Kotak Mahindra Bank Mortgage Loan

Interest Rate starts from 11.50%
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Mortgage Loan From Kotak Mahindra Bank

Possessing a valuable property that can be mortgaged for your needs? Check out the Mortgage Loan offers from ApnaLoanBazaar provided by various bank across India and enjoy our support till the Loan closure.

Interest Rate starts from
11.50 * %
Processing Fee
0.50%
Loan Tenure
Upto 15 Years
Guarantor Requirement
Allowed
Part-Payment
Allowed
Pre-Closure Charges
2.0 * %

About Kotak Mahindra Bank

Kotak Mahindra Bank is the fourth largest Indian private sector bank by market capitalization, headquartered in Mumbai, Maharashtra. Kotak Mahindra group, established in 1985 by Uday Kotak, is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking licence from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL)

Highlights

Best Bank in 2014 by Business India
Most Imminent Bank 2014 by Outlook Money
Gold Award for Best Innovation - World's first socially powered bank account
Gold Award for Best App developed - World's first banking application using Twitter
Best Prepaid Card Programme' at Financial Inclusion & Payments System (FIPS) 2014 for Kotak Samruddhi
Best Local Cash Management Bank in India (6th year in a row) in the Asiamoney Cash Management Poll 2014
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FAQs About Kotak Mahindra Mortgage Loans

What is the maximum amount I can borrow?
  • In case of Commercial Property Loans or Loans against an existing property you can borrow up to 55% of the cost of the property
How will my loan eligibility be determined?
  • Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability, and continuity of occupation.
In how many years can I repay the loan amount?
  • You can opt for a loan period of up to 12 years, which can vary depending on the purpose of the loan and your profile.
Who can be my co-applicant?
  • If you are an individual – your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
When will the loan be disbursed?
  • 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. Further, you should have invested your own contribution amount towards the property. 'Own contribution' is the difference between the cost of the property and the loan amount.
In how many installments can the loan be disbursed?
  • The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Kotak Mahindra Bank.
Does the agreement for sale have to be registered?
  • Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
Does the property have to be insured?
  • Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. That way, you'll always have peace of mind knowing that you and your loved ones will be assured of a roof over their heads.
What kind of security is required?
  • In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.
Can I repay the loan ahead of schedule?
  • Yes. You can repay the loan ahead of schedule. An early redemption charge is payable as applicable.

Required Documentation For Salaried Persons

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Required Documentation For Self Employed/Professionals.

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Identity Proof For Mortgage Loan

  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification 

Age Proof For Mortgage Loan

  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)

Address Proof For Mortgage Loan

  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements) 

Income Proof For Mortgage Loan

  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)

Job Continuity Proof For Mortgage Loan

  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

Things Keep In Mind
Interest Rates
Expert Advice
Mortgage Loans Vs Lease Rental Discounting