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Axis Bank Loan Against Property

Home Loan Against Property Axis Bank

Axis Bank offers Loan Against Property (LAP) @ 9.90% p.a. onwards for loan amounts of up to Rs 5 crore and for tenures of up to 20 years. It also offers Lease Rental Discounting (LRD) against the rental receipts provided by the corporate tenants for leased contracts. Axis Bank offers overdraft facility on Loan Against Property to fulfil working capital requirements and balance cash flow mismatches.

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Updated: 19-01-2023 09:08:52 AM
Axis Bank Loan Against Property Highlights 
Interest Rates9.90%-10.35% p.a.
Loan AmountRs 5 lakh – Rs 5 crore
LTV RatioFor commercial property: 80%-70%

For residential/commercial property: 60%-45%

TenureUp to 20 years
Processing Fee1% or Rs 10,000 (whichever is higher)
Note: Rates as of 19th January 2023

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Axis Bank Loan Against Property Interest Rates

For Term Loan

ProductInterest Rates (p.a.)
Priority Sector LAP9.90%-10.30%
Non-Priority Sector LAP9.90%-10.35%

For Overdraft

ProductInterest Rates (p.a.)
Priority Sector Loans (PSL)9.90%-10.30%
Non PSL9.90%-10.35%

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Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the LenderInterest Rate (% p.a.)
State Bank of India10.35-11.05
Bank of Baroda10.55-16.20
PNB Housing Finance9.65-13.00
IDFC First Bank8.75-16.25
HDFC9.35-12.25
L&T Housing Finance9.60 onwards
LIC Housing Finance9.10-12.25
Godrej Housing Finance9.75-14.50
ICICI Bank9.75-10.90
Tata Capital9.85 onwards
Bajaj Housing Finance9.85-10.80
Axis Bank9.90-10.35
Kotak Mahindra Bank9.15 onwards

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Axis Bank Loan Against Property Fees and Charges

Processing Fees1% or Rs 10,000, whichever is higher
Duplicate no dues certificateRs 50
Penal interest2% per month on overdue instalments
Cheque bounce chargesRs 339
CERSAI chargesFor loan amount up to Rs 5 lakh- Rs 50

For loan amount above Rs 5 lakh- Rs 100

Part paymentUpto 25% of the principal outstanding repaid in the quarter – NIL Charges
More than 25% of principal outstanding repaid in a quarter
-3% charges on excess amount repaid
For non-individuals: 3% part prepayment charge on outstanding principalFor individuals with end use as business: 3%  on outstanding principal··         For individuals with end use other than business: NIL
Foreclosure chargesFor non-individuals: 3% foreclosure charge on outstanding principal is applicable.
For individuals with end use as business: 3% foreclosure charge on outstanding principalFor individuals with end use other than business: NIL

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Types of Axis Bank Loan Against Property

Loan Against Property

  • Purpose: To fulfill personal or business requirements
  • Loan Amount: Rs 5 lakh-Rs 5 crore
  • Tenure: Up to 20 years
  • Processing Fee: 1% or Rs 10,000, whichever is higher

Lease Rental Discounting

  • Purpose: Loan against rental receipts from leased contracts of corporate tenants
  • Loan Amount: Rs 5 lakh-Rs 5 crore
  • LTV Ratio: Up to 50% of property value or 85% of the net present value of the future rentals
  • Tenure: Up to 9 years
  • Processing Fee: 1% or Rs 10,000, whichever is higher

Overdraft Facility Against Property

  • Purpose: Overdraft facility on loan against property to balance cash flow mismatches and meet working capital requirements
  • Loan Amount: Rs 5 lakh – Rs 5 crore
  • Tenure: Up to 10 years
  • Processing Fee: 1% or Rs 10,000, whichever is higher
  • Renewal: Every 12 months as per repayment schedule

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Eligibility Criteria for Axis Bank Loan Against Property

  • Age: 24-65 years
  • Permanent employees of Government/reputed companies
  • Individuals filing Income Tax returns
  • Doctors/engineers/lawyers/CA/CS/dentists/architects/managementconsultants/cost accountants

For Lease Rental Discounting

  • The lessee should be a company as defined under Companies Act 1956
  • Loan is sanctioned only against ready commercial property.

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Documents Required for Axis Bank Loan Against Property

  • PAN card (mandatory)
  • ID Proof (Aadhar card/Driving license/passport/voter ID/Government employee ID/Photo ID issued by Government of India)
  • Address Proof (Electricity bill/gas bill/telephone bill/driving license/Aadhaar card/property tax receipt)
  • Date of Birth Proof (Birth certificate/SSC certificate/Passport/PAN card/Driving license/Aadhaar card)
  • Signature Proof (Notarized affidavit with ID and Address proof/Banker’s verification/PAN card/Passport)
  • Income Proof:

For Salaried:

  • Pay slip for last 3 months
  • In case of variable pay, salary slip for 6 months
  • Salary account statement for last 6 months
  • Form 16 for 2 years

For NRI:

  • Pay slip for 3 months
  • Appointment letter
  • Domestic NRE/NRO statement for 6 months
  • 6 months account statement for international salary
  • Passport copy
  • POA details
  • Valid VISA copy
  • Overseas credit report

For Self-Employed:

  • ITR for 2 years with income computation, P&L, balance sheet, signed and sealed by CA
  • Tax Audit Report
  • Personal and business account statement for 6 months
  • CPC and tax paid challan for ITR filed with manual sign
  • Business continuity proof for 5 years
  • Processing fee cheque

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For Lease Rental Discounting

  • 6 months’ bank statement showing the credited rent
  • Valid registered lease agreement
  • 26AS for 1 year
  • ITR for 2 years with income computation, balance sheet signed and sealed by CA, P&L
  • Partnership deed, audited financials for 2 years, KYC, operative account, partnership authority letter

 

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