Apply for Loan Against Property Online in Axis Bank

  • Loan ID : N0133
  • 61
  • 0

Enjoy long tenures up to 20 years

✔ Interest Savings with Overdraft
✔ Pay interest only on utilized limit
✔ Balance Transfer
✔ Carry over your existing loan with additional refinance
✔ Loan Amount
✔ Minimum - Rs. 5,00,000
✔ Maximum - Rs. 500,00,000
✔ Attractive Interest Rates
✔ Starting from 11.0%

Loan Features and Benefits

Get a loan on different kinds of property
Commercial property, residential property, or a loan to purchase a commercial property

Avail of attractive interest rates
Starting as low as 11.0%

Transfer your existing loan
Carry over an existing loan to Axis Bank and get additional refinance

Bank comfortably with doorstep service
Apply for and handle your loan from the comfort of your home or office with service at your doorstep

Avail Extra Benefits
Lease Rental Discounting and Overdraft facility against property

eDGE Loyalty Reward points

Earn eDGE loyalty reward points on your transactions and redeem your points for over 500 rewards; recharges & bookings; In-store and online shopping.
You can earn:

  • 500 points if your disbursal is less than or equal to 25 lacs
  • 1250 points if your disbursal is greater than 25 lacs but less than or equal to 75 lacs
  • 2500 points if your disbursal is greater than 75 lacs

Terms and conditions

Repayment:
Maximum repayment period is 20 years

Security:
Equitable Mortgage of the property to be financed, by way of deposit of title deeds

Insurance:
Customer can avail Property and Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter. This is optional

Processing Fee:
A Processing Fee equivalent to 1% of the loan amount sanctioned(taxes as applicable) inclusive of a non-refundable login fee of Rs. 5000/-(taxes as applicable)

Penalty for early closure:
Pre-payment charges if any applicant is Non Individual - 2% will be charged if the amount exceeds 25% of the principle outstanding during a quarter, otherwise no penalty will be charged in case of all loans. In case of take-over/transfer of your loan from Axis Bank Limited by/to any other bank/housing finance company/financial institution, a prepayment penalty of 2% on the principal outstanding will be recovered

Other Conditions:

  • Bank reserves the right to reject any application without assigning reasons thereof
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment
  • The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion

Loan Eligibility and Documentation

Eligibility
Individuals who are eligible for a loan against property:

Salaried individuals

  • Any individual who is in permanent service in the government or a reputed company
  • The applicant should be above 24 years of age at the time of loan commencement and upto the age of superannuation

Self-employed individuals

  • Any individual filing Income Tax returns can apply
  • The applicant should be above 24 years of age at the time of loan commencement and upto 65 years at the time of maturity

Self Employed Professionals

  • Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply
  • 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

Lease Rental Discounting (LRD)

  • All resident individuals can apply. The lessee must however be a company as defined under the Companies Act, 1956.
  • Funding will be done only against ready commercial property. The same will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower.

Check your borrowing limits

Minimum Limit - Rs. 5,00,000
Maximum Limit - Rs. 5,00,00,000 (based on Product/Variant categorisation)
20%-30% margin in case of purchase of commercial property
40%-55% margin in case of loan against residential/commercial property

Keep your documents ready

Documents required for salaried applicants:

  • Proof of identity (any one of the following):
    • Voter ID card
    • Driving license
    • PAN card
    • Photo credit card
    • Employee ID card
    • Defence/Police/Government department ID card
  • Proof of income:
    • Latest salary slip showing all deductions or Form 16
    • Recent salary certificate
    • Last 6 months bank statement/pass book where salary or income is credited
  • Proof of Residence (any one of the following):
    • Bank account statement
    • Latest electricity bill
    • Latest mobile/telephone bill
    • Latest credit card statement
    • Latest LIC policy/insurance premium receipt
    • Employers letter certifying the current mailing address
    • Latest NSC
    • Other similar instruments indicating the address or existing house lease agreement
  • Guarantor form (Optional)
  • Copy of lease agreement for all lease rental discounting cases

Documents required for other applicants

  • Proof of identity (any one of the following):
    • Voter ID card
    • Driving license
    • PAN card
    • Photo credit card
  • Proof of income:
    • 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 salary or income is credited
  • Proof of Residence (any one of the following):
    • Bank account statement
    • Latest electricity bill
    • Latest mobile/telephone bill
    • Latest credit card statement
    • Latest LIC policy/insurance premium receipt
    • Latest NSC
    • Other similar instruments indicating the address
  • Guarantor form (Optional)
  • Copy of lease agreement for all lease rental discounting cases

Loan Fees and Charges

SchemeAsset Power (Loan Against Property)Dropline Overdraft Against Property /
Commercial OD against Property
Loan Against Rent Receivables
Loan Processing Charges1% or Rs 5000 (whichever is higher)1% or Rs 5000 (whichever is higher)1% or Rs 5000 (whichever is higher)
Pre- Prepayment / Foreclosure Charges

If any of the borrower is a non individual - 2% will be charged, if the amount pre-paid exceeds 25% of the principal outstanding during a quarter, otherwise no prepayment penalty. The quarter refers to calendar quarter. However no prepayment will be allowed in the first quarter after taking the loan.

If all borrowers are individuals - Nil

Foreclosure charges: 2% will be charged on the limit set for the specific year in which the limit is being foreclosed.

If any of the borrower is a non individual - 2% will be charged, if the amount pre-paid exceeds 25% of the principal outstanding during a quarter, otherwise no prepayment penalty. The quarter refers to calendar quarter. However no prepayment will be allowed in the first quarter after taking the loan.

If all borrowers are individuals - Nil

No Due CertificateNANANA
Solvency CertificateNANANA
Charges for Late Payment of EMIPenal interest @24% per annum i.e. @ 2% per month on the overdue installment/sPenal interest @24% per annum i.e. @ 2% per month on the overdue amount/sPenal interest @24% per annum i.e. @ 2% per month on the overdue installment/s
Stamp Duty & other statutory chargesAs per applicable laws of the stateAs per applicable laws of the stateAs per applicable laws of the state
Cheque Bounce ChargesRs 500/- per instanceRs 500/- per instanceRs 500/- per instance
Cheque swapping chargesRs. 500/- per instanceRs. 500/-per instanceRs. 500/- per instance
Duplicate statement issuance chargesRs. 250/- per instanceRs. 250/- per instanceRs. 250/- per instance
Issuance Charges for Photocopy of Title DeedsRs 250/- per document setRs 250/- per document setRs 250/- per document set
Credit Report Issuance ChargesRs. 50/-Rs. 50/-Rs. 50/-

*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

Loan Fees and Charges

Interest Rates:

Type of LoanApplicable Pricing For PSL casesApplicable pricing for Non-PSL cases
LAP ( Income Based , GTP,GPR)MCLR + 2.85%= 11.0% p.a.MCLR + 3.10% = 11.25% p.a.
LAP ( Surrogates- Banking, Repayment Based)MCLR + 3.10%= 11.25% p.a.MCLR + 3.35% = 11.50% p.a.
LAP Overdraft Against Property Loans-Residential & CommercialMCLR + 3.85% = 12% p.a.MCLR + 3.95% = 12.10% p.a.

Marginal Cost Based Lending Rate - 8.15%

MCLR Reset frequency for Loan against property - Half Yearly

Base Rate - 9.00%

Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

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