Kotak Mahindra Bank Loan Against Property Highlights | |
Interest Rates | 9.50% p.a. onwards |
Loan Amount | Rs 10 lakh-Rs 5 crore |
Tenure | Up to 15 years |
Processing Fee | Up to 1% |
Minimum Income | For salaried: Above Rs 1.8 lakh per annum |
For self-employed: Above Rs 40,000 per month |
Note: Rates as of 15th October 2024
Table of Contents |
Kotak Mahindra Bank Loan Against Property Interest Rates
Kotak Mahindra offers Loan Against Property interest rates starting from 9.50% p.a. onwards. The lender has specified its differential interest rates depending on the employment profile of its applicants.
Employment Type | Rate of Interest |
Salaried | 9.50% p.a. onwards |
Self-employed | 9.50% p.a. onwards |
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
Name of the Lender | Interest Rate (% p.a.) | |
State Bank of India | 10.00-11.30 | |
Bank of Baroda | 10.85-18.60 | Apply Now |
PNB Housing Finance | 9.25-15.00 | Apply Now |
IDFC First Bank | 9.00-16.50 | Apply Now |
HDFC Bank Limited | 9.50-11.00 | Apply Now |
L&T Housing Finance | 9.50 onwards | Apply Now |
LIC Housing Finance | 9.50-11.55 | Apply Now |
Godrej Housing Finance | 9.75 onwards | Apply Now |
ICICI Bank | 10.85-12.50 | Apply Now |
Tata Capital | 9.00 onwards | Apply Now |
Axis Bank | 10.50-10.95 | Apply Now |
Punjab National Bank | 10.40-12.75 | Apply Now |
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Fees and Charges for Kotak Mahindra Bank Loan Against Property
Processing Fee | 1% + GST |
Documentation Charges | Rs 10,000 + GST |
Documents’ copy | Rs 500 |
Repayment mode/account swap charges | Rs 500 |
Prepayment charges | NIL for Term Loans given to Individual Borrowers for non-business end use.
For certified Micro & Small Enterprises (MSE) borrowers: If the loan is foreclosed from own source of fund: NIL Others (Individual borrowers for business end use and Non-individual borrowers) :
|
Instrument dishonor charges | Rs 500 |
Penal interest | 2% per month |
Eligibility Criteria for Kotak Mahindra Bank Loan Against Property
For Salaried Applicants
- Age: 21-60 years
- Minimum Income: Salary above 1.8 lakh per annum
For Self-employed Individuals
- Age: 18-60 years
- Qualification: Graduate degree required if working in a private limited company or a partnership firm, but not required if working in a public limited company
- Minimum Monthly Income: Above Rs 40,000
Additionally, Kotak Mahindra Bank may also consider the credit score, occupation profile, etc. of its applicants, just like many lenders do while evaluating their Loan Against Property eligibility criteria.
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Documents Required for Kotak Mahindra Bank Loan Against Property
Kotak Mahindra Bank has mentioned a detailed list of documents required for availing Loan Against Property. The list of loan against property documents required by Kotak Mahindra Bank are mentioned below:
For Proprietor/Firm/Company
- PAN Card (mandatory)
- ID Proof: Aadhaar card/Voter ID/Driving license/Passport
- Address Proof: Passport/Driving license/Utility bills/bank statement/bank account passbook
- Ownership Proof: Electricity bill/Agreement copy/Share certificate/Municipal Tax Bill/Maintenance bill with share certificate/
- Business Continuity Proof: GST registrations/Service tax/Shop and Establishment certificate/Tax registrations VAT
- Firm Constitution: MOA/AOA/GST Registration Certificate/partnership deed/Form 32
- As per Program:
- Financial: Audit Financials for past 3 years
- GST
- Tax audit report for last 3 years
- Breakup of all unsecured and secured loans
- Directors’ list and shareholding pattern as on date
- Sanction letters of existing loans and
- Bank account statement showing the repayment history for last 1 year
- Banking: Bank statement for last 1 year
Additional documents for Salaried Applicants
- Relationship proof
- As per program
- Financials: Salary slips for last 3 months
- Form 16 recent
- Employment proof (if the name of the current employer does not match with that mentioned in Form 16)
- Banking: Bank statement for last 6 months showing loan repayments and salary credited