Kotak Mahindra Loan Against Property

Kotak Mahindra Bank Loan Against Property Highlights
Interest Rates	9.50% p.a. onwards
Loan Amount	Rs 10 lakh-Rs 5 crore
Tenure	Up to 15 years
Processing Fee	Up to 1%
Minimum Income	For salaried: Above Rs 40,000 per month
	For self-employed: Above Rs 1.8 lakh p.a.

Note: Rates as of 16 January 2025

Table of Contents Interest Rates Compare Interest Rates Offered By Other Lenders Fees & Charges Eligibility Criteria Documents Required

Kotak Mahindra Bank Loan Against Property Interest Rates

Kotak Mahindra offers Loan Against Property interest rates starting from 9.50% p.a. onwards. The lender has specified its differential interest rates depending on the employment profile of its applicants.

Employment Type	Rate of Interest
Salaried	9.50% p.a. onwards
Self-employed	9.50% p.a. onwards

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.00-11.30	Apply Now
Bank of Baroda	10.85-18.60	Apply Now
PNB Housing Finance	9.25-15.00	Apply Now
IDFC First Bank	9.00-16.50	Apply Now
HDFC Bank Limited	9.50-11.00	Apply Now
L&T Housing Finance	9.50 onwards	Apply Now
LIC Housing Finance	9.50-11.55	Apply Now
Godrej Housing Finance	9.75 onwards	Apply Now
ICICI Bank	10.85-12.50	Apply Now
Tata Capital	9.00 onwards	Apply Now
Axis Bank	10.50-10.95	Apply Now
Punjab National Bank	10.40-12.75	Apply Now

Fees and Charges for Kotak Mahindra Bank Loan Against Property

Processing Fee	1% + GST
Documentation Charges	Rs 10,000 + GST
Documents’ copy	Rs 500
Repayment mode/account swap charges	Rs 500
Prepayment charges	NIL for Term Loans given to Individual Borrowers for non-business end use. Others (Individual borrowers for business end use and Non-individual borrowers) : For Lock-in Period of 6 months after EMI Commencement- NIL Post lock– in period, part prepayment of minimum Rs. 25,000 and maximum of up to 25% of outstanding loan amount can be made without any prepayment charges every 6 months Minimum period between any two prepayment- 6 months For any Part Prepayment in excess of 25% of outstanding loan amount: 3% of the excess prepayment amount For Full Prepayment any time after the Lock-in-Period: 2% of the Foreclosure Loan amount plus amounts prepaid during the last 12 months
Instrument dishonor charges	Rs 500
Penal interest	8% per month on overdue amount
Switch Fee (Floating to Floating)	Switch to lower floating rate: 0.50% of the principal outstanding and undisbursed amount(if any) at the time of conversion with a cap of Rs 10,000
Switch Fee (Floating to Fixed)	Rs 2,500

Eligibility Criteria for Kotak Mahindra Bank Loan Against Property

For Salaried Applicants

• Age: 18-60 years
• Qualification: Graduate degree required if working in a private limited company or a partnership firm, but not required if working in a public limited company
• Minimum Monthly Income: Above Rs 40,000
• Applicant should be working for the last 2-3 years

For Self-employed Individuals

• Age: 21-65 years
• Minimum Income: Above Rs 1.8 lakh p.a.
• Applicant needs to furnish profits of the last 2 years of business and a record of the business of minimum 3 years

Additionally, Kotak Mahindra Bank may also consider the credit score, occupation profile, etc. of its applicants, just like many lenders do while evaluating their Loan Against Property eligibility criteria.

Documents Required for Kotak Mahindra Bank Loan Against Property

Kotak Mahindra Bank has mentioned a detailed list of documents required for availing Loan Against Property. The list of loan against property documents required by Kotak Mahindra Bank are mentioned below:

For Proprietor/Firm/Company

• PAN Card (mandatory)
• ID Proof: Aadhaar card/Voter ID/Driving license/Passport
• Address Proof: Passport/Driving license/Utility bills/bank statement/bank account passbook
• Ownership Proof: Electricity bill/Agreement copy/Share certificate/Municipal Tax Bill/Maintenance bill with share certificate/
• Business Continuity Proof: GST registrations/Service tax/Shop and Establishment certificate/Tax registrations VAT
• Firm Constitution: MOA/AOA/GST Registration Certificate/partnership deed/Form 32
• As per Program:
  • Financial: Audit Financials for past 3 years
  • GST
  • Tax audit report for last 3 years
  • Breakup of all unsecured and secured loans
  • Directors’ list and shareholding pattern as on date
  • Sanction letters of existing loans and
  • Bank account statement showing the repayment history for last 1 year
•  Banking: Bank statement for last 1 year

Additional documents for Salaried Applicants

• Relationship proof
• As per program
• Financials: Salary slips for last 3 months
  • Form 16 recent
  • Employment proof (if the name of the current employer does not match with that mentioned in Form 16)
  • Banking: Bank statement for last 6 months showing loan repayments and salary credited