Kotak Mahindra Bank has increased its loan against property interest rates by 0.10%, or 10 basis points with effect from Thursday, February 01, 2018. This interest rate raise will hike the cost for those people who want to avail loan against mortgage of their immovable property.
Kotak Mahindra Bank Limited – Current Interest Rates for Loan Against Mortgage of Immovable Property
New Delhi (Delhi, India), February 26, 2018
Kotak Mahindra Bank Limited Ups Loan Against Property Interest Rate to 9.85% Per Annum
The Kotak Mahindra Bank Limited has increased its loan against property interest rates by 0.10 percent, or 10 basis points with effect from Thursday, February 01, 2018.
Kotak Mahindra Bank has revised its minimum interest rate for loan against property from 9.75 percent to 9.85 percent per annum (K-MCLR-6Month + 1.40%) for the self-occupied residential property.
The loan against property interest rate of Kotak Mahindra Bank is benchmarked or linked to its Six-Month MCLR (Marginal Cost of Funds based Lending Rate). Kotak Mahindra Bank’s current Six-Month MCLR, which is called K-MCLR-6M, is 8.45 percent per annum with effect from Thursday, February 01, 2018.
Kotak Mahindra Bank’s current interest rate raise will hike the cost of funds for those people who want to avail loan against mortgage of their immovable property.
Kotak Mahindra Bank Property Finance – Current Loan Against Property Interest Rates for Various Category of Properties
Kotak Mahindra Bank Loan Against Mortgage of Self-Occupied Residential Property Interest Rate: 9.85% Per Annum
Kotak Mahindra Bank Loan Against Mortgage of Non Self-Occupied Residential Property Interest Rate: 10.10% Per Annum
Kotak Mahindra Bank Loan Against Mortgage of Commercial Property Interest Rate: 10.35% Per Annum
Kotak Mahindra Bank Loan Against Property for Purchase of Commercial Property Interest Rate: 10.35% Per Annum
Kotak Mahindra Bank Loan Against Property for Reverse Mortgage Interest Rate: 10.10% Per Annum
Kotak Mahindra Bank Loan Against Property for Lease Rental Discounting Interest Rate: 10.35% Per Annum
Kotak Mahindra Bank Loan Against Property for Overdraft Facility Against Property Interest Rate: 10.60% Per Annum
Kotak Mahindra Bank Loan Against Property Minimum Borrowing Amount: Minimum Loan Against Property Amount is Rs. 10,00,000
Kotak Mahindra Bank Loan Against Property Maximum Borrowing Amount: Maximum Loan Against Property Amount is Rs. 3,00,00,000
Kotak Mahindra Bank Loan Against Property Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 1 Year)
Minimum Age Limit for Getting the Kotak Mahindra Bank Loan Against Property Sanctioned: Minimum Age 21 Years at the Time of Loan Commencement
Maximum Age Limit for Getting the Kotak Mahindra Bank Loan Against Property Sanctioned: Maximum Age 65 Years for Salaried Applicants and Self-Employed Applicants at the Time of Loan Maturity
Minimum Tenure for the Kotak Mahindra Bank Loan Against Property: Minimum Home Loan Tenure is 3 Years (36 Months)
Maximum Tenure for the Kotak Mahindra Bank Loan Against Property: Maximum Home Loan Tenure is 12 Years (144 Months)
Kotak Mahindra Bank Loan Against Mortgage of Immovable Property Processing Fee and Documentation Charges: Up to 2.00% of the Loan Amount (Minimum Rs. 10,000 plus GST)
Charges for Kotak Mahindra Bank Loan Against Property EMI Late Payment: Minimum 2% Per Month of the Kotak Mahindra Bank Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Kotak Mahindra Bank Loan Against Property Pre Closure Charges or Prepayment Penalty: 2.25% of the Foreclosed Amount plus GST
Kotak Mahindra Bank Loan Against Property EMI Cheque, SI, or ECS Bounce Charges: Rs. 750 inclusive of GST
Different Options for Making Kotak Mahindra Bank Loan Against Property EMI Payments: The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Guarantor Requirement for the Kotak Mahindra Bank Loan Against Property: No Guarantor is Required
Kotak Mahindra Bank Loan Against Property Margin Amount:
Minimum 20% to 40% for Purchase of Commercial Property
Minimum 40% to 50% for Loan Against Residential or Commercial Property
Kotak Mahindra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Kotak Mahindra Bank Limited