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[Resolved]  Kotak Home Loan — Trap--Never take home loan from Kotak

I have taken floating interest rate home loan from Kotak .
I have been noticing that interest rate charged on my loan is always more than the prevailing rates in market. When I had taken loan from Kotak two years back, rate of interest quoted was the lowest compare to HDFC, ICICI and other banks. They offer me 9% floating rate on 20/09/2006 compare to 9.5% offered by other banks. I fell into trap and took loan from Kotak. Since then Kotak is increasing the floating rates more than the prevailing market rates but not lowering the same when rate goes down. I can prove this point with documents when need arise. I am currently paying 13.75% pa rate which is much higher than the prevailing market floating home loan rate.
In spite of many calls to concerned people in Kotak bank to look into this issue has not given any result.These bank trap new customer with lower rate and charge higher interest rate with their existing customer. In case I want to switch, I have to pay foreclosure charges.
Request you to never deal with Kotak bank. They are Thiefs
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Aug 14, 2020
Complaint marked as Resolved 
Complaint comments  11 CommentsShareTweet

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I 100% agree with Shashi Kant
Even I have also taken loan from Kotak in Aug.2006 with 9.25% interest.
In Oct-Dec. quarter I paid 14 % and now it's 13.5%
I guess rates offered by Kotak are the highest in the market and is a kind of chaeing with customers.
I completely agree to this.Kotak is charging one of the highest interest rate.I have also fallen into this trap and I know many many other who are very disappointed by their interest rate which are the highest in the market.Today when there are other banks charging interst rate any where between 8 to 10 % PA, I am charged 14.75%.Now when I have decided to shift my loan to other bank, their response is DEAD SLOW and the officials are non cooperative.

If a Bank like KOTAK does this I dont know how will it survive the tough times.Im sure There are Many like me who will like to get out of this blood sucking bank and shift their loan to some other bank.

I scurrently fighting my battle and struggling to get my loan shifted.
Yes, I too agree on this.

Even their process and customer support is not upto the mark. They will not respond to your queries and their way of responding will surely irritate people who get into this Trap. I dont know how to come out from this Bank. Even contineous follow up for the 3 months, I could not able to transfer my loan to any other bank. Other bank people also well aware of Kotak, they are not helping us. They are asking us to collect all the details. If anybody have idea to change the bank, please share with us.
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I agree, kotak bank is worst for home loan, I don't know any other bank charging so high and even they are discouraging any loan transfer too.
The most painful decision that I have taken till date with my hard earned money was to take home loan from Kotak Mahindra. The bank has been squeezing my purse to the maximum. The EMI is now at a rate 12% which is higher than most of the banks. This bank does not operate on any of the satursdays and given that we normally will become free on weekends to handle house hold chores, you find yourself in a situation wherein you reach the bank and find out that it is closed. They seem to have reduced their staff as well.

In short - do not take chance with Kotak. They can change color immediately.
Kotak Home Loans - Inethical Practices, Cheaters and Poor Service Providers

I took Home Loan from Kotak Bank, 2 years ago and they have since charged me hefty Interest Rates.
Initially ther offered me 0.25% lower that the Axis Bank and other Indian Banks and immediatey started to raise the same when I took the Loan.

ow when I am fed up of their poor service, I cannot leave them as they charge me a hefty 2.25% Interest Rate. In short Never ever Take Loan from Kotak Home Finance or Kotak Bank.

Now never in my life ahead, I will deal with Kotak Bank.
I agree with you shashi kant, i myself have taken a loan from Kotak and they are still charging me interest @12.5%. The customer care guys and the home loan dept. personnel are highly unprofessional, rude and waiting ot cheat the customer.

Infact for those who do not know, in case one does want to foreclose the loan, they charge 2% on the total amount outstanding + prepayments made within one year from the year of foreclosure. These guys even ended up deposting two EMI cheques prior to the due date at the same time even though one EMI was not due and resulting in one cheque bouncing, when asked they replied that because of the cheque dates being current they deposited the cheques.

The customer care guys were verbally informed about the EMI cheques being for respective months, even then these guys depsoited my cheques. The best thing was yet to come, the next day i got a call tellin me that my EMI Cheques have not been received for the current month (Already Cleared). Inspite of constant follow up and mails they do not even bother to respond or call back... They are the worst bank to deal with... in fact a government bank is far far far better, please do not go to kotak bank for loans...

Their slogan "Let's make money simple" shown on TV is wrong, they should change it to "Let's make simple money"
I am also a victim of this club..the worst is nobody is picking up the call making us waste lot of time...I am totally fed up with the way there are proceeding..and dont know how to come out of that...When I was asked to re-schedule my loan to lower interest. i agreed to that...but now nobody is picking up for the queries..we are the proud contributors of making rich kotak...they are making their money simple...
This is the worst bank. i am a kotak bank home loan borrower since last 7 years and these people have literally sucked my blood hard earn money like any thing. Once they offered me a rate reduction option by paying 16K for 17L out standing loan and reduced 2% from 12.5 % 10.5% after that every quarter they increased the rate of interest and in the next 9 months the rate of interest was as it was earlier. Bull they ate my 16K i didn't even realize. In Kotak's terms there is no reduction only increase the rate of interest. This is a pathetic bank.

I recommend please read this and do not dare to borrow the home loan from Kotak Mahindra bank. Even if they are ready to offer you free

These are real big thieves.

God only help the bank and borrower of loan from Kotak Mahindra bank
This is the worst bank. i am a kotak bank home loan borrower since last 7 years and these people have literally suck my blood hard earn money like any thing. Once they offered me a rate reduction option by paying 16K for 17L out standing loan and reduced 2% from 12.5 % 10.5% after that every quarter they increased the rate of interest and in the next 9 months the rate of interest was as it was earlier. Bull they ate my 16K i didn't even realize. In Kotak's terms there is no reduction only increase the rate of interest. This is a pathetic bank.

I recommend please read this and do not dare to borrow the home loan from Kotak Mahindra bank. Even if they are ready to offer you free

These are real big thieves.

God only help the bank and borrower of loan from Kotak Mahindra bank

Late payment Fee for payment failed case

I have tried to make payment on time. But it got failed which I come to know after my cycle.
Now they are not reverting interest/late payment fee.

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    Kotak Mahindra Bank
    Customer Care Service
    Customer satisfaction rating
    30%
    Complaints
    3967
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    Resolved
    1137
    Kotak Mahindra Bank Address
    27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
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