Axis bank loan against property is a sound-good financial solution for those who are searching for a source of funding and have a residential or commercial property to offer as security to the bank. The bank caters this loan for amounts starting from Rs 5 lacs and ranging up to Rs 5 crore. Axis bank brings loan against property at competitively affordable rates and allows borrowers to avail the loan for a tenure up to 20 years. Whether you are a salaried individual or a self employed person, you can check out this type of Axis bank home loan and try to treat yourself with financial fulfilments.
|
Loan Amount |
up to Rs 5 crore |
|
Interest Charges |
Starts at 10.50% |
|
Processing Fees |
Up to 1% of the loan amount plus applicable taxes (minimum Rs 10,000) |
|
Tenure |
Up to 20 years |
|
Prepayment Charges |
Up to 3% of the outstanding principal |
We have listed below the features of Axis bank loan against property that you must know when going through your options:
Axis bank loan against property can be availed for many possible reasons. This loan is offered to help you finance different types of expenses such as medical emergencies, wedding expenditure or any type of personal events. All that it requires is you to offer your residential/commercial property as collateral to the lender.
The bank offers the loan amount starting from Rs 5 lacs and going up to the maximum of Rs 5 crore. However, the loan amount is hugely dependent on the profile of the applicant (employment, age, income etc.), their track of repayment, existing liabilities and many different factors.
Rate of Interest is something which helps you a lot in deciding which lender is right for you. The Axis bank loan against property interest rates start at 10.50% per annum and go up to 11.25% per annum. Know that the rate of interest is decided upon the key points such as applicant’s income, repayment capacity and other important factors including of course, repayment tenure.
The bank brings flexible mortgage loans repayment tenure options that range up to 15 years for salaried individuals and up to 20 years for self employed individuals/professionals.
The bank allows borrowers to transfer their existing loan from another bank to the Axis bank which is an incredible way to save up on interest rates.
You are allowed to make prepayment/part-prepayment of your loan and stop paying interest charges. The bank allows you to prepay your loan after completion of the first quarter of loan tenure. However, you will be charged up to 3% of the outstanding amount as Axis bank LAP foreclosure/ part-prepayment fees. This charge is applicable only if the amount is more than 25% of the outstanding principal.
To apply for a loan against property you have to pay fees and charges applied by the AXIS Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from AXIS Bank i.e processing fee, late payments of EMIs, cheque dishonour charges, prepayment / foreclosure charges etc.
|
TYPE |
CHARGES |
|
Loan Processing Charges |
1% or Rs 10,000 (whichever is higher) |
|
Pre- Prepayment/Foreclosure Charges |
No prepayment will be allowed in the first quarter Individuals – Nil Non-individuals – 3%, if the amount pre-paid exceeds 25% of the principal outstanding during a calendar quarter, else no prepayment penalty |
|
Duplicate No Dues Certificate/NOC |
Rs. 500 per instance |
|
Penal Interest |
Penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s |
|
Cheque Bounce Charges |
Rs. 500 per instance |
|
Cheque swapping charges |
Rs. 500 per instance |
|
Duplicate statement issuance charges |
Rs. 250 per instance |
|
Issuance Charges for Photocopy of Title Deeds |
Rs. 250 per document set |
|
Credit Report Issuance Charges |
Rs. 50 |
Mentioned below are the Axis bank loan against property eligibility requirements that you must fulfill in order to make sure the loan gets approved smoothly:
Here are the documents required for Axis bank loan against property:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
9.50% to 13.50% |
You can use Axis bank home loan EMI calculator to know the payable amount of equated monthly instalment which you will have to pay for your loan. Knowing the Axis bank loan against property EMI amount will help you make better decisions about your monthly budgets and choose a perfect repayment plan.
Here is how to use Axis bank home loan calculator:
Now you can see the payable EMI for your loan.
To calculate the loan against property EMI faster, you can use the BankSathi loan against property EMI calculator. This tool is incredibly smooth and quick to show you the monthly as well as the yearly cost of your loan.
To apply for Axis bank loan against property, you can do the following:
You need to visit the nearest branch of Axis bank to apply for an Axis mortgage loan. Make sure you have all the important documents that are required by the bank for loan application.
Here are the steps to apply for this loan online:
Now that your Axis bank home loan is submitted to the bank, you will get a call from the bank representative to get ahead with the application procedure.
If you need to know anything else regarding this loan, then you can make a call to the Axis bank home loan customer care and get your query answered.
Here is the Axis bank customer support number:
1 - 860 - 419 - 5555, 1 - 860 - 500- 5555
The Axis bank loan against property interest rates start at 10.50% per annum and ranges up to 11.25% per annum.
For prepayment/part-prepayment of loan against property, the bank charges a fee of up to 3% of the outstanding principal if the amount exceeds 25% of the outstanding balance.
Yes. You can apply for an Axis bank loan against the property balance transfer facility. You can either do it online from the official website or you can go to the nearest bank branch to apply for it.
Axis bank charges loan applicants a processing fee of 1% of the loan amount (minimum of Rs 10,000) for loan against property.
Here are the Axis bank customer support numbers that you can dial:
1 - 860 - 419 - 5555, 1 - 860 - 500- 5555
You can get up to Rs 5 crore on Axis bank loan again property.
Last Updated on : 28/Apr/2021Know More About
You're eligible for a Axis Bank Loan Against Property if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Properties is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Axis Bank Loan Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.25% - 0% |
| Processing Fees | 1% or Rs. 10,000 , whichever is higher |
| Loan Tenure | 1 year to 20 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator