AXIS Bank was one of the few private banks to have begun operations in 1994, after the government of India allowed new private banks to be established . They have established 2400 branches and more than 12922 ATMs.
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence. Axis Bank Loan Against Property is for salaried employees, self employed individuals and self employed professionals. It is available for lease rental discounting and overdraft facility against your property, with Axis Bank offering mortgage loans starting from Rs. 5 lakh and loan tenure upto 20 years at attractive interest rates starting at 11.25%. The Bank offers Loan Against Property at both fixed and floating interest rate.
1. Loan amount starts from Rs. 5 lakh to Rs.5 crore
2. Avail lease rental discounting and overdraft facility against your property
3. Flexible repayment tenure upto 20 years
4. It is for salaried employees, self employed individuals and self employed professionals
5. 20% to 30% margin in case of purchased of commercial properties
6. 40% to 55% margin in case of loan against residential/ commercial properties
7. Attractive interest rate starting at 11.25% per annum onwards
8. Loan Balance transfer facility available
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 |
Before applying for a loan against property from AXIS Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the AXIS Bank loan against property application the salaried and self employed individuals / professionals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
Axis bank Loan Against Property Eligibility for Salaried Individuals
The applicant must be in permanent service in the government or a reputed organisation
The applicant should be between 24 and 60 years
Axis bank Loan Against Property Eligibility for Self-employed Individuals
The applicant should be filing IT returns
The age of the applicant should be between 24 and 65 years
Axis bank Loan Against Property Eligibility for Self-employed Professionals
Only professionals including doctors, cost accountants, engineers, management consultants, chartered accountants and company secretaries can apply for the loan
The age of the applicant should be between 24 and 65 years
Any applicant who is going to avail for loan against property from AXIS Bank, must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Filled Application Form
2. PAN Card
3. Proof of Identity : Passport, Aadhaar Card, Driving License, Voter ID, Government Employee ID
4. Proof of Address : Aadhaar Card, Driving License, Voter ID, Government Employee ID, Electricity bill, Gas bill, Telephone bill, Property tax receipt
5. Date of Birth Proof : Passport, Driving License, PAN Card, Birth Certificate, Aadhaar Card with DOB, SSC Marksheet
6. Signature Proof : Passport, PAN Card, Bankers verification or Notarized affidavit with ID & Address Proof)
Proof of Income for Salaried:
3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)
6 months bank statement showing salary credits
2 yrs. Form 16 or Employment Continuity Proof
Proof of Income for Salaried NRIs:
3 month pay slip
Appointment letter/contract letter
Continuous Discharge Certificate for Shipping cases
6 month Domestic NRE/NRO a/c statement
6 month international salary a/c statement
Overseas credit report
Valid visa copy/OCI card
Passport copy
POA details
Proof of Income for Self Employed:
2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign – CPC and tax paid challan
Business continuity proof (3 yrs for HL / 5 yrs for LAP)
Other Important Documents & Checks:
Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSEI cheques
Self-attestation of borrowers on all documents submitted
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
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Starts at 11% |
|
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Starts at 11% |
|
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Starts at 11% |
|
|
Starts at 10.85% |
|
|
Starts at 10.50% |
|
|
Starts at 11.25% |
|
|
10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
Starts at 8.75% |
|
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9.50% to 13.50% |
There are two ways to apply for loans against property from AXIS Bank
1. Offline Method : By visiting nearest bank branch
2. Online Method :
Firstly visit lenders website from which you want to get a loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
AXIS Bank Loan Against Property Customer Care
Contact number : 18604195555 / 18605005555
Email id : loans@axisbank.com
The following mathematical formula is used to calculate EMI of AXIS Bank Loan Against Property is :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
EMI - Equated Monthly Instalment
P - Principal amount (amount borrowed as loan)
R – Applicable rate of interest (interest rate should be on a monthly basis)
N - Loan tenure or the number of EMIs to be paid (tenure should be in months
Financials products offered by Bank
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence.
The minimum loan amount is Rs.5 lakh to take a loan against property from Axis Bank.
The repayment tenure provided by Axis Bank loan against property is upto 20 years..
The interest rate provided by Axis bank for loan against property starts at 11.25% per annum.
The processing fee charged by Axis Bank loan against property is 1% or Rs 10,000 (whichever is higher).
You can apply online or offline by visiting the nearest bank branch to apply for Axis Bank loan against property.
Last Updated on : 30/Aug/2020Know 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