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AXIS BANK OVERDRAFT FACILITY AGAINST PROPERTY

AXIS Bank Overdraft Facility Against Property Details

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.

Benefits of AXIS Bank Overdraft Facility Against Property

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

Fee and Charges of AXIS Bank Overdraft Facility Against Property

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

Eligibility Criteria for AXIS Bank Overdraft Facility Against Property

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

Documents Required for AXIS Bank Overdraft Facility Against Property

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)

  1. Proof of Income for Salaried:

    1. 3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)

    2. 6 months bank statement showing salary credits

    3. 2 yrs. Form 16 or Employment Continuity Proof

  2. Proof of Income for Salaried NRIs:

    1. 3 month pay slip

    2. Appointment letter/contract letter

    3. Continuous Discharge Certificate for Shipping cases

    4. 6 month Domestic NRE/NRO a/c statement

    5. 6 month international salary a/c statement

    6. Overseas credit report

    7. Valid visa copy/OCI card

    8. Passport copy

    9. POA details

  3. Proof of Income for Self Employed:

    1. 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    2. For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

    3. Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)

    4. 6 months bank statements of personal and business accounts

    5. If ITR is filed without digital sign – CPC and tax paid challan

    6. Business continuity proof (3 yrs for HL / 5 yrs for LAP)

  4. Other Important Documents & Checks:

    1. Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants

    2. PAN card is mandatory for all financial applicants

    3. Processing Fee and CERSEI cheques

    4. Self-attestation of borrowers on all documents submitted

Compare other bank loan against property interest rate 

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

AXIS Bank Lease Rental Discounting 

Starts at 11% 

AXIS Bank Overdraft Facility Against Property

Starts at 11%

AXIS Bank Reverse Mortgage Loan

Starts at 11%

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property 

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property 

10.65% to 16.25%

HSBC Bank Loan Against Property 

Starts at 8.60%

HSBC Bank Smart Loan Against Property 

Starts at 8.75%

Indusind Bank Loan Against Property 

9.50% to 13.50%

Other products of AXIS Bank 

1. AXIS Bank Education Loan

2. AXIS Bank Holiday Loan

3. AXIS Bank Home Loan

4. AXIS Bank Personal Loan 

How to Apply for AXIS Bank Overdraft Facility Against Property

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 : loans@axisbank.com

How to calculate EMI of AXIS Bank Overdraft Facility Against Property

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 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Axis Bank Overdraft Facility Against Property Frequently Asked Questions 

1. What is an overdraft facility against property?

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.

2. What is the minimum loan amount of AXIS Bank overdraft facility against property?

The minimum loan amount is Rs.5 lakh to take an overdraft facility against property from Axis Bank.

3. How much repayment tenure is provided by Axis Bank overdraft facility against property?

The repayment tenure provided by Axis Bank overdraft facility against property is upto 10 years.

4. How much interest rate is provided by the Axis Bank overdraft facility against property?

The interest rate provided by Axis bank for overdraft facility against property starts at 11% per annum.

5. How much processing fee charged by Axis Bank overdraft facility against property?

The processing fee charged by Axis Bank overdraft facility against property is 1% or Rs 10,000 (whichever is higher).

6. How to apply for an Axis Bank overdraft facility against property?

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/2020

Know More About

Axis Bank Overdraft Facility Against Property

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

Axis Bank Overdraft Facility Against Property Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959