Axis Bank Loan Against Property is one of the financial products. Which helps us to take loan by keeping our property as COLLATERAL.
Whether your property is Residential or Commercial, you can use Aa a Collateral to the property. This is the best option to fulfill your personal or business financial needs.
The valuation of your property will be done according to the market value. And according to your income, your loan eligibility will be Decided by bank.
In this blog , We will know how to take Axis Bank Loan Against Property in an easy way –
Eligibility Criteria And Documentation For LAP :
As I talk to different-Different bank Executive, mainly i found Applying Loan Against Property from any Bank , then Up to 95% systems and Process are same.
Eligibility Criteria For Self-Employee Person:
You should have Filled out your Income tax Returns ,
- you must have 2 yrs of your ITR
- you must Have Balance sheet with CA seal and sign.
- you must Have For Asha HL – 1 yr ITR
- you must Have Tax Audit Report (If Your Turnover is more than Rs.1 Cr or Gross Receipts Exceeds 25 Lac.)
- you must Have 6 months bank statements ( Both personal and business accounts )
Eligibility Criteria For Salaried Person :
- your minimum 3 months pay slip can be ask.
- your minimum 2 yrs bonus proof (in case of variable pay).
- your minimum 6 months bank statement for showing salary credits.
- your minimum 2 yrs Form 16 Or employment continuity proof.
Eligibility Criteria For NRI Salaried :
- Keep Your 3 month pay slip
- Your Appointment letter/contract letter
- Continuos Discharge Certificate for Shipping cases
- Keep Your 6 month Domestic NRE/NRO a/c statement
- Keep Your 6 month international salary a/c statement
- You Should have your Overseas credit report
- You should have your Valid visa copy/OCI card
- Your Passport copy
- Your POA details
Amount Can I Apply for Axis bank loan Against Property :
- Minimum Amount U can Apply for Axis bank Loan Against Property is Rs. 5,00,000
- Maximum Amount U can Apply for Axis bank Loan Against Property is Rs. 5,00,00,000 ( It based on many other things )
- You Can Expect for Upto 40% – 55% of loan against Your residential/commercial property but Remember Your Exact Eligibility will be decided by Your Monthly Salary Or Income .
Documents for Axis bank loan Against Property :
Aadhaar Card | Driving License | Voter ID |
GOI Issued Photo ID | Govt Employee ID | Electricity Bill |
Gas Bill | Telephone Bill (Land line) | Property Tax Receipt |
Aadhaar Card | Driving License | Voter ID |
Passport | PAN Card | Aadhaar Card with DOB |
Driving License | Birth Certificate |
|
Passport | PAN Card |
- Latest passport size photo And All latest updated documents with your signature. ( Self Attested )
- Aadhar card is mandatory for Credit Linking.
- PAN card is mandatory document for all kind of financial Activity.
- We will get to know About Processing Fee and CERSAI cheques.
Age Limit for Axis bank loan Against Property :
your Current Age should be More than 24 year and It can be Go Up to 65 years at the time of maturity.
Maximum Loan Amount for Axis bank loan Against Property :
The maximum loan you can avail from Axis Bank Loan Against Property is up to Rs.5,00,00,000.
But what will be the loan amount for you depends on your monthly salary. Will not depend on the valuation of your property. Your property will be valid only and only for security. for understanding –
If your salary is ₹1,00,000 /- per month, then you will have to keep 50% of your salary for your household expenses. Out of the remaining 50%, the amount that remains after removing the EMI that you are running now – you can get the maximum EMI done from here. And on Behalf of this amount you are given a loan offer,
NOTE- If your loan ability amount is becoming less, and you need more loan amount. So in this case you can add one of your family members as a Co-Borrower, now their income will also be added to your income. And in this way you will be able to increase your loan eligibility amount.
Interest Rate for Axis bank loan Against Property :
Effective Rate of Interest – Approx.- 10.50% – 10.90% P.A.
- The Current Benchmark rate is the RBI Repo Rate (Around 6.50% )
- RBI keep on Reviewing The benchmark Rate in every Month so it’s applicable till next review .
- For the Exact Interest pleases Contact to Branch .
Fee & Charges for Axis bank loan Against Property :
- Application Log in Fee ( Upfront Fee ) :- Rs.5000/- + GST .
- Processing Fee :- 1 % Of Outstanding principle amount.
- Property Valuation Charges (As per Current Rate ) :- Approx. Rs 4000-5000/-
- Bank Panel Lawyer Chargers – ( As per Current Rate ) – plz confirm through Banks by visiting any Axis bank branch.
How To Apply for Axis bank loan Against Property :
I would suggest that you must take out time and visit Axis Bank branch once. There meet an experience executive and understand the complete processor of the application.
What Are the documents going to be imposed ? And What will be the exact processes? Submit your application only after taking all the information.
- You can also apply Online for Axis Bank Loan Against Property :- online through the official website of the bank. Here also you will get all the information in an organized manner. If there is any problem in submitting the online application, then you can also call the customer care number of the bank.
- Through a financial advisor:- If you have a personal financial advisor. So this would be the best of all. You can take their help to take this loan. This will save your lots of time.
The processing time is usually 7-10 working days. Once your application is approved, the loan amount will be disbursed in your Bank Account within a few days.
Official Website of Axis Bank – https://www.axisbank.com/
Why Axis bank loan Against Property ? :
- competitive interest rates : Lower interest rates Axis Bank offers for Loan Against Property.
- Easy Application process: Very Simple and Clear.
- Fast Decision And Quick Disbursal : If Your Application is Approved, Loan Amount Transfers Soon in Bank Account
- Good loan tenures: Axis Bank offers Good loan tenures on LAPs.
- Many repayment options for payback your Laon.
FAQs
AXIS BANK LOAN AGAINST PROPERTY IS ONE OF THE FINANCIAL PRODUCTS. WHICH HELPS US TO TAKE LOAN BY KEEPING OUR PROPERTY AS COLLATERAL.
- Address Proof
- Identifying Prood
- Income Proof
- Signature Proof
- Many More
Above to 24 And Less than 65 at the time of Last EMIs Of LOAN.
After submitting your loan application and documents, in most cases the loan is disbursed within 24 to 48 hours, however, you have to take a maximum of 7 days
Minimum – 5 Lac.
Maximum – 5 Cr.
BUT Your Eligibility is considered by Your Monthly Income.
BY Easy Monthly Installments. Directly through Your Bank account.
- Application Log in Fee ( Upfront Fee ) :- Rs.5000/- + GST .
- Processing Fee :- 1 % Of Outstanding principle amount.
- Property Valuation Charges (As per Current Rate ) :- Approx. Rs 4000-5000/-
- Bank Panel Lawyer Chargers – ( As per Current Rate ) – plz confirm through Banks by visiting any Axis bank branch.
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