Updated: 29-08-2022 06:29:50 AM
| Axis Bank Loan Against Property Highlights 2022 | |
| Interest Rates | 9.40%-9.60% p.a. |
| Loan Amount | Rs 5 lakh – Rs 5 crore |
| LTV Ratio | For commercial property: 80%-70% For residential/commercial property: 60%-45% |
| Tenure | Up to 20 years |
| Processing Fee | 1% or Rs 10,000 (whichever is higher) |
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Table of Contents
Axis Bank Loan Against Property Interest Rates
For Term Loan
| Product | Interest Rates (p.a.) |
| Priority Sector LAP | 9.40%-9.50% |
| Non-Priority Sector LAP | 9.40%-9.55% |
For Overdraft
| Product | Interest Rates (p.a.) |
| Priority Sector Loans (PSL) | 9.40%-9.55% |
| Non PSL | 9.40%-9.60% |
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Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) |
| State Bank of India | 9.80-10.20 |
| Bank of Baroda | 9.65-15.30 |
| PNB Housing Finance | 7.99-11.00 |
| IDFC First Bank | 7.90-15.40 |
| HDFC | 8.50-11.40 |
| L&T Housing Finance | 10.30-10.90 |
| LIC Housing Finance | 8.85-11.60 |
| Godrej Housing Finance | 9.35-14.50 |
| ICICI Bank | 9.75-10.90 |
| Tata Capital | 10.10 onwards |
| Bajaj Housing Finance | 8.60-18.00 |
| Axis Bank | 9.40-9.60 |
| Kotak Mahindra Bank | 9.50-11.70 |
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Axis Bank Loan Against Property Fees and Charges
| Processing Fees | 1% or Rs 10,000, whichever is higher |
| Duplicate no dues certificate | Rs 50 |
| Penal interest | 2% per month on overdue instalments |
| Cheque bounce charges | Rs 339 |
| CERSAI charges | For loan amount up to Rs 5 lakh- Rs 50 For loan amount above Rs 5 lakh- Rs 100 |
| Part payment | Upto 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 charges | For 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