Reviewed on Apr 30, 2016
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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)
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
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
A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.
Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.
The principal is simply the sum of money you borrowed on mortgage.
Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.
Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.
|Lease Rental Discounting||Kotak Mahindra Bank Mortgage Loan|
|Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property.||Mortgage loans will be provided based on already owned property.|
|There is no restriction on LRD loan usage. It can be used for any purpose.||There is no restriction on mortgage loan usage. It can be used for any purpose.|
|Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure.||Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.|
|Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans.||Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.|
|The money received from the LRD will be used for any purpose. There is no end use restriction on the amount.||If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business.|
|Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD).||Kotak Mahindra Bank Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.|
|There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines.||There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.|
|Part/Pre Payments will be allowed based on the internal policies of the banks for Lease Rental Discounting (LRD).||Part/Prepayment will be allowed as per bank internal policies for Mortgage loans.|
|Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant.||Mortgage loans also avail with the joint eligibility as company and director or blood relatives.|
|Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) .||In Kotak Mahindra Bank Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.|
|You can avail a top loan facility on your Lease Rental Discounting (LRD).||Top up facility will be varying from bank to bank internal guidelines.|
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