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Kotak Loan Against Property Eligibility Calculator

Loan Against Property Eligibility Kotak Bank

Last Updated 27th Jun 2022

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 65 years 21 - 65 years
Maximum Loan Tenure 12 years 12 years
Eligible Monthly Income ₹ 12,000 ₹ 12,000
  • Kotak Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
  • You can increase your Kotak mortgage loan eligibility by adding earning family members, business firms and companies' owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Kotak Bank Loan Against Property Eligibility

Kotak Bank allows you to fund immediate or urgent needs with a loan against property. Kotak Bank loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. Kotak Bank loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

Kotak Bank Loan Against Property Eligibility Based on Age

    Kotak Bank considers your age as one of the important parameters to calculate your Kotak Bank property loan eligibility. To be eligible for availing a loan from Kotak Bank, one has to be of 21 years of age. The maximum age for loan from Kotak can be 65 years. Kotak Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

Kotak Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Kotak Bank typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Kotak Bank to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.40% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    30 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    35 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    40 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    50 years 33.20 Lakh 49.80 Lakh 66.40 Lakh
    60 years 15.88 Lakh 23.82 Lakh 31.76 Lakh
  • You may consider repaying any loans with short tenure and high EMI in order to increase your Kotak Bank loan against property eligibility.
  • Nature of Employment: Kotak Bank requires minimum income history and job stability of more than 3 years for salaried individuals and of 3 years for self-employed individuals.

Kotak Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Kotak Bank does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property. You can get a maximum of 55% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 11 Lakh. The percentage of Kotak Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 55% ₹ 20 Lakh ₹ 11 Lakh
    Residential Property 55% ₹ 20 Lakh ₹ 11 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Kotak Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Kotak Bank.

Kotak Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Kotak Bank requires a minimum credit score of 650 to be eligible for a property loan.

Kotak Bank Mortgage Loan Eligibility Based on FOIR

Kotak Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Kotak Bank. Always calculate your eligibility with the Kotak Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

How to Calculate Kotak Bank Loan Against Property Eligibility?

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

  • Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP received on the entered mobile number.
  • Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

Kotak Bank Loan Against Property Schemes Eligibility

Kotak Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular Kotak Bank loan against property products with their basic eligibility are listed as follows:

Loan Against Commercial Property
  • You can avail loan against your commercial property in the form of EMI or Overdraft facility.
  • You can avail mortgage loan against your residential property up to Rs 5 Crores depending on the value of the property.

Documents Required for Kotak Bank Loan on Property

To avail Kotak Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

Compare the Eligibility Criteria of Top Banks

FAQs

What factors determine the eligibility criteria of property loan from Kotak?

The factors that determine the eligibility criteria of Kotak Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

Am I eligible for Kotak loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

What should be the minimum net monthly income of the customer to get Kotak Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 12,000 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

What is the tenure of an Kotak property loan?

Kotak Bank offers property loans for a tenure upto 12 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

How much Kotak Bank mortgage loan can be availed by the applicant?

You can avail mortgage loan from Kotak Bank up to 55% of the market value of the property against an residential property whereas you can avail up to 55% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Kotak Bank if I am not an Kotak Bank customer?

Yes, you can get a loan against property from Kotak Bank if you are not an Kotak Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.


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Kotak Loan Against Property News - Jun 2022
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 2021-03-05 : Kotak and Indian Army ink pact for salary account
    Kotak Bank signed a memorandum of understanding with the Indian Army in New Delhi for a salary account. The MoU enables Kotak to offer its salary account and its exclusive benefits for the Indian Army.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-20 : Kotak launched 2020 Edition of Khushi Ka Season
    Kotak Bank introduced 2020 edition of Khushi Ka Season. The bank is offering attractive loan rates, loan processing fee waivers and quick online loan approvals on a range of retail and Agri loan segments. Further, customers can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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