing to the risks involved in the respective occupations. The following table lists the Kotak Mahindra Bank home loan interest rate for salaried employees and self-employed applicants.

Applicant Interest Rate
Salaried 8.65% - 9.00% p.a.
Self-Employed 8.75% - 9.45% p.a.

Note: The information entered above is dated January 31, 2023.

Kotak Mahindra Bank Home Interest for Govt Employees. 

Government employees are considered to be less risky as compared to self-employed applicants. Kotak Mahindra Bank home loan interest rate gov employees range between 8.65% and 9.00% p.a. This discounted rate is due to the safety of the job. However, different applicants may find themselves at different rates. This will be based on their job profile, credit score, loan amount, repayment history and other influencing factors.

Kotak Mahindra Bank Home Loan Interest Rate For Women

Women receive discounted interest rates on home loans from Kotak Mahindra Bank. The Kotak Mahindra Bank home loan interest rate for women starts from 8.49% p.a. Women enjoy reduced interest rates and a concession of up to 2% in stamp duty charges. The eligibility criteria and documents required are also simplified to help women advance their dream of owning a house.

Kotak Mahindra Bank Bank Home Loan Interest Rate For NRI

Kotak Mahindra Bank home loans can be availed by Non-Resident Indians (NRIs). The minimum Kotak Mahindra Bank home loan interest rate NRI is 8.65% p.a. and can go up to a maximum of 9.45% p.a. These attractive interest rates make the bank an appreciated choice.

Kotak Mahindra Bank Home Loan Interest Rate and Other Charges

Applicants must be aware of the following Kotak Mahindra Bank home loan rate of interest and other fees charged at the time of sanctioning the loan.

Particulars Amount 
Interest Rate
  • Self-Employed - 8.75% - 9.45% pa
  • Salaried - 8.65% - 9.00% pa
Processing Fee (PF)
  • Salaried: 0.5% + applicable tax and statutory dues of the loan amount;
  • Self-Employed, HL top-up/Commercial Purchase: 1.0% + applicable tax and statutory dues of the loan amount;
  • Upfront PF of INR 5,000 + applicable tax and statutory dues shall be collected at the time of login which is non-refundable.
Interest Certificate/ Amortisation Schedule/  Statement of Account
  • Self-service mode: Free
  • Through Customer Service/Branch: INR 250 + applicable tax and statutory dues
Charges for a copy of any document INR 500 + applicable tax and statutory dues
Repayment mode/ Account swap charges INR 500 + applicable tax and statutory dues
Switch Fee
  • For Housing/Extension/Improvement: 0.5% of the principal outstanding 
  • Undisbursed amount (if any) at the time of conversion with a cap of INR 10,000 + applicable tax and statutory dues
Prepayment/Foreclosure Charges
  • For Individual Borrowers for non-business end-use: NIL 
  • For Micro & Small Enterprises (MSE): Up to 3% + applicable tax and statutory dues
Instrument (Cheque/ECS/Mandate) dishonour charges INR 500 + applicable tax and statutory dues
Substitute Interest (Penal Interest) 2% per month + applicable tax and statutory dues on unpaid EMI amount for delayed period
Collection charges (In case of default) 30% + applicable tax and statutory dues of cheque/instrument dishonour charges + penal interest
Penal Interest 2% incremental pricing over and above existing spread + applicable tax and statutory dues
Legal charges As Incidental/ At Actuals
Loan Cancellation Charges Higher of 0.10% of the Loan Amount or INR 25,000 + applicable tax and statutory dues
Annual Renewal Charges 0.25% + applicable tax and statutory dues of the OD limit 
Non-utilization Charges
  • Higher of 0.25% of the non-utilized OD limit or INR 1250 + applicable tax and statutory dues.
  • Quarterly minimum OD Limit utilisation threshold: 50%
Overline rate/Penal interest in case of overline accounts 3% + applicable tax and statutory dues per month over and above normal OD rate.
Note:
  • The information mentioned above is dated January 31, 2023.
  • Non-refundable fee will be adjusted overall

How Can You Calculate The Kotak Mahindra Bank Home Loan Interest?

Equated Monthly Installment (EMI) is money paid back to the lender each month as loan repayment. Borrowers can use the Kotak Mahindra Bank home loan interest rate calculator to calculate the EMI on their interest rate. They must enter the loan amount, tenure and interest rate in the fields, and the result will be displayed on the screen in seconds. However, if a borrower wishes to manually calculate the Kotak bank home loan interest rate, they can use the following mathematical formula.

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Here,

  • ‘EMI’ denotes the Equated Monthly Installment
  • ‘P’ denotes the Principal Amount
  • ‘N’ denotes the Loan Tenure
  • ‘R’ denotes the Rate of Interest.

Why are Kotak Mahindra Bank Home Loan Interest Rates the Best for Customers?

Kotak Mahindra Bank home loan interest rate is considered to be the best in the pool of home loan lenders. The current Kotak Mahindra Bank home loan interest rate starts from 8.65% pa for salaried employees and 8.75% pa for self-employed. This caters to a customer’s versatile needs while protecting the bank against defaults. The documents required are minimal, and the eligibility criteria don't have an attitude. However, the eligibility criteria are different for self-employed and salaried individuals. The process of applying for a loan is quick and hassle-free. The interest rates get reduced for women and existing customers, helping them realise their dream of owning a home comfortably and at a lower EMI.

Kotak Mahindra Bank Home Loan Interest Rates for Existing Customers

Customers already having an account with Kotak Mahindra Bank get an additional benefit of discounted home loan interest rate. The home loan interest rate in Kotak Mahindra Bank for existing customers starts from 8.65% pa and can go up to 9.45% pa. Existing customers get this reduced rate due to their relationship with the bank. A good relationship results in a lower interest rate and vice versa.

Factors that Affect Kotak Mahindra Bank Home Loan Interest Rate and EMI

The factors that affect the home loan interest rate in Kotak Mahindra and its EMIs are given below. Borrowers must understand these factors to get the best home loan rates.

  • Credit Score
  • Loan Amount
  • Type of Loan Interest Rate
  • Occupation
  • Loan-to-Value Ratio (LTV)
  • Repayment History
  • Location of the Property
  • Value of the Property
  • MCLR Rates
  • Loan Tenure

Frequently Asked Questions (FAQs)

What's the interest rate for Kotak Mahindra Bank?

The interest rate for Kotak Mahindra Bank for salaried employees ranges between 8.65% – 9.00% pa, and for self-employed ranges between 8.75% – 9.45% pa.

What is the current interest rate on Kotak Mahindra Bank home loan?

The current Kotak Mahindra Bank home loan interest rate starts from 8.65% pa and can go up to 9.00% pa for salaried applicants, and as for self-employed applicants, the interest rate starts from 8.75% pa and can go up to 9.45% pa.

Does Kotak Mahindra Bank provide 90% of a home loan?

Yes, Kotak Mahindra Bank provides 90% of a home loan.

What is the EMI for 30 lakhs home loan for 20 years?

The EMI for 30 lakhs home loan for 20 years at an interest rate of 9.00% pa is INR 26,992.

How can I reduce my Kotak Mahindra Bank home loan interest rate?

To reduce your Kotak Mahindra Bank home loan interest rate, you must improve your CIBIL score, take care of the LTV ratio and build a rapport with the bank, among others.

What is the average interest rate for a home loan in Kotak Mahindra Bank?

The average interest rate for a home loan in Kotak Mahindra Bank is 9.00% pa.

Urban Money