Kotak Mahindra Plot loan

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Kotak Mahindra Plot Loan Interest rate 2020

Land Loan Interest Rate 6.75%
Processing Fee Up to 0.5% of the loan amount or Rs. 10,000
Maximum Loan Amount Up to 90% of property value
Maximum Loan Tenure Up to 30 years
Lowest EMI Per Lakh ₹ 649 for 30 years

    Eligibility Criteria For Kotak Mahindra Plot Loan

    Kotak Mahindra Plot Loan

    Kotak Mahindra Plot Loan

    The age of a borrower for  salaried should between 18 and 60 years and for Self Employed between 18 and 65 years old

    The  Gross Income of Resident Indian Individual

      • (Delhi, Mumbai, Bangalore, Pune & Chennai) – Minimum income should be Rs.20,000/month.
      • (Other cities) – Minimum income should be Rs.15,000/month.
      • The minimum Qualification has be a Graduate when the applicant is employed with a private limited company or partnership firm. If an applicant is employed with a Public limited company or MNC or Government or Public Sector Company then there are no such criteria.

    Benefits Of Kotak Mahindra Plot Loan

    • Multi-Purpose: Plot loans are multi-purpose loans available for various purposes like for buying a new residential space or building, constructing of a new house on a plot, for home renovation, or expansion of your current house.
    • Long Tenure: Since the Plot loan amount involved in Plot loans is high, the tenure to repay that loan can go up to as high as 30 years. This allows the borrower to choose an affordable EMI and ensure that his monthly budgets are not under any kind of pressure.
    • High Loan Financing: Banks fund 75% to 90% of your property’s market value as plot loan. The remaining amount to be paid by you as a down payment at the time of availing plot loan.
    • Prepayment and Foreclosure: Plot loans offer the facility of foreclosing or prepayment of a loan, wherein housing loan borrowers can pay more than the EMI or can prepay the loan. This makes home loans a customer-friendly product. However, as per the Reserve Bank of India, banks and NBFCs cannot charge any fee or penalty on prepayment or foreclosure of a home loan.
    • Tax Benefits on Housing Loan: The plot loan has attractive tax benefits associated with it. A deduction of up to ₹ 1.50 Lakh is available under Section 80C for repayment of the principal amount. Further, a deduction of up to ₹ 2 Lakh is available for the interest amount accrued in a financial year on plot loan under Section 24.
    • Tax Benefits on Second Home: In case you have availed a Plot loan to buy a second house, the entire interest amount accrued on that loan for a financial year is available for deduction without any ceiling limit under Section 24B.
    • Affordable Rates and EMI: Plot loans are affordable as the interest you pay on plot loan is very low starting @ 6.75% and repayment can be done in easily and with affordable EMIs.

    Plot Loan Quick View

    Age Min 18 and Max 60 years for Salaried
    Min 18 and Max 65 years for Self Employed
    Repayment Tenure 20 Years
    Interest Rate 8.60%
    Interest Linked to RLLR
    Processing Fees Maximum ₹ 10,000

     

    Types Of Kotak Mahindra Plot Loans:

    Plot Loan

    A loan for purchasing a Plot can only be availed for the purchase of vacant residential space or a piece of land which later can be used to build a house or for investment purposes.‭ ‬The property should be found within the municipal or corporate limits.‭ ‬This type of loan is worth of high-risk ‬and no tax benefits.‭
    The bank plot loan interest rate differs for every bank; however, it is primarily dependent on factors such as employment type, the amount of bank plot loan purchase, and the variant of the loan. Some banks offer certain attractive rates of interest if women want to take a bank plot loan

     Kotak Mahindra Plot loan +Construction plot Loan

    Rates are similar to a Plot loan, ‬but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal home loan.

    Plot loan With Construction Vs Home Loan

     

    Parameters Plot Loan with Construction Regular Plot Loan
    Plot + Construction loan interest rates Rates are the same for a Plot loan, ‬but the plot + Construction plot Loan interest rates can be higher if you want the construction period to be longer than usual Interest rates are starting from @6.75%*.
    LTV Up to‭ ‬70%‭ ‬of the property’s value Up to‭ ‬90%‭ ‬of the property’s value
    Tenure Up to‭ ‬15‭ ‬years Up to‭ ‬30‭ ‬years
    Tax Benefits The plot Loan availed for construction and its benefits can be claimed post completion of the construction On principal amount under section‭ ‬80C and interest amount under section‭ ‬24‭(‬b)
    Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

    1.Plot Loan Interest Rates

    The rate of interest in case of a plot loan to buy land and home loans are same.‭ ‬However,‭ ‬certain banks offer a few basis points higher rates for loan for land purchase than that of home loans.‭ ‬Banks give a specific time for construction over the plot,‭ ‬and the borrower is required to give way a construction certificate with the bank.‭ ‬If the borrower does not make construction over the plot within the period from the date of the first payment,‭ ‬land loan interest rates structure for the borrower changes from a home loan to a loan against the property.

    2.Loan to Value Ratio‭ (‬LTV‭)‬

    Plot Loan to value or LTV means the amount of plot loan which a borrower will get against his property.‭ ‬LTV,‭ ‬in the case of‭ ‬a loan for land purchase with construction,‭ ‬is notably lower and could be round off at a maximum of‭ ‬70%‭ ‬of the land value.‭ ‬In the case of home loans,‭ ‬LTV scale between‭ ‬75%‭ ‬to‭ ‬90%.

    3.Lower Tenure

    Plot loans have comparably a shorter tenure of up to‭ ‬15‭ ‬years,‭ ‬which is not the case of home loans,‭ ‬which is companied by a longer tenure of‭ ‬30‭ ‬years.‭ ‬Therefore,‭ ‬the EMI in the case of a loan for plot purchase is more than that of regular home loans.‭ ‬The tenure for a land loan also varies with the age of the borrower,‭ ‬repayment capacity,‭ ‬etc.

    4.Tax Benefits

    Plot loans qualify for a tax subtraction on payment of the principal amount under Section‭ ‬80C of the Income Tax Act as well as the interest component under Section‭ ‬24‭(‬b‭) ‬of the Income Tax Act.‭ ‬On the other hand,‭ ‬tax benefits on land loans are not available.‭ ‬However,‭ ‬borrowers could claim a tax deduction on a loan if the house is constructed on a plot purchased by the borrower.‭ ‬A borrower can claim a tax deduction against the loan amount taken for construction,‭ ‬after the accomplishment on the plot.

    5. Pre Payment penalty

    Floating rate loans authorize to individual borrowers are free from the prepayment penalty if a borrower wants to foreclose the loan.‭ ‬However,‭ ‬a Plot loan like a home loan could bring prepayment charges of‭ ‬2‭ ‬to‭ ‬4%‭ ‬of the prepaid amount if the non-individual borrower has availed it.‭ ‬A borrower should go through the loan agreement carefully and clarify the foreclosure charges of the loan before signing the agreement.

    Type of Kotak Mahindra Bank plot loan for self-employed:

    Tru mounted loan – 2/3 Year mounted Rate Variant

     Kotak Mahindra bank plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

    Adjustable Home Rate Loan

    The adjustable-rate plot loan is joined to s Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase with the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

    Kotak Mahindra Bank plot loan for salaried people

    • Salaried people will apply for this loan if the borrower is wanting to:
    • Purchase a plot that’s being resold
    • Purchase a plot through direct allotment in an exceedingly housing society or a developer project
    • Customized reimbursement choices are given to the receiver reckoning on the loan quantity, loan tenure, and interest rates provided by the bank.
    • Attractive interest rates are offered on the plot loans to create it cheap for the candidates.
    • No hidden prices are charged on the loan.

    Who will apply for a  Kotak Mahindra Bank plot loan for salaried individuals?

    The loan may be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.

    Loan term

    • The most tenure up to that one will distribute his payments for his/her loan is fifteen years.
    • The loan term depends on the reimbursement theme the person has opted for.
    • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.

    Maximum loan amount

    Loan Amount

    Maximum Funding

    Up to Rs.30 lakh

    80% of the property price*

    Rs.30.01 lakh to Rs.75 lakh

    80% of the property price*

    Over Rs.75 lakh

    75% of the property price*

     

    The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

    Kotak Mahindra Bank plot loan fees for salaried individuals

    Processing fees

    For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

    Prepayment charges:

     

    Adjustable-Rate Home Loans (ARHL)

    Adjustable-Rate Loans (ARHL):

    ·        No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.

    ·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.

    ·        The customer will have to submit documents that Kotak Mahindra deems fit and proper to confirm the source of funds at the time of prepayment of the loan.

    Fixed-Rate Home Loans (FRHL)

    Fixed-Rate Loans (FRHL)

    ·        No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions

    ·        The customer should submit documents that Kotak Mahindra Bank sees fit and proper to determine the source of funds.

    ·        Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.

    Fixed and Variable Rate Loans (Combination rate)

    Fixed and Variable Rate Loans (Combination rate)

    ·        During the Fixed Rate period:

    ·        The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.

    ·        The customer must submit documents that Kotak Mahindra Bank approves to confirm the source of funds at the time of prepayment of the loan.

    ·        During the Variable Rate period:

    ·        No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.

    ·        For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.

    The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of Kotak Mahindra Bank.

     

    Conversion fees: 

    Kotak Mahindra Bank plot loan gives an advantage to its existing customers that are the conversion facility to pull down the rate of interest on the loan by interchanging schemes. This facility can be used by paying a fee or one can either reduce the loan amount time or EMI. Here are the options of conversions available for the existing Kotak Mahindra bank customers:

    Name of the service/    product

    Name of the charge/fee levied

    When payable

    Frequency

    Amount in rupees

    Switch to a lower rate in   Variable Rate Loans (Housing/improvement/  extension)

    Conversion fees

    On conversion

    On every spread change

    Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

    Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)

    Conversion fees

    On conversion

    Once

    Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.

    Switching from Trufixed Fixed Rate to Variable Rate Loan

    Conversion fees

    On conversion

    Once

    1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.

    Switch to Lower Rate (Non-Housing Loans)

    Conversion fees

    On conversion

    On every spread change

    Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.

    Switch to Lower Rate (Non-Housing Loans)

    Conversion fees

    On conversion

    On every spread change

    0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

    Cheque discredit charges: 

    The cheque discredit charges for the UCO bank plot loan are Rs.200 (conditions apply).

    Fees on account of external opinion: 

    The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.

    Property insurance: 

    For keeping the policy active, the customer has to pay the premium amounts to the insurance provider on a regular basis without any fault.

    Charges on account of delayed payments: 

    In case there has been a delay in paying the EMI or the interest then the customer has to pay an additional interest of 24% p.a

    Incidental charges

    Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

    Statutory/regulatory charges:

     The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

    List of documents: 

    Rs 500 is the cost for the list of documents taken for the Kotak Mahindra Bank plot loan.

    Photocopy of documents

    Rs 500 is the cost for the photocopy of documents taken for the Kotak Mahindra Bank plot loan.

    Increase/decrease in loan term: 

    If there is a need where you want to increase or decrease loan term then you have to pay Rs 500 along with the application form. 

    Disbursement cheque cancellation charge post disbursement: 

    The cost for the Disbursement cheque cancellation Is Up to Rs.200 asper the Kotak Mahindra Bank plot loan. 

    PDC swap

    The PDC swap charges a minimal amount of Rs 200. 

    Re-appraisal of the loan after 6 months from sanction:

     If you want a re-appraisal of the Kotak Mahindra Bank plot loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes. 

    Kotak Mahindra Bank plot loan Charges

    Kotak Mahindra Bank home equity credit Processing Fee

    Kotak Mahindra Bank home equity credit processing charges are up to 0.50% of the loan amount from its home equity credit customers to hide its expenses of conducting a credit appraisal and technical evaluation of the property. The bank charges a minimum processing of ₹ 1,500 and has capped the utmost processing fees at ₹ 15,000.

    The processing fees are typically non-refundable and need to be paid at the time of the application. Additionally to Kotak Mahindra Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the application proceeds further.

    Kotak Mahindra Bank home equity credit Prepayment

    Kotak Mahindra Bank charges Nil fees on prepayment of floating-rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with a floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from one bank to a different one. If you opt to foreclose or transfer your housing loan to a different bank, you would like to use an equivalent to Kotak Mahindra Bank for a foreclosure while processing your new home equity credit application with the new bank.

    However, if you’ve got taken a hard and fast rate home equity credit from Kotak Mahindra Bank, you’ll get to pay a foreclosure fee to shut your account or transferring it to a different bank as per your loan agreement with Kotak Mahindra Bank.

    Who will apply for a Kotak Mahindra Bank plot loan for salaried individuals?

    The loan may be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.

    Loan term

    • The most tenure up to that one will distribute his payments for their loan is fifteen years.
    • The Plot loan term depends on the reimbursement theme the person has opted for.
    • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.

    Maximum loan amount

    Loan Amount

    Maximum Funding

    Up to Rs.30 lakh

    80% of the property price*

    Rs.30.01 lakh to Rs.75 lakh

    80% of the property price*

    Over Rs.75 lakh

    75% of the property price*

     

    The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

     

    How To Apply For Kotak Mahindra Bank Plot Loan 

    • You can conveniently apply for a Plot Loan with the Kotak Mahindra
    • You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself.
    • Our relationship manager will contact you for any further assistance.
    • We also provide document pick-up services from your home.
    • Visit WWW.Dialabank.com for any inquiries.
    • You can also call us on 9878981166 for faster assistance.

    What documents Are Required To Avail Of Kotak Mahindra Plot Loan?

    Once you start the process of application, you will be required to present a few documents to the Bank for testifying your eligibility. These include:

      • The current lowest Kotak Mahindra Plot loan interest rate is starting @ 6.75%.
      • A Plot loan can be availed up to a tenure of 30 years and up to 90% of the property value.
      • Instant Plot loans are pre-approved home loans in which the loan amount is decided based upon your income levels and repayment capacity.
      • Compare the best online instant home loan offers from top banks in India.
      • Estimate your Plot loan eligibility online with Home Loan Eligibility Calculator
      • Apply for a Plot loan online at MyLoanCare and get an attractive cashback up to ₹ 1,000

    FAQs For Kotak Mahindra Plot Loans:

    ✅What is the Plot loan interest rate in Kotak Mahindra?

    The interest rate is 6.75% for Kotal Mahindra Plot Loan.

    ✅What is Kotak Mahindra Bank Plot Loan?

    A loan for purchasing a Kotak Mahindra Plot can only be availed for the purchase of vacant residential space or a piece of land which later can be used to build a house or for investment purposes.‭ ‬The property should be found within the municipal or corporate limits.‭ ‬This type of loan is worth of high-risk ‬and no tax benefits.‭

    ✅How much processing fee is applicable on the Kotak Mahindra Plot loan?

    The processing fee is up to 0.5% of the loan amount or Rs. 10,000 Up to 0.5% of the loan amount or Rs. 10,000.

    ✅What is the loan tenure of the Kotak Mahindra Plot loan?

     The loan tenure of the Kotak Mahindra Plot loan is up to 30 years

    ✅How can I avail plot loan from Kotak Mahindra?

    You can conveniently apply for a Plot Loan with the Kotak Mahindra. You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself. Our relationship manager will contact you for any further assistance.

    ✅How to Apply for Kotak Mahindra Plot Loan?

    You can avail of the plot loan only once you are declared eligible by the Kotak Mahindra.

    How to repay Kotak Mahindra plot loan earlier than the schedule?

    Visit the Kotak Mahindra and check if you are eligible for the earlier payment.

    Is it possible to repay my loan earlier than the schedule?

    Yes, it is allowed by Kotak Mahindra to repay the loan amount earlier than the scheduled date.

    How to check Kotak Mahindra + Plot Loan eligibility?

    Rates are similar to a Plot loan, ‬but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal home loan.

    What is Kotak Mahindra Plot loan phone number?

    For  Kotak Mahindra Plot loan the borrower can call – 9878981166

    What is Kotak Mahindra plot loan interest rate for women?

    For women, the Kotak Mahindra plot loan interest rate starts from 7.05%

    What is Kotak Mahindra plot loan interest rates for salaried individuals?

    Kotak Mahindra bank plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

    What is Kotak Mahindra plot loan interest rates for self-employed individuals?

    For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

    What is Kotak Mahindra plot loan interest rates for self-employed non-professionals?

    8.05% is the interest rate for Kotak Mahindra plot loan for Self-Employed Non-Professionals.

    How is a plot loan different from a home loan?

    The basic difference is the time period of the plot loan which means the Kotak Mahindra plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.

    Can I take a plot loan along with a Plot loan?

    Yes, a Kotak Mahindra plot loan can be used to purchase a plot anywhere within the country.

    What is the maximum amount that I can take as a loan?

    The maximum loan amount depends upon the documents produced of the plot to the Kotak Mahindra.

    Can a plot loan finance investment in any plot, anywhere?

    Yes, a Kotak Mahindra plot loan can be used to purchase plots anywhere within the country.

    What is a Balance Transfer on Plot Loan?

    Balance Transfer for Kotak Mahindra plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.

    Do I get any tax benefits on a plot loan?

    No, unfortunately, there are no tax benefits provided with the Kotak Mahindra plot loan.

    How many years can I keep the plot of land before starting construction?

    For Kotak Mahindra plot loan with Construction, an applicant can either contact the bank for more information regarding the scheme or call Dialabank at 9878981166.

     

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