Kotak Mahindra Bank Loan Against Property - Fees and Charges

The bank levies certain types of charges on all loans that it issues. The list of charges is given below:

Loan Processing Charges: Also known as origination charges. These charges are levied at up to 2.00% of the loan amount plus service tax.

Documentation Charges: The bank levies a documentation charge amounting to Rs. 10,000, in the case of loan against property.

Stamping Charges: The bank levies stamping charge as applicable as the respective State’s Stamp Act on loan against property.

Credit administration charges: The bank levies no credit administration charge.

Credit appraisal charges: The bank levies no credit appraisal charge.

Commitment Charges: A commitment charge of 2% on the loan amount minus the disbursed amount is charged by the bank. These charges are valid, even if the loan is foreclosed before full disbursement of the sanctioned amount.

Over Due Interest: The applicant must make sure that the EMI’s are paid well on time; otherwise the bank levies an overdue fee of 2% on the EMI, calculated from the period of due date to the actual date of payment.

Collection Charges: The bank charges collection charges standing at 30% of the cheque/instrument charges + overdue interest. However, these charges are inclusive of service tax and other applicable statutory taxes.

Cheque Dishonour Charges: The bank levies a cheque return charge of Rs. 750, again inclusive of service tax and other applicable statutory taxes.

Swap Charges: These charges stand at Rs. 500 per swapping instance. These charges are exclusive of service tax. Service taxes and other statutory taxes as applicable will be levied above the mentioned charges.

Prepayment/Foreclosure charges: Prepayment is a facility offered by the bank wherein the customer can repay the entire loan amount before completion of the original tenure. However, certain things are to be kept in mind before opting for this option. In case, the applicant is an individual having applied for a loan under floating rate of interest, the bank allows the foreclosure of the loan without any prepayment charge.

However, for every non-individual loan under floating rate of interest term loan, the bank does not allow prepayment before the expiry of a period of 6 months from the date of the first EMI. It means a minimum of 6 EMI’s have to be paid by the applicant before applying for a foreclosure. Having completed this period, the applicant can foreclose his loan by paying a prepayment charge of 4% of the principal outstanding amount+ 4% on amount prepaid in the last 12 months of the loan.

Duplicate No objection certificate/No due certificate: The applicant can also apply for a no Due certificate, if he so requires, he can obtain the same by paying Rs. 500 per NOC, exclusive of service tax and other statutory levies as applicable.

Solvency certificate: the bank also issues a solvency certificate, if required by the applicant. The bank charges Rs. 10,000 for issuance of such a certificate.

CIBIL copy charges: The bank also issues a copy of the credit information report, if required by the applicant at a minimal charge of Rs. 50+ S.T. and other statutory charges as applicable.

Amortisation schedule: In case the applicant wishes to get a detailed statement of his account displaying his loan transactions in a chronological order, he/she can do so by paying Rs. 250+ S.T. and other statutory charges as applicable. However, such an amortisation schedule is issued once on a yearly basis without any charge.

APAC Re-schedulement: The bank extends this service at an interest rate of 1% on the principal outstanding amount.

Part foreclosure charges: The bank also allows for part prepayment of the loan. However, a minimum of 6 months gap has to be kept between the part payment and the first EMI date. The bank allows a free part payment in case, the applicant wishes to pay off his loan amounting to 25% of his/her outstanding amount.

However, if the applicant chooses to exceed the above said limit, then the bank charges him/her with an interest of 4% on excess part prepayment amount, i.e. on the amount reached after deduction of the eligible part prepayment amount. However, in case of individual borrowers having availed loan under floating rate of interest, the bank does not levy any charge.

Rebooking of loans: In case of change in borrowing structure, change of property/asset/collaterals etc, the existing loan has to be rebooked. The bank allows this facility at an interest of 0.5% on the outstanding loan amount, whichever is higher.

Change in instalment due date: The bank also facilitates changes in the EMI date. The charges for this service stand at Rs. 5,000 + broken period interest, if any or 0.5% of the outstanding loan amount + broken period interest, if any, whichever is lower.

Change of property/collaterals: The bank allows this facility at an interest of 0.5% on the outstanding loan amount, whichever is higher.

Re-issuance of Pay order: The bank also extends this facility at a minimal rate of Rs. 100 per instance.

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