The interest rate for a loan against property, the tenure of such loan, and other variabilities depend on the following:
- Age and city of the applicant
- Monthly and annual income
- Source of income
- Existing debt
- Purpose of loan
- Tenure of loan
- Market evaluation of the property
- Vulnerability of the location (prone to floods, earthquakes, etc.)
- Age of the property
You can also check your LAP eligibility by clicking on this link for our loan against property eligibility calculator. The loan against property eligibility calculator considers some of your financial and property information to process your chances.
Once you have checked your mortgage loan eligibility, the next step is to start the application process. The documents required for a loan against property include these.
When an emergency arises that requires immediate financing, a loan against property (LAP loan) can help you manage such a crisis. You can also use mortgage loans for your child’s marriage or education or to fund business investments.
Most banks are willing to lend up to 60% of the property’s value as the loan amount. With Kotak Mahindra Bank, you can get up to 80% of the property’s market value as a loan. However, the higher the amount, the bigger the installment.
You can check your monthly payables here with the loan against property EMI calculator.
With collateral in place, the lender is more assured that a borrower would not falter on his repayment cycle. Thus, you may be able to secure loans for higher amounts at lower rates of interest with a mortgage loan.
Please note that a mortgage loan or a LAP loan has additional costs too. So, we at Kotak Mahindra Bank give our customers the utmost discretion. To check our full pricing, click on the ‘loan against property charges’ tab.
To check our loan against property interest rate.
For the loan cycle, the instrument or documents of your property will remain with us. You will receive them back upon complete repayment of your loan.
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