Kotak Mahindra Loan Against Property (LAP)

  • Interest Rate 9.60% onwards
  • Loan-to-Value Ratio up to 55% of the property value
  • Loan Amount Rs.10 lakhs to Rs.3 crores
  • Loan Tenure up to 12 years
  • Processing Fees up to 1% of the loan amount + GST
Get Kotak Mahindra Loan Against Property

Kotak Mahindra Loan Against Property is available to customers starting at just 9.60% per annum for a tenure of up to 12 years. This allows a borrower to leverage their property in order to fulfill their personal or business needs. A customer can use their residential or commercial property to avail of the loan.  

Kotak Mahindra Loan Against Property (LAP) Summary
Interest Rate9.60% onwards
Loan-to-Value RatioUp to 55% of the property value
Loan AmountRs.10 lakhs to Rs.3 crores
Loan TenureUp to 12 years
Processing FeesUp to 1% of the loan amount + GST

Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.

Eligibility Criteria for Kotak Mahindra Loan Against Property

To avail of a Kotak Mahindra loan against property,

An applicant must:
  • be salaried or self-employed residents with a minimum income of Rs.12,000 per month.
  • be between the ages of 21 and 65.
  • have work experience or business continuity of at least 3 years.
  • have a Credit Score of 650 or more.

Know how much Kotak Mahindra mortgage loan you are eligible for!

Enter a few basic details into the Fincity loan against property eligibility calculator and find out now.

Kotak Mahindra Loan Against Property Interest Rate

Kotak Mahindra offers their customers mortgage loans starting at 6.90% per annum. The actual applicable interest rate however varies based on the borrower’s risk profile and repayment capacity. Some factors that influence the lender’s decision are the borrower’s loan amount, age, job stability, credit score, property value and income.

Note :The above rates are subject to change at the discretion of the banks without prior notice.

Kotak Mahindra Processing Fee and Other Charges

Here’s a list of the processing charges a borrower can expect when they apply for a Kotak Mahindra LAP.

ParticularsCharges
Processing Fee (Non-Refundable)

1% plus GST and Statutory dues 

Documentation Charges (Non-Refundable)

Rs.10,000 plus GST and Statutory dues 

Charges for Interest Certificate / Account Statement

Free once in a Financial Year. Thereafter, INR 250/- (plus GST and any other applicable statutory dues) per instance 

Switch Fee

Switch to Lower Rate (Non–Housing Loans): 0.25% of the loan outstanding plus GST and Statutory dues 
(Or) 
Switch in Benchmark Index and Lowering of Floating Rate Interest: 0.40% of the loan outstanding plus GST and Statutory dues 

Repayment Mode I Account swap charges

Rs.500 (plus GST and statutory dues) per instance 

Charges for Copy of any Document

Rs.500 (plus GST and statutory dues) per instance 

Charges for Duplicate NOC I No Dues Certificate

Rs.500 (plus GST and statutory dues) per instance 

Prepayment Charges

Micro & Small Enterprises – NIL 
Floating rate Term Loans for Individuals for Personal Purpose – NIL 
 
Others: No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement. 
 
Post this lock– in period, part prepayment of minimum INR 25,000 and maximum of up to 25% of outstanding Loan Amount can be made without any prepayment charges every 6 months. 
 
The minimum period between any two prepayment shall be at least 6 months. 
 
For any Part Prepayment in excess of 25%, 4% (plus GST and statutory dues) of the excess prepayment Amount shall be charged as Prepayment Charges. 
 
For Full Prepayment any time after the Lock-in-Period, Prepayment charges shall be 4% (plus GST and other applicable taxes) of the Foreclosure Loan Amount plus Amounts prepaid during the last 12 months. 

Commitment Fee (Non-compliance of Sanction Terms)

2% of the loan amount plus GST and other statutory Dues 

Substitute Interest (Penal Interest)

2% per month compounded monthly 

Cheque dishonour Charges

Rs.750 (Inclusive of GST and other applicable statutory dues per instance) 

Collection Charges (in case of Default)

30% (plus other applicable statutory dues) of Cheque / Instrument dishonour charges plus substitute interest 

Overdraft Annual Renewal Charges

0.25% of the limit (dropped limit after reduction of annual drop) shall be collected on the due date of renewal. Not Applicable for Smart Home Loan OD product. 

Overdraft Non-Utilization Charges

0.25% of the OD non-utilized limit subject to minimum OD Limit utilization threshold of 50% quarterly, subject to minimum of INR 1250 + GST, chargeable on quarterly basis. 
For E.g. OD Limit : Rs.50,00,000 
OD Threshold for Utilization (50%) : Rs.25,00,000 
OD Limit Utilized : Rs.10,00,000 
Differential : Rs.15,00,000 
Charges : Rs.3750 plus GST applicable 

Overline Rate/ Penal Interest in case of overline accounts (Overdrawal of Overdraft)

3% per month (plus GST and any other applicable statutory levies) over and above the normal OD Rate. This would be charged on the amount over and above the OD limit. 

Note :The above rates are subject to change at the discretion of the banks without prior notice. Stamp Duty on Loan Agreement, Overdraft Agreement, Guarantor Agreement, Registration Charges etc. varies from State to State. Stamping/ Notarisation of RBI and other Affidavits as applicable. Charges for other Services would be specified as applicable when the Customer applies for those services and the same shall be payable by the borrower alone e.g. Revalidation of Sanction, Change in Property, Reschedulement of Loan, Change in EMI Date, Solvency Charges etc. Taxes/ other statutory levies may be charged to the Borrower if applicable as per Government/ RBI directives.

Kotak Mahindra Loan Against Property EMI Calculation

Narrowing your options down to the best one (lowest rate and maximum benefits) requires a fair amount of research. Use the Fincity Loan Against Property EMI calculator to check and compare the repayment schedule for each mortgage scheme you shortlist.

Documents Required for a Kotak Mahindra Loan Against Property

Below is a list of documents required for a Mortgage Loan with Kotak Mahindra Bank Ltd.

For Salaried customers
  

Mandatory Documents   
Application Form 
  • For Salaried 
Compulsory document 
  • Pan card 
Identity proof 
  • Driving License/ Passport/ Voter’s ID/Aadhaar card (Voluntary) 
Address Proof 
  • Address proof for Both Office and Residence;
    Passport/Driving License/Voter’s ID/ Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old)/Aadhaar card (Voluntary) 
Ownership proof 
  • Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate 
Relationship Proof 
  • Relationship Proof – If same cannot be proved from KYC documents submitted 
Financial 
  • Latest 3 months’ Salary Slips 
  • Latest Form 16 
  • 3.   Employment Proof (Appointment Proof) only if current employer name does not match with that of the Form 16 submitted 

 

Banking 
  • Latest 6 months Bank Statement reflecting Salary as well as existing EMI repayment 

 

For self-employed customers

Mandatory Documents   
Application Form 
  • For Proprietor/Firm/Company 
Compulsory document 
  • Pan card 
Identity proof 
  • Driving License/ Passport/ Voter’s ID /Aadhaar card (Voluntary) 
Address Proof 
  • Address proof for Both Office and Residence;
    Passport/Driving License/Voter’s ID/ Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old) /Aadhaar card(Voluntary) 
Ownership proof 
  • Agreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate 
Business continuity proof 
  • Shop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations 
Firm Constitution 
  • MOA/AOA/Partner Ship Deed/GST Registration Certificate/Form 32 for knowing latest directors 
Financial 
  • Latest three years audited financials. 
  • Last three years Tax Audit Report. ( Form 3CB + 3CD in case of proprietorship and partnerships and  Form 3CA + 3CD in case of Companies) 
  • Latest VAT/GST/Service Tax returns for current financial year. 
  • Breakup of all secured and unsecured loans 
  • As on date List of Directors and Shareholding Pattern 
  • Existing loan Sanction letters and their corresponding EMI reflecting bank statement for last 1 year.
Banking 
  • Last 1 year bank statement (Business Accounts) 

Note : Required documents must be self-attested and may slightly differ. Credit at sole discretion of Kotak Mahindra Bank Ltd and subject to guidelines issued by RBI.

Kotak Mahindra Loan Against Property (LAP) Benefits

Kotak Mahindra offers term loan and overdraft facilities. It also comes with a lengthy repayment tenure of up to 12 years, a hassle-free documentation process and quick disbursal of funds.

Fincity helps you access the best mortgage loans with rates that stay low over the life of the loan.

Contact an expert loan advisor now at lap@fincity.com for free unbiased assistance.