Kotak Mahindra Bank Loan against Property

Updated: 07-07-2022 10:40:21 AM

Kotak Mahindra Bank Loan Against Property Highlights 2022
Interest Rates	7.25%-11.50% p.a.
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
Minimum Income	For self-employed: Above Rs 40,000 per month

Table of Contents

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

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 If loan is closed from borrowed funds: 3% of the prepayment/foreclosure amount Others (Individual borrowers for business end use and Non-individual borrowers) : For Lock-in Period of 6 months after EMI Commencement- NIL Post lock– in period, part prepayment of minimum Rs. 25,000 and maximum of up to 25% of outstanding loan amount can be made without any prepayment charges every 6 months Minimum period between any two prepayment- 6 months For any Part Prepayment in excess of 25% of outstanding loan amount: 3% of the excess prepayment amount For Full Prepayment any time after the Lock-in-Period: 3% of the Foreclosure Loan amount plus amounts prepaid during the last 12 months
Instrument dishonor charges	Rs 500
Penal interest	2% per month

For Salaried Applicants

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

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