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Axis bank Loan Against Property
About Axis Bank
Axis Bank Ltd, the third largest private-sector banks in India offers a comprehensive suite of financial products. The bank is headquartered in Mumbai and has its registered office in Ahmadabad. It offers the entire spectrum of financial services to large and mid-size corporate, SMEs, and retail businesses.
About Axis Bank Loan Against Property
Axis Bank's Loan Against Property is made available to the customers for business expansion and for satisfying personal needs. The loan amount is upto 60% of the market value of the property for tenure of 15 years.
Borrowing Limits-
- 20%-30% margin in case of purchase of commercial property
- 40%-55% margin in case of loan against residential/commercial property
Loan Against Property Features & Benefits
- Loan is provided against commercial as well as residential property
- Attractive interest rates
- Availability of Lease Rental Discounting and Overdraft facility
- Provision of EDGE Loyalty Reward points on transactions which can be redeemed for recharges, bookings, in-store and online shopping, etc.
- Provision of 500 points on disbursal less than or equal to 25 Lakhs
- Provision of 1250 points on disbursal between 25 Lakhs and 75 Lakhs
- Provision of 2500 points ondisbursals more than 75 Lakhs
- Longer repayment period of 20 years
Axis Bank Loan Against Property Fees & Charges
| Types of Charges | Applicable charges |
| Loan Processing Charges | 1% of the loan amount + service tax |
| Pre- Prepayment/ Foreclosure Charges | For non-individual borrowers - 2%, if the amount pre-paid exceeds 25% of the principal outstanding during a quarter, else no prepayment penalty. However, no prepayment is allowed in the first quarter after taking the loan. |
| No Due Certificate | NA |
| Solvency Certificate | NA |
| Charges for Late Payment of EMI | Penal interest @24% per annum i.e. @ 2% per month on the overdue instalment's |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
| Cheque Bounce Charges | 500/- per instance |
| Cheque Swapping charges | 500/- plus service tax |
| Duplicate statement issuance charges | 250/- per instance |
| Issuance Charges for Photocopy of Title Deeds | 250/- per document set |
| Credit Report Issuance Charges | 50/- |
Axis Bank Loan Against Property Eligibility Criteria
- Salaried Individuals
- Applicant must be in a permanent service in a reputed company or government office
- Maximum age at loan sanction can be 24 years; Maximum age at loan maturity- 65 years
- Self-employed Individuals
- Any person filing Income Tax returns can apply
- Maximum age at loan sanction can be 24 years; Maximum age at loan maturity- 65 years
- Professionals
- Applicant should have one of these professions- doctors, dentists, architects, engineers, chartered accountants, company secretary, cost accountantsand management consultants
- Maximum age at loan sanction can be 24 years; Maximum age at loan maturity- 65 years
- Lease Rental Discounting (LRD)
- All resident individuals can apply. However, the lessee must be a company as defined under the Companies Act, 1956
- Type of property- ready commercial property. The loan amount will be restricted to 85% of the net present value of the future rentals or 50% of the value of property (whichever is lower)
Documents Required for Axis Bank Loan Against Property
Documents required for salaried applicants:
- Identity Proof (Voter ID card/ Driving license/ PAN card/ Photo credit card/ Employee ID card/ Defense or Police or Government department ID card)
- IncomeProof (Latest salary slip showing all deductions or Form 16, Recent salary certificate, Last 6 months bank statement, pass book where salary is credited)
- Residence Proof (Bank account statement/ Latest electricity bill/Latest mobile or telephone bill/ Latest credit card statement/ Latest LIC policy or insurance premium receipt/ Employers letter certifying the current mailing address/Latest NSC)
Documents required for other applicants
- Identity Proof (Voter ID card/ Driving license/ PAN card/ Photo credit card)
- IncomeProof (IT Returns of last 2 years, Computation of income of last 2 years certified by a Chartered Accountant, Last 6 months bank statement/pass book where income is credited
- Residence Proof (Bank account statement/ Latest electricity bill/Latest mobile or telephone bill/ Latest credit card statement/ Latest LIC policy or insurance premium receipt/ Latest NSC)
- Guarantor form (Optional)
- Copy of lease agreement for all lease rental discounting cases
- Interest Rate 9.5% - 10%
- Loan Amount 20L - 20Cr
- Processing Fee 0.50% - 0.75%
- Tenure15 Years
-
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Other Available products from Axis Bank
- Business Loan
- Home Loan
- Home Loan Balance Transfer
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