Axis bank

Axis bank Loan Against Property

Apply Axis bank Loan Against Property @ 9.75%
imozi

Interest Rate

9.75%-10%

imozi

Processing fee

Upto 1%

imozi

Loan Tenure upto

15 years

imozi

LTV (Loan to value)

75% to 90% of property value

What is a Loan Against Property?

A Loan Against Property is a credit facility wherein a property is mortgaged to avail the loan for any financial need be it personal or business-related. It can be used for upgrading your business or to fund your personal needs like education expenses, purchase of assets, planning a wedding, planning a vacation, medical expenses, and so on. This unlimited usage option without any restriction on end-use with an added advantage of competitive interest has made this product a very sought after one.

Why Apply for a Loan Against Property at Axis Bank?

If you have a residential or commercial property in your name and are looking for immediate funds then Axis Bank Loan Against Property is the right product for you. Axis Bank provides a quick and hassle-free loan against residential as well as commercial property at competitive interest. You not only have the advantage of an attractive rate of interest but also can earn eDGE reward points on availing the loan.

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 11.35%
  • 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 5 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 8.75% as on 16.05.2019. Following are the interest rates for different schemes:

Loan Type Interest 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 Commercial

1 year MCLR + 3.60% = 12.35%

1 year MCLR + 3.70% = 12.45%

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 Charge Asset Power (Loan Against Property) Commercial OD against Property/ Dropline Overdraft Against Property Lease 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.

Part prepayment charges/ 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 Certificate

500 + GST per instance

500 + GST per instance

500 + GST per instance

charges for cheque bounce

500 + GST per instance

500 + GST per instance

500 + GST per instance

Stamp duty/other charges

As applicable by the State law

As applicable by the State law

As applicable by the State law

Penal Interest

24% 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 swapping

500 + GST per instance

500 + GST per instance

500 + GST per instance

Charges for issuance of duplicate statement

250 + GST per instance

250 + GST per instance

250 + GST per instance

Charges for issuance of photocopy of title deeds

250 + GST per document set

250 + GST per document set

250 + GST per document set

Charges for issuance of credit report

50 + GST

50 + GST

50 + 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:

Purpose

The loan can be availed against any residential or commercial property and can be used for business or personal needs.

Who can apply

Salaried 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 loan

Minimum 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 rate

11.35% to 12.45%

Repayment tenure

The loan should be repaid within a maximum period of 20 years

Processing fee

1% of the loan amount or 10,000, whichever is higher

Balance Transfer

Available

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:

Purpose

The loan can be availed against rental receipts of any residential or commercial property and can be used for business or personal needs.

Who can apply

Salaried 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 loan

85% 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).

Margin

15% on the net present value of future rentals and 50% on the market value of the property.

Interest rate

11.35% to 12.45%

Repayment tenure

The loan should be repaid within a maximum period of 9 years

Processing fee

1% of the loan amount or 10,000, whichever is higher

Balance Transfer

Available

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:

Purpose

This dropline overdraft facility can be used for working capital requirements of self-employed individuals and self-employed professionals.

Who can apply

Salaried 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 loan

Minimum 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 rate

11.35% to 12.45%

Repayment tenure

Overdraft facility is a running account and can be renewed every year as per the repayment schedule but the maximum tenure is 10 years.

Processing fee

1% of the loan amount or 10,000, whichever is higher

Balance Transfer

Available

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:

Purpose

To meet financial requirements of senior citizens of India who own a built up property and residing in it.

Who can apply

Senior citizens of India aged above 60 years who own a residential property

Age

Above 60 years

Quantum of loan

Up to 60% of market value of the property (Minimum 5 Lakhs and maximum 1 Crore)

Margin

Minimum 40%

Interest rate

11.35% to 11.60%

Repayment tenure

Up to 20 years

Processing fee

1% of the loan amount or 10,000, whichever is higher

Documents Required for Axis Bank Loan Against Property

Document Type Acceptable 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

How to Use MyMoneyMantra Calculator to Calculate Your Axis Bank Loan Against Property EMI?

It is very convenient to use MyMoneyMantra EMI Calculator. You just have to follow these simple steps:

  • Choose the EMI Calculator mentioned under Financial Tools on MyMoneyMantra's website
  • Provide information like loan amount, rate of interest, and loan tenure
  • Click on the Calculate button to calculate the EMI instantly
  • On arriving at the EMI that suits your pocket, choose the lender of your choice
  • Fill in all the relevant information required for availing the loan

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.

Other Products by Axis Bank

The Axis Bank also offers the following products and services apart from Loan Against Property:

Savings Account

Safe Deposit Locker

Safe Custody

Salary Account

 

AxisDirect Invest Account

Current Account

National Pension System (NPS)

Pension Disbursement Account

Axis Active

Sukanya Samriddhi Yojana

PMJDY

Fixed Deposits

Recurring Deposits

Tax Saver Fixed Deposit

Encash 24 Flexi Deposit

Fixed Deposit Plus

Commercial Credit Cards

Commercial Debit Cards

Debit Cards

Transit Cards

Credit Cards

Pre-paid Cards

Forex Card

Personal Loan

Home Loan

Holiday Loan

Gold Loan

Loan Against Fixed Deposit

Loan Against Securities

Commercial Vehicle & Construction Equipment Loan

Car Loan

Education Loan

Business Loan

Two Wheeler Loan

Foreign Currency Travellers Cheques

Foreign Currency Demand Drafts

Demat Account

 

Mutual Funds

 

Digital Payments

Online Fund Transfer

International Fund Transfer

 

Foreign Currency Cash

 

Alternate Investment Products

Future Planning Solutions

Kisan Vikas Patra

 

AxisDirect

Motor Insurance

Home Insurance

Life Insurance

Health Insurance

Travel Insurance

 

Business Guard

 

7.75% Savings Bonds

 

Pradhan Mantri Suraksha Bima Yojana

Mutual Fund SIP

Public Provident Fund

Atal Pension Yojana

IPOSmart

Trade & Forex

 

Treasury Service

 

Capital Market Service

 

Corresponding Banking & FI Services

Pradhan Mantri Jeevan Jyoti Bima Yojana

Bima Uphaar Yojana

 

Current Account

 

Cash Management System

 

Start Up Banking

NRE Savings Account

 

NRO Savings Account

 

NRI Prime Savings Account

Fastag

Corporate Loans

(Turnover greater than 250 Cr)

SME Loans

(Turnover upto 250 Cr)

 

Small Business Banking

(Turnover upto 10 Cr)

 

NRE Recurring Deposit

NRO Recurring Deposit

NRO Rupee Deposit

NRE Salary Account

Foreign Currency Non Resident (FCNR) Deposit

Mariner's Account

Resident Foreign Currency Account

NRE Rupee Deposit

 

NRI Pro Rupee Deposit

NRI Pro Foreign Currency Deposit

Resident Foreign Currency Term Deposit

Fixed Deposit Plus

Fixed Deposit Plus

Portfolio Investment Scheme (PIS) Account

4 in 1 NRI Investment Account

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

Frequently Asked Questions

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.

Axis Bank - Latest News

29.01.2019: Axis Bank profit for Q3 to grow sharply

Axis Bank is expected to report a healthy growth in its profit due to a low base a year ago. Analysts expect an overall growth of 50-110% in the third-quarter profit, partly driven by lower provisions.

07.01.2019: Axis Bank to hire veteran banker Pralay Mondal

Axis Bank has initiated the process of strengthening its top deck under the new leadership of Amitabh Chaudhry by bringing in Pralay Mondal, Yes Bank's veteran retail banker and rejigging the portfolios of the existing staff.

01.01.2019: Shikha Sharma, MD & CEO of Axis Bank retires

Axis Bank said on Monday that its CEO and Managing Director Shikha Sharma has retired, w.e.f 31st December, 2018. Amitabh Chaudhry will be the CEO and MD of the Axis Bank w.e.f 1st January, 2019.

Why Apply for Axis Bank Loan Against Property Through MyMoneyMantra?

Each bank has its own rate of interest and repayment tenure for a Loan Against Property. Charges like pre-payment charges and processing charges also differ from bank to bank, In order to do a comparative study while checking for eligibility, the details of all the banks have to be kept handy which will be difficult and confusing if we are doing it all by ourselves. MyMoneyMantra can help you through the whole process.

MyMoneyMantra will have collated all the information about the Loan Against Property on a single screen.

We also provide requisite information and guidance in respect of the following:

  • In assessing the eligibility depending upon your income and repayment capacity
  • To choose the appropriate product
  • Will highlight the processing fee
  • Will expedite the documentation process making the turnaround quick

We have experts who can:

  • Assess your profile and determine your eligibility
  • Analyse your repayment history and advise accordingly.
  • They will help you understand the fine print, with regard to terms and conditions

How to Apply for Axis Bank Loan Against Property at MyMoneyMantra?

Here's the stepwise process of applying for a Loan Against Property at Axis Bank through MyMoneyMantra:

  • Visit MyMoneyMantra and select Home Loan under Loans tab
  • Select your gender and enter all the details required by following the give instructions
  • Enter the OTP received on your registered mobile number to complete the process
  • Keep the documents ready to be verified and picked up by our representative
  • Documents will b submitted to the Axis Bank by our representative
  • The Axis Bank representative will conduct a personal interview with you
  • If everything is in place, your application will be approved within a few days time

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval