Advantages of Taking Axis Bank Loan Against Property

The following are the advantages of availing Axis Bank Loan Against Property:

  • You can get a loan on different kinds of property
  • You can get a loan at an interest rate of as low as 8.90%
  • You have the facility to transfer the outstanding balance of the existing loan from another bank to Axis Bank at a lower rate of interest.
  • The whole loan processing is quick and hassle-free
  • No hidden charges involved
  • Flexible repayment option is available
  • High loan quantum available - Up to  20 Crores
  • Long repayment tenure - Up to 20 years

Axis Bank Loan Against Property Interest Rates

The interest rate on Axis Bank Loan Against Property is linked to its 1-year Marginal Cost Based Lending Rate (MCLR), which is 8.90% as on 16.05.2019. Following are the interest rates for different schemes:

Loan TypeInterest Rates For PSL cases (p.a.)Interest Rates for Non-PSL cases (p.a.)
Loan Against Property (Income Based, GPR, GTP)1 year MCLR + 2.60% = 11.35%1 year MCLR + 2.85% = 11.60%
Loan Against Property (Surrogates - Banking, Repayment Based)1 year MCLR + 2.85% = 11.60%1 year MCLR + 3.10% = 11.85%
Overdraft Against Property Loans - Residential and Commercial1 year MCLR + 3.60% = 12.35%1 year MCLR + 3.70% = 12.45%

Documents Required for Axis Bank Loan Against Property

Document TypeAcceptable Documents
Identity proof

Any one of the following:

  • Passport
  • Aadhaar Card
  • Driving License
  • PAN Card
  • Voter ID
  • Government Employee ID
  • Photo ID issued by Government
Address proof

Any one of the following:

  • Aadhaar Card
  • Driving License
  • Voter ID
  • Government Employee ID
  • Photo ID issued by Government
  • Electricity/ GAS/ Telephone (Landline) Bill
  • Property Tax Receipt
Age proof

Any one of the following:

  • Passport
  • Aadhaar Card
  • Driving License
  • PAN Card
  • SSC Marksheet
  • Birth Certificate
Signature proof

Any one of the following:

  • Passport
  • PAN Card
  • Banker's Verification
  • Notarised affidavit with ID and Address proof (if applicable)
Income proof

For Salaried (Indian Resident):

  • 3 months salary slips
  • 6 months salary slips/ 2 years bonus proof (for variable pay)
  • 6 months bank statements showing salary credits
  • 2 years Form 16/ employment continuity proof

For Salaried (NRI):

  • 3 months salary slips
  • Appointment letter/ contract letter
  • Continuous Discharge Certificate (for shipping cases)
  • 6 months Domestic NRO/NRE account statement
  • 6 months international salary account statement
  • Overseas credit report
  • Copy of valid Visa/ OCI card
  • Copy of valid Passport
  • POA details

Self-employed:

  • 2 years ITR, Computation of Income, Balance sheet, and P&L with seal and sign by CA
  • Tax Audit Report (for Gross Turnover exceeding 1 Crore or Gross Receipts exceeding 25 Lakhs)
  • 6 months bank statements for personal and business accounts
  • CPC & tax paid challan (if ITR is not filed with digital sign)
  • Business continuity proof for 5 years
For Balance Transfer or Takeover from another bank/ financial institution
  • Loan account statement of 12 months with the latest outstanding letter
  • Details of existing loan(s) and bank statement of 6 months from where EMI is being deducted
For Lease Rental Discounting (LRD)
  • Bank statement of 6 months where rent is credited
  • Registered and valid lease agreements
  • ITR, P&L, Balance Sheet, and Computation of Income of  2 years with CA's seal & sign
  • 26 AS of 1 year
  • Partnership deed, KYC, partnership authority letter, operative account, 2 years audited financials (for Partnership firm)
For Partners in a Firm/ Directors in a Company

Partner / Partnership Firm

  • List of Partners, Partnership Deed, NOC as per the format of Axis Bank
  • Audited ITR with complete financials of Partnership firm
  • Partnership authority letter on Firm's letterhead signed by all partners (if Firm is standing as guarantor)

Director of a Company

  • For the company: 2 years' ITR, P&L, Computation of Income, Balance sheet with CA's seal & sign
  • Tax Audit Report (if Gross Turnover is exceeding 1 Crore or Gross Receipts exceeding 25 Lakhs)
  • Board Resolution (if the applicant is Company) as per the format of Axis Bank
  • Certificate of Incorporation, MOA, and AOA
  • DIN of all Directors and Board Resolution (if Company) as per the format of Axis Bank
  • Latest Share Holding Pattern signed by Company secretary or List of Directors
Other documents
  • Completely filled & signed loan application form
  • Latest passport size photographs of the applicant
  • PAN Card is mandatory for financial applicants
  • Processing Fee & CERSAI cheques
  • All documents should be self-attested by the borrower
  • Other documents to be submitted if applicable
    • Letter from the customer for opting for EMI (for partly disbursed case)
    • Vernacular or indemnity bond
    • Dual name or dual sign affidavit
    • Amenities agreement signed by third party/sellers
    • End use letter for LAP/ LAP top up cases
Documents required before loan disbursement
  • Loan Agreement & Annexures
  • NACH mandate/ Standing Instruction form & Security Cheques
  • Loan Cover/ Insurance Details
  • Processing fee/ Equitable mortgage cheques
  • Property documents
  • Own contribution receipts
  • Sanction Letter
  • TDS
  • PSL documents

Why Use a Loan Against Property EMI Calculator?

The Loan Against Property EMI Calculator should be used to understand your eligibility and to determine the EMI. With the Loan Against Property EMI Calculator, you can choose the EMI that is affordable by trying various combinations, in terms of interest, loan amount and loan tenure. On arriving at the affordable EMI, you will understand the quantum of loan you will be eligible for. With this, you even get to understand if the loan amount available is sufficient for the purpose for which you are availing the loan. You can then decide whether to avail the loan or not. Also, the amortisation table available in the website helps in the careful planning of repayment of a property loan from Axis Bank.

Axis Bank Customer Care

You can contact Axis Bank for any loan related queries at the following contact details:

Axis Bank, Loan Centre

Mumbai, Maharashtra

Address: Gr & 1st Floor, Radisson, SV Road

Pincode: 400062

Hours: Open until 04:30 PM

Contact Number: 18604195555

Processing Fees and Other Charges for Axis Bank Loan Against Property

The charges associated with Axis Bank Loan Against Property (apart from interest rate) are as follows:

Type of ChargeAsset Power (Loan Against Property)Commercial OD against Property/ Dropline Overdraft Against PropertyLease Rental Discounting
Processing fee
  • 1% of the loan amount or 10,000 (whichever is higher) + GST.
  • A non-refundable amount of 5,000 + GST will be collected upfront at the time of application login. The balance processing fee will be collected at the time of loan disbursement.
  • 1% of the loan amount or 10,000 (whichever is higher) + GST.
  • A non-refundable amount of 5,000 + GST will be collected upfront at the time of application login. The balance processing fee will be collected at the time of loan disbursement.
  • 1% of the loan amount or 10,000 (whichever is higher) + GST.
  • A non-refundable amount of 5,000 + GST will be collected upfront at the time of application login. The balance processing fee will be collected at the time of loan disbursement.
Foreclosure charges
  • For non-individual applicant: 3% (if the part payment amount exceeds 25% of the outstanding balance during a calendar quarter). Nil charges for part payment up to 25%.
  • For individuals: Nil pre-payment/ foreclosure charges.
2% foreclosure charges will be applicable on the limit fixed for the specific year when the limit will be foreclosed.
  • For non-individual applicant: 3% (if the part payment amount exceeds 25% of the outstanding balance during a calendar quarter). Nil charges for part payment up to 25%.
  • For individuals: Nil pre-payment/ foreclosure charges.
Duplicate NOC/ No Dues Certificate500 + GST per instance500 + GST per instance500 + GST per instance
charges for cheque bounce500 + GST per instance500 + GST per instance500 + GST per instance
Stamp duty/other chargesAs applicable by the State lawAs applicable by the State lawAs applicable by the State law
Penal Interest24% p.a. (2% p.m.) on the overdue instalment(s)24% p.a. (2% p.m.) on the overdue instalment(s)24% p.a. (2% p.m.) on the overdue instalment(s)
Charges for cheque swapping500 + GST per instance500 + GST per instance500 + GST per instance
Charges for issuance of duplicate statement250 + GST per instance250 + GST per instance250 + GST per instance
Charges for issuance of photocopy of title deeds250 + GST per document set250 + GST per document set250 + GST per document set
Charges for issuance of credit report50 + GST50 + GST50 + GST
Switching fees (higher floating interest rate to lower floating interest rate)0.5% on the outstanding balance (minimum of 10,000)0.5% on the outstanding balance (minimum of 10,000)0.5% on the outstanding balance (minimum of 10,000)

Types of Axis Bank Loan Against Property

Axis Bank offers the following four types of loans against property:

Loan Against Property

It is a regular Loan Against Property scheme available for salaried as well as self-employed applicants in India.

Key features of the loan are:

PurposeThe loan can be availed against any residential or commercial property and can be used for business or personal needs.
Who can applySalaried employees, self-employed individuals, and self-employed professionals
Age
  • Salaried: Above 24 years at the time of loan application and up to the age of superannuation.
  • Self-employed Individuals/ Self-employed Professionals: Above 24 years at the time of loan application and up to 65 years at the time of loan maturity.
Quantum of loanMinimum 5 Lakhs and maximum 5 Crores
Margin
  • 40% to 55% for loan against residential/ commercial property.
  • 20% to 30% in case of purchase of commercial property.
Interest rate8.90% to 9.50%
Repayment tenureThe loan should be repaid within a maximum period of 20 years
Processing fee1% of the loan amount or 10,000, whichever is higher
Balance TransferAvailable

Lease Rental Discounting

Lease rental discounting is a term loan facility offered against rental receipts from leased contracts with corporate tenants.

Key features of the loan are:

PurposeThe loan can be availed against rental receipts of any residential or commercial property and can be used for business or personal needs.
Who can applySalaried employees, self-employed individuals, and self-employed professionals
Age
  • Salaried: Above 24 years at the time of loan application and up to the age of superannuation.
  • Self-employed Individuals/ Self-employed Professionals: Above 24 years at the time of loan application and up to 65 years at the time of loan maturity.
Quantum of loan85% of the net present value of future rentals or 50% of the market value of the property whichever is lower will be applicable (Minimum 5 Lakhs and maximum 5 Crores).
Margin15% on the net present value of future rentals and 50% on the market value of the property.
Interest rate11.35% to 12.45%
Repayment tenureThe loan should be repaid within a maximum period of 9 years
Processing fee1% of the loan amount or 10,000, whichever is higher
Balance TransferAvailable

Overdraft Facility Against Property

This facility best suits the business requirements of self-employed individuals/ professionals/ non-professionals. You can get a credit limit under this loan which can be used any time.  

Key features of the loan are:

PurposeThis dropline overdraft facility can be used for working capital requirements of self-employed individuals and self-employed professionals.
Who can applySalaried employees, self-employed individuals, and self-employed professionals
Age
  • Salaried: Above 24 years at the time of loan application and up to the age of superannuation.
  • Self-employed Individuals/ Self-employed Professionals: Above 24 years at the time of loan application and up to 65 years at the time of loan maturity.
Quantum of loanMinimum 5 Lakhs and maximum 50 Crores. A limit will be set for a year which can be utilised as and when required. The entire loan amount will not be disbursed at one go, unlike Term Loan. The limit can be renewed every year.
Margin
  • 40% to 55% for loan against residential/ commercial property
  • 20% to 30% in case of purchase of commercial property
Interest rate11.35% to 12.45%
Repayment tenureOverdraft facility is a running account and can be renewed every year as per the repayment schedule but the maximum tenure is 10 years.
Processing fee1% of the loan amount or 10,000, whichever is higher
Balance TransferAvailable

Reverse Mortgage Loan

This facility is available for senior citizens owning a built up property wherein they reside. They can get credit facility against their home and can live therein holding the ownership.  

Key features of the loan are:

PurposeTo meet financial requirements of senior citizens of India who own a built up property and residing in it.
Who can applySenior citizens of India aged above 60 years who own a residential property
AgeAbove 60 years
Quantum of loanUp to 60% of market value of the property (Minimum 5 Lakhs and maximum 1 Crore)
MarginMinimum 40%
Interest rate11.35% to 11.60%
Repayment tenureUp to 20 years
Processing fee1% of the loan amount or 10,000, whichever is higher

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Preapproved ICICI loan against property @8.35% p.a 

ICICI bank loan against property up to 5 crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers. 

Axis Bank Loan Against Property - FAQs

What are the different types of properties considered under Axis Bank Loan Against Property?

Axis Bank Loan Against Property can be availed against a self-occupied residential property or commercial property.

Why avail a Loan Against Property instead of top-up loan?

A top-up loan can be availed only against the property in question, whereas Loan Against Property can be availed against any residential/commercial property. The quantum of loan is higher under Loan Against Property and it comes with a longer tenure.

What is lease rental discounting?

Lease Rental Discounting is a term loan offered against rental receipts from leased out commercial property. The quantum provided will be up to 85% of the net present value of future rentals or 50% of the value of the property whichever is lower.

What is the fee to be paid to avail a Loan Against Property?

A processing fee of 1% of the loan amount or 10,000 whichever is higher will be collected for Axis Bank Loan Against Property. 5,000 will be collected at the time of application log in which is not refundable. The balance processing fee will be collected at the time of disbursement of the loan.

What are the modes of payment of EMI?

You can opt for a standing instruction to your Axis Bank savings bank account. If you do not have an Axis Bank savings account you can opt for National Automated Clearing House (NACH) mode wherein your savings account at another bank will be automatically debited for the EMI on the due date.