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Kotak Home Loan- Unlock your Dream Home!

Updated on May 14, 2024 , 1380 views

Kotak Mahindra Bank is a private sector bank that offers banking products and financial services for corporate and retail customers. On 29 April’ 2020, Kotak Bank became the second-largest bank by Market capitalization. Currently, the bank has 1600 branches and 2519 ATMs across India.

Kotal bank home loan

Kotak Bank gives a Home Loan with an affordable interest rate. It has also simplified the entire process the home loan. The Kotak home loan is available for Indian residents and NRIs. Read on to know more about eligibility, documents, process, etc.

Types of Kotak Home Loan

1. Kotak Mahindra Home Loan

With the Kotak Mahindra Home Loan, you can get a step closer to your dream home. The bank renders you a bunch of customised home loan plans so that you can have a seamless and pleasurable home buying experience.


  • If you apply Kotak home loan online, then you can save on processing fees
  • You will get a doorstep service to get your loan processed
  • Hassle-free documentation process
  • Home loan insurance is offered at an attractive premium

Kotak Home Loan Eligibility


  • Individual should be salaried between 18 to 60 years old
  • Self Employed age between 18 to 65 years old

Gross Income of Resident Indian Individual

  • Minimum Income should be Rs. 20,000 per month for the selected cities like Delhi, Mumbai, Bangalore, Pune & Chennai
  • Minimum income should be Rs. 15000 per month for other cities

Minimum Qualification

  • An individual should be a graduate and should be employed with a private limited company or partnership firm

  • If an individual is employed with Public limited company, MNC, government or public sector company, then there is no such criteria

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Partnership Firm/ LLP/Indian Company

  • A firm should be in existence for at least 3 years
  • Gross Income of Partnership firm/LLP/Indian Company
  • Minimum net income should be Rs. 2,40,000 p.a for the selected cities like Delhi, Mumbai, Chennai, Bangalore & Pune
  • Minimum net income should be Rs. 1,80,000 p.a for other cities


  • Karta should be applicant/co-applicant
  • HUF should be in existence for at least 3 years
  • A 3 year of IT return of HUF should be obtained
  • Net income of HUF should be a minimum of Rs. 2,40,000 p.a for the cities like Mumbai, Delhi, Chennai, Pune & Bangalore
  • Minimum income should be Rs. 1,80,000 p.a for other cities

Kotak Home Loan Documents

  • Passport size photographs
  • PAN Card copy
  • aadhaar card copy
  • Residence proof copy of all applicants with relationship proof
  • Salary Slips of last 3 months
  • Form 16 and ITR of the applicants whose income is considered of last 3 months
  • Bank statement of last 6 months where the salary credited
  • bank statement of last 6 months of an individual whose income is considered
  • All property documents with sanction map
  • Any other existing loan track record

Kotak Home Loan Interest Rates 2024

The interest rate is one of the important factors in deciding the loan as it can make your repayment either easy or hard. The Kotak Mahindra Housing loan interest starts at 7.10% per annum and the rates are linked to RBI’s repo rate.

Also, CIBIL Score plays an important role in deciding your loan interest rates.

Individual Type CIBIL Score > 750 CIBIL Score < 750
Salaried Person Upto 7.10% Upto 7.45%
Self Employed Upto 7.25% Upto 7.35%

  Note- The above interest rates are for loan of any amount. Also both individual types Special Balance Transfer Rate goes at a Repo Rate of 4.00%.

The below table consists of Kotak Home Loan interest rates for various slab. The rate for women borrowers starts at 7.20% per annum. The Repo rate for all borrower types is @4.00%.

Slab Women Borrower as of the main applicant Self-Employed Professionals Non-Self Employed Professionals Others
Up to Rs.30 lakh 7.20% - 9.00% 7.35% - 9.15% 7.40% - 9.20% 7.25% - 9.05%
> Rs. 30 lakh - upto Rs. 75 lakh 7.20% - 9.00% 7.35% - 9.15% 7.40% - 9.20% 7.25 % - 9.05%
> Rs. 75 lakh 7.30% - 9.10% 7.45% - 9.25% 7.50% - 9.30% 7.35% - 9.15%

  Note: The figures given in the table are indicative and are subject to change as per RBI policy.

2. Home Improvement Loans

As the name goes, this Kotak home loan is ideal if you are looking to give a new look to your home. You can renovate your home by opting for a Kotak home improvement loan.


  • Ideal loan for furnishing and renovating your home
  • Avail maximum 90% of the loan amount (up to 80% for a loan between Rs. 30-75 lakhs and 75% for loans above Rs. 75 lakhs)
  • Individual or joint ownership can avail the Kotak home renovation loan
  • The maximum term of the home renovation loan is 15 years. In case, a senior citizen applies for this scheme, then it may vary as per the profile of the applicant


The home loan eligibility relies on the following factors-

  • Monthly income
  • Source of income
  • Credit history
  • Qualification
  • Work experience
  • Age
  • Number of dependants


  • Income proof and banking details
  • Age proof and address proof
  • Identity proof and signature proof
  • Proof of educational qualification

3. NRI Home Loan

Kotak NRI Home loan gives an opportunity to unlock your dream home with ease. There are few things which an NRI needs to have in order to get the approval for the home loan.


Qualification, Age & Employment

  • Minimum Graduation is required
  • Maximum Age of 58 years at the time of maturity of the loan
  • An individual must be self-employed for at least 3 years

Note: The applicant and the co-applicant income will be considered for eligibility. Both the income will be considered if both are NRIs. If the applicant is NRI and co-applicant is Indian resident it cannot be approved by the bank.

Income Norms

For loan tenure up to 5 years

  • For Gulf countries- Dirhams 36000
  • For Merchant Navy- USD 32000

For loan tenure between 5 years to 15 years

  • For USA/UK and other countries- USD 42000
  • For Gulf countries- Dirhams 48000
  • For merchant navy- USD 26000

Note: Salary should be received direct Bank Credit or by cheque and not by cash.

4. Home Loan Balance Transfer

Through this scheme, you can pay off an existing balance of the home loan at lower interest rates.


  • Easy availability of loans to pay off an existing home loan
  • You can transfer your existing home loan at lower interest rates than the original loan
  • You can top up the existing loan for your cash needs
  • Get a simplified process to get a home loan balance transfer with customised instalment plans


The home loan balance transfer eligibility are as follows:

  • Monthly income
  • Source of income
  • Credit history
  • Qualification
  • Work experience
  • Age
  • Number of dependants
  • Probability of the applicant continuing the same occupation


  • Income proof and banking details
  • Identity proof and signature proof
  • Proof of educational qualifications
  • Agee proof and residential proof

5. Pradhan Mantri Awas Yojana (PMAY)

Kotak Bank offers Credit-Linked Subsidy Scheme (CLSS) under PMAY, which provides interest subsidy on housing loans to eligible beneficiaries from the Economically Weaker Sections (EWS), Low-Income Group (LIG) and Middle-Income Group (MIG) segment.

You can avail Pradhan Mantri Awas Yojana subsidy for constructing or purchasing a house.


  • The Interest subsidy is available for maximum loan tenure of 20 years.
  • The net present of the interest subsidy will be calculated at a discount rate of 9%.
  • No cap on the loan amount or on the cost of the property.
Eligibility EWS-LIG MIG-I MIG-II
Maximum household income per annum Up to Rs. 6 lakh Rs. 6-12 lakh Rs. 12-18 lakh
Maximum property area No restriction 160 sq.m 200 Sq.m
Maximum loan amount of PMAY subsidy calculation Rs. 6 lakh Rs. 9 lakh Rs. 12 lakh
Maximum tenure for subsidy calculation 20 years 20 years 20 years
Interest Subsidy (% p.a) 6.5% 4% 3%
Pradhan Mantri Awas Yojana subsidy amount Rs. 2.67 lakh Rs. 2.35 lakh Rs. 2.30 lakh
Women ownership on the property Yes Not applicable Not applicable
Beneficiary family should not own a pucca house in India Applicable Applicable Applicable

Kotak Home Loan Customer Care

Kotak Mahindra has a dedicated customer care service that will resolve your queries of banking products and other banking related information.

Toll-free Number for India: 18602662666

Chargeable Number for Abroad: 912266006022

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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