Following are the features of Kotak Mahindra Bank Loan Against Property:
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
The quantum of the loan provided will be between Rs.10 Lakhs to Rs. 5 Crores
9.5% to 11.60%, depends on the loan amount and borrower's gender.
Processing charges: 3% of the loan amount or the sanctioned limit according to the facility availed.
Additional Reading: How to get instant loan for low cibil score?
The following are the advantages of availing Kotak Mahindra Bank Loan Against Property:
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The parameters stipulated by the bank to be eligible for the Loan Against Property are as given below:
Additional Reading: What is good cibil score range?
Interest rates for the loan are linked to the bank's current EBLR. Following are the interest rates applicable on Kotak Mahindra Bank Loan Against Property:
|Loan Amount Slab||If Women Borrower is Main Applicant||For Others|
|Less than 2 Crores||8.90% - 9.50%||9.6% - 11.65%|
|More than 2 Crores||9.55% - 11.60%||9.65% - 11.70%|
The charges applicable on the loan are as mentioned below:
|Type of charge||Description|
|Processing fee||Charged at 3% of the loan amount plus applicable GST, which is not refundable.|
|Charges for issuing copies of documents||Rs. 500 plus GST per instance|
|Change in repayment mode||Rs. 500 plus GST per instance|
|Cheque/ECS dishonour charges||Rs. 750 plus GST per instance|
|Charges for issuing duplicate NOC||Rs. 500 plus GST per occasion|
|Charges for delayed payment||3% p.m. plus applicable GST on the overdue amount for the overdue period.|
|Default collection charges||30% plus GST of the dishonoured cheque amount plus penal interest at 3% on the overdue amount for the overdue period.|
|Issue of amortization schedule||Free for the first time during the financial year. 250 plus GST thereafter.|
|Annual review charges for an overdraft facility||1.5% of the renewed limit or 5,000 plus the applicable GST|
|Limit termination charges||If terminated within the lock-in period of 6 months, charges will be collected at 6% of the limit sanctioned plus GST and if terminated after 6 months, charges will be collected at 5% of the sanctioned limit plus GST.|
|For not maintaining the minimum credit turnover||A maximum of 1% of the sanctioned limit per year.|
|Charges for using the limit over and above the sanctioned limit||Penal interest at 3% over and above the regular interest charged for the OD Account for the overdrawn amount till regularisation.|
|Commitment charges||0.25% will be charged on the difference between the actual average utilisation and 25% of the average operating limit sanctioned during the quarter with a minimum of Rs. 1,250 plus GST.|
|Charges for issuing interest certificate||Issued free for the first time during the financial year and with a fee of Rs. 250 plus GST thereafter.|
|Stamp duty||As per actuals in the particular State.|
The following documents have to be submitted along with the relevant loan application for the scheme and two passport photographs:
|Type of document||Salaried||Self-Employed|
|Address Proof||Voter's ID Card, Aadhar Card, Passport, Driving Licence, Utility bills|
|Photo ID Proof||PAN Card, Passport, Voter's ID Card, Passport|
|Property Documents||Chain of title deeds relating to the property along with the sanctioned plan.|
Additional Reading: What is cibil dispute?
As suggested, understanding the EMI for the desired amount is very essential before applying for a loan. You have two choices for calculating the EMI. If you are game for a lengthy manual calculation, you can calculate the EMI by applying a complicated formula and investing your precious time. The other choice would be by calculating the EMI using the EMI Calculator where you get the result in a jiffy. If you are choosing the first option, you will need to reconsider the idea considering the fact that for applying the comparative data from different loan providers to arrive at the most comfortable EMI with the best deal, you will have to do the calculation a number of times.
Additional Info: You can also Check Loan Against Property EMI Calculator
Using the EMI calculator will not only spare you from the laborious manual calculation but also will give a 100% accurate result. Also, with the EMI value available before applying for the loan you can rework on your monthly budget to accommodate the new commitment. It is the most convenient option since you can do the calculation 24 x 7 at the comfort of your home or workplace.
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
You can apply for the Kotak Mahindra Bank Loan Against Property online through the official website of the bank. You can visit the nearest branch of the bank and apply for the loan by submitting the required application along with the necessary documents. You can also apply online through MyMoneyMantra, for quick and seamless loan application process.
If the property is in the joint names, all the joint owners should be co-borrowers for the loan. If the property is in individual name, the loan can be availed in joint names along with close relatives of the borrower to supplement the income for higher eligibility. The co-borrowers need not be joint owners of the property.
The maximum repayment period provided for the Kotak Mahindra Bank Loan Against Property is 15 years.
The minimum quantum of loan provided is Rs. 10 Lakhs and the maximum quantum of loan provided is Rs. 5 Crores.