Urban Money

Kotak Loan Against Property (LAP) Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

The Kotak bank loan against property EMI calculator is a cleverly designed online AI tool that helps potential borrowers assess the monthly repayment they will have to make. The user can calculate the monthly EMI amount and get a detailed repayment plan for a loan against property from Kotak Mahindra. The bank offers nominal interest rates and flexible loan amounts ranging from Rs. 10 lakhs to Rs. 5 crores. Further, you can avail of this loan against industrial, residential, and commercial property. Using this  Kotak bank loan against property EMI calculator, the user can plan their loan borrowing journey in accordance with the future EMI payments they will be required to make.

Why Should You Use the Kotak LAP EMI Calculator?

The Kotak LAP EMI calculator provides a detailed insight into the monthly EMI amount and the repayment schedule for the user. Below depicted are a few benefits of using the Kotak EMI calculator:

Comparison

The Kotak loan against property EMI calculator enables the user to compare the EMI amount and repayment schedule for multiple loan amounts and tenure. The user can also compare loan offers from different banks and choose the one most suited to their needs and financial capacity.

Ease in Access

This calculator is an easy-to-use online tool that the user can access anywhere at any time. The user can calculate their EMI amount from the comfort of their own homes by just using a smart device. This calculator has a simple user interface which even first-time users can easily and conveniently understand.

Amortisation Schedule

Another major benefit of using the calculator is that it provides a detailed amortisation schedule that displays yearly repayment schedules. The table displays the repayment amount, interest amount, and outstanding loan balance throughout the loan tenure. The calculator makes it very easy for the borrower to understand their repayment ability and how much loan amount they can borrow.

Outstanding Balance Overview

The Kotak bank loan against property EMI calculator gives the user a detailed look into the outstanding loan balance throughout the loan tenure. This important information aids the user in repaying the loan amount and reducing the outstanding amount throughout the tenure. It also helps the borrower to determine if they can reduce the interest rate via the balance transfer method.

Estimation of Loan Against Property EMIs through Kotak LAP EMI Calculator

The Kotak bank loan against property EMI calculator provides a way for users to compute and compare the monthly EMI at different loan amounts and tenure. The table below displays different loan amount combinations and tenure, where the applicable interest rate is 9.5% p.a.

Loan Amount (Rs) 5 Years  10 Years  15 Years 
Rs 10 Lakhs  Rs 21,002 Rs 12,940 Rs 10,442
Rs 15 Lakhs  Rs 31,503 Rs 19,410 Rs 15,663
Rs 30 Lakhs  Rs 63,006 Rs 38,819 Rs 31,327
Rs 50 Lakhs  Rs 1,05,009 Rs 64,699 Rs 52,211

Factors Affecting Kotak Bank Loan Against Property EMI

Using the Kotak Loan Against Property EMI calculator, the user can easily derive the EMI amount. However, the EMI amount displayed by the calculator is subject to different factors. Given below are some of the factors that affect your Kotak Bank Loan Against Property EMI:

Loan Amount

The loan amount that you have applied for directly impacts the EMI for your loan against the property. Since the EMI amount and loan amount are directly proportional, a higher loan amount will result in higher EMI amounts. For instance, if you avail of a loan of Rs. 20,00,000, you would have to pay a higher EMI amount than a loan of Rs. 10,00,000.

Interest Rate

The interest rate can be defined as the fee charged from the borrower by the bank for the allocation of the loan. A higher interest rate will invariably increase the EMI amount and the cost of the loan. Subsequently, a lower interest rate would lead to a lower EMI amount.

Loan Tenure

The loan tenure inversely affects the monthly EMI amount. Unlike the earlier factors, a longer repayment period leads to substantially lowered EMI amounts and makes the repayment schedule more manageable.

Comparison of Kotak Bank Loan Against Property EMI with other Banks

The table below displays how a loan against property from Kotak compares to a loan from other lenders. In this table, we are assuming that the loan tenure is 20 years, while the loan amount varies:

Name of Bank/NBFC Applicable Interest Rate Loan of Rs. 15 lakhs Loan of Rs. 20 lakhs Loan of Rs. 25 lakhs
IDFC First Bank  7% p.a. Rs 11,629  Rs 19,382 Rs 38,765 
IndusInd Bank  7% p.a. Rs 11,629 Rs 19,382 Rs 38,765 
South Indian Bank 7.5% p.a. Rs 12,084  Rs 20,140  Rs 40,280 
CitiBank  7.95% p.a. Rs 12,500 Rs 20,833 Rs 41,667
Bajaj Home Finance 8.10% p.a. Rs 12,640  Rs 21,067 Rs 42,134
DBS Bank  8.15% p.a. Rs 12,687  Rs 21,145  Rs 42,290
PNB Housing Finance  8.5% p.a. Rs 13,017  Rs 21,696  Rs 43,391

Kotak Bank Loan Against Property Amortisation Schedule

The amortisation schedule provides a detailed insight into the loan repayment against the property. The table below depicts the principal's composition and interest amount throughout the loan tenure. Let's understand this through an example:

Let's suppose X takes a loan of Rs 30 lakhs from Kotak for a loan tenure of 15 years. The applicable interest rate is 9.5% p.a. Given below is the amortisation schedule for said loan:

Date Principal Interest Remaining balance
2022 Rs. 22,910.64 Rs. 71,069.58 Rs. 2,977,089.36
2023 Rs. 120,170.56 Rs. 349,730.55 Rs. 2,879,829.44
2024 Rs. 227,083.28 Rs. 618,738.71 Rs. 2,772,916.72
2025 Rs. 344,606.84 Rs. 877,136.04 Rs. 2,655,393.16
2026 Rs. 473,794.32 Rs. 1,123,869.45 Rs. 2,526,205.68
2027 Rs. 615,803.35 Rs. 1,357,781.30 Rs. 2,384,196.65
2028 Rs. 771,906.43 Rs. 1,577,599.11 Rs. 2,228,093.57
2029 Rs. 943,502.36 Rs. 1,781,924.06 Rs. 2,056,497.64
2030 Rs. 1,132,128.78 Rs. 1,969,218.53 Rs. 1,867,871.22
2031 Rs. 1,339,475.91 Rs. 2,137,792.28 Rs. 1,660,524.09
2032 Rs. 1,567,401.75 Rs. 2,285,787.33 Rs. 1,432,598.25
2033 Rs. 1,817,948.67 Rs. 2,411,161.29 Rs. 1,182,051.33
2034 Rs. 2,093,361.77 Rs. 2,511,669.08 Rs. 906,638.23
2035 Rs. 2,396,108.96 Rs. 2,584,842.78 Rs. 603,891.04
2036 Rs. 2,728,903.07 Rs. 2,627,969.55 Rs. 271,096.93
2037 Rs. 3,000,000.00 Rs. 2,638,813.29 Rs. 0.00

Kotak Bank Loan Against Property Fees and Charges

A borrower can apply for a loan against property to raise working capital for a business or any personal reason. Given below are some of the charges applicable for a loan against property from Kotak:

Description  Charges Applied for Loan Against Property 
Rate of Interest  In accordance with the RBI guidelines  
Processing Fees  1% of the approved loan amount + GST
Pre-Closure Charges  Individual Borrowers: NIL Others: 3% of the outstanding Principal  
Stamping Charges (Non-refundable)  As per actual costs incurred
Cheque Swapping Charges  Rs 500/- per swap 
Document copy charges  Rs 500/-  + applicable taxes
Duplicate Repayment schedule Charges  Rs. 250 plus taxes
Conversion Charges  Up to 0.50% of the outstanding principal + taxes 
Annual Maintenance Charges  Rs 5,000/- 
Quarterly Commitment Charges  0.5% plus GST 

Frequently Asked Questions (FAQs)

What are the processing fees for a loan against property?

The processing fee can be defined as a one-time non-refundable charge for the services carried out to process the application. The applicant pays the processing fee during the time of loan application, and most banks usually charge 1% to 2% of the approved loan amount.

What are the documentation charges for a loan against property?

In some cases, the borrower must pay charges while applying for a loan against property. Kotak usually charges Rs. 10,000 + taxes in place of documentation charges.

How much loan can I get against my property from Kotak Bank?

With a Kotak loan against property, you can get loan financing of up to 90% of the property’s market value. The borrower can use any commercial, residential, or industrial property as collateral for availing of the loan.

What is the EMI for a 30 lakhs loan against property in Kotak bank?

If the borrower has taken a loan of Rs. 30 lakhs from Kotak for a tenure of 10 years at an applicable rate of 9.5% p.a. The EMI for the loan will be Rs. 38,819.

What is the interest rate of a loan against property in Kotak bank?

The interest rate for a loan against property from Kotak Bank ranges from 9.50% p.a. To 12% p.a.