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 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 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 |
|
|
|
Part prepayment charges/ Foreclosure charges
|
|
2% foreclosure charges will be applicable on the limit fixed for the specific year when the limit will be foreclosed. |
|
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 |
|
Quantum of loan |
Minimum 5 Lakhs and maximum 5 Crores |
Margin |
|
Interest rate |
8.90% to 9.50% |
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 |
|
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 |
|
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 |
|
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:
|
Address proof |
Any one of the following:
|
Age proof |
Any one of the following:
|
Signature proof |
Any one of the following:
|
Income proof |
For Salaried (Indian Resident):
For Salaried (NRI):
Self-employed:
|
For Balance Transfer or Takeover from another bank/ financial institution |
|
For Lease Rental Discounting (LRD) |
|
For Partners in a Firm/ Directors in a Company |
Partner / Partnership Firm
Director of a Company
|
Other documents |
|
Documents required before loan disbursement |
|
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
How to Opt for Axis Bank EMI Moratorium on Loan EMIs & Credit Card Dues?
In concurrence with RBI's COVID 19 relief package, Axis Bank has announced Moratorium for all EMIs & repayments falling due between March 1, 2020 to May 31, 2020.Read More
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