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.
An overdraft facility is a credit agreement made with a bank that allows an account holder to use or withdraw more money than what they have in their account up to the approved limit. The sanctioned overdraft limit and the interest charged will vary based on the nature of the asset offered as collateral. Axis Bank offers easy and hassle-free Loan against Property for a loan amount starting from Rs. 5 Lakhs. AXIS Bank Overdraft Facility Against Property helps you unlock the value of your property and fulfill your urgent cash requirements.
1. It meet the fluctuating requirements of self employed individuals, professionals and businessmen
2. Minimum loan amount is Rs.5 lakh
3. Enjoy a credit limit that you can use anytime
4. Attractive interest rate starts at 11% per annum
5. You can renew overdraft limit every 12 months per repayment schedule
6. Pay interest only on limit and time utilized
7. Tenure period upto 10 years
8. Transfer your existing loan to AXIS Bank
9. Choose your overdraft type as per your convenience
To apply for an overdraft facility 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 bouncing and swapping charges, prepayment / foreclosure charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
1% or Rs 10,000 (whichever is higher) |
|
Part Payment Charges |
No charges |
|
Foreclosure Charges |
2% will be charged on the limit set for the specific year in which the limit is being foreclosed |
|
Duplicate No Dues Certificate/NOC |
Rs.500/- per instance |
|
Non utilization charges for overdraft facility |
If average quarterly utilization is <25% of drawing power then quarterly 0.10% will be charged on the difference between actual average utilization and expected utilization (i.e. 25%) |
|
No Due Certificate |
NA |
|
Renewal charge for overdraft facility |
0.5% of the drawing power set or Rs 5,000/- whichever is lower plus applicable GST should be charged at the time of each renewal of limit |
|
Penal Interest |
@24% per annum i.e. @ 2% per month on the overdue installment/s |
|
Solvency Certificate |
NA |
|
Stamp Duty & other statutory charges |
As per applicable laws of the state |
|
Cheque Bouncing 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 |
|
Switching Fees (Higher Floating Rate to Lower Floating Rate) |
0.5% on outstanding principal with minimum of Rs. 10,000. The lower rate will be equal to the applicable carded interest rate only |
Before applying for an overdraft facility against property from AXIS Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the AXIS Bank overdraft facility against property application the resident Indian self employed individuals / professionals and businessmen 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.
1. Salaried individuals
Any individual who is in permanent service in the government or a reputed company
The applicant should be above 24 years of age at the time of loan commencement and upto the age of superannuation
2. Self-employed individuals
Any individual filing Income Tax returns can apply
The applicant should be above 24 years of age at the time of loan commencement and upto 65 years at the time of maturity
3. Self-employed Professionals
Professionals such as doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary and management consultants can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
Any applicant who is going to avail for overdraft facility 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% |
|
|
Starts at 11% |
|
|
Starts at 11% |
|
|
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% |
|
|
9.50% to 13.50% |
There are two ways to apply for overdraft facility 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 Overdraft Facility Against Property Customer Care
Contact number : 18604195555 / 18605005555
Email id : [email protected]
The following mathematical formula is used to calculate EMI of AXIS Bank Overdraft Facility 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
An overdraft facility is a credit agreement made with a bank that allows an account holder to use or withdraw more money than what they have in their account up to the approved limit. The sanctioned overdraft limit and the interest charged will vary based on the nature of the asset offered as collateral.
The minimum loan amount is Rs.5 lakh to take an overdraft facility against property from Axis Bank.
The repayment tenure provided by Axis Bank overdraft facility against property is upto 10 years.
The interest rate provided by Axis bank for overdraft facility against property starts at 11% per annum.
The processing fee charged by Axis Bank overdraft facility 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 overdraft facility against property.
Last Updated on : 30/Aug/2020Know More About
You're eligible for a Axis Bank Overdraft Facility 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 Overdraft Facility Against Property Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11% - 0% |
| Processing Fees | 1% Or Rs. 10,000 , whichever is higher |
| Loan Tenure | 1 year to 10 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Properties EMI Calculator