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Frequently Asked Questions

What is Home Renovation Loan?

A home renovation loan helps you to fund the expenses to upgrade your home. Whether it is renovation or repair work, a home renovation loan can take care of your financial needs when redoing your house or simply fill the gap in your funding. Kotak Mahindra Bank provides great deals on home improvement loans. 

Who can avail of House Renovation Loans?

To avail of a house renovation loan, you should be a salaried or self-employed Indian resident above the age of 21 years. Whether you are a single owner or a joint owner, you can apply for a home renovation loan. Kotak Mahindra Bank provides home improvement loans to our customers at attractive rates. 

What are the eligibility criteria for a Home Renovation Loan?

Kotak Mahindra Bank’s eligibility criteria for home improvement loans is simple. A salaried or self-employed individual above 21 years of age can avail of this loan. The eligibility criteria include analysing your monthly or annual income, source of income, savings, credit history, age, work experience, qualification, number of dependents and the probability of the applicant continuing in the same occupation.

What is the Interest Rate on a Home Renovation Loan?

The home renovation loan interest rate from Kotak Mahindra Bank is:

Salaried individuals: 8.49 % to 9.00 %

Self-employed individuals: 8.55 % to 9.10 %

With a good credit score and better eligibility, you can avail of the best deals on home renovation loans. Kotak Mahindra Bank’s interest rate is among the lowest in India. 

What is the tenure for a Home Renovation Loan?

The number of years you have been given to repay your house renovation loan is called the tenure. Kotak Mahindra Bank provides home repair loans at attractive interest rates and flexible tenures, with a maximum of 15 years. Your tenure depends on your age of retirement and profile. Apart from that, your loan amount and interest rate are responsible for the applicable loan tenure.

What is the maximum funding you can get for Home Renovation?

With a requirement of up to Rs. 30 lakhs, you can get up to 90 % funding. Between Rs. 30 lakhs and Rs. 75 lakhs, up to 80 % of your funding can be taken care of under a home renovation loan. Above Rs. 75 lakhs, you can get funding of up to 75 %. 

How to take a home repair loan?

The loan application process is a simple one. All you need to do is visit the website and navigate to the home improvement loans section. Click on apply now. An application form will open up. Fill it up with the required details and click on submit. If the lender finds your details satisfactory, your loan will be granted.

Can I take a home renovation loan for decorating my house?

Kotak Mahindra Bank’s home renovation loan can be used any way you want. You can either use it to renovate your home, or you can invest it in changing the decor or repairing work as per your preferences. Apply for a home renovation loan now, to give your home the look of your choice. 

What are the charges for applying for a Kotak Mahindra Bank Home Renovation Loan?

Home renovation loan processing fees and charges are different for salaried and self-employed individuals. For salaried employees, it is 0.5 % of the total loan amount. Whereas, for self-employed, it is 1 % of the total loan amount. Apart from this, there are various other charges that one must understand before applying for a loan.