Kotak Mahindra Bank offers Loan Against Property (LAP) at competitive interest rates to help you meet your personal and business financial needs. A non-refundable processing fee of up to 1% is applicable. Check the loan rates and additional charges before applying.
A Loan Against Property is a secured loan that uses your property as collateral. Kotak Mahindra Bank allows residential, commercial, and industrial properties to be used as collateral.
Several factors impact your loan eligibility and interest rate.
Notes
Kotak Mahindra Bank ensures transparency in all terms and charges, making the process straightforward and customer-friendly.
Interest rates significantly affect your total repayment amount. A lower rate reduces financial strain, while higher rates increase the burden. Kotak Mahindra Bank offers some of the most competitive rates for loans against property, ensuring transparency in all charges.
When considering a loan against property, evaluating the interest rate is crucial. A lower interest rate reduces the overall repayment burden, while a higher rate can increase financial strain. To minimize this, it’s essential to mortgage your property with a lender offering competitive rates.
Loans against property generally offer lower interest rates compared to unsecured loans. These rates are influenced by various factors, with the primary determinant being the applicant’s nature of employment. Kotak Mahindra Bank offers tailored interest rates for both salaried and self-employed borrowers:
Interest Rate Based on Employment Type
Nature of Employment | Interest Rate |
Salaried/Self-Employed | Starts @ 9.50% per annum |
Kotak Mahindra Bank provides attractive mortgage loan interest rates, among the most competitive in India.
In addition to employment type, factors like credit score, repayment ability, and financial history also impact the interest rate provided.
Key Considerations Before Opting for a Loan Against Property
Kotak Mahindra Bank maintains transparency in its terms and conditions, offering excellent value with flexible repayment options. Borrowers can also review the complete list of applicable charges for a clearer understanding before proceeding.
Applying for a Loan Against Property (LAP) requires submitting specific documents for verification and assessment. Below are the general requirements for both self-employed individuals and salaried persons:
Document Type | Details |
Application Form | Fully completed application form. |
Identity Proof | PAN card, Driving License, Passport, Voter ID, or Aadhaar card (voluntary). |
Address Proof | Office and residence proof: utility bills, bank statements (not older than 3 months), or Aadhaar card (voluntary). |
Ownership Proof | Property documents: agreement copy, electricity bill, maintenance bill, share certificate, or municipal tax receipt. |
Business Continuity Proof | Shop establishment certificate, VAT, service tax, or GST registrations. |
Firm Constitution Documents | MOA, AOA, Partnership Deed, or GST Registration Certificate. |
Financial Documents | – Latest 3 years’ audited financials. – Tax Audit Reports (Form 3CB + 3CD for proprietorship/partnerships, Form 3CA + 3CD for companies). – GST filings. – Details of secured and unsecured loans. – Updated list of directors and shareholding patterns. – Loan sanction letters and corresponding EMI statements for the last year. |
Banking Details | Last 1 year’s business account bank statements. |
Document Type | Details |
Application Form | Fully completed application form. |
Identity Proof | PAN card, Driving License, Passport, Voter ID, or Aadhaar card (voluntary). |
Address Proof | Office and residence proof: utility bills, bank statements (not older than 3 months), or Aadhaar card (voluntary). |
Ownership Proof | Property documents: agreement copy, electricity bill, maintenance bill, share certificate, or municipal tax receipt. |
Relationship Proof | If not evident in submitted KYC documents. |
Financial Documents | – Latest 3 months’ salary slips. – Latest Form 16. – Employment proof (appointment letter), if the employer’s name on Form 16 does not match. |
Banking Details | The latest 6 months’ bank statements reflect salary credits and existing EMI payments. |
This table simplifies the loan document requirements for both self-employed and salaried individuals.
Banks charge a documentation fee to process and verify the documents submitted by the applicant. At Kotak Mahindra Bank, the documentation charges for a Loan Against Property (LAP) are INR 10,000 plus applicable GST and statutory dues, payable at the time of submission. If you need to update or change the documents later, you can do so by paying a nominal fee.
Before applying for a LAP, it is essential to understand all associated charges beyond the interest rate. These include documentation fees and other applicable costs.
A secured loan is where your property (residential, commercial, or industrial) is used as collateral to secure funds for personal or business needs.
Interest rates start at 9.50% p.a., depending on your credit profile and property type.
Yes, immediate family members or joint property owners can be co-applicants, which may increase your loan eligibility.
Processing fees up to 1% of the loan amount plus GST. Additional fees may apply for changes or document updates during the loan tenure.
Yes, Kotak offers an overdraft facility for LAP, allowing flexible withdrawals and repayments based on your financial needs.
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