Please refer the General Schedule of Features and Charges (GSFC) for your Loan Against Property (revised with effect from August 1,2020) click here
|FEES AND CHARGES - Loan Against Property|
|Stage||Fee/Charge Description||Payable at||Amount in Rs.|
|Pre-disbursement||Processing fee (PF)||Sanction||1% plus GST and Statutory dues. (Non refundable)|
|Documentation Charges||Application||INR 10000 plus GST and Statutory dues|
|Post-disbursement||Copy of Any Documents|
|Interest Certificate/ Statement of Account/ Amortisation Schedule||Event||Accessed via self service mode on Mobile Banking/Net Banking/Whatsapp Banking: Free
Physical/Soft copy request through Customer Service/Branch: Rs. 250 (plus taxes and any other applicable statutory dues)
|Charges for copy of any documents (Duplicate NOC, No dues, Copy of property documents, etc.)||Event||Rs. 500 (plus taxes and any other applicable statutory dues)|
|Change in Repayment mode|
|Repayment mode/ Account swap charges||Repayment mode change||Rs. 500 (plus taxes and any other applicable statutory dues)|
|Switch Fee||On conversion||Switch to lower floating rate(with/without change in Benchmark): 0.5% of the principal outstanding and undisbursed amount(if any) at the time of conversion with a cap of Rs. 10,000 (plus taxes and any other applicable statutory dues)|
(For floating rate loans)
|Prepayment/Foreclosure||NIL for Term Loans given to Individual Borrowers for non-business end use.
For Micro & Small Enterprises (MSE):
MSE certified borrowers if loan is foreclosed from own source of fund: NIL
MSE certified borrowers loan closed from borrowed funds: 3% (plus taxes and any other applicable statutory dues) of the prepayment/foreclosure amount
Others (Individual borrowers for business end use and Non-individual borrowers) :
• No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement
• 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
• The minimum period between any two prepayment shall be at least 6 months
• For any Part Prepayment in excess of 25% of outstanding loan amount: 3% (plus taxes and any other applicable statutory dues) of the excess prepayment amount
• For Full Prepayment any time after the Lock-in-Period: 3% (plus taxes and any other applicable statutory dues) of the Foreclosure Loan amount plus amounts prepaid during the last 12 months
|Instrument (Cheque/ECS/Mandate) dishonour charges||Instrument dishonour||Rs. 500 (plus taxes and any other applicable statutory dues)|
|Substitute Interest (Penal Interest)||Late payment||2% per month (plus taxes and any other applicable statutory dues) on unpaid EMI amount for delayed period|
|Collection charges (In case of default)||Late payment||30% (plus taxes and any other applicable statutory dues) of cheque/instrument dishonour charges plus penal interest
E.g. EMI amount due for 30 days (a month) - Rs. 1,00,000
Penal interest (I) - Rs. 2000
Instrument dishonour charge (II) - Rs. 500
Total (I)+(II) - Rs. 2500
Collection charge excluding taxes - Rs. 750 (30% of Rs. 2500)
|Levy of penal interest for non-compliance of sanction terms including but not restricted to increase in credit risk like non-submission of title documents, non-commencement of construction as per undertaking, adverse repayment behaviour, other breach of agreement terms||Event||2% incremental pricing over and above existing spread (plus taxes and any other applicable statutory dues)|
|Loan cancellation: Charges applicable in the event of customer opting to cancel the loan post disbursement without encashing the Disbursement Cheque.
(If encashed the same shall be treated as preclosure/foreclosure)
|Event||0.10% of Loan Amount or Rs. 25,000 whichever is higher (plus taxes and any other applicable statutory dues)
This will be over and above PF payable.
|Charges specific to OD (Overdraft) facility|
|Post-disbursement||Annual Renewal Charges||Renewal||0.25% (plus taxes and any other applicable statutory dues) of the OD limit (dropped limit after reduction of annual drop) shall be collected on the due date of renewal.
Not Applicable for Smart Home Loan OD product.
|Non-utilization Charges||Event||0.25% of the non-utilized OD limit or Rs. 1250 whichever is higher (plus taxes and any other applicable statutory dues).
Quarterly minimum OD Limit utilization threshold: 50%
E.g. OD Limit : Rs. 50,00,000
OD threshold for Utilization (50% of OD Limit) : Rs. 25,00,000
OD Limit Utilized : Rs. 10,00,000
Differential : Rs. 15,00,000
Charges : Rs. 3750 (0.25% of Rs. 15,00,000)
|Overline rate/Penal interest in case of overline accounts||Overwithdrawal||3% (plus taxes and any other applicable statutory dues) per month over and above normal OD rate.
This would be charged on the amount over the above OD limit.
|• Stamp Duty on Loan Agreement, Overdraft Agreement, Guarantor Agreement, Registration Charges etc. varies from State to State. Stamping/Notarisation of RBI and other Affidavits as applicable.|
|• Charges for other Services would be specified as applicable when the Customer applies for those services and the same shall be payable by the borrower alone e.g. Revalidation of Sanction, Change in Property, Reschedulement of Loan, Change in EMI Date, Solvency Charges etc.|
|• Taxes/ other statutory levies may be charged to the Borrower if applicable as per Government/ RBI directives.|
Essential Documents to Submit
We, at Kotak, believe in fast loan disbursals with minimum troubles of lengthy paperwork.
Check out the complete list of loan against property documents.
Calculate Your EMI
Our Loan against property EMI calculator will help you estimate the monthly installments for repayment of your loan amount. The factors that are taken into consideration when calculating EMIs are your desired loan amount, loan tenure, and the applicable interest rates.
Calculate your monthly installments with Mortgage loan calculator.
Know Your Eligibility
Here’s how you can check whether you are eligible to take a loan against property–
Get the complete list of loan against property eligibility criteria.
Why avail Loan against property with us?
Some of the prominent features of Loan against property from Kotak Bank are:
You will have our guidance and support throughout the loan application process. Apply for loan against property with Kotak Mahindra Bank, today!
For foreclosing the loan, there are foreclosure charges levied which are subjected to bank’s policy.
An Overdraft facility is a facility linked to your current account wherein you can utilize the limit
No, you do not need to renew the OD on yearly basis.