Kotak Loan Against Property Interest Rate Calculator - Oct 2016

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Kotak Bank Loan Against Property Interest Rates

Last Updated 27th Oct 16
Kotak Bank Loan Against Property Interest Rate 12.65%
Check Special Offers
Lowest EMI Rs. 1,353 per lakh
Max Tenure 12 years
Processing Fee Upto 2.00%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 

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Kotak Bank Loan Against Property

Kotak Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 55% of the market’s value for tenure of 18 years.

Loan Against Property Kotak

Kotak Bank Loan Against Property interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Loan Against Property interest rates offered by Kotak Bank depends upon MCLR
  • Floating rates changes with a single change in Kotak Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Kotak Bank offers Property Loan based on 1 Year MCLR which is currently 9.50%
Kotak Bank mortgage loan interest rate depends upon
  • Kotak Bank Loan Against Property amount: Kotak Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Kotak Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Kotak Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Kotak Bank Loan Against Property Charges

Kotak Bank Loan Against Property foreclosure charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Kotak Bank allows prepayment of loan against property with Individual Borrower- Nil, Others- 4% of Outstanding balance prepayment charges
Processing Fee - Kotak Bank asks for a processing fee of 2.00% of loan amount with applicable service tax

Kotak Loan Against Property EMI Calculator

Loan Against Property EMI of Kotak Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Kotak Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Kotak Loan Against Property EMI?
  • Kotak Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Kotak Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Kotak Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Kotak Bank
Eligibility of Loan Against Property in Kotak Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Kotak Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 65 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Kotak Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Kotak Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Kotak Bank gives maximum LTV of 55% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Kotak Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Kotak Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Kotak Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.30,000,000 with a minimum spread of 3.15% over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
    Business person should be in business from the past 3 years and minimum ITR of last 2years is required as proof to Kotak Bank
Estimated eligibility online by using Kotak Bank Loan Against Property Eligibility Calculator.
Popular Kotak Bank Loan Against Property Products:
  • Loan Against Commercial Property
  • Residential Property Mortgage Loan

Kotak Bank Floating Rate Home Loans

Kotak Bank Loan Against Property Floating
Upto Rs. 3,000,000 - 12.65%
Rs. 3,000,001 - 7,500,000 - 12.65%
Rs. 7,500,001 - 10,000,000 - 12.65%
Above Rs. 10,000,000 - 12.65% linked to 1 Year MCLR

Kotak Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Kotak Bank?
Kotak Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Kotak Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property Kotak documents required

Loan Against Property for Salaried employee Kotak Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed Kotak Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 2 years
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from Kotak Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of Kotak Bank
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.50% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
02nd Jul 15 9.75% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
14th Apr 15 9.85% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
03rd Feb 14 10.00% increased by 0.25%
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
26th Apr 12 9.75% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
01st Nov 11 10.00% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
26th Jul 11: 0.5% repo hike by RBI
13th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
10th May 11 9.25% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Mar 11 8.75% increased by 0.5%
02nd Feb 11 9.75% increased by 0.25%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 8.25% increased by 0.25%
06th Dec 10 8.00% increased by 0.25%
08th Nov 10 7.75% increased by 0.25%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 7.50% increased by 0.25%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.25%

Kotak MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions – Kotak Loan Against Property

What are the five things to check before applying for loan against property in Kotak ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Kotak Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Kotak Bank and other banks and all EMI's have been paid. Note that Kotak Bank can see record of your EMI defaults to all banks and NBFC’s in India and not just to Kotak Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Kotak loan against property interest rate remain fixed or will it change in future?

  • Floating interest rate on Kotak Bank property loan is linked to its MCLR, which is currently 9.50%. So, when Kotak Bank offers a loan against property at 12.65%, it applies a 3.15% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Kotak Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Kotak loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Kotak Bank Loan Against Property Customer Care Number, Email, Application Status

Contact Details of Kotak Bank Loan Against Property Branches
City Customer Care Number
Agra 011-66006022
Ahmedabad 079-66006022
Ambala 080-66006022
Anand 079-66006022
Aurangabad 022-66006022
Bangalore 080-66006022
Bhilai 1800-102-6022
Bhilwara 1800-102-6022
Bhiwadi 022-66006022
Bhopal 011-66006022
Bhubaneswar Cuttack 1800-102-6022
Bikaner 1800-102-6022
Chandigarh 0161-65006022
Chennai 044-66006022
Cochin 0422 66006022
Coimbatore 0422-66006022
Dehradun 1800-102-6022
Delhi 011-66006022
Durg 1800-102-6022
Faridabad 080-66006022
Gandhinagar 079-66006022
Ghaziabad 011-66006022
Goa 022-66006022
Greater Noida 011-66006022
Gurgaon 011-66006022
Guwahati 1800-102-6022
Gwalior 011-66006022
Hyderabad 040-66006022
Indore 011-66006022
Jabalpur 011-66006022
Jaipur 0141-6536022
Jalandhar 0161-65006022
Jodhpur 1800-102-6022
Kanpur 011-66006022
Karnal 080-66006022
Kolhapur 022-66006022
Kolkata 033-65506022
Kota 1800-102-6022
Kozhikode 1800-102-6022
Lucknow 011-66006022
Ludhiana 0161-65006022
Madurai 044-66006022
Meerut 011-66006022
Mehsana 079-66006022
Mohali Sas Nagar 0161-65006022
Mumbai 022-66006022
Mussoorie 1800-102-6022
Nagpur 022-66006022
Nashik 022-66006022
Noida 011-66006022
Noida Extn. 011-66006022
Panipat 080-66006022
Patna 033-65506022
Pondicherry 1800-102-6022
Pune 020-65216022
Raipur 1800-102-6022
Rajkot 0281-66006022
Ranchi 1800-102-6022
Rohtak 080-66006022
Roorkee 1800-102-6022
Salem 044-66006022
Shimla 1800-102-6022
Sonepat 080-66006022
Surat 0261-6600602
Trichy 044-66006022
Udaipur 1800-102-6022
Vadodara 0265-6646022
Varanasi 011-66006022
Vijaywada 040-66006022
Vizag 040-66006022
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Kotak Loan Against Property News - Oct 2016
27th Oct 16 Kotak Mahindra Bank net profit in second quarter rises by 43 percent, NPA reduces marginally
Kotak Mahindra Bank reported an increase in its net profit by 43 percent to Rs. 813 crore in the June to September quarter as compared to the net profit of Rs. 570 crore during the same corresponding period a year ago. The gross non performing assets are reduced to 2.49 percent in September as compared to 2.50 percent in June.
04th Oct 16 Kotak Mahindra Bank wins company of the year award in ET Awards for Corporate Excellence Awards
Kotak Mahindra Bank wins the Best Company of the year in ET Awards for Corporate Excellence Awards. The bank won three votes against two. The evolution of the bank remains interesting with services such as stock broking, insurance, currency trading and structured financial products. The latest resilient feather in its cap is the acquisition of ING Vysya, the Dutch Lender Indian Unit, in 2014.
30th Aug 16 RBI gives nod to CPPIB to double its holding in Kotak Mahindra Bank
RBI has allowed Canada Pension Plan Investment Board (CPPIB) to approximately double its share holding in Kotak Mahindra Bank. CPPIB previously holds 4.89 per cent in the bank which it had bought in many tranches. In this year, RBI has maintained the provision of seeking its prior consent if someone wants to increase shareholding/voting rights to 5% or more. Similarly, RBI continues to apply its fit and proper criterion for attainment of shareholding in a private bank beyond 5 per cent.
21st Jul 16 Kotak Mahindra Bank Q1FY17 profit jumps 4-fold
As per the results for Q1FY17, Kotak Mahindra Bank has reported a significant of 291 per cent in its Net Profit reported at Rs 742 crore. The Net Interest Income of the bank increased by 20 percent to reach Rs 1,919.10 crore as on 30th June 2016. The asset quality of the bank weakened mildly in Q1FY17 as Gross NPAs rose sequentially to 2.50 percent compared to 2.36 per cent reported in March quarter However, as per the bank, the profit numbers for current quarter are not comparable on a yoy basis, as there was some one-time costs reflected in the first quarter of last year arising from the merger with ING Vysya Bank, which took effect on April 1, 2015.
30th Jun 16 Kotak Mahindra Bank to launch account opening through tablets soon
With the use of digital channels gaining traction among its customers, Kotak Mahindra Bank would launch account opening through computer tablets in 2 to 3 months across the country. The bank is offering the facility, which enables customers to open accounts in less than 10 minutes, on a pilot basis for corporate salary account holders in Mumbai, Delhi, Pune and Bengaluru now.