Kotak Mahindra Loan Against Property

Kotak Mahindra Bank Loan Against Property Highlights
Interest Rates	9.15% 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 7th December 2023

Table of Contents Interest Rates Compare Interest Rates Offered By Other Lenders Fees & Charges Eligibility Criteria Documents Required

Kotak Mahindra Bank Loan Against Property Interest Rates

Employment Type	Rate of Interest
Salaried	9.15% p.a. onwards
Self-employed	9.15% 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	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.25-15.00
IDFC First Bank	9.00-16.50
HDFC Bank Limited	9.50-11.00
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	10.50-10.95
Kotak Mahindra Bank	9.15 onwards

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 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

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

Documents Required for Kotak Mahindra Bank Loan Against Property

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