55 Lakh Home Loan Kotak

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The Kotak 55 Lakh home loan offers the financial support you need to make your dream home a reality. The interest rate on the loan is linked to the RBI's repo rate, ensuring the most competitive interest rates. Additionally, the bank offers minimal document requirements, making the entire process hassle-free. For digital applications, the processing fee is reduced by 50%, further reducing the cost of the loan. With a tenure of up to 25 years, customers can opt for a longer repayment period, reducing the burden of monthly payments. The loan is also eligible for the Pradhan Mantri Awas Yojana (PMAY) subsidy, making it more affordable for eligible customers. With an 80% loan-to-value (LTV) ratio, customers can avail of a higher amount of funds for their dream home.

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Table of Content

1. 55 Lakh Home Loan Kotak Highlights

2. 55 Lakh home loan emi for 10 years Kotak

3. 55 Lakh home loan emi for 20 years Kotak

4. 55 Lakh Kotak home loan Fees and Charges

5. 55 Lakh Kotak home loan Documents Required

6. 55 Lakh Kotak home loan Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

55 Lakh Home Loan Kotak – Highlights

Feature	Description
Interest Rate	Salaried: 8.70% onwards Self-employed: 8.75% onwards
Loan Amount	Up to 80% LTV
Tenure	25 years
Any Hidden Charges	No hidden charges

55 Lakh home loan emi for 10 years Kotak

It is easy to calculate the EMIs on your loan with a 55 Lakh loan emi calculator of Kotak. Here is a general projection of 55 Lakh home loan emi for 10 years in Kotak using the same principle that the EMI calculator uses.

Loan Amount	Tenure	Interest Rate	EMI per Month	Total Interest Paid on Loan Amount	Total Amount Repaid
55,00,000	10 years	8.7% (Salaried)	68,782	27,53,821	82,53,821
55,00,000	10 years	8.75% (Non-salaried)	68,930	27,71,566	82,71,566

55 Lakh home loan emi for 20 years Kotak

Here is a general projection of 55 Lakh home loan emi for 20 years in Kotak.

Loan Amount	Tenure	Interest Rate	EMI per Month	Total Interest Paid on Loan Amount	Total Amount Repaid
55,00,000	20 years	8.7% (Salaried)	48,429	61,22,903	1,16,22,903
55,00,000	20 years	8.75% (Non-salaried)	48,604	61,64,981	1,16,64,981

55 Lakh Kotak home loan – Fees and Charges

Particulars	Charges/Fee
Processing fee (PF)	Salaried: 0.5% (plus taxes and any other applicable statutory dues) of loan amount Self-Employed, HL top-up/Commercial Purchase: 1.0% (plus taxes and any other applicable statutory dues) of the loan amount Upfront PF of Rs. 5,000 (plus taxes and any other applicable statutory dues) shall be collected at the time of login which is non-refundable
Interest Certificate/ Statement of Account/ Amortisation Schedule	Accessed via self-service mode on Mobile Banking/Net Banking/Whatsapp Banking: Free Physical/Soft copy request through Customer Service/Branch: Rs. 250 (plus taxes and any other applicable statutory dues)
Charges for copy of any documents (Duplicate NOC)	Rs. 100 (plus taxes and any other applicable statutory dues)
Charges for copies of any documents (Copies of property documents, etc.)	Rs. 500 (plus taxes and any other applicable statutory dues)
List Of Documents	Rs. 500 (plus taxes and any other applicable statutory dues)
Any Other documents/letters (e.g. Subsidy Confirmation Letter, Credit Opinion Letter, Interest paid confirmation letter, etc.)	Rs. 500 (plus taxes and any other applicable statutory dues)
Repayment mode/ Account swap charges	Rs. 500 (plus taxes and any other applicable statutory dues)
Switch Fee	Switch to a lower floating rate(with/without change in Benchmark) for Housing/Extension/Improvement: 0.5% of the principal outstanding and undisbursed amount(if any) at the time of conversion with a cap of Rs. 10,000 (plus taxes and any other applicable statutory dues)
Rescheduling of Loan Term	Rs. 500 (plus taxes and any other applicable statutory dues)

55 Lakh Kotak home loan – Documents Required

Here is the list of documents required to apply for a Kotak 55 Lakh home loan.

Identity proof
Address Proof
Signature Proof
Document properties/lease agreement documents for collateral
6 months’ bank statements of savings account/salary account/NRE account/NRO account/business account (whichever is applicable)
Form 16 & last 3 months’ salary slips (for salaried applicants)
ITR of last 3 years and balance sheet with Profit and Loss computation (for self-employed applicants)
Repayment Track Record of previous loans (if available)

55 Lakh Kotak home loan – Eligibility Criteria

The criteria for 55 Lakh home loan eligibility in Kotak are strict and specific to the applicant’s income, residing address and more.

Home Loan Eligibility Criteria for an Individual

Age

Salaried persons: 18-60 years.
Self-employed persons: 18-65 years.

Income

Minimum Income of Rs. 20,000 per month: Delhi, Mumbai, Bangalore, Pune, and Chennai residents.
Minimum Income of Rs. 15,000 per month: Other cities.

Minimum Qualifications

Bachelor’s Degree: If the applicant works with a private limited company or a partnership firm.

Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company

The firm/organisation should have existed for at least three years.
Net Income

2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
1,80,000 per annum for companies/firms/LLPs in other cities.

Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)

The applicant or the co-applicant must be the Karta of the HUF.
The HUF should have been in existence for a minimum of three years.
IT returns of at least three years.
HUF with a Minimum Net Income of:

2,40,000 per annum – Delhi, Mumbai, Bangalore, Pune, and Chennai.
1,80,000 per annum – Other cities.

Frequently Asked Question (FAQs)

What is the EMI for 55 Lakh Home Loan for 20 years in Kotak?

At the interest rate of 8.70%, the 55 Lakh home loan emi for 20 years in Kotak is 48,429.

Who is eligible for 55 Lakh Home loan in Kotak?

Kotak 55 Lakh home loan is a loan scheme available to salaried or self-employed Indian residents and salaried NRI applicants. Apart from individuals, Families can also jointly apply for the loan.

What is the monthly interest rate of 55 Lakh home loan in Kotak?

The monthly rate of interest offered to salaried applicants is 8.70% and onwards. On the other hand, Non-salaried Kotak home loan interest rate for 55 Lakh starts from 8.75%.

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