Kotak Mahindra Bank Loan Against Property

About Kotak Mahindra Bank Loan Against Property

Unlock the potential in your property with Kotak Mahindra Bank. Yes, avail Loan Against Property at lower interest rates and flexible repayment options to get the required funds that will help you to fulfill various purposes such as debt consolidation, education, funding existing business, emergencies, etc. Kotak Mahindra Bank is offering you a loan against your residential or commercial at low-interest rates and higher loan amount so that your different needs can easily be fulfilled.

Read this article further to know more about Kotak Mahindra Bank Loan Against Property (LAP).

Kotak Mahindra Bank Loan Against Property (LAP) Details

Below is the table showing interest rates, processing fee, tenure and other important parameters of LAP:

Interest Rates9.50% - 11.70%
Loan Amount₹ 10 Lakhs - ₹ 3 Crores
TenureUpto 12 Years
Processing Fee2% of the loan amount
Foreclosure Charges4% of the outstanding amount + 4% of amount prepaid in last 12 months

How to Apply?

Well, you can either visit the branch of Kotak Mahindra Bank or you can easily apply online by just visiting the website of the bank. If you visit the bank, you need to have an application form along with your KYC documents, but if you prefer to apply online, all you need to do is just fill in few details of yours, and the bank will get in touch with you soon.

Eligibility Criteria of Kotak Mahindra Bank Loan Against Property

Self-employed individuals can easily avail the loan against property from Kotak Mahindra Bank by meeting the below eligibility criteria:

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Self-employed Professionals Self-employed non-Professionals
Minimum Income: ₹ 1.44 lakhs (annually)Minimum Income: ₹ 1.44 lakhs (annually)
Minimum 21 years of ageMinimum 21 years of age
Maximum 65 years of age at the time of loan maturityMaximum 65 years of age at the time of loan maturity
Firm/company should have been in operation for the last 3 yearsFirm/company should have been in operation for the last 3 years
Firm/company should be making cash profits for the last two yearsFirm/company should be making cash profits for the last two years

Now, let us understand the loan amount eligibility with the help of an example below.

Kotak Mahindra Bank Eligibility Calculator

Suppose you are working in a renowned company and earning an attractive salary of 1,00,000 per month. After deducting all your necessary monthly expenses, you are saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your loan against property eligibility.

In bank’s point of view, your monthly saving of 50,000/- can be used to repay the EMIs of your LAP. Now, if you calculate your amount, tenure, and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

Loan Amount- 1 lakh
Loan Tenure-12 years
Rate of Interest-10%
Your monthly EMI will be 1,195

So your calculation for the loan against property would be
1 lakh x 50000/1195= ₹ 41,84,100 lakhs

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So, your mortgage loan amount eligibility will range between 41,84,100 lakhs .

Kotak Mahindra Bank Loan Against Property EMI Calculator

When it comes to EMI (Equated Monthly Installment) calculator, it lets you know the monthly installment which you have pay to the lender for the loan against property that you have taken. At Kotak Mahindra Bank, there is flexible repayment facility available for you to decide whether you want to go for EMI based loan or an overdraft facility as per your convenience. To know your EMI per month, the calculator takes into account the principal amount, the rate of interest and the tenure of the loan. For eg., if you want to a loan against the property of 20,00,000 at the interest rate ranging between 10% per annum for a tenure period of 12 years, your EMI would be 23,902.

Let’s see the table below, showing the EMI, interest and total amount payable on the same loan amount at different tenures.

Below is the table showing EMI, Total Interest Outgo, and Total Amount

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 20,00,00010%1₹ 1,75,832₹ 1,09,981₹ 21,09,981
₹ 20,00,00010%2₹ 92,290₹ 2,14,956₹ 22,14,956
₹ 20,00,00010%3₹ 64,534₹ 3,23,237₹ 23,23,237
₹ 20,00,00010%4₹ 50,725₹ 4,34,808₹ 24,34,808
₹ 20,00,00010%5₹ 42,494₹ 5,49,645₹ 25,49,645
₹ 20,00,00010%6₹ 37,052₹ 6,67,721₹ 26,67,721
₹ 20,00,00010%7₹ 33,202₹ 7,88,999₹ 27,88,999
₹ 20,00,00010%8₹ 30,348₹ 9,13,440₹ 29,13,440
₹ 20,00,00010%9₹ 28,157₹ 10,40,996₹ 30,40,996
₹ 20,00,00010%10₹ 26,430₹ 11,71,618₹ 31,71,618
₹ 20,00,00010%11₹ 25,040₹ 13,05,248₹ 33,05,248
₹ 20,00,00010%12₹ 23,902₹ 14,41,825₹ 34,41,825

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

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YearPrincipalInterestBalance Amount
1₹ 90,910₹ 1,95,908₹ 19,09,089
2₹ 1,00,430₹ 1,86,389₹ 18,08,659
3₹ 1,10,946₹ 1,75,872₹ 16,97,712
4₹ 1,22,564₹ 1,64,255₹ 15,75,148
5₹ 1,35,398₹ 1,51,421₹ 14,39,750
6₹ 1,49,576₹ 1,37,243₹ 12,90,174
7₹ 1,65,238₹ 1,21,580₹ 11,24,936
8₹ 1,82,541₹ 1,04,278₹ 9,42,394
9₹ 2,01,655₹ 85,163₹ 7,40,739
10₹ 2,22,771₹ 64,047₹ 5,17,967
11₹ 2,46,098₹ 40,720₹ 2,71,868
12₹ 2,72,066₹ 14,950₹ 0

Documents Required for Kotak Mahindra Bank Loan Against Property:

Before applying for a loan against property, you need to have a complete documentation, mentioned below in order to avail the loan from Kotak bank.

  • Complete Loan Application Form
  • Income Documents
  • Bank Statements
  • Address Proof
  • Age Proof
  • Property Documents

Features & Benefits of Kotak Mahindra Bank LAP

The loan against property scheme of Kotak Mahindra Bank has many attractive benefits and some of them are as follows:

  • Maximum loan up to 3 Crores
  • Flexible tenure up to 12 years
  • Low processing fees
  • Attractive interest rates

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Personal Loan Interest Rates December 2023
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates December 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
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Kotak Bank8.70%
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PNB Housing Finance8.50% - 10.95%
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State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%