Loan Against Property Kotak Mahindra Bank

July 21, 2022 by admin

Kotak Mahindra Bank is an example of the fastest-growing private sector bank in India. Kotak offers the loan against property (LAP) popularly referred to as mortgage loan against the collateral of owned & jointly owned residential, commercial, and industrial property at attractive interest rates starting from 9.25% p.a. with flexible repayment tenures up-to 15 years for meeting the personal & business needs with maximum funding of 65% of the value of the property.

Prominent Features Of Kotak Bank Loan Against Property

Residential, commercial (shops & offices) & industrial properties can be pledged.
Loans are available for your personal & business needs.
Easy repayment options are available up-to 15 years.
Higher loan amounts can be enjoyed at a lower Kotak rate of interest starting from 9.25% p.a.
Overdraft and LRD facilities are available.
Loans are available up-to 65% of the property value.
Customized loan options and schemes are available for self-employed borrowers.
Quick processing of Kotak Mahindra Bank application.
Hassle-free documentation with Kotak Mahindra Bank online apply option.

Kotak Mahindra Mortgage Loan Eligibility

Eligible Profile	* Salaried * Self-Employed * Self-Employed Professionals Firms & Companies -> Proprietorship Firm -> Partnership Firm -> Private Limited Company
Age	For salaried 18 years – 60 Years or retirement age whichever is earlier. For Self-employed & Professionals 21 years – 65 years.
Property To Mortgage	* Residential – self-occupied/rented/vacant * Commercial – Shops & Offices * Industrial property.
Kotak Loan Against Property Interest Rate	Kotak Mahindra Bank LAP interest rate starts from 9.25% p.a. onwards.
Maximum Tenure for Kotak Mortgage Loan	Up-to 15 years.
Loan Amount	* Minimum – Rs.10 Lakhs * Maximum – Rs.5 Crores.
Minimum Income	* Salaried – Rs.4,80,000/- p.a. * Self-employed – Rs.1,80,000/- p.a.
Minimum Business Vintage	3 years.
Turnaround Time For Disposal of Loan Application	21 working days on receiving the complete & clear documents.
Type Of Loan	* EMI-based term loan. * Overdraft loan against property.
LTV	65% of the property value.
CIBIL Scores	750 & above.
Processing Fees	Up-to 1% of the loan amount plus applicable GST.
Kotak Bank Information on Pre-Payment Charges	* NIL – for floating Kotak Mahindra Bank interest rate loan borrower (the amount used only for personal uses) * Others – 4% on the outstanding amount plus applicable GST.
Mortgage Schemes	* Mortgage loan * Mortgage loan balance transfer * Mortgage loan top-up * Mortgage overdraft loan * Lease rental discounting

Note: The above-mentioned Kotak Mahindra Bank Finance charges & Kotak Mahindra mortgage loan interest rates are subject to change without prior notice.

Kotak Mahindra Bank Loans Schemes For Loan Against Property

Customized loan against home in India, loans against commercial & industrial property, LRD, LAP transfers, & top-up, etc. are offered at competitive rates to fulfill the various needs of its customers. Details of these popular loan schemes of Kotak Bank with its features are given below:

Kotak Bank Loan Against Property

It is a term loan available for eligible borrowers to fulfill their business & personal financial needs at an affordable Kotak Mahindra loan against property interest rates. The loans can be easily repaid in equated monthly installments.

LAP loan current rate of Kotak Mahindra Bank starts from 9.25% p.a.
The maximum loan tenure offered is up-to 15 years.
Kotak Bank mortgage loan interest rate is variable interest rate.
Highest FOIR considered for self-employed customers.
Higher loan eligibility amounting to 150% of the net monthly income subject to the maximum loan amount of Rs.5 Crores.
Processing fees applicable is up-to 1% on the loan amount plus applicable GST.

Also, read the best banks for mortgage loans in India.

2. Kotak Bank Loan Against Property Overdraft Loan

Overdraft facility is available only to self-employed borrowers who are manufacturers, retailers, traders, service providers, etc. to meet their working capital requirement.

Interest is paid only on the utilized loan amount.
Low Kotak Bank interest rates for LAP overdraft facilities starting from 9.50% p.a. Onwards.
One-time sanction of the OD limit for original tenure.
No need to renew the OD every year.
The maximum loan tenure offered is up-to 10 years.
A dropline overdraft facility is available. The limit gets reduced every year by 20% & 10% of the loan amount for loan tenures of 5 years and 10 years respectively.
Over 1 year the limit can be reset to actual tenure based on the new eligibility of the borrower.
Processing fees applicable is up-to 1% on the loan amount plus applicable GST.

3. Kotak Bank Loan Against Property Balance Transfer

Mortgage loan transfers with Kotak Bank are available for eligible borrowers at discounted rates as well as processing fees with an option to reset the loan tenure to the maximum.

Kotak Bank loan against property interest rate for transfer starts from 9.25% p.a.
Option to avail a dropline overdraft facility for takeover loans.
Mortgage refinancing is also available with a top-up facility. Also, read on home loan refinancing.
Longer repayment tenures of up-to 20 years.
Special offers to borrowers having good CIBIL scores and repayment records. (Also, read how your multiple loan inquiries impact your CIBIL score)
Refinancing is available for mortgage overdraft facilities, LRD loans & simple term loans mortgages.

Also, click to read how to deal with the increasing interest rates of housing loans.

4. Kotak Bank Loan Against Property Top-Up

Kotak top-up loans are available for existing borrowers only with a good repayment history for 6 months – 12 months. New borrowers can also apply for a top-up loan with Kotak Bank with their mortgage loan switch to Kotak Bank.

Top-up loans are offered at Kotak Bank LAP rate of interest.
Kotak Mahindra Bank interest rates for top-up loans start from 9.25% p.a. onwards.
Top-up can be applied after 6 months of loan disbursement.
Processing fee of up-to 1% on the top-up loan amount.
The maximum top-up amount is subject to the market value of the property and the income eligibility of the borrower.
The maximum amount availed is 65% of the property market value subject to the maximum mortgage loan limit of Rs.5 Crores.

Read more on mortgage top-up loans

5. Kotak Bank Lease Rental Discounting (LRD) Loans

It is a term loan provided to the borrower who earns a rental income from his rented out commercial property, which is leased to a reputed company. The borrower can either pledge his leased out commercial property or any other property in his ownership.

LRD loans are available for both salaried & self-employed customers.
The maximum funding for LRD is up-to 8 times of the net monthly rentals received, subject to the lease expiry clause in the LRD agreement.
LRD is offered to commercial (shops & offices) as well as industrial (warehouse, workshop, factory, etc.) properties leased for 1-year with renewable clauses in the LRD agreement.
LRD EMIs are restricted to 90% of the net monthly rentals.
Kotak Mahindra Bank loan against property interest rates for LRD starts from 9.50% p.a.
The maximum tenure offered is up-to 10 years subject to the balance lease term.
The minimum loan amount is Rs.10 lakhs & the maximum is Rs.5 crore.
LRD loan transfers are available at attractive interest rates.

Read more on LRD loans.

6. Kotak Bank Commercial Property Loan

Commercial property loans with Kotak Bank are available for the purchase of ready-to-move & under-construction commercial property at the lowest interest rates in the industry for longer repayment tenures. (Keep these important things in mind if you are purchasing an under-construction property)

Available only for ready-to-move and under-construction commercial property with more than 80% of completion status.
Kotak Mahindra interest rates for commercial property start as low as 9.25% p.a.
Processing charges will be 1% on the loan amount plus applicable GST.
LTV is 40%-50% on the value of a commercial property.
Quick & hassle-free processing
Commercial property can be refinanced at low-interest rates and processing fees.
Minimum documentation is required. Click the links to get a complete list of documentation.
> For Salaried-builder case & resale case
> Self-Employed – partnership firm-builder case & resale case, private limited company-builder case & resale case, proprietorship firm-builder case & resale case.

Also, read commercial property loans with ICICI Bank.

List Of Other Kotak Mahindra Bank Charges

(GST is applicable on all charges)

Documentation Charges	Rs.10,000/-
Stamp Duty Charge	0.30% of the loan amount.
CERSAI Charge	Rs.50/- for loans up-to 5 Lakhs & Rs.100/- for loans above 5 Lakhs.
Prepayment/ Foreclosure Charges	* Nil – Micro & small enterprises & floating rate term loans for individuals for personal purposes. * 4% on the outstanding amount – for the part prepayment in excess of 25% of the loan amount. * 4% of the foreclosure amount plus amounts prepaid during the last 12 months – for full prepayment of the loans.
Commitment Fee for Non-Compliance to Sanction Terms	2% of the loan amount.
Account Statement & Interest Certificate Charges	Free once in a financial year. Thereafter Rs.250/- per instance.
Switch Fee	* Switch to lower Kotak mortgage loan interest rate – 0.25% of the outstanding loan amount. * Switch to Benchmark Index & reduce the floating Kotak LAP rate – 0.4% of the outstanding loan amount.
Account Swap Charges	Rs.500/- per instance
Duplicate NOC Charges	Rs.500/- per instance
Document Retrieval Charge	Rs.500/- per instance
Cheque Dishonor Charges	Rs.750/- per instance (inclusive of GST)
Penal Interest Rate of Kotak Bank	2% p.m. on the overdue installments.
Penal Interest Rate Kotak Bank for Overdraw of OD	3% p.m. on the overdrawn amount.
Collection Charges	30% of the cheque/ instrument dishonor charges plus substitute interest.
Mortgage Overdraft Renewal Charges	0.25% of the OD limit.

Note: The above-mentioned charges are subject to change without prior notice.

Also, read how to apply for a loan with a bad CIBIL Score.

Documentation For Mortgage Loan In Kotak Mahindra Bank

KYC

Pan Card, Aadhar Card & Photograph

Income Documents

For Salaried	* 4 months salary slips. * 2 years form 16 \ * 6 months bank account statement.
For Self-Employed	* 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No. * 12 months bank account statement. * Business profile. * Business proofs.

Property Papers

Prior Chain of Agreement.
OC/CC + approved plans.
Index 2.
Share Certificate.
Society Registration Copy.
Property tax.
Property maintenance bill.

Other Important Documents

Additional Documents Required For Mortgage Loan Transfer	* LOD (list of documents). * Outstanding letter. * 12 months repayment track record.
Additional Documents Required For LRD	* Registered Valid lease agreement. * 6 months bank account statement where the rent is received.
Other Documents	* Duly signed Kotak Bank application form. * Processing fee cheque. * Any other document as required by the bank.

For complete Kotak Mahindra Bank information on documentation kindly refer to the following links:

Salaried
NRI
Self-employed – Proprietorship Firm, Partnership Firm, & Private Ltd. Company.

Also, read NRI loan against property In India.

Important Highlights To Remember

The business/organization must be a profit-making unit for the last 2 years.

The property that is to be mortgaged must have a clear and marketable title.

Minimum graduate degree required for the salaried loan applicants working in a private limited company or partnership firm.

ESCROW account opening is mandatory for LRD loans.

Prepayment Conditions applicable are as follows
> 6 months lock-in period on pre & part payment after EMI commencement for the borrowers other than – (i) Floating interest rate loan borrowers who have borrowed the funds for personal use & (ii) Micro & small enterprises.

> After 6 months minimum of Rs.25,000/- & a maximum of 25% of the mortgage loan amount can be prepaid with Nil charges every 6 months.

> A minimum difference of 6 months is required between any two prepayments.

If the overdraft limit utilized is less than 50% of the quarterly drawing power, a charge of 0.25% will be levied on the difference between the actual amount utilized and the OD threshold for utilization i.e., 50%.

Gram-Panchayat properties are not considered as collateral. Click to find out why, read Why is it difficult to get a loan on gram-panchayat property?

Tax rebates can be availed on Kotak Mahindra loan against property provided the basic requirements are fulfilled. Click to get the complete information.

Compare Kotak Bank LAP Loans With Top Lenders

Parameter	Kotak Bank	ICICI Bank	HDFC Bank	Axis Bank
Interest Rate	9.25% p.a. onwards	7.70% p.a. – 9.75% p.a.	7.50% p.a. – 10.95% p.a.	10.50% p.a. – 11.25% p.a.
Tenure	Up-to 15 years.	Up-to 20 years.	Up-to 15 years.	Up-to 20 years.
Processing Fees	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.	Up-to 1% of the loan amount + applicable GST.
Foreclosure Charges	Up-to 4% on the balance loan amount + applicable GST.	Up-to 4% on the balance loan amount + applicable GST.	Up-to 2.5% on the balance loan amount + applicable GST.	Up-to 3% on the balance loan amount + applicable GST.
Overdraft Facility	Yes	Yes	Yes	Yes
LTV	65%	70%	65%	55%
Maximum Loan Amount	Up-to Rs.5 Crores	Up-to Rs.10 Crores.	Up-to Rs.25 Crores.	Up-to Rs.5 Crores
		Click for more details.	Click for more details.	Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. How much is the Kotak Mahindra Bank mortgage loan interest rates 2021?

Ans: Mortgage loan interest rates in Kotak Mahindra Bank start from 9.25% p.a. onwards.

Kotak Mahindra Bank Loan Schemes	Applicable Rate of Interest p.a.
Mortgage Loan	9.25% onwards
Mortgage Loan Balance Transfer	9.25% onwards
Mortgage Loan Top-up	9.25% onwards
Mortgage Overdraft Loan	9.50% onwards
Lease Rental Discounting	9.50% onwards
Commercial Property Loan	9.25% onwards

Note: The interest rates are subject to change without prior notice.

Q. I am an NRI working in Saudi. Can I avail myself of a mortgage loan against land India?

Ans: Kotak Mahindra Bank NRI mortgage loans are not available. Kotak Bank does not provide a plot loan for NRI in India.

Also, read – Everything you must know before purchasing a land & availing the land loans & difference between home loan & land loans.

Q. Topping up mortgage, is it possible?

Ans: It is possible to top-up your mortgage with Kotak Bank through Loan Against Property Top-Up Loans & Loan Against property Balance Transfer Loans.

Q. I am an IT tech working in Mumbai for 4 years. I own a house in Bangalore of Rs.60 Lakhs. Can I apply for a mortgage loan from Mumbai or do I have to apply for a mortgage loan in Bangalore?

Ans: For quick, better & faster services it is recommended to apply for a loan against property in Bangalore.

Q. Is there any difference in the mortgage loan interest rates in Chennai & loan against property interest rates in Delhi?

Ans: Kotak Mahindra Bank has uniform interest rates irrespective of the locations/ cities.

Q. How much is the overdraft limit against property interest rate?

Ans: Kotak’s overdraft loan against property interest rates starts from 9.50% p.a. onwards

Q. Will I will be charged a penalty for delayed payment of my EMI?

Ans: Yes, you will be charged with a penalty for the EMI bounce as per the charges schedule.

Q. Is Kotak Mahindra Bank account opening mandatory for a mortgage loan disbursement?

Ans: Kotak Mahindra account opening is important since the LAP EMIs will be served through these accounts. Kotak Mahindra Bank current account is mandatory if you are availing of the LAP overdraft facility.

Q. How to apply for Kotak Bank Loan Against Property?

Ans: You can apply for Kotak LAP loans offline by visiting the branch or online by visiting the bank portal as well as the Kotak bank app.

Also, read the benefits of applying for online & offline loans.

Read for more FAQs.

Kotak Mahindra Bank Branches In Mumbai, Thane & Navi-Mumbai

Kotak Mahindra Bank All Branches In Mumbai

Kotak Mahindra Bank Andheri West J P Road (Andheri Manish Garden CHS Ltd; Manish Nagar, JP Road, Mumbai – 400 053)	Kotak Mahindra Bank Andheri East Sher E Punjab (141, Sher E Punjab CHS Ltd., Off Mahakali Road, Mumbai – 400093)	Kotak Mahindra Bank Borivali West (Aditya Towers, Chandavarkar Road, Mumbai – 400 092)	Kotak Mahindra Bank Bhandarkar Road Matunga (Raj Niketan, Bhandarkar Road, Matunga, Mumbai – 400019)
Kotak Mahindra Bank Chembur (Basant Vihar Commercial Complex CHS, Dr.C. Gidwani Marg, Near Basant Cinema, Mumbai – 400074)	Kotak Mahindra Bank Dahisar East (Ram Kumar, Gulmohar” “B” Wing, Ramkunwar Thakur Marg, Dahisar East, Mumbai – 400068)	Kotak Mahindra Bank Goregaon West (Shop Nos. 3 & 4, Poonam Heights, Udyog Nagar, S.V. Road, Mumbai – 400062)	Kotak Mahindra Bank Goregaon East (Mastermind 1, Unit 235, Adarsh Nagar, Mayur Nagar, Royal Palms, Aarey Colony, Mumba – 400065)
Kotak Bank Ghatkopar East (31 M.G. Road, Bedeshwar Building, Next To TBZ Showroom, Mumbai – 400 077)	Kotak Bank Kandivali West (Unit No. 2, Basement / Ground / 1St Floor, Heena Gaurav Heights, Building No.2, S V Road, Mumbai – 400 067)	Kotak Bank Kalina (159, Ground Floor, Vinay Bhavya Complex, Samsung Building, Kalina, 400098)	Kotak Bank Lower Parel (Shop No.1, Aum Saheel Tower, Kashinath Dhuru Compound, Opp. Kamala Mills, S.B. Marg, Mumbai – 400013)
Kotak Mahindra Bank Mulund West (Marathon Max, Opp RTO, Junction Of LBS Marg And Mulund-Goregaon Link Road, Mumbai – 400 080)	Kotak Bank Mira Road East (E Wing, Latif Park, Mira Bhayandar Road, Mira Road (East) – 401107)	Kotak Mahindra Branch Nariman Point (5 C/ Ii, Mittal Court,224, Nariman Point, Mumbai – 400 021)	Kotak Mahindra Bank Santacruz West (Sainara Building, Linking Road, Santacruz (West), 400054)
Kotak Bank Sion West (Kotak Mahindra Bank Ltd, Kum Kum CHS ltd, Jain Society, Off Eastern Express Highway, Behind Dominos, Mumbai – 400022)	Kotak Mahindra Bank Tilak Nagar (24, Sainath Mandir Chowk, Chembur West, Tilak Nagar, Kurla, Mumbai – 400089)	Kotak Bank Vasai Manikpur (Ground Floor, Marygreg, Main Road, Manikpur, Vasai (West), Thane – 401 202)	Kotak Mahindra Bank Vile Parle East (Plot No.5, Gladdiola Building, Hanuman Road, Mumbai – 400057)
Kotak Mahindra Bank Branches In Thane, Kalyan, Navi-Mumbai
Kotak Mahindra Bank Airoli (Shop No. 3, Sector 6, Manas Co-Op Society, Airoli, Navi Mumbai – 400708)	Kotak Mahindra Bank Belapur (Sharda Terraces, Plot No 65, Sec – 11, CBD Belapur, Navi Mumbai – 400 614)	Kotak Mahindra Bank Kalamboli (Shop No. 9, Shree Apartment, Sector 1 Rd, Sector 1E, Kalamboli, Panvel, Navi Mumbai – 410218)	Kotak Bank Kalyan West (Kamla Tower, Rambaug Lane No .1, Santoshi Mata Mandir Road, Thane – 421301)
Kotak Mahindra Bank Kharghar (Vaibhav CHS Ltd, 28, Sector 11, Kharghar, Navi Mumbai – 410210)	Kotak Mahindra Bank Koparkhairane ( Shop No 2, 3, 4, 5, Channel Tower, Plot No. 75, Sector 18, Kopar Khairane Rd, Navi Mumbai – 400709)	Kotak Mahindra Bank Nerul East (Shop 25 To 27, Krishnakamal CHS Ltd., Sector 21, Nerul (East) – 400706)	Kotak Bank Vashi Palm Beach Road (47/48, Kotak Mahindra Bank Ltd, Arenja Corner Premises Chs ltd, Palm Beach Road, Sector 17, Vashi – 400703)
Kotak Bank Thane Hiranandani Meadows (Block No.4 Emerald Plaza, Ground Floor, Hiranandani Meadows, Near Vasant Vihar, Thane – 400 610)

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