KOTAK LAP

Kotak Bank Loan Against Property

Kotak Mahindra Bank is one of the leading private sector banks in India, which is a preferred choice of customers when it comes to availing Loan Against Property. The financial needs and easy cash can be availed easily with Kotak Mahindra’s Mortgage Loan. It is the best bank for Property Loan in India.

Why Loan Against Property from Kotak Mahindra Bank?

Apply for Mortgage Loan online with the best and effective interest rates in India from Kotak Mahindra Bank. You can avail a loan by pledging your property as a mortgage with the bank. Mortgage Loan can be availed against the residential, commercial and industrial property. The bank offers loan at the best competitive rates and quick turnaround time with easy documentation.

  •      Easy loan disbursal
  •      Easy documentation process
  •      Complete transparent process
  •      Low interest rates
  •      Extended loan tenures

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by Axis Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate10% to 12%
Processing FeesUp to 2% of loan amount
Loan TenureUp to 15 years
Loan to Value (LTV)Up to 60% of property value
Foreclosure Charge4% of the outstanding loan amount after the completion of lock-in-period of 6 months

Advantages of Kotak Mahindra Loan Against Property

Kotak Mahindra Bank provides its customers with numerous advantages to choose from for availing Mortgage Loan:

  • Huge Loan Amount – Minimum loan amount is 10 Lakhs and it goes till 5
    Crores.
  • Longer Loan Tenure – Flexible loan tenure with maximum of 15 years.
  • Repayment Options – The borrower can repay his loan EMI via several
    repayment options including Standing Instruction (SI), ECS (Electronic Clearance System)            and PDC (Post Dated Cheque)
  • Loan to Value – In case of loan against commercial property loan to value
    (LTV) may go up to 55% of the property value.
  • Different property types – The borrower can take a loan against commercial,
    residential and industrial property. The LTV for each property type varies.
  • Foreclosure Facility – The borrower can foreclose the loan after the
    completion of lock-in-period. However, the borrower is required to pay foreclosure charges applied by the bank.
  •  Co-Applicant  – Spouse, parents and major children of an individual
    borrower can become the co-applicants for a loan. Typically, the co-owner of the property is mandatory to be a co-applicant. However, the co-applicant is not
    necessarily being a co-owner of the property.

Eligibility Criteria for applying for Kotak Mahindra Bank Loan Against Property

Loan application is approved instantly if you are eligible for applying the loan and you meet all the necessary Loan requirements. So apply online for Mortgage loan if you meet the basic requirements. Below mentioned are mortgage loan eligibility conditions:

Eligibility ConditionFacts for self-employed professional and non-professionals
Minimum Age21 years
Maximum Age65 years for salaried and 70 years for self-employed
Cash ProfitsProfits for the last 2 years
Business Stability and existenceMinimum 3 years
Property DocumentsComplete property documents to be shown
Other DocumentsApplication form Along with 2 Passport Size Photos signed across

Documents required for applying for a Loan against Property from Kotak Mahindra Bank

Before applying for Property Loan online please check you complete with the required documents.

Type of DocumentsDetails
Loan Application FormDuly filled loan application form
Photograph2 Photographs
Identity ProofAadhar Card, Voter ID, Passport/PAN Card/ Driving License
Residential Address ProofRegistered rent agreement/passport/ utility bill (up to 3 months old)/ leave and license
Income Tax ReturnIncome Tax Returns for last 2 years duly certified by CA
Bank statement/ copy of passbook of last 6 months
Business StatementsBalance sheet and P&L statement for the last 3 years including schedules and Annexures
Property related documentsTitle deed including the previous chain of property documents

Proof of any other claim on property

Procedure for applying for Kotak Mahindra Bank Loan against Property Online

One can Apply online or Book your Appointment for Property loan through our website with few simple steps by registering online:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose KOTAK Mahindra Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

Know more about Axis Bank Home Loans – FAQs

Q. Do I need a co-applicant for this loan?

A. A co-applicant for loan against property is mandatory only when the property being mortgaged is owned by more than one person. In such as case, all co-owners of the property mandatorily become co-applicants.

Q. Who is eligible for Loan against Property?

A. The Loan against property eligibility criteria vary from one bank to another. However, the common factors that all banks consider are:

  • Your income, savings, debt obligations
  • Cost/value of the property mortgaged
  • Your repayment track record for other loans, credit cards
Q. Can I use the money obtained from Loan against Property for business activities?

A. Yes. You can use the loan obtained by mortgaging your property for business activities as well as for any personal financial distress you might be facing.

Q. Is CIBIL Score for LAP important?

A. Yes, it is one of the most important factors.

QUICK OVERVIEW
Apply online at interest rate starting @ 10.00% p.a..
Loan Tenure up to 15 years
Competitive and transparent process
One Click Home Loan eligibility check