Kotak Mahindra Bank has increased its home loan interest rates by 0.10%, or 10 basis points with effect from Thursday, February 01, 2018. This interest rate raise will hike the cost for those people who have taken their home loan advances on floating rate of interest.
Kotak Mahindra Bank Limited – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 25, 2018
Kotak Mahindra Bank Limited Ups Home Loan Interest Rate to 8.45% Per Annum
The Kotak Mahindra Bank Limited has increased its home loan interest rates by 0.10 percent, or 10 basis points with effect from Thursday, February 01, 2018.
Kotak Mahindra Bank has revised its minimum floating interest rate for home loan from 8.35 percent to 8.45 percent per annum (K-MCLR-6Month + 0.00%) for salaried individuals (EMI Rs. 765 per lakh for a period of 30 years) and from 8.60 percent to 8.70 percent per annum (K-MCLR-6Month + 0.25%) for self-employed male and female applicants (EMI Rs. 783 per lakh for a period of 30 years) for the home loan amount up to Rs. 75,00,000.
The home loan interest rate of Kotak Mahindra Bank is benchmarked or linked to its Six-Month MCLR (Marginal Cost of Funds based Lending Rate). Kotak Mahindra Bank’s current Six-Month MCLR, which is called K-MCLR-6M, is 8.45 percent per annum with effect from Thursday, February 01, 2018.
Kotak Mahindra Bank’s raise in current mortgage loan interest rate will hike the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the Kotak Mahindra Bank’s fixed rate customers, as their contracted rates will remain unchanged.
Kotak Mahindra Bank Housing Finance – Current Home Loan Interest Rates for Various Category of Borrowers
Kotak Mahindra Bank Home Loan Interest Rate for Salaried Women:
8.45% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.70% Per Annum for Home Loan Amount above Rs. 75,00,000
Kotak Mahindra Bank Home Loan Interest Rate for Self-Employed Women:
8.70% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.95% Per Annum for Home Loan Amount above Rs. 75,00,000
Kotak Mahindra Bank Home Loan Interest Rate for Salaried Men:
8.45% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.70% Per Annum for Home Loan Amount above Rs. 75,00,000
Kotak Mahindra Bank Home Loan Interest Rate for Self-Employed Men:
8.70% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.95% Per Annum for Home Loan Amount above Rs. 75,00,000
Kotak Mahindra Bank Home Loan Interest Rate for Weaker Section Borrower: 8.45% Per Annum for Home Loan Amount up to Rs. 28,00,000
Kotak Mahindra Bank Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 3,00,000
Kotak Mahindra Bank Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 6 Months)
Kotak Mahindra Bank Home Loan Processing Fee and Documentation Charges: Up to 1.25% of the Loan Amount (Minimum Rs. 10,000 plus GST)
Minimum Tenure for the Kotak Mahindra Bank Home Loan: Minimum Home Loan Tenure is 3 Years for the the Kotak Mahindra Bank Housing Loan
Maximum Tenure for the Kotak Mahindra Bank Home Loan: Maximum Home Loan Tenure is 30 Years for the Kotak Mahindra Bank Housing Loan
Minimum Age Limit for Getting the Kotak Mahindra Bank Home Loan Sanctioned: Minimum Age 21 Years at the Time of Home Loan Commencement
Maximum Age Limit for Getting the Kotak Mahindra Bank Home Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Home Loan Maturity
Quantum of Kotak Mahindra Bank Home Loan: Up to 90% of the Home Value
Different Options for Making Kotak Mahindra Bank Home Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Kotak Mahindra Bank Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Kotak Mahindra Bank Home Loans and Kotak Mahindra Bank Home Improvement Loans with Floating Rate of Interest
Charges for Kotak Mahindra Bank Home Loan EMI Late Payment: Minimum 2% Per Month of the Kotak Mahindra Bank Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Kotak Mahindra Bank Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 750 inclusive of GST
Conversion Charges for Kotak Mahindra Bank Floating Rate of Interest Home Loan: 0.50% of the Kotak Mahindra Bank Home Loan Principal Outstanding Amount plus GST (Minimum Rs. 10,000 plus GST)
Guarantor Requirement for the Kotak Mahindra Bank Home Loan: No Guarantor is Required
Kotak Mahindra Bank Home Loan Margin Amount:
Minimum 10% of the House or Property Purchase Value up to Rs. 30,00,000
Minimum 20% of the House or Property Purchase Value from Rs. 30,00,001 to Rs. 75,00,000
Minimum 25% of the House or Property Purchase Value above Rs. 75,00,000
Kotak Mahindra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Kotak Mahindra Bank Limited