Kotak Bank Home Construction Loan

Ever dreamt of owning a custom-built home tailored to your unique needs and desires? Kotak Bank Construction Loan can help turn that dream into reality. This loan provides financial assistance for constructing a residential property, allowing you to build your home exactly as you envision it.

A Kotak Bank Construction Loan is a financing solution designed to support your residential construction or renovation needs. It provides you with funds, disbursed in stages as per construction progress, to cover expenses like land acquisition, material costs, and labour charges.

Kotak Bank Construction Loan Interest Rates 

Here’s a snapshot of the interest rate and other features offered by this loan:

Please note: Interest rates are subject to change based on individual creditworthiness and market conditions. Contact Kotak Bank for the latest updated rates.

Kotak Bank Construction Loan Fees and Charges

A number of charges, apart from the Kotak Bank construction loan interest rates, are applicable to the loan. These include processing charges, verification charges, stamp duty charges, and others. Apart from these, a Goods and Services Tax (GST) of 18% is also applicable on all loan-related services. 

Kotak Bank Construction Loan Eligibility Criteria for Salaried 

Salaried applicants need to satisfy the following criteria while applying for the loan: 

1. Eligible Candidates: Salaried Employees/ Professionals
2. Age: 18–60 years
3. Minimum Monthly Income: Rs. 20,000 per month for metropolitan cities and Rs. 15,000 per month for all other cities.
4. Educational Qualification: If the applicant works for a private company, a graduate degree is required, and if employed by the government or public sector, no minimum qualification is required.
5. Minimum Work Experience: 1-2 years
6. Residential Status: Indian/NRI

Kotak Bank Construction Loan Eligibility Criteria for Self-Employed 

Self-employed applicants satisfying the following criteria are eligible for the Kotak Bank home construction loan: 

1. Eligible Candidates: Self-Employed/ Non-Professional
2. Age: 18–65 years
3. Minimum Income: Rs. 20,000 per month for metropolitan cities and Rs. 15,000 per month for all other cities.
4. Educational Qualification: Not Applicable
5. Minimum Business Age: 1-2 years
6. Residential Status: Indian/NRI

Kotak Bank Construction Loan Documents Required for Salaried

Salaried applicants are required to submit the following documents while applying for the loan:

• Bank Statements/ passbook copy 
• Identity proof and address proof
• Income Tax Returns
• No Encumbrance Certificate
• Plan and layout for the proposed house approved by the municipality
• Estimate of cost of construction
• Sales and title deed
• Proof of money contributed to the house
• Money receipt by sub-registrar
• Copy of authority letter addressed to the sub-registrar acknowledged

Kotak Bank Construction Loan Documents Required for Self-Employed

Self-employed applicants need to submit the following documents while applying for the loan: 

• Bank Statements/ passbook copy
• Identity proof and address proof
• Income Tax Returns
• No Encumbrance Certificate
• Plan and layout for the proposed house approved by the municipality
• Estimate of cost of construction
• Sales and title deed
• Proof of money contributed to the house
• Money receipt by sub-registrar
• Copy of authority letter addressed to the sub-registrar acknowledged

Features of Kotak Bank Construction Loans

Kotak Bank Construction Loan offers the following features to its borrowers:

• Paperless loan sanctions
• Customizable loan amounts and tenures
• Doorstep service with quick processing and disbursal of loan amount
• Repayment tenure of 25 years
• 50% discount on processing fees
• Loan as high as 90% of the property value