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.
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
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 |
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.
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
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)
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 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
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
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.
The minimum loan amount is Rs.5 lakh to take a reverse mortgage loan from Axis Bank.
The repayment tenure provided by Axis Bank reverse mortgage loan is upto 15 years.
The interest rate provided by Axis bank for reverse mortgage loans starts at 11% per annum.
The processing fee charged by Axis Bank reverse mortgage loan 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 reverse mortgage loan.
Last Updated on : 30/Aug/2020Know More About
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
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