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The cost you pay for a product or a service matters and is important. When we talk of financial products, especially home loans, there are several additional services that you might need while taking a loan, during the tenure or at the time of closing the loan. To make it simpler and transparent for you, here is a list of all such services and the associated home loan fees and charges.
Please refer the General Schedule of Features and Charges (GSFC) for your Home Loan (revised with effect from October 1,2020) click here
|Fees and Charges - GSFC|
|Processing Fee (Non-Refundable)||Loan Amount||Salaried||Self Employed||Top Up/Commercial Purchase|
|< INR 30 Lakhs||0.25% plus GST and Statutory dues||0.50% plus GST and Statutory dues||1% plus GST and Statutory dues|
|>INR 30 Lakhs||0.50% plus GST and Statutory dues||0.50% plus GST and Statutory dues||1% plus GST and Statutory dues|
|Documentation Charges (Non-Refundable)||INR 4000 (at the time of disbursement) 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 in Floating rate Loans (Housing / Extension / Improvement) : INR 10,000 plus GST and Statutory dues if any
Switch in Benchmark Index and Lowering of Floating Rate Interest: INR 15,000 plus GST and Statutory dues if any
|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|
For HL Top up:
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)||Home Loan : 2% of the loan amount plus GST and other statutory Dues
Home Improvement / Extension : 4% of the undisbursed amount of the loan plus GST and other statutory Dues
Home loan Top - Up : 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.
You can take the disbursement after credit, technical and legal appraisals of the property have been done, besides execution of relevant documents & deposit of original property documents is required to be completed prior to disbursement.
An amortization schedule is a table detailing each periodic payment on Loan as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.
In Kotak Mahindra Bank time require for disbursement is 2 working days after submitting all relevant document as per legal or any other document required.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
* Rs. 5,000 Flat processing fee applicable for women applicants.