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:
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.
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:
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.
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.
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:
|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|
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Kotak Bank's Ifsc Codes
- Kotak Bank Andhra Pradesh
- Kotak Bank Assam
- Kotak Bank Bihar
- Kotak Bank Chandigarh
- Kotak Bank Chhattisgarh
- Kotak Bank Dadra and Nagar Haveli
- Kotak Bank Delhi
- Kotak Bank Goa
- Kotak Bank Gujarat
- Kotak Bank Haryana
- Kotak Bank Himachal Pradesh
- Kotak Bank Jammu and Kashmir
- Kotak Bank Jharkhand
- Kotak Bank Karnataka
- Kotak Bank Kerala
- Kotak Bank Madhya Pradesh
- Kotak Bank Maharashtra
- Kotak Bank Odisha
- Kotak Bank Puducherry
- Kotak Bank Punjab
- Kotak Bank Rajasthan
- Kotak Bank Tamil Nadu
- Kotak Bank Telangana
- Kotak Bank Tripura
- Kotak Bank Uttarakhand
- Kotak Bank Uttar Pradesh
- Kotak Bank West Bengal
- Axis Bank Loan Against Property
- ICICI Bank Loan Against Property
- HDFC Bank Loan Against Property
- Bank of Baroda Loan Against Property
- Union Bank of India Loan Against Property
- IndusInd Bank Loan Against Property
- Punjab National Bank Loan Against Property
- YES Bank Loan Against Property
- Federal Bank Loan Against Property
- IDBI Bank Loan Against Property
- CITI Bank Loan Against Property
- IDFC FIRST Bank Loan Against Property
- DCB Bank Loan Against Property
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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.