AXIS Bank Reverse Mortgage Loan Interest Rate, Calculator, Status, Eligibility

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AXIS BANK REVERSE MORTGAGE LOAN

AXIS Bank Reverse Mortgage Loan 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.

In simple words, under a reverse mortgage scheme any individual can mortgage his / her residential house to any financial institution which in turn pays a fixed installment at a defined rate of interest. AXIS Bank Reverse mortgage loans are generally given to senior citizens with no income.It requires no repayment of loan as long as the mortgage taker is alive. In reverse mortgage loan schemes senior citizens can stay in their homes and continue holding ownership of the property.

Benefits of AXIS Bank Reverse Mortgage Loan 

1. Individual are eligible for Reverse Mortgage Loan

2. Minimum loan amount is Rs.5 lakh 

3. You can avail of a loan against residential or commercial properties

4. Attractive interest rate starts at 11% per annum

5. Loan to senior citizens who own a built up property

6. Senior citizens can stay in their homes and continue holding ownership of the property

7. Tenure period upto 15 years

8. Loan upto 60% of market value of residential property, depending on age of borrower

Fee and Charges of AXIS Bank Reverse Mortgage Loan 

To apply for a reverse mortgage loan, 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 

NIL

Foreclosure Charges 

NIL

Duplicate No Dues Certificate/NOC

Rs.500/- per instance

No Due Certificate

NA

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 Reverse Mortgage Loan 

Before applying for a reverse mortgage loan from AXIS Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the AXIS Bank reverse mortgage loan application individuals 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.

  • Individuals who are eligible for a Reverse Mortgage Loan:

  • Senior citizens of India (above 60 years of age) who own a residential property.

  • Loan up to 60% of market value of residential property depending on age of borrowers.

Other Conditions

  • The borrower shall maintain the home as their permanent primary residence

  • The borrower shall regularly pay the property taxes and insurance

  • The home is maintained to preserve its value

  • The residential property must be free from any encumbrances

Documents Required for AXIS Bank Reverse Mortgage Loan 

Any applicant who is going to avail for a reverse mortgage loan 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 Reverse Mortgage Loan 

There are two ways to apply for Reverse Mortgage Loan 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 Reverse Mortgage Loan Customer Care

Contact number : 18604195555 / 18605005555

Email id : loans@axisbank.com

How to calculate EMI of AXIS Bank Reverse Mortgage Loan 

The following mathematical formula is used to calculate EMI of AXIS Bank Reverse Mortgage Loan 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 Reverse Mortgage Loan Frequently Asked Questions 

1. What is a reverse mortgage loan?

Reverse mortgage loans are generally given to senior citizens with no income.It requires no repayment of loan as long as the mortgage taker is alive. In reverse mortgage loan schemes senior citizens can stay in their homes and continue holding ownership of the property.

2. What is the minimum loan amount of AXIS Bank reverse mortgage loan?

The minimum loan amount is Rs.5 lakh to take a reverse mortgage loan from Axis Bank.

3. How much repayment tenure is provided by Axis Bank reverse mortgage loan?

The repayment tenure provided by Axis Bank reverse mortgage loan is upto 15 years.

4. How much interest rate is provided by the Axis Bank reverse mortgage loan?

The interest rate provided by Axis bank for reverse mortgage loans starts at 11% per annum.

5. How much processing fee charged by Axis Bank reverse mortgage loan?

The processing fee charged by Axis Bank reverse mortgage loan is 1% or Rs 10,000 (whichever is higher).

6. How to apply for an Axis Bank reverse mortgage loan?

You can apply online or offline by visiting the nearest bank branch to apply for Axis Bank reverse mortgage loan.

Last Updated on : 30/Aug/2020

Know More About

Axis Bank Reverse Mortgage Loan

You're eligible for a Axis Bank Reverse Mortgage Loan 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 Reverse Mortgage Loan Interest Rates

Updated on 25 Nov 2017

Axis Bank Reverse Mortgage Loan Details
Interest Rate (Monthly reducing balance) 11% - 0%
Processing Fees 1% or Rs. 10,000 , whichever is higher
Loan Tenure 1 year to 15 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