Home loans are a breather for millennial today. Being funded with 75% to 80% of the property cost by Kotak, it becomes easy for any housing loan borrower to travel one step closer towards his/her dream home, without bearing a huge expense at one time. The loan is typically paid back in equated monthly installments and therefore the amount payable per EMI usually depends on the tenure of the loan, the rate of interest , the quantity of the loan etc. W know that purchasing a home is not only a sought-after ‘next step’ for you, but also a valuable investment. Kotak provides housing loans at attractive interest rates, along side extending to you an policy. Let us go through Kotak mahindra home loan interest rate, its eligibility and documents required for availment of loan
Salient features and eligibility of Kotak Mahindra Home loan
- For salaried person minimum age is 18 years and maximum is 60 years. Maximum age for non salaried person should be 65 years
- Educational qualification is needed only for persons employed in private sectors. Minimum qualification is an graduate degree
- Firm/Company/HUF should be in existence for at least 3 year for availing loan
- Processing fee is maximum 2% of the loan amount excluding GST
- Documentation charges are little more i.e., up to Rs. 10,000 excluding GST
- It is very good point in a bank that it is also mentioning clearly charges for copy CIBIL report.
Minimum Gross income of an individual or Partnership firm/HUF/Company Desired
| Constitution | Minimum Gross Income in the cities like Pune, Mumbai, Delhi, Bangalore and /Chennai | Minimum Gross Income in other cities |
| Individual | Rs. 20,000/- per month | 15,000/- per month |
| Partnership Firm, LLP, HUF or an Indian Company | Rs. 2,40,000/- per annum | Rs. 18,000/- per annum |
Kotak mahindra home loan interest rate
| Tenure | Salaried Person | Non-salaried Person | ||
| Main applicant is Women | For Others | Main applicant is Women | For Others | |
| Up to Rs. 30 Lakhs | 8.20% – 8.70% | 8.25% – 8.75% | 8.30% – 8.80% | 8.35% – 8.85% |
| Rs. 30 Lakhs to Rs. 75 Lakhs | 8.30% – 8.85% | 8.35% – 8.90% | 8.40% -8.95% | 8.45% – 9.00% |
| Rs. 75 Lakhs to Rs. 2 Cr | 8.55% – 9.10% | 8.60% – 9.15% | 8.65% -9.20% | 8.70% – 9.25% |
Documents needed for Kotak mahindra home loan
- Loan application form along with one photographs
- Bank account statement or passbook for last 12 months
- PAN card, Aadhaar card, any address proof like driving license, Passport, Voter Id, etc
- Salary slip of last three months in case of salaried person.
- Form-16 and ITR of last 2 year in case of salaried person
- ITR for last three years, balance sheet, Profit & Loss account, registration proof with tax authorities are required in case of Partnership firm/LLP/HUF/Company
That’s all for Kotak mahindra home loan interest rate, loan eligibility and document required for availment of loan. Hope you got a clear-cut idea regarding this. Thanks for visiting us !