Axis Loan Against Property

Axis Bank's loan against property provides you an easy and convenient way to avail funding against commercial or residential property as collateral. You can access hassle-free loans worth Rs. 5 Lakhs upto Rs. 5 crores against residential or commercial properties at attractive interest rates as low as 11%. So, let's quickly dive into the details to know more on Axis Bank loans against property. 

What Are the Different Axis Bank Loan Against Property Schemes?

Here are the four different loan against property schemes on offer by Axis Bank:

1. Loan Against Property - Under this scheme, you can avail a loan against residential or commercial property at attractive rates of interest, starting from 11%.

2. Lease Rental Discounting- Here, you can avail loans against rent receipts received on your property.

3. Overdraft Facility Against Property - Under this scheme, you can avail flexible credit facility my mortgaging your property.

4. Reverse Mortgage Loan - This scheme is beneficial for senior homeowners, who will receive payments from equity on their home.

Interest Rates and Processing Fees for Axis Bank Loan Against Property

Let’s look at the interest rates and processing fees for different Axis Bank loan against property schemes:

Loan against property, overdraft against property loans, and lease rental discounting have the same interest rates. Let’s take a look at them:

Type of Loan	Interest Rates For PSL cases	Interest Rates for Non-PSL cases
LAP (Income Based, GTP, GPR)	MCLR + 2.75%= 11.35% p.a.	MCLR + 3.00% = 11.60% p.a.
LAP (Surrogates - Banking, Repayment Based)	MCLR + 3.00%= 11.60% p.a.	MCLR + 3.25% = 11.85% p.a.
LAP Overdraft Against Property Loans-Residential & Commercial	MCLR + 3.75% = 12.35% p.a.	MCLR + 3.85% = 12.45% p.a.

MCLR Reset frequency for loan against property - Half Yearly

Marginal Cost Based Lending Rate is 8.60%

Base Rate - 9.40%

MRR - 14.25%

BPLR - 17.15%

Reverse Mortgage Loan

Type of Loan	Applicable Pricing For PSL cases	Applicable pricing for Non-PSL cases
LAP (Income-Based, GTP, GPR)	MCLR + 2.75%= 11.35% p.a.	MCLR +3.00% = 11.60% p.a.

Here are the other charges involved, such as processing fee, penal interest, etc. 

Particulars	Service Charges
Loan Processing Charges	1% or Rs 10,000 (whichever is higher)
Pre- Prepayment/Foreclosure Charges	There is no prepayment in the first quarter Individuals – Nil Non-individuals – 3% (if the pre-paid amount exceeds 25% of the principal outstanding during a quarter)
Penal Interest	Penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s
Duplicate No Dues Certificate/NOC	Rs. 500 per instance
Cheque swapping charges	Rs. 500 per instance
Cheque Bounce Charges	Rs. 500 per instance
Issuance Charges for Photocopy of Title Deeds	Rs. 250 per document set
Duplicate statement issuance charges	Rs. 250 per instance
Credit Report Issuance Charges	Rs. 50

*GST will also be added on all the charges and fees as per applicable rates

Features and Benefits of Axis Bank Loan Against Property Schemes

Benefits of Loan Against Property from Axis Bank:

• Attractive rate of interest, starting from just 11.15%.

• Loan amounts start from Rs. 5 lakh and go up to Rs. 5 crores.

• You can repay the loan within 20 years.

• There will be no prepayment charges for a loan taken at floating rates.

• Loan balance transfer facility is also made available at Axis Bank.

Benefits of Lease Rental Discounting:

• You can get long tenures of up to 9 years, but it is subjected to the balance lease term.

• You can also get funding on your rented commercial property.

• This scheme is ideal for individuals, firms, and organizations whose major source of income involves renting property to established companies.

• You can also transfer over an existing loan to Axis Bank and get an additional to refinance.

Benefits of Overdraft Facility Against Property

• You get to enjoy a credit limit that you can use anytime to facilitate your working capital requirements.

• Axis Bank also offers dropline OD to dissolve the fluctuating requirements of self-employed individuals, professionals, and businessmen.

• You can renew the overdraft limit every 12 months as per the repayment schedule.

• You can choose your overdraft type as per your choice, be it Evergreen(fixed) or Dropline(reducing).

• You also get to pay interest only on the utilized limit.

Benefits of Reverse Mortgage Loan

• This loan scheme is extended to senior citizens who reside in and own a piece of residential property.

• Senior borrowers can stay back in their property, continue holding ownership of the property, and reap benefits from the equity of the home.

• This loan scheme can also be extended as regular monthly, quarterly, half-yearly or lump-sum annual periodic advances.

Eligibility Criteria for Axis Bank Loan Against Property

Axis bank offers loans against property to salaried employees, self-employed individuals, and self-employed professionals, and the eligibility criteria are predominantly similar for most of the schemes. Let's take a look at the eligibility criteria:

Salaried Individuals

• Any individual who works in permanent service with the government or works for a reputed company.

• The loan applicant should be above 24 years of age at the time of loan commencement and can be upto 65 years or less at the time of maturity.

Self-Employed Individuals

• Any individual who files Income Tax returns can apply for these loans.

• Any applicant who applies for a loan should be above 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.

Self-Employed Professionals

• Professionals such as engineers, doctors, architects, chartered accountants, cost accountants, dentists,  company secretaries, and management consultants can apply for these loans.

• Again, the applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.

Eligibility for Lease Rental Discounting (LRD)

• All individual residents can apply; however, the lessee must be a company defined under the Companies Act, 1956.

• Funding will be restricted only against ready commercial property.

Eligibility for Reverse Mortgage Loan

Senior citizens of India (who are above 60 years of age) and own residential property can apply for this loan.

Documents Required for Axis Bank Loan Against Property

The documents required to apply for Axis Bank loan against property are:

• Filled-in Axis Bank Loan Against Property Application Form

• Two passport size photographs of the applicant, guarantors(if any) and co-applicants.

• Proof of identity of the applicant and guarantor - a copy of any one of the following - PAN card, passport, aadhaar card, voter ID, driving license, Govt. employee ID, or any other government-issued photo ID.

• Proof of address of the applicant and guarantor with a copy of any one of these - utility bills, driving license, voter ID, passport, aadhaar card, Govt. employee ID, property tax receipt, or government-issued photo ID.

• Age proof of the applicant and guarantor - a copy of any of the following - aadhaar card, birth certificate, passport, driving license, voter ID, Xth marksheet.

• Signature proof of the applicant & guarantor with a copy of- PAN card, passport, banker’s verification or notarized affidavit with an ID and address proof.

Income Proof for Salaried Individuals:

• Either three months’ payslip/6 months’ payslip or two years bonus proof.

• Bank statement for the last six months showing salary credited to your account.

• Form 16 for the last two years or employment continuity proof.

Proof of Income for Salaried NRIs:

• Last three months' payslip

• Appointment letter or contract letter

• Continuous Discharge Certificate for shipping cases

• Last six months' Domestic NRE/NRO a/c statements

• Last six months' international salary a/c statements

• Valid visa copy/OCI card

• Copy of the passport

• Overseas credit report

• POA details

Proof of Income for Self-Employed Individuals:

• Last two years of ITR

• Computation of P&L, income, and balance sheet (CA audited)

• Tax Audit Report, only if the gross turnover exceeds Rs 1 Cr or if the gross receipts exceeds 25 Lac.

• Bank statements for the last six months (of personal and business accounts)

• Business continuity proof (three years for HL or five years for LAP)

Other Important Documents & Checks:

• Self-attestation of borrowers on all documents

• Aadhaar card is essential for Credit Linked Subsidy Scheme (PMAY) applicants

• PAN card is also mandatory for all applicants

• Processing fee and CERSAI cheques

Documents for Lease Rental Discounting  

• Bank statements for the last six months

• All registered valid lease agreements

• Last two years’ ITR, Computation of Income, P&L, and balance sheet (with Chartered Accountant’s seal and signature)

• Form 26 AS for the past year

• If it is a partnership firm, then you need the partnership deed, two years of audited financials, KYC, and operative account and partnership authority letter.

Loan Against Property EMI Calculator

Any loan against property scheme includes a huge sum of money and is a long-term commitment. Thus, it is essential to plan your finances properly before applying for a loan against property. Without financial planning, repaying your loan on time can turn out to be a huge task. That’s why to plan your budget; it is important that you know approximately what portion of your salary you need to keep aside. To know your Axis Bank Loan Against Property EMI, use Axis Bank’s Loan Against Property EMI Calculator. 

How to Apply for Axis Bank Loan Against Property Online & Offline?

You can apply for Axis Bank Loan Against Property through the following ways:

• Apply online through the Axis Bank Website: To avail the loan, visit the official website and navigate to the Loan Against Property page. Click on the loan scheme that suits you the best and then apply for it. 

• Visit the Nearest Bank Branch: You can also avail the loan by visiting the nearest Axis Bank branch and request the bank representatives to take you through the application process.

FAQs

What is the interest rate on Axis Bank’s Loan Against Property?

As per the prevailing MCLR, it is 8.45%, and the current interest rate of Axis Bank Loan Against Property starts from 11.15%.

What is the maximum loan tenure of Axis Bank Loan Against Property?

The maximum loan tenure is 20 years for Axis Bank’s Loan Against Property. You can repay the loan through equated monthly installments (EMIs).

What is the minimum and maximum loan amount that I can avail on Axis Bank Loan Against Property?

Axis Bank’s loan against property loan amount starts from Rs. 5 lakh and goes upto Rs. 5 crore. However, the sanctioned loan amount depends on various factors, which include the market value of your property, credit score, your age, etc.