Kotak Mahindra Loan Against Property

Kotak Mahindra Bank mortgage loan interest rates are among the lowest in India starting at just 9.50% - 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.

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:

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 9.50% - 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.

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.

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

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

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

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.

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.