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How Does Kotak Mahindra Bank Home Loan Fare Amidst Intense Competition?

Kotak Mahindra Bank is a renowned private lender offering a wide suite of home loans in a market that can be called intensely competitive and fragmented at the same time. The bank makes it a point to steer itself amidst competition by offering differentiated home loan products at attractive interest rates coupled with flexible loan tenures. But given that there are many players in the home loan segment, one would argue whether Kotak Mahindra Bank Home Loan is the best. Well, the argument holds logic and so, thereu2019s a need to put forth the loan offers of Kotak and its competitors to analyze things better.

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How Does Kotak Mahindra Bank Home Loan Fare Amidst Intense Competition?

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  1. How Does Kotak Mahindra Bank Home Loan Fare Amidst Intense Competition?

  2. Kotak Mahindra Bank is a renowned private lender offering a wide suite of home loans in a market that can be called intensely competitive and fragmented at the same time. The bank makes it a point to steer itself amidst competition by offering differentiated home loan products at attractive interest rates coupled with flexible loan tenures. But given that there are many players in the home loan segment, one would argue whether Kotak Mahindra Bank Home Loan is the best. Well, the argument holds logic and so, there’s a need to put forth the loan offers of Kotak and its competitors to analyze things better.

  3. How Do Kotak Mahindra Bank Home Loan Offers Stack Up? Kotak Mahindra Bank disburses home loans based on the cost of the property. The bank finances as much as 75%-80% of the property cost. The loan can run for a maximum of 30 years at an interest rate starting from 8.90% per annum. The processing fee is levied at up to 2% of the loan amount.

  4. Which are Some Real Competitors to Kotak Mahindra Bank in the Home Loan Space? Kotak competes against the biggies like State Bank of India (SBI), HDFC Limited, ICICI Bank, etc. Let’s check out the offers of these banks and compare with that of Kotak.

  5. SBI Home Loan Throws the Biggest of Competition SBI is arguably the largest lender in India in terms of assets. It offers home loans from its 25,000 odd branches across the country. Both salaried and self-employed can apply for the loan. Loans up to ₹30 lakh can be given to salaried and self-employed at 8.55%-8.70% and 8.70%-8.85% per annum. Loans above ₹30 lakh-75 lakh can be granted at 8.80%-8.95% to salaried and 8.95%-9.10% to self-employed. As the loan goes past ₹75 lakh, the interest rate is likely to be 8.90%-9.05% and 9.05%-9.25% to salaried and self-employed, respectively. It charges a processing fee at up to 0.35% of the loan amount plus Goods and Services Tax (GST). As of now, the processing fee is waived off. The waiver will continue till June 30, 2019.

  6. HDFC Packs a Punch in the Home Loan Segment HDFC Limited is a leading mortgage finance company offering a custom suite of home loans to borrowers wanting to buy a property with the same. It grants loans up to ₹30 lakh at 8.60%-9.15% to salaried and 8.75%-9.30% to self-employed. Loans above ₹30 lakh-75 lakh can be offered to salaried and self-employed at 8.85%-9.40% per annum. If you apply for a home loanof more than ₹75 lakh, the lender will charge an interest rate of 8.90%-9.45% (salaried) and 9.05%-9.60% (self-employed). The processing fee of up to 0.50% of the loan amount or ₹3,000, whichever is higher, is applicable to salaried and self-employed professionals. For self-employed, non-professionals, the processing fee can be up 1.50% of the loan amount or ₹4,500, whichever is higher. The applicable GST would also be added over and above the processing fee amount.

  7. ICICI Bank Has Its Own Flair in Home Loan Segment ICICI Bank is a force to reckon with in India’s home loan segment. Its home loans are available to both salaried and self-employed at varied rates of interest. Salaried can get loans of up to ₹35 lakh, ₹35-75 lakh and above ₹75 lakh at 9.05%, 9.15% and 9.20%, respectively. The interest rate of 9.10%, 9.20% and 9.25% is applicable to self-employed for loan of up to ₹35 lakh, ₹35-75 lakh and above ₹75 lakh, respectively. The processing fee can be 0.25% of the loan amount or ₹10,000, whichever is higher, plus GST.

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