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 |
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 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
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