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Kotak Loan Against Property Interest Rate Calculator - Jun 2017

Last Updated 08th Jun 2017

Kotak Bank Loan Against Property Interest Rates

Interest Rate 10.00% - 14.00%
Check Best Offers
Lowest EMI Rs. 1,195 per lakh
Max Tenure 12 years
Processing Fee Upto 1.00%
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 @ 9.25%*
Rs.
Rs.
+91

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%

Kotak Bank mortgage loan interest rate depends upon
  • 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
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 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 Floating
Upto Rs. 3,000,000 - 10.00%
Rs. 3,000,001 - 7,500,000 - 10.00%
Rs. 7,500,001 - 10,000,000 - 10.00%
Above Rs. 10,000,000 - 10.00% 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

Frequently Asked Questions

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 or status 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 mortgage loan interest rate remain fixed or will it change in future?
  • Floating interest rate on Kotak Bank property loan is linked to its 1 Year MCLR, which is currently 8.90%. So, when Kotak Bank offers a loan against property at 10.00%, it applies a 1.1% 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 banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

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 in India

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

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