Kotak Bank Commercial Property Loan

Kotak Mahindra Bank offers a comprehensive Loan Against Property, catering to personal and business needs. This service provides an attractive opportunity to leverage your commercial, residential, or industrial property for financial gains. The Kotak commercial property loan comes with flexible eligibility criteria to accommodate a diverse range of applicants. Key features of this loan include flexible loan offerings like EMI-based loans or overdraft facilities, easy repayment options, and competitive interest rates.

Kotak Commercial Property Loan Highlights

Highlights

Interest Rates 9.15% onwards
Loan Amount ₹10 Lakh to ₹5 Crore
Loan Tenure Up to 15 years
Eligibility Both salaried and self-employed individuals are eligible
Processing Fee Up to 1%

Kotak Commercial Property Loan Features and Benefits 

Following are the features and benefits of Kotak commercial property loans.

  • Flexible Loan Eligibility: Tailored to meet diverse financial profiles, this feature ensures a broader range of borrowers can qualify for the loan, enhancing accessibility.
  • Loans against Commercial, Residential, or Industrial Property: Offers versatility in collateral options, allowing borrowers to leverage different types of properties for loan procurement.
  • Loan for Business and Personal Needs: This dual-purpose loan serves your professional expansion and personal financial requirements, providing a comprehensive financial solution.
  • Flexible Loan Offerings (EMI-based Loans or Overdraft Facilities): Provides a choice between structured repayments through EMIs or the flexibility of an overdraft facility, catering to varied financial planning needs.
  • Easy Repayment Options: These options simplify the repayment process, reducing financial stress and offering convenience to borrowers through manageable repayment schedules.

Kotak Bank Commercial Property Loan Interest Rates

Here is a quick rundown of Kotak commercial property loan interest rates.

Employment Type Rate of Interest
Salaried 9.15% p.a. onwards
Self-employed 9.15% p.a. onwards

Kotak Commercial Property Loan Eligibility Criteria

Here is a quick snapshot of Kotak Bank Commercial Property Loans. 

Eligibility for Salaried Applicants:

  • Age Range: Must be between 21 and 60 years old.
  • Income Requirement: Annual salary must exceed ₹1.8 lakh.

Eligibility for Self-Employed Individuals:

  • Age Range: Between 18 and 60.
  • Educational Qualification: A graduate degree is necessary for those working in private limited companies or partnership firms. However, this requirement is waived for individuals working in public limited companies.
  • Income Threshold: Monthly income must be above ₹40,000.

Kotak Commercial Property Loan Documents Required

Here is the list of documents required for Kotak Bank Commercial Property Loan:

For Proprietor/Firm/Company:

  • Mandatory: PAN Card.
  • ID Proof: Options include an Aadhaar card, Voter ID, Driving license, or Passport.
  • Address Proof: Acceptable documents are Passport, Driving license, Utility bills, Bank statement, or Bank account passbook.
  • Ownership Proof: This can be an Electricity bill, Agreement copy, Share certificate, Municipal Tax Bill, or Maintenance bill with share certificate.
  • Business Continuity Proof: Required documents include GST registrations, Service tax, Shop and Establishment certificate, or VAT tax registrations.
  • Firm Constitution: Documentation such as MOA, AOA, GST Registration Certificate, partnership deed, or Form 32.
  • Financial Requirements: Audited financials for the past 3 years, GST details, Tax audit report for the last 3 years, breakdown of all loans, Directors' list and shareholding pattern, existing loans' sanction letters, and a bank account statement showing repayment history for the last year.
  • Banking: Bank statement for the last year.

Additional Requirements for Salaried Applicants:

  • Financials: Salary slips for the last 3 months, recent Form 16, and employment proof if the employer's name differs from that in Form 16.
  • Banking: Bank statement for the last 6 months showing loan repayments and salary credits.

Kotak Bank Commercial Property Loan Processing Fees and Other Charges

Here is a quick overview of fees and other charges for Kotak Mahindra Bank's commercial property loan.

Fee/Charge Description Amount in Rs.
Processing fee (PF) 1% plus GST and Statutory dues (Non-refundable)
Documentation Charges INR 10,000 plus GST and Statutory dues
Charges for copy of any documents Rs. 500 (plus applicable taxes and dues)
Charges for copy of any documents Rs. 100 (plus applicable taxes and dues)
List Of Documents Rs. 500 (plus applicable taxes and dues)
Any Other documents /letter Rs. 500 (plus applicable taxes and dues)

Kotak Bank Commercial Property Loan - Terms and Conditions

Here are the terms and conditions for Kotak Bank Commercial Property Loan.

  • Personal Insurance: Optional life insurance covers the remaining loan balance in case of the borrower's death.
  • Property Insurance: Borrowers might need to insure the financed property at their expense.
  • Repayment: Equated Monthly Installments (EMIs) start post-disbursement. EMI dates (1st, 5th, or 10th) are agreed upon. Payment methods include ECS, Standing Instruction (for Kotak Mahindra Bank Limited customers), or other approved methods. Full repayment occurs when all dues are cleared, reducing the outstanding amount to zero.
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