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Please refer the General Schedule of Features and Charges (GSFC) for your Loan Against Property (revised with effect from October 1,2020) click here
|FEES & CHARGES - GSFC|
|Processing Fee (Non-Refundable)||1% plus GST and Statutory dues|
|Documentation Charges (Non-Refundable)||INR 10000 plus GST and Statutory dues|
|Charges for Interest Certificate / Account Statement||Free once in a Financial Year. Thereafter, INR 250/- (plus GST and any other applicable statutory dues) per instance|
|Switch Fee||Switch to Lower Rate (Non–Housing Loans): 0.25% of the loan outstanding plus GST and Statutory dues
Switch in Benchmark Index and Lowering of Floating Rate Interest: 0.40% of the loan outstanding plus GST and Statutory dues
|Repayment Mode I Account swap charges||INR 500/- (plus GST and statutory dues) per instance|
|Charges for Copy of any Document||INR 500/- (plus GST and statutory dues) per instance|
|Charges for Duplicate NOC I No Dues Certificate||INR 500/- (plus GST and statutory dues) per instance|
|Prepayment Charges||Micro & Small Enterprises - NIL
Floating rate Term Loans for Individuals for Personal Purpose - NIL
Others : No prepayment / foreclosure is allowed until a Lock-in Period of 6 months after EMI Commencement.
Post this lock– in period, part prepayment of minimum INR 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%, 4% (plus GST and statutory dues) of the excess prepayment Amount shall be charged as Prepayment Charges.
For Full Prepayment any time after the Lock-in-Period, Prepayment charges shall be 4% (plus GST and other applicable taxes) of the Foreclosure Loan Amount plus Amounts prepaid during the last 12 months.
|Commitment Fee (Non compliance of Sanction Terms)||2% of the loan amount plus GST and other statutory Dues|
|Substitute Interest (Penal Interest)||2% per month compounded monthly|
|Cheque dishonour Charges||INR 750/- (Inclusive of GST and other applicable statutory dues per instance)|
|Collection Charges (in case of Default)||30% (plus other applicable statutory dues) of Cheque / Instrument dishonour charges plus substitute interest|
|Annual Renewal Charges||0.25% of the 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||0.25% of the OD non-utilized limit subject to minimum OD Limit utilization threshold of 50% quarterly, subject to minimum of INR 1250 + GST, chargeable on quarterly basis.
For E.g. OD Limit : 50,00,000
OD Threshold for Utilization (50%) : 25,00,000
OD Limit Utilized : 10,00,000
Differential : 15,00,000
Charges : INR 3750 plus GST applicable
|Overline Rate/ Penal Interest in case of overline accounts (Overdrawal of OD)||3% p.m. (plus GST and any other applicable statutory levies) over and above the normal OD Rate. This would be charged on the amount over and above the 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.