Brain-computer interface (BCI) technology enables direct communication between the brain and external devices, allowing individuals to control their environment using brain signals. However, existing BCI approaches face three critical challenges that hinder their practicality and effectiveness: a) time-consuming preprocessing algorithms, b) inappropriate loss function utilization, and c) less intuitive hyperparameter settings. To address these limitations, we present \textit{NeuroKinect}, an innovative deep-learning model for accurate reconstruction of hand kinematics using electroencephalography (EEG) signals. \textit{NeuroKinect} model is trained on the Grasp and Lift (GAL) tasks data with minimal preprocessing pipelines, subsequently improving the computational efficiency. A notable improvement introduced by \textit{NeuroKinect} is the utilization of a novel loss function, denoted as $\mathcal{L}_{\text{Stat}}$. This loss function addresses the discrepancy between correlation and mean square error in hand kinematics prediction. Furthermore, our study emphasizes the scientific intuition behind parameter selection to enhance accuracy. We analyze the spatial and temporal dynamics of the motor movement task by employing event-related potential and brain source localization (BSL) results. This approach provides valuable insights into the optimal parameter selection, improving the overall performance and accuracy of the \textit{NeuroKinect} model. Our model demonstrates strong correlations between predicted and actual hand movements, with mean Pearson correlation coefficients of 0.92 ($\pm$0.015), 0.93 ($\pm$0.019), and 0.83 ($\pm$0.018) for the X, Y, and Z dimensions. The precision of \textit{NeuroKinect} is evidenced by low mean squared errors (MSE) of 0.016 ($\pm$0.001), 0.015 ($\pm$0.002), and 0.017 ($\pm$0.005) for the X, Y, and Z dimensions, respectively.