Kotak Bank Loan Against Property

 Kotak Bank's Loan Against Property is a type of secured loan that allows customers to borrow funds by pledging their property as collateral, whether it is a residential or commercial property. The loan can be used for any personal or business needs.

The loan comes with a low-interest rate, high loan amounts up to Rs. 5 crore, flexible repayment tenure up to 15 years, and minimal documentation requirements. Customers can use the loan for various purposes such as funding their child's education, expanding their business, or renovating their property.

The eligibility criteria may vary based on factors such as age, income, credit score, property value, and other loan obligations. Generally, salaried and self-employed individuals who own a residential or commercial property can apply for the loan.

The loan amount is determined based on factors such as the market value of the property, repayment capacity, and loan-to-value (LTV) ratio. The LTV ratio can range from 50% to 70% depending on the type and location of the property.

Yes, customers can prepay or foreclose their loan after the completion of the lock-in period. Kotak Bank charges foreclosure fees of 4% plus GST on the foreclosure amount for up to 3 years and 2% plus GST on the foreclosure amount for the period after 3 years.