About Kotak Mahindra
Kotak Mahindra Bank is India's one the leading private sector bank. The bank offers an extensive range of financial products and services. The bank has a chain of a business subsidiary that includes Kotak Securities Ltd., Kotak Mahindra General Insurance Company Ltd., Kotak Mahindra Capital Company, Kotak Mahindra Prime Ltd, Kotak International Business, etc.
About Kotak Mahindra Loan Against Property
Sometimes we have to encounter the circumstances where we require immediate cash and in large quantity. The need for immediate and easy cash can be fulfilled with Kotak Mahindra's Loan Against Property (LAP). You can avail a loan by pledging your property as a mortgage with the bank. Loan Against Property from Kotak Mahindra Bank can be taken against the residential, commercial and industrial property. The bank offers LAP in quick turnaround time with lesser documentation and at competitive rates.
Features and Benefits of Kotak LAP
Loan Amount: Kotak Mahindra Bank provides minimum LAP of amount 10 Lakhs that can go up to 5 Crores.
Loan Tenure: Kotak Mahindra Bank offers a flexible loan tenure. The maximum loan tenure for LAP can go up to 15 years.
Repayment Options: The borrower can repay his loan EMI via several repayment options including Standing Instruction (SI), ECS (Electronic Clearance System) and PDC (Post Dated Cheque)
Loan To Value: The loan to value (LTV) in case of a loan against commercial property may go up to 55% of the property value.
Property Type: The borrower can take a loan against commercial, residential and industrial property. The LTV for each property type varies.
Foreclosure Facility: The borrower can foreclose the loan after the completion of lock-in-period. However, the borrower is required to pay foreclosure charges applied by the bank.
Co-applicant: Spouse, parents and major children of an individual borrower can become the co-applicants for a loan. Typically, the co-owner of the property is mandatory to be a co-applicant. However, the co-applicant is not necessarily being a co-owner of the property.
Eligibility Criteria Kotak Mahindra LAP
A loan is approved by the bank when the borrower fulfils the eligibility criteria. Eligibility is decided based on certain factors. The eligibility for self-employed professionals and self-employed professionals is discussed below:Annual Income of 1.44 Lakhs (As per P & L Statement)
|Eligibility Factor||Self-Employed Professionals and Non-Professionals on-Professionals|
21 years at the time of applying for the loan
65 years at the time of a loan maturity
Firm should be making profits for the last 2 years
Minimum Years of Business Stability and Existence
|Minimum 3 years|
Complete property documents
Application form Along with 2 Passport Size Photos signed across
Documents Required for Kotak LAP
After the approval, the borrower has to submit the documents to the bank for further processing of the loan. The following documents are:
|Type of document||Self-employed|
|Income Tax Return||
Income Tax Returns for last 2 years duly certified by CA
Bank statement/ copy of passbook of last 6 months
Balance sheet and P&L statement for the last 3 years including schedules and Annexures
Passport/ Voter ID/PAN/Driving License
Job/ Business stability
Proof of business registration:
|Residential address proof||
Registered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license
|Property related documents||
Fees and Charges: Kotak Bank Mortgage
The bank charges the following charges:
1% to 2% of the loan amount
4% of the outstanding loan amount after the completion of lock-in-period of 6 months