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Kotak Mahindra Home Loans Rates

At present, there are many banks and financial institutions that are offering plenty of home loan products at affordable rates. Kotak Mahindra home loans rates are one of the best rates that you will come across in the home loan market in India.

About Kotak Mahindra Bank home loans rates

Kotak Mahindra Bank home loans rates are truly attractive and are one of the most competitive rates available in India. Kotak Mahindra Bank had declared a fresh floating cum fixed interest rate where the bank will provide a rate of 8.49% for the initial 30 months from the time of loan disbursal and for the remainder of the loan term, the rate will be the floating interest rate (as applicable). The 8.49% fixed rate will apply to all loan products regardless of the loan amount. This was in December 2009. After the period of 3 months, the rate applicable will be the Retail Prime Lending Rate (RPLR) minus the spread of 5.5%. This was valid till 31st January, 2010. In a new development on 18th February, 2010, Kotak Mahindra Bank home loans rates have been upped by 50 basis points to 8.5%.

How much can you borrow as a Kotak Mahindra Bank home loan?

The maximum amount that you can borrow as a Kotak home loan is 85% of the property value. Nevertheless, for loans against an existing property or commercial property loans, the maximum amount that you can take out as a loan is 55% of the property cost.

What is the maximum repayment period for Kotak Mahindra Bank home loans?

The maximum repayment period for a home loan from Kotak Mahindra Bank is 10 years, but this can differ subject to the purpose for which the loan is taken out and the profile of the borrower.

Who can be a co-applicant?

In case of an individual, his parents, spouse or his children can become co-applicants for the loan. The co-owner of a property should be a co-applicant for the loan but a co-applicant doesn’t have to be the co-owner of the property.

Advantage of lower interest rates

Borrowers can make the most of lower interest rates if they choose a floating interest rate throughout the duration of the loan.

When will the disbursement take place?

The disbursement of the loan will take place once the property has been suitably appraised and you have paid your margin for the property i.e. the property value minus the loan amount.

What is the number of installments necessary to pay off the loan?

The number of installments will be decided by taking into consideration the necessity of funds and advancement of construction, as evaluated by Kotak Mahindra Bank.

Does the property need to be insured?

Property insurance is necessary for purchasing a home through a Kotak Mahindra Bank home loan.

Security for Kotak Mahindra Bank home loans

Most of the time, the property purchased or planned to be purchased will work as security against the loan. On certain occasions, supplementary security like term deposit receipts of KMB (if applicable] or life insurance policies can be furnished.

Is prepayment of home loan possible?

Yes, prepayment facilities are available to pay off the loan before schedule. However, there is a prepayment penalty that you need to pay.

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