Axis Bank Loan Against Property Highlights |
|
|---|---|
| Interest Rate | 10.50%-10.95% p.a. |
| Processing Fees | 1% or Rs 10,000 (whichever is higher) |
| Loan Amount | Rs 5 lakh – Rs 5 crore |
| Tenure | Up to 20 years |
Axis Bank Loan Against Property Interest Rates
For Term Loan
| Product | Interest Rates (p.a.) |
|---|---|
| Priority Sector LAP | 10.50%-10.90% |
| Non-Priority Sector LAP | 10.50%-10.95% |
For Overdraft
| Product | Interest Rates (p.a.) |
|---|---|
| Priority Sector Loans (PSL) | 10.50%-10.90% |
| Non PSL | 10.50%-10.95% |
Although Axis Bank has not revealed specific LAP interest rates based on credit scores, loan amounts, tenures, occupation profiles, etc., it's common for lenders to take these factors into account when determining Loan Against Property interest rates.
Also read: Best Loan Against Property Interest Rate
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
Types of Axis Bank Loan Against Property
Loan Against Property
- Purpose: Meant for personal or business needs
- Tenure: Up to 20 years
- Loan Amount: Ranges from Rs 5 lakh to Rs 5 crore
- Processing Fee: 1% of the loan amount or Rs 10,000, whichever is greater
Lease Rental Discounting
- Purpose: Loan secured against rental receipts from leased contracts with corporate tenants
- Tenure: Up to 9 years
- Loan Amount: Ranges from Rs 5 lakh to Rs 5 crore
- LTV Ratio: Up to 50% of the property value or 85% of the net present value of future rentals
- Processing Fee: 1% of the loan amount or Rs 10,000, whichever is greater
Overdraft Facility Against Property
- Purpose: Overdraft facility on loan against property for addressing cash flow mismatches and fulfilling working capital needs
- Tenure: Up to 10 years
- Loan Amount: Ranges from Rs 5 lakh to Rs 5 crore
- Processing Fee: 1% of the loan amount or Rs 10,000, whichever is greater
- Renewal: Every 12 months according to the repayment schedule
Also read: Best Loan Against Property EMI Calculator
Axis Bank Loan Against Property Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fees | 1% or Rs 10,000, whichever is higher |
| Penal interest | 2% per month on overdue instalments |
| Cheque bounce charges | Rs 339 |
| Duplicate no dues certificate | Rs 50 |
| CERSAI charges |
|
| Foreclosure charges |
|
| Part payment |
|
Eligibility Criteria for Axis Bank Loan Against Property
- Age: Between 24 and 65 years
- Individuals who file Income Tax returns
- Permanent employees of Government/reputed companies
- Professionals such as doctors, engineers, lawyers, chartered accountants (CA), company secretaries (CS), dentists, architects, management consultants, and cost accountants
For Lease Rental Discounting
- The loan is sanctioned exclusively against ready commercial property.
- The lessee must be a company as defined under the Companies Act, 1956.
In addition to the mentioned eligibility criteria, Axis Bank may also take into account factors such as credit score, monthly income, EMI/NMI ratio, etc., when assessing the eligibility of applicants for Loan Against Property. This aligns with the standard practice of many lenders in evaluating LAP applicants.
Also read: Best Loan Against Property Eligibility
Documents Required for Axis Bank Loan Against Property
The list of documents required for a Loan Against Property application with Axis Bank depends on the applicant and the specific product types. Here are the general documents needed:
- ID Proof (Aadhar card, Driving license, passport, voter ID, Government employee ID, or any photo ID issued by the Government of India)
- Address Proof (Electricity bill, gas bill, telephone bill, driving license, Aadhaar card, or property tax receipt)
- Date of Birth Proof (Birth certificate, SSC certificate, Passport, PAN card, Driving license, or Aadhaar card)
- Signature Proof (Notarized affidavit with ID and Address proof, Banker’s verification, PAN card, or Passport)
- PAN card (mandatory)
- Income Proof:
For Salaried:
- Form 16 for 2 years
- Pay slip for last 3 months
- Salary account statement for last 6 months
- In case of variable pay, salary slip for 6 months
For Self-Employed:
- Processing fee cheque.
- Proof of business continuity for the last 5 years.
- Tax Audit Report (if applicable)
- Personal and business account statements for the last 6 months.
- Income Tax Returns (ITR) for the past 2 years, including income computation, Profit & Loss (P&L) statement, and balance sheet, signed and sealed by a Chartered Accountant (CA).
- Challan of tax payment and Central Processing Centre (CPC) acknowledgment for the ITR filed, manually signed.
For NRI:
- Passport copy
- POA details
- Valid VISA copy
- Overseas credit report
- Pay slip for 3 months
- Appointment letter
- Domestic NRE/NRO statement for 6 months
- 6 months account statement for international salary
For Lease Rental Discounting
- 26AS for 1 year
- Valid registered lease agreement
- 6 months’ bank statement showing the credited rent
- 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
Also Read : Best Loan Against Property Documents Required
FAQs On Axis Bank Loan Against Property
1. What is the processing fees of Axis Bank Loan Against Property?
Axis Bank charges a processing fee of 1% of the loan amount or Rs 10,000 (whichever is higher) from its Loan Against Property applicants. Additionally, an upfront processing fee of Rs 5,000 is charged at the time of application login.
2. How can I apply for Axis Bank Loan Against Property?
You can apply for an Axis Bank Loan Against Property either directly through the official website of Axis Bank or through offline mode by visiting any Axis Bank branch.
3. What are the eligibility requirements for availing Loan Against Property from Axis Bank?
Salaried and self-employed individuals who are at least 24 years old at the time of loan application are eligible to avail Axis Bank Loan Against Property. This includes salaried individuals who file income tax returns and self-employed professionals such as doctors, engineers, architects, dentists, chartered accountants (CAs), and company secretaries.
4. What is the current rate of interest of Axis Bank Loan Against Property?
Axis Bank offers Loan Against Property interest rates ranging from 10.50% to 10.95% per annum. The lender provides different interest rates based on the specific product variant and the credit assessment of the applicant.