Loanfasttrack

Loanfasttrack Wealth in Your Hand

(LAP) Loan Against Property In Axis Bank

by admin
(LAP) Loan Against Property In Axis Bank

Axis Bank, one of the largest private sector banks offers hassle-free loan against property for the eligible borrowers against the collateral of their residential & commercial properties for the Axis LAP loan amount starting from Rs.5 Lakhs at a competitive Axis mortgage loan interest rates starting from 10.50% p.a. with longest repayment tenures of up-to 20 years.

Axis Bank LAP loans are available against the residential, commercial property, or a loan to purchase a commercial property with quick approvals and an online process.

Prominent Features of Axis Bank LAP Loan

  • Both residential and commercial properties can be provided as security.
  • Enjoy comfortable EMI for mortgage loan with longer repayment tenure of 20 years.
  • Easy & hassle-free processing of Axis Bank home mortgage loan.
  • Loans up-to 55% of the property value.
  • Axis Bank property loan amount starts from Rs.5 Lakhs.
  • Can be applied online as well as offline.
  • Axis mortgage loans can be used for a variety of personal & professional needs such as home repairs & renovations, marriage expenses, medical healthcare, children’s higher studies, family vacations, investment in a business, business expansions, etc.
  • Overdraft and LRD facilities are available.
  • Attractive axis bank mortgage loan interest rates for mortgage loan balance transfers.
  • Offers unique eDGE loyalty reward points on loan disbursals.

Axis Bank Mortgage Loan Eligibility

Eligible Profile Salaried, Self-Employed, and Self-Employed Professionals.
Age * For salaried
24 years – 60 Years or retirement age whichever is earlier.  
* For Self-employed & Professionals
24 years – 65 years.
Property To Mortgage Residential & commercial property.
Axis Loan Against Property Interest Rates 10.50% p.a. – 11.25% p.a.
Maximum Tenure Up-to 20 years.
Maximum Loan Amount Up-to Rs.5 Crores.
Minimum Business Vintage 5 years.
LTV * For residential & commercial property 40% – 55% of the property value.  

* For purchasing commercial property – 20% – 30% of the property value.
CIBIL Scores 750 & above.
Processing Fees Up-to 1% of the loan amount plus applicable GST subject to a minimum of Rs.10,000/-.
Pre-Payment Charges Up-to 3% on the outstanding principal plus applicable GST.
Mortgage Schemes * Mortgage loan  
* Mortgage loan balance transfer  
* Mortgage loan top-up  
* Mortgage overdraft loan  
* Lease rental discounting  
* Commercial loan  
* Reverse mortgage loan.

Click to read more on loan against property eligibility.

Also, read a step-by-step mortgage loan processing guide.

Axis Bank Mortgage Loan Schemes

Axis Bank offers customized loan schemes to meet the various loan needs of its customers. Some of the popular loan schemes of Axis Bank with its features are mentioned below:

  1. Axis Bank Loan Against Property

Axis Bank mortgage loan is a term loan available for all eligible borrowers to fulfill their varied need of funds which is rapid in equated monthly installments.

  • Axis Bank mortgage loan interest rates range from 10.50% p.a. – 11% p.a.
  • The maximum loan tenure offered is up-to 20 years.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • Processing fees of up-to 1% on the loan amount subject to a minimum of Rs.10,000/-
  • The maximum loan amount that can be availed is up-to Rs.5 crores.
  • Get additional refinance on loans transferred in Axis Bank.

Also, read on home loan refinancing.

Additional Read, best banks for mortgage loans in India.

2. Axis Bank Overdraft Against Property

Axis Bank offers a dropline overdraft (reducing) facility only to self-employed & self-employed professionals to meet their working capital requirement.

  • Interest is paid only on the loan amount utilized.
  • Overdraft against property interest rates range from 11% p.a. – 11.25% p.a.
  • The maximum loan tenure offered is up-to 10 years.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • The overdraft limit is renewed every 12 months. Renewal charge levied will be 0.50% of the drawing power set or Rs.5,000/- whichever is low.
  • Fixed as well as reducing overdraft available. 
  • Avail higher loan eligibility on the banking behavior considering the average bank balances.

Read more mortgage overdraft loans.

3. (LRD) Lease Rental Discounting Axis Bank

Axis Bank LRD loan is a term loan offered against the rentals received against the ready commercial properties leased to a reputed company (as defined under the Companies Act, 1956) at attractive LRD loan interest rates.

  • All resident individuals- salaried/self-employed/professionals & firms and companies can apply.
  • Lease rental discounting interest rates range from 10.50% p.a. – 11% p.a.
  • The maximum tenure offered is up-to 9 years subject to the balance lease term.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.5 crore.
  • Loan finding will be subject to the lower of the two:
    a) 50% of the market value of the property.
    b) 85% of the net present value of the future rentals.
  • LRD loan transfers are available at attractive interest rates.

Also, read how to apply online for a mortgage loan.

4. Axis Bank Commercial Property Loan

Axis Bank offers a loan for the purchase of ready-to-move or under-construction commercial property at low-interest rates and maximum repayment tenures.

  • Axis Bank commercial property loan interest rate starts from 10.50% p.a.
  • The maximum tenure available is up-to 20 years.
  • LTV is 20%-30% on the value of a commercial property.
  • Processing charges will be 1% on the loan amount.
  • Refinancing of commercial property with Axis Bank is easy, quick & hassle-free.
  • Minimum documentation is required. Click the links below to get the complete list of documents.
    > For Salaried-builder case & resale case
    > Self-Employed – partnership firm-builder case & resale case, private limited company-builder case & resale case, proprietorship firm-builder case & resale case.

            Also, read commercial property loans with ICICI Bank.

5. Reverse Mortgage

Axis Bank offers reverse mortgage loans to senior citizens in India over 60 years to help them meet their money requirement post-retirement against the mortgage of self-owned and self-occupied residential property.

  • Avail a loan against a self-occupied residential property and retain the property ownership.
  • The maximum tenure of 15 years.
  • Axis Bank home mortgage loan interest rates start from 11% p.a.
  • The minimum loan amount is Rs.5 lakhs & the maximum is Rs.1 crore.
  • The loan amount can be extended as regular in a month, 3 months, 6 months 12 months, or in a lump sum.
  • No need to repay the loan in EMI.

            Read more on reverse mortgage loans for elderly

6. Axis Bank Loan Against Property Balance Transfer

Axis Bank offers mortgage loan transfer @ competitive interest rates & processing fees for eligible borrowers with longer repayment tenure.

Also, click to read how to deal with the increasing interest rates of housing loans.

7. Axis Bank Loan Against Property Top-Up

Axis Bank offers top-up loans to its existing LAP customers and the new borrowers with mortgage transfers @ the LAP rate of interest.

  • A top-up loan can be applied after 6 months of the LAP loan disbursement.
  • The maximum tenure offered is up-to 20 years.
  • Top-up loan interest rates start from 10.50% p.a. onwards.
  • Processing fee of up-to 1% on the top-up loan amount.
  • Top-up eligibility is subject to the borrower’s income eligibility and property market value.
  • Must have timely repayment of the loan to avail the additional loan amount.

Read more on mortgage top-up loans

List Of Other Charges in Loan Against Property

(GST is applicable on all charges)

Charges Loan Against Property Mortgage Overdraft Facility Lease Rental Discounting Loan
Stamp Duty / Equitable Mortgage Creation 0.30% on the loan amount. 0.30% on the loan amount. 0.30% on the loan amount.
Part Payment & Foreclosure Charges For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan:  
1) Non-individual – 3% on the outstanding principal.  

2) Individual

* NIL if the loan amount is used for personal needs.  

* 3% on the outstanding principal if the loan amount is used for business purposes. 		Part Payment – NIL          
Full Repayment – 2% on the limit set in the foreclosure year. 		For part-payment above 25% of the outstanding principal during a quarter & full repayment of the loan:  

1) Non-individual – 3% on the outstanding principal.  

2) Individual

* NIL if the loan amount is used for personal needs.  

* 3% on the outstanding principal if the loan amount is used for business purposes.
CIBIL Rs.50/- Rs.50/- Rs.50/-
CERSAI Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/- 		Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/- 		Mortgage loans up-to 5 Lakhs – Rs.50/-  

Mortgage loans above 5 Lakhs – Rs.100/-
NOC Nil Nil Nil
Duplicate NOC Rs.50/- Rs.50/- Rs.50/-
Cheque / ECS Bounce Rs.339/- Rs.339/- Rs.339/-
Duplicate Statement Rs.250/- Rs.250/- Rs.250/-
Document Retrieval Rs.250/- per document set Rs.250/- per document set Rs.250/- per document set
Cheque/ Instrument Swapping Rs.500/- Rs.500/- Rs.500/-
Floating Interest Rate Conversion from High To Low 0.50% on the principal outstanding subject to a minimum of Rs.10,000/- 0.50% on the principal outstanding subject to a minimum of Rs.10,000/- 0.50% on the principal outstanding subject to a minimum of Rs.10,000/-
Penal Interest 24% p.a. On the overdue installments 24% p.a. On the overdue installments 24% p.a. On the overdue installments
Overdraft Mortgage Renewal NA Rs.5000/- or 0.50% on the loan amount whichever is low. NA 
Note: The above-mentioned charges are subject to change without prior notice.

Also, read how to apply for a loan with a bad CIBIL score.

Axis Bank Mortgage Loan Documents Required

KYC Pan Card, Aadhar Card & Photograph
Income Documents  
For Salaried * 4 months salary slips.
* 2 years form 16
* 6 months bank account statement.
For Self-Employed * 2 years ITR with Computation of Income, Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
* 12 months bank account statement.
* Business profile.
* Business proofs.
Property Papers * Prior Chain of Agreement.
* OC/CC + approved plans.
* Index 2.
* Share Certificate.
* Society Registration Copy.
* Property tax.
* Property maintenance bill.
Additional Documents Required for Mortgage Loan Transfer * LOD (list of documents).
* Outstanding letter.
* 12 months repayment track record.
Additional Documents Required for LRD Registered Valid lease agreement.6 months bank account statement where the rent is received.

For the complete documents required for loan against property Axis Bank kindly refer to the following links:

Also, read NRI loan against property in India.

Important Highlights to Remember

  • Part Payments for Axis loan against property and LRD loans are not allowed during the first quarter after taking the loan.
  • Opening an ESCROW account is mandatory for lease discounting i.e., LRD loans.
  • There are nil prepayment charges for individual non-business borrowers.
  • If the overdraft limit utilized is less than 25% of the quarterly drawing power, a charge of 0.10% will be levied on the difference between the actual amount utilized and 25%.
  • You can use the Axis Bank mortgage loan EMI calculator for house to know your monthly EMI.

Compare Axis Bank Mortgage Loan Interest Rates with Top Banks

Parameter Axis Bank ICICI Bank HDFC Bank Canara Bank
Interest Rate 10.50% p.a. – 11.25% p.a. 7.70% p.a. – 9.75% p.a. 7.50% p.a. – 10.95% p.a. 9.95% p.a. – 12% p.a.
Tenure Up-to 20 years. Up-to 20 years. Up-to 15 years. Up-to 10 years.
Processing Fees Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. Up-to 1% of the loan amount + applicable GST. 0.50% of the loan amount + applicable GST.
Foreclosure Charges Up-to 3% on the balance loan amount + applicable GST. Up-to 4% on the balance loan amount + applicable GST. Up-to 2.5% on the balance loan amount + applicable GST. Nil – 2% on the balance loan amount + applicable GST.
Overdraft Facility Yes Yes Yes No.
LTV 55% 70% 65% 50%
Maximum Loan Amount Up-to Rs.5 Crores Up-to Rs.10 Crores. Up-to Rs.25 Crores. Up-to Rs.10 Crores.
    Click for more details. Click for more details. Click for more details.

Click to compare the rates of other leading banks.

FAQ

Q. What is the Axis Bank mortgage loan interest rate 2021?

Ans: Axis Bank loans against property interest rates range from 10.50% p.a. – 11.25% p.a.

Q. How much time does it take for the sanction of a loan against property in Axis Bank?

Ans: Axis Bank conveys its decision within 5 working days once the complete documents are updated/ received from the customer.

Q. What will be my mortgage EMI for a loan of Rs.35 lakhs?

Ans: Your EMI for a mortgage loan of Rs.35 lakhs will be Rs.34,943/- for 20 years @ 10.50% p.a. LAP interest rate Axis Bank.

Q. What is the contact number for Axis Bank phone banking services?

Ans: You can contact 1-860-419-5555 or 1-860-500-5555 for your loan queries anytime between 8:am to 8:pm from Monday to Saturday excluding the national holidays.

Axis Bank Loan Centers In Thane

Thane- Wagle Estate Kalyan Mira Road
1st Floor, Acel House, Road No. 22, Wagle Estate, Thane – 400604. CTS No. 3203, 1st floor, Old Suchak Niwas, Murbad Road, Kalyan West, Thane – 421301. 3rd Floor, Asmita House, Naya Nagar, Mira Road East, Thane – 401107.

Read for more FAQs.

By,

Loanfasttrack

Loanfasttrack is a Mumbai-based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, unsecured business loans, home loan transfer, top-up loans, loan transfers and apply for a business loan in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack specialized services include providing:

Additional Read

Leave a Reply

Your email address will not be published. Required fields are marked *