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Axis Bank Loan Against Property

Axis Bank
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Axis Bank provides quick and seamless loans against property starting at INR 5 lakhs. You can take this loan against a residential or commercial property that you can use as collateral with low interest rates. Additionally, you can also opt for a flexible loan term of up to 20 years to repay the loan at your convenience with affordable interest rate starting at 10.50%.

  • Axis Bank
  • Loan Against Property
Loan Amount:₹5L - ₹5Cr
Interest Rate:11.75% - 12.75%
Processing Fee: 1% - 2%
Tenure:20 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Quick Approvals
Axis Bank

11.75% - 12.75%

1% - 2%

₹5L - ₹5Cr

Tenure(Up to 20 Years)

Details

Axis Bank Loan Against Property: Features and Benefits

Axis Bank Loan Against Property comes with numerous benefits. Here is a list of benefits that you get by availing LAP from Axis Bank:

  • Availability of Loan Against Property at attractive interest rates starting from 11%.
  • Avail LAP on your commercial or residential property or purchase a new one.
  • Transfer your existing loan to Axis Bank and get a top-up loan at lower interest rates.
  • The presence of doorstep service allows you to apply and get assistance from the comfort of your home.
  • Unlock Lease Rental Discounting together with an Overdraft Facility.
  • Avail LAP starting from INR 5 lakh.
  • Flexible repayment tenure of 20 years.
  • No prepayment charges are applicable when the loan is availed at floating rates.

Axis Bank Loan Against Property Overview

Axis Bank provides quick and seamless loans against property starting at INR 5 lakhs. You can take this loan against a residential or commercial property that you can use as collateral with low-interest rates. Additionally, you can also opt for a flexible loan term of up to 20 years to repay the loan at your convenience. A balance transfer allows you to refinance existing debt at a lower interest rate.

Axis Bank Loan Against Property is a handy solution for consumers to borrow money against their property. Axis Bank offers mortgage loans starting at INR 5 lakh with terms up to 20 years and interest rates starting at 10.50 percent. Read on for more information on the loan.

Axis Bank Mortgage Loan

Loan Amount INR 5 lakh onwards
Rate of Interest 10.50 to 11.25%
Repayment Tenure Up to 20 years
Processing Fee 1% of the loan amount or INR 10,000
 

A secured loan is given by financial institutions to entities, firms, and ventures against mortgaged property known as a Loan Against Property (LAP). Axis Bank is one such well-known financial institution that offers attractive and promising interest rates on property loans.

The financial organisation is currently offering speedy disbursement of funds following a quick online loan procedure with minimum documentation. Both salaried and self-employed individuals can take out loans with low-interest rates.

To apply for an Axis Bank loan against property, you must first understand the benefits, documentation, eligibility criteria, and application procedure. Continue reading to learn more.

Axis Bank Loan Against Property Eligibility Criteria 

For salaried employees, self-employed persons, and self-employed professionals, Axis Bank offers a Loan Against Property. To get the loan, you must cope with the required eligibility conditions depending on your employment, business and age. For further information, see the Loan Against Property eligibility criteria listed below.

For Salaried Individuals

  1. Anyone who works for the government or a reputable corporation on a permanent basis.
  2. The applicant must be over the age of 24 at the time the loan is taken out and under the age of superannuation.

Self-employed Individuals

  1. Anyone who files income tax returns is eligible to apply.
  2. The borrower must be over the age of 24 at the time of application and under the age of 65 at the time of maturity.

Self Employed Professionals

  1. Doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, and management consultants are the only ones who can apply for a LAP.
  2. The applicant should be a minimum of 24 years old at the time of loan application and 65 years old or less at the time of loan maturity.

Lease Rental Discounting (LRD)

  1. All residents are eligible to apply. On the other hand, the lessee must be a corporation as specified by the Companies Act of 1956.
  2. Only ready commercial property will be used to secure funding. The amount will be limited to 85% of the net present value of future rentals or 50% of the property's worth, whichever is lesser.

Check Borrowing Limits

  1. INR 5,00,000 is the minimum limit.
  2. Maximum Limit: INR 5,00,000 (depending on product/variant classification).
  3. In the case of a commercial property purchase, the margin should be between 20% and 30%.
  4. If a loan is secured by residential or commercial property, the margin should be between 40% and 55%.

Axis Bank Loan Against Property Fees and Charges

When you need to meet your financial obligations such as education, marriage, or healthcare, turn to Axis Bank for a Loan Against Property. Axis Bank's fees and charges for a Loan Against Property are entirely transparent and straightforward. The fees and costs for a Loan Against Property are detailed below. 

Particulars Service Charges
Loan Processing Charges 1% of the loan amount or INR 10,000 (the higher one will be applicable)
Pre-Prepayment Charges or Foreclosure Charges In the very first quarter you can’t prepay the loan amount.
  1. For Individuals no prepayment charges are levied.
  2. For Non-individuals 3% prepayment charge is levied (when the prepaid amount is above 25% of the  outstanding  amount else NIL).
No Dues Certificate or No Objection certificate (Duplicate) INR 500
Penal Interest Per Annum 24% (penal interest is applicable i.e. 2% per month)
Cheque Bounce Charges INR 500
Cheque Swap Charges INR 500
Statement issuance charges (Duplicate) INR 250
Issuance Charges levied on the Photocopy of Title Deeds INR 250
Issuance of Credit Report INR 50

Axis Bank Loan Against Property Interest Rates

Axis bank offers mortgage loans starting from 10.50 percent per annum. Refer to the depicted tables below to determine which Axis Bank Loan Against Property interest rates will be suitable for you. 

Type of Loan Interest Rate (p.a.)
LAP (Term Loan) 10.50 to 11%
LAP (Overdraft Loans) 11 to 11.25%

For Term Loan

Product Type Repo Rate in addition to Spread LAP Interest rate
PSL Floating Interest Rate [Repo Rate]+Spread [from 3.90% to 4.30%] 7.90 to 8.30% p.a
Non-PSL Floating Interest Rate [Repo Rate]+Spread [from 3.95% to 4.35%] 7.95 to 8.35% p.a

For Overdraft

Product Type Repo Rate in addition to Spread LAP Interest rate
PSL Floating Interest Rate [Repo Rate]+Spread [from 4.90% to 5.25%] 8.90 to 9.25% p.a
Non-PSL Floating Interest Rate [Repo Rate]+Spread [from 4.95% to 5.30%] 7.95 to 9.30% p.a

Factors Affecting Axis Bank Loan Against Property Interest Rates

Certain factors affect the Axis Bank Loan Against Property interest rate. Here's the list of factors that determines the applicable interest rates:

  • CIBIL Score: Banks look at the three-digit CIBIL/Credit score before approving a loan. A high score can help you acquire a low-interest Axis Bank loan against property, whereas a low score can result in you paying a high-interest rate or having your loan application refused.
  • Mortgaged Property: LAP is provided after a thorough examination of the property that the applicant intends to mortgage. The interest rate is determined by scrutinising the type of property, its construction, date, and other factors.
  • Loan Repayment Tenure: Because the LAP is a long-term loan, it is best to discuss the interest rate that the IDFC bank offers on the loan amount with them.
  • Applicant's Age: Old age is directly proportional to a higher interest rate. This is mainly because young borrowers have a higher chance of repaying the borrowed loan than senior citizens. So, banks bear fewer risks for borrowers who are young and working professionals rather than those who are old and pensioners.
  • Interest Rate on Axis Bank Loan Against Property: Axis Bank offers LAP at a floating interest rate. The floating interest rate will fluctuate over time in relation to the benchmark index or repo rate put forward by RBI.

Axis Bank Loan Against Property Documentation 

You must be ready with the below-mentioned set of documents to avail a Loan Against Property with utmost ease:

  • Duly filled LAP application form.
  • Passport size photos (applicants/guarantors/co-applicants).
  • Identity proof of the applicant and guarantor, like Aadhaar Card/PAN Card/Driving Licence/Ration card/Voter Card/Employee ID.
  • Residence Proof of the applicant together with the guarantor, including Passport/Aadhaar Card/Utility Bills/Driving Licence/Voter Card/Employee ID/Receipt of Property Tax.
  • Age Proof like Aadhaar Card/Birth Certificate/Voter ID/ School Passing Certificate.
  • Signature Proof, including PAN Card/Banker's Verification/Notarised affidavit
  • Income Proof for Salaried:
    • Payslip of last 3 months
    • Salary credits of last 6 months depicted on a bank statement
    • ITR or Form 16
  • Income Proof for Salaried NRIs:
    • Payslip of last 3 months
    • Appointment letter for the organisation
    • Domestic NRE or NRO a/c statement of last six months
    • International salary account statement of previous six months
    • Overseas credit report
    • Copy of Visa and OCI card
    • Copy of Passport
    • POA details
  • Income Proof for Self Employed:
    • ITR of last two years, Income Computation, P&L, Balance sheet
    • Tax Audit Report (when companies' gross turnover goes beyond INR 1 Crore or the Gross Receipts Exceeds the amount of INR 25 Lac)
    • Bank statement of last six months for both personal as well as business accounts
    • Business continuity proof

How Does the EMI Calculation Work for Axis Bank Loan Against Property?

A loan against property consists of a significant sum of money with a long repayment period. As a result, it's critical to organise your budget before applying for a loan. Paying back your loan on time can be difficult if you don't prepare beforehand. To design the repayment amount within your budget, you must first determine how much your salary you should set aside each month.

Check your Axis Bank Loan Against Property EMI on loan against property EMI calculator. The online calculator assists you in determining the approximate loan EMI amount. The tool is simple and easy to use. You just have to enter minute details such as amount, interest rate and repayment tenure.

In addition, you can compute the values manually through the mathematical formula:

EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where,

P= Principal Amount

R= Interest Rate

N= Repayment Tenure

Axis Bank Loan Against Property Customer Care Number

Axis Bank Customer Care executives are available round the clock for your assistance. You can get in touch with them by calling on any of the mentioned numbers and get clarity on your queries.

Contact Number:

  • 1860-419-5555
  • 1860-500-5555

FAQs

From refinancing to reducing your interest, we have the answers right here.

How long does a Loan Against Property application take to be approved?

Axis Bank will express its decision on your loan application within five working days from the day it is submitted. The five-day calculation will begin on the day the customer provides the bank with all documentation necessary for a proper evaluation of the loan application.

Why should you opt for a LAP instead of a Top-Up loan?

An Axis Bank Loan Against Property has certain advantages over a Top-up Loan. These are higher loan amounts with lower interest rates and flexible repayment tenure.

Can you get an Overdraft facility on LAP?

Yes, Axis Bank offers LAP with an EMI repayment option or Drop-line Overdraft Facility.

Do I have to pay a processing fee to avail Loan Against Property from Axis Bank?

Yes, Axis Bank levies a processing fee of 1 percent on the principal amount or INR 10,000 along with applicable GST.

What are the KYC documents I will have to submit to apply for a loan against property from Axis Bank?

Axis Bank asks for certain KYC documents, including identity proof, residence proof, and age proof.

Mention the minimum or maximum loan amount on Axis Bank Loan Against Property?

Axis Bank offers LAP starting from INR 5 lakh and up to INR 5 crore at max. However, the loan amount depends upon the applicant’s credibility.

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

You can get an Axis Bank Loan Against Property for a maximum tenure of 20 years. The applicant is supposed to repay the amount in the form of equated monthly instalments (EMIs).

Does Axis Bank check the CIBIL Score of individuals before sanctioning their loan against property?

Yes, Axis Bank checks the CIBIL score of the applicant before sanctioning a loan. A 750 credit score or more is considered to be a good score by the bank.

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