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AXIS BANK REVERSE MORTGAGE LOAN

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.

Axis Bank Reverse Mortgage Loan is a type of loan which can be availed by offering the residential or commercial property as collateral to the bank. This loan is offered to the senior citizens at competitive interest rates. If you are a senior citizen then you avail this loan using your residential/commercial property as a security to avail the finance. Read on to know more about Axis bank reverse mortgage loan. In reverse mortgage loan schemes senior citizens can stay in their homes and continue holding ownership of the property.

Fee and Charges of AXIS Bank Reverse Mortgage Loan 

Loan Processing Fees

1% or Rs 10,000 (the one that is higher.)

Know that Rs 5,000 plus GST has to be paid at the time of application and it will not be refunded in any condition such as rejection of the application. The remaining fee shall be paid at the time of loan disbursement. 

Interest Rate

11% per annum onwards

Foreclosure/Prepayment Charges

No prepayment/foreclosure penalties 

Cheque Bounce Charges

Rs 500 for each instance 

Cheque Swapping Charges

Rs 500 for each instance 

Features and Benefits of Axis Bank Reverse Mortgage Loan

Axis bank reverse mortgage loan brings a bunch of attractive features and benefits for you. From competitive interest rates to seamless procedure, here are the features and benefits of Axis bank reverse mortgage loan:

  1. Loan for Senior Citizens : The reverse mortgage loan by Axis bank is availed to the senior citizens of above 60 years of age. The senior citizens who own a home and reside in it are granted this type of loan.

  2. Loan Amount : The loan amount is calculated as 60% of  the market value of the property and is based on the age of the applicant. The minimum amount of Axis bank reverse mortgage an applicant can avail is Rs 5 lakh. The maximum loan amount goes up to Rs 5 Cr. 

  3. Loan Payment Schedule : You can extend the loan payment that has to be made by the bank extended to different schedules. You can take the payments on monthly, quarterly, half yearly or annually based advances. 

  4. Interest Rates : The reverse mortgage loan by Axis bank comes with the competitive interest rates. The interest rate on the reverse mortgage loan starts at 11% per annum. 

  5. Loan Tenure : Axis bank offers flexible repayment tenure for reverse mortgage loan to the customers. The maximum loan repayment period a borrower can avail counts 15 years. 

  6. Doorstep Services : This is one of the comforting features of Axis bank services. You have the option to enjoy the services right from your home with the doorstep services facility by Axis bank. 

  7. Loan Settlement : The loan settlement including the interest rate is met by the taking made with the sale of house. The loan shall be payable after the death of the last surviving borrower, or in case they move out of the house or sell it.  Besides that, borrowers can settle the loan along with the interest rate without selling the house.

Eligibility Criteria for Axis Bank Reverse Mortgage Loan

You need to meet the eligibility criteria for Axis bank reverse mortgage loan in order to qualify for the loan easily. 

Here are the requirements one needs to meet to be eligible for the reverse mortgage loan by Axis bank: 

  1. Only senior citizens who have a residential property can apply.

  2. The minimum age of the applicant should be 60 years.

  3. The applicant should be Indian citizen.

  4. The minimum borrowing limit of the applicant should be Rs 5,00,000.

  5. The maximum borrowing limit of the applicant should not exceed Rs 100,00,000.

  6. The loan avail goes up to 60% of the market value of property based on the age of the applicant.

  7. The applicant should have the home as their permanent residence.

  8. The applicant should pay the property taxes and insurance on a regular basis.

These were the eligibility requirements for Axis bank reverse mortgage loan. Let us move ahead  and know what else is into the procedure for reverse mortgage loan application.

Documents Required for Axis Bank Reverse Mortgage Loan 

Documentation is an essential part of reverse mortgage loan failing which you will not be able to avail the loan. Therefore, you should make sure you have all the documents that are required to be submitted long with the loan application. 

Here are the documents required for Axis bank reverse mortgage loan application:

Documents

Salaried Individuals

Self Employed Individuals

Identity Proof

Aadhar Card, Passport, Driving Licence, GOI, Government Employee ID,, GOI Issued Photo ID, Voter’s ID

Aadhar Card, Passport, Driving Licence, GOI, Government Employee ID,, GOI Issued Photo ID, Voter’s ID

Address Proof

PAN Card, Passport, Gas Bill, Telephone Bill, Driving Licence, GOI, Government Employee ID, GOI Issued Photo ID, Voter’s ID, Electricity Bill

PAN Card, Passport, Gas Bill, Telephone Bill, Driving Licence, GOI, Government Employee ID, GOI Issued Photo ID, Voter’s ID, Electricity Bill

Signature Proof 

Passport, PAN Card

Passport, PAN Card

Income Proof

Salary Slips for last 3 months, Form 16 for last 2 years, Bank Statements for last 6 months

ITR for Last 2 years, Computation of Income, Profit & Loss, Balance sheet with CA seal and sig, Bank Statements of Personal and Business Accounts for Last 6 Months

Other Important Documents 

PAN Card, Application Form, Passport-size Photos

PAN Card, Application Form, Passport-size Photos

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

Here are the ways you can apply for Axis bank reverse mortgage loan:

  1. Apply offline : If you wish to apply for the Axis bank reverse mortgage loan offline, you can simply visit the nearest branch of Axis bank. You must carry all the necessary documents that are required to be submitted with the application form. 

You can contact the bank customer service and ask the sales executive to assist you with the loan application procedure. 

  1. Apply online : Applying for a reverse mortgage loan by Axis bank online may be the suitable option for you. To do that, you need to follow these steps:

  • Visit the official website of Axis Bank.

  • Click on the “Explore Products” option.

  • Now hit the “Loans” option.

  • Select the “Loan Against Property” type from the section.

  • Click on “ Apply Now”.

  • On the application form page, you need to fill the fields with details such as your name, mobile number etc.

Once you have filled all the required fields, you need to hit the “Submit” button and follow the process as asked ahead.

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. Do I have to pay any penalties for closing the loan?

You can surely pay off the reverse mortgage loan amount and close the loan before the tenure ends if you have sufficient funds. You do not have to pay foreclosure charges or penalties to close the Axis bank reverse mortgage loan. 

2. What should be the minimum age to apply for an Axis bank reverse mortgage loan?

In order to apply for an Axis bank reverse mortgage loan, your minimum age should not be less than 60 years.

3. What is the processing fee for Axis bank reverse mortgage loan?

You are 1% or Rs 10,000 as processing fee for your reverse mortgage loan by Axis bank. 

4. How can I apply for an Axis bank reverse mortgage loan?

Applying for an Axis bank reverse mortgage loan is simple and quick. You can do it using two different ways. You can apply for the loan offline by visiting the nearest branch with all the documents or you can visit the official website of the bank and apply for the loan from there.

Last Updated on : 10/Mar/2021

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