Kotak Mahindra Loan Against Property
Kotak Mahindra loan against property has emerged as a convenient way to come to your aid when stuck in a financial crisis. It is a secured loan where the borrower can take funds from Kotak Mahindra Bank by using a plot or land as collateral for a flexible repayment period of up to 15 years. Kotak loan against property starts at an affordable interest rate of 9.50% per annum.
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Kotak Mahindra Loan Against Property Interest Rate
One of the key aspects of a LAP is the interest rate, which significantly impacts the overall cost of the loan and the monthly repayment amount. Kotak Bank loan against property interest rate may vary for fixed and floating rate basis. Besides, these rates may vary depending on the loan amount, tenure, and current market conditions.
The Kotak LAP rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.50% p.a. onwards |
| Fixed | 9.50% p.a. onwards |
Kotak Mahindra Loan Against Property Eligibility Criteria
Kotak Mahindra loan against property eligibility is simple and easy to clear. All this bank asks for to check the creditworthiness of an applicant is his/ her age, nationality, income, and credit score. Here are the specific particulars required to be eligible to get a Kotak Bank loan against property:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Rs. 1.80 lakh per annum | Rs. 1.80 lakh per annum |
| Credit Score | 700 or above (preferred) | 700 or above (preferred) |
Kotak Mahindra Loan Against Property Fees and Charges
There is a one-time processing fee on Kotak LAP, which is a nominal 1% of the loan amount plus GST. To check the exact Kotak Mahindra loan against property processing fees and other charges you can check out the table below:
| Processing Fee | 1% of the loan amount + GST |
|---|---|
| Prepayment Charges |
|
| Rescheduling of Loan Tenure | Rs. 500 + applicable taxes |
| Documentation Charges | Rs. 10,000 + GST |
| Document’s Copy | Rs. 500 |
| Instrument Dishonor Charges | Rs. 500 |
| Penal Interest | 2% per month |
| Account Swap Charges | Rs. 500 |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
When you are in doubt or want to boost your confidence that you are picking the right lender for a LAP scheme, go for a comparison between the interest rates and processing fees of different lending banks and NBFCs. So, check out the table below to compare Kotak Bank Loan Against Property and other similar offerings:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Kotak Mahindra Bank | 9.50% p.a. onwards | 1% of the loan amount + GST |
| HDFC Bank | 9.50% - 11.00% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| Tata Capital | 9.00% - 14.25% p.a. | Up to 1.25% of the loan amount + GST |
| Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
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Documents Required For Kotak Mahindra Loan Against Property
Banks and NBFCs usually ask for a comprehensive list of documents to verify the creditworthiness of the applicant for a LAP scheme. Kotak Mahindra bank loan against property documents required list is shared below for your reference:
1. For Salaried Loan Applicants
- Address or Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, etc
- Income Proof: Salary Slips for the last 3 months, Bank Account Statements for the last 3 months, Form 16 for the last 2 years
- Date of Birth Proof: 10th Class Certificate, Passport, Driving License, Aadhaar Card, etc
- Documents of Property: Approved Plan, Title Deeds, Payment Receipt done to Builder or Seller, and so on
- Other Documents: Duly-Filled Application Form affixed with passport-size photographs, Processing Fee Cheque, Appointment Letter/ Employment Contract, Own Contribution Proof
2. For Self-Employed Loan Applicants
- Address or Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID Card, etc
- Income Proof: ITR for he last 2 years, P&L Balance Sheet, Tax Audit Report, Business Continuity Proof for the last 3 years, Personal and Business Account Statement for the last 3 months
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc
- Other Documents: Duly-Filled Application Form affixed with passport-size photographs, Processing Fee Cheque, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
FAQs
The maximum loan amount one can get from Kotak Mahindra Bank loan against property is up to Rs. 5 crores.
Yes, you can pre-close your Kotak loan against property but the bank may charge a prepayment penalty for the same.
Yes, any failure to pay your Kotak loan against property EMI on time will incur a penalty fee and may also impact your credit score. At the worst, it may also lead to the auction of the property.
An applicant has to pay a processing fee that is up to 1% of the loan amount plus GST for applying for a Kotak Mahindra Bank Loan Against Property.
Kotak Mahindra Bank loan against home and land is available PAN-India in all the major cities such as Delhi, Mumbai, Kolkata, Chennai, Jaipur, Gujarat, Bhopal, Kochi, and so on.
Financial institutions and banks do ask for income proof to lend money as a loan against property. But, one can get a Kotak Mahindra Bank loan against property without any income proof, if one is working as a freelancer with no fixed employer.