Kotak Loan Against Property Interest Rate Calculator - Jun 2017

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 12 years.

Loan Against Property Kotak

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 8.90%

• Loan 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

Loan Against Property Charges

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 1.00% 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

• 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

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 12 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 12 years for a maximum loan amount of Rs.30,000,000 with a minimum spread of % 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

Popular Products:

• Loan Against Commercial Property
• Residential Property Mortgage Loan

Kotak Bank Floating Rate Loan Against Property

Kotak Bank Loan Against Property Top up, Transfer

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