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Kotak Mahindra Bank Loan Against Property (LAP) Interest Rates 2024

Kotak Mahindra Bank mortgage loan interest rates are among the lowest in India starting at just 9.15% - 10.50% p.a. The bank offers up to Rs. 5 Crores as loan amount, depending on the property’s value. You can apply for the loan online and get quick approval and disbursal.

Nature of EmploymentRate of Interest
Salaried/Self EmployedStarts @ 9.15% - 10.50% per annum

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Compare Loan Against Property Interest Rates for Top Banks

Below is the comparison of Kotak loan against property rates with loans against property interest rates of other top lenders in India. You can compare the different interest rate offers and select the best option:

Name of the LenderInterest Rate (% p.a.)
Kotak Mahindra Bank9.15% - 10.50%
State Bank of India10% - 11.55%
LIC Housing Finance9.70% - 11.55%
IDFC First Bank9.00% - 20.00%
Federal Bank12.60%
Home First 12.80% - 18.50%
HDFC Bank9.50% - 11.00%
PNB Housing Finance9.25% - 12.45%
Bank of Baroda10.85% - 16.50%
ICICI Bank10.85% - 12.50%
Tata Capital10.10%
Bajaj Housing Finance9% - 14%

Features & Benefits of Kotak Mahindra Bank Loan Against Property

Following are the key features and benefits of Kotak Mahindra loan against property:

  • The Kotak mortgage loan can be obtained against residential, commercial, or industrial properties as a term loan or as an overdraft facility.
  • The loan can be used for any personal as well as business requirements.
  • The quantum of the loan ranges between Rs. 10 Lakhs to Rs. 5 Crores.
  • Kotak LAP rate starts from 9.15% - 10.50% per annum, depending on the loan amount and borrower's eligibility.
  • The tenure of repayment can be extended up to 15 years on a case-to-case basis. For the overdraft facility, the repayment is on demand.
  • The bank levies a non-refundable processing fee of 1% plus GST and statutory dues on the loan.
  • The bank charges NIL prepayment/foreclosure charges for Term Loans given to Individual Borrowers for non-business end-use.
  • Getting a Kotak Mahindra Bank LAP involves easy documentation, quick processing and sanction.
  • There is transparency in the charges collected and no hidden charges are involved.

Kotak Mahindra Bank Loan Against Property - Processing Fees & Other Charges

The applicant must meet the following Kotak loan against property criteria to be eligible for the loan:

Eligibility criteria for self-employed professionals and non-professionals:

  • The minimum annual proof of income should be Rs. 1.80 Lakhs or above.
  • The minimum age of the applicant should be 21 years when applying for the loan and a maximum of 65 years at loan maturity.
  • Applicant's business/organization should be operational for at least the last 3 years.
  • Applicant's business/organization should be making a consistent profit for at least the last 2 years.

Eligibility criteria for salaried individuals:

  • The minimum monthly income should be Rs. 40,000 or above.
  • The minimum age of the applicant should be 18 years when applying for the loan and a maximum of 60 years at loan maturity.
  • The applicant should hold a graduate degree if they are employed with a private limited company/ partnership firm. No such criterion is there if they are employed with a Public limited company/ MNC/ Government or Public Sector Company.

You can also check eligibility criteria for loan against property online.

Kotak Mahindra Bank Loan Against Property Fees & Charges

The charges applicable on the Kotak mortgage loan are as mentioned below:

Type of chargeDescription
Processing fee (non-refundable)1% of the loan amount + GST & Statutory dues 
Documentation chargesRs. 10,000 + GST & statutory dues
Charges for issuing copies of documents, List of Documents, Any other documents/letterRs. 500 + taxes & statutory dues per event
Repayment mode/ account swap chargesRs. 500 + taxes & statutory dues
Cheque/ECS dishonour chargesRs. 750 plus GST per instance
Charges for issuing duplicate NOCRs. 500 + taxes & statutory dues per event
Switch to lower floating rate0.5% of the principal outstanding & undisbursed amount (if any) at the time of conversion with a cap of Rs. 10,000 + taxes & statutory dues
Rescheduling of loan tenureRs. 500 + taxes & statutory dues
Prepayment/ foreclosure chargesNIL for Term Loans given to Individual Borrowers for non-business end-use. Otherwise up to 2%.
Instrument dishonor chargesRs. 500 + taxes & statutory dues
Charges for delayed payment2% p.m. + taxes & statutory dues
Legal chargesAs Incidental/ At Actuals
Penal interest for noncompliance of sanction terms2% incremental pricing over & above existing spread + taxes & other statutory dues
Loan cancellation charges0.10% of the loan amount or Rs. 25,000 whichever is higher + taxes & other statutory dues

Documents Required for Kotak Mahindra Bank Loan Against Property

The following documents have to be submitted along with the relevant loan application for the scheme and two passport photographs:

Type of documentSalariedSelf-Employed
Address ProofVoter's ID Card, Aadhar Card, Passport, Driving Licence, Utility bills
Photo ID ProofPAN Card, Passport, Voter's ID Card, Passport
Income Proof
  • Salary slips for the last 6 months
  • Form 16 and ITfor the last 2 years
  • Bank account statement for the last 12 months of the salary account
  • Audited Balance Sheet and Profit and Loss Account for the last 3 years.
  • ITR with income computation for the last 3 years.
  • Bank Account statement of all operative accounts for the last 12 months.
  • Sanction letter and account statement for the last 12 months of all the loan accounts.
Business ProofN.A.
  • Business profile on the lette head of the business entity.
  • MOA and AOA for Companies.
  • Partnership deed for Partnership Company.
  • The license under Shop Act for Proprietorship Company.
  • GST Registration Certificate and GST Returns for the last 1 year.
Property DocumentsChain of title deeds relating to the property along with the sanctioned plan.

You can also check the documents required for loan against property online. 

How to Apply for Kotak Mahindra Bank Loan Against Property?

The process to apply for the Kotak Mahindra Bank loan against property is easy. You just have to fill out the online loan application form available on the official website or nearby branch of the bank by providing some basic details about yourself, the property to be mortgaged, and the purpose of the loan along with KYC. Alternatively, you can also apply for Kotak Mahindra LAP from our web portal for quick processing.

Kotak Mahindra Loan Against Property EMI Calculator

You can use the Kotak Mahindra Loan Against Property EMI Calculator to calculate the exact EMI you will have to pay against the borrowed amount. The tool considers a few factors such as the loan tenure, market valuation of the property, rate of interest, etc. 

Just follow the steps given below to Calculate your Loan Against Property EMI using the calculator instantly:

  • Open the EMI Calculator under the Loan Against Property page on Kotak Bank’s official website.
  • Enter your loan amount requirement, the interest rate you are looking for and repayment tenure.
  • As soon as you enter all these details, you will get the EMI amount to be paid to the bank along with the total interest payable and total amount payable.

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Pre-Approved Loan Against Property @9% p.a 

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.

Kotak Mahindra Bank Loan Against Property - FAQs

How to apply for the Kotak Mahindra Bank Loan Against Property?

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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.

Can the Kotak Mahindra Bank Loan Against Property be availed jointly?

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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.

What are the processing charges and pre-payment/pre-closure charges for the Kotak Mahindra Bank Loan Against Property?

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  • Processing charges will be collected at 3% of the loan amount or the sanctioned limit according to the facility availed along with the applicable GST.
  • Prepayment charges:
  • No charges if the pre-payment is done within the lock-in period of 6 months from the date of commencement of the EMI.
  • If paid after the lock-in period of 6 months, no charges will be collected if a minimum pre-payment of 25,000 or 25% of the outstanding principal balance is done.
  • The time-gap allowed between each pre-payment will be 6 months
  • If a pre-payment is made above 25% of the outstanding loan balance, then 4% on the excess pre-paid amount will be collected along with applicable GST.
  • For full pre-payment after the lock-in period, charges will be collected at 4% of the pre-payment amount plus the pre-payment made during the past 12 months along with the applicable GST.

What is the maximum repayment period provided for the Kotak Mahindra Bank Loan Against Property?

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The maximum repayment period provided for the Kotak Mahindra Bank Loan Against Property is 15 years.

What is the quantum of loan provided for the Kotak Mahindra Bank Loan Against Property?

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The minimum quantum of loan provided is Rs. 10 Lakhs and the maximum quantum of loan provided is Rs. 5 Crores.

What is the interest rate on a loan against property in Kotak Mahindra Bank?

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The interest rate of a loan against property in Kotak Mahindra Bank starts from as low as 9.15% - 10.50% p.a.

Which bank is good for obtaining a loan against property?

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At present, Kotak Mahindra Bank, HDFC Bank, SBI, ICICI, and PNB Housing Finance are some of the best banks for loans against property.

How much loan can I avail of against my property?

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You can take anywhere between Rs. 10 Lakhs to Rs. 5 Crores as a loan against your property at Kotak Mahindra Bank, depending on your eligibility.

Which documents are required for a loan against property in Kotak Mahindra Bank?

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You will be required to submit a loan application, 2 passport-size photographs, address proof, photo identity proof, income proof, business proof and property documents (whichever is applicable) for a loan against property in Kotak Mahindra Bank.

Which type of properties are considered as collateral for Kotak Mahindra Bank loan against property?

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The Kotak mortgage loan can be obtained against residential, commercial, or industrial properties.

Can I make a part-prepayment for the Kotak Mahindra Bank loan against property?

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Yes, you can make a part-prepayment of up to 25% of the outstanding loan amount without any prepayment charges once every 6 months.

Can I obtain a Kotak Mahindra Bank loan against property without submitting any income proof?

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No, having a reliable income proof document is mandatory for obtaining a Kotak Mahindra Bank loan against property.