Axis Bank

Loan Against Property


Features

Apply for Axis Bank's Loan Against Property. We will give you a loan against your property. Be it commercial or residential. You can also apply for this loan if you need funds to acquire new property. A take-over of your existing loan with refinancing is also possible with Loan Against Property
Attractive interest rates
Doorstep service
Loan against property - Residential
Loan against property - Commercial
Loan for purchase of commercial property
Take-over of existing loan with additional refinance (Balance Transfer)
Lease Rental Discounting (LRD)
Earn eDGE loyalty points on Loan Against Property -
When you take a loan against property
Earn 500 points if your disbursal is less than or equal to 25 lacs
Earn 1250 points if your disbursal is greater than 25 lacs but less than or equal to 75 lacs
Earn 2500 points if your disbursal is greater than 75 lacs

ELIGIBILITY

Salaried Individuals:
Any individual who is in permanent service in government or a reputed company
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to the age of superannuation
Professionals:
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
Self-employed Individuals:
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

LIMIT
Limits for Asset Power -Minimum - Rs 2 lacs-Maximum - Rs 500 lacs (based on Product/Variant categorization)
Margin-20 - 30% in case of purchase of commercial property-40 - 55% in case of Loan against residential/commercial property

TERM & CONDITION The following are the terms and conditions applicable to Asset Power:
Repayment:Repayment period for Loan Against Property is maximum 15 years.
Security:Equitable Mortgage of the property to be financed, by way of deposit of title deeds.
Insurance:Customer can avail Property & Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter. This is optional.
Processing Fee:A Processing Fee equivalent to 1% of the loan amount sanctioned (taxes as applicable) inclusive of a non refundable login fee of Rs 5000/- (taxes as applicable).
Penalty for early closure:Pre-payment charges if any applicant is Non Individual - 2% will be charged if the amount exceeds 25% of the principle outstanding during a quarter, otherwise no penalty will be charged in case of all loans . In case of take-over/ transfer of your loan from AXIS Bank Limited by/ to any other Bank / Housing Finance Company/ financial institution, a prepayment penalty of 2 % on the principal outstanding will be recovered.
Other Conditions:Bank reserves the right to reject any application without assigning reasons thereof
The applicant will undertake to inform the Bank as and when there is a change in address or employment
The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.

FAQ,S

What is the best way to apply for a Loan Against Property from Axis Bank?
You can start the process of applying for a Loan Against Property (LAP) in any of the following ways:
In person at any Axis Bank Loan Center. To find the one closest to you, please click here.
By calling any of our toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577.

Why should I opt for a Loan Against Property instead of a Top-up Loan?
A Loan Against Property (LAP) has many advantages over a Top-up Loan. They include:
A Higher Loan Amount: Typically, an LAP may offer a higher loan amount than a Top-up Loan.
Avail of Different Property: While an LAP can be availed of against a different residential or commercial property than the one for which the loan was originally taken, a Top-up Loan may only be taken against the property already in question. This flexibility allows you to both avail of a higher loan amount and spread your liability.
Longer tenure: An LAP can be availed for a long term than a Top-up Loan.
For more features of an AXIS Bank Loan Against Property, please click here.

What is the location and the timings of the Axis Bank Loan Center closest to me?
For a complete list of Axis Bank Loan Center addresses and hours of service, please click here.

What are the different property types considered under the Loan Against Property scheme?
Axis Bank Loan Against Property can be availed for a self-occupied residence or a commercial property.

What is the minimum and maximum amount of Loan Against Property that I can get?
At Axis Bank, you can get a Loan Against Property from Rs. 2 lakhs to Rs. 500 lakhs. Some of the factors we consider when deciding a loan amount are:
The property’s registration
The property’s market value
Your requirement and eligibility
Your income and repayment capacity

Can I get an overdraft against my property?
Yes! An Axis Bank Loan Against Property can be availed of either as a Term Loan with an EMI repayment option or as a Drop-line Overdraft Facility.

I am an NRI. Can I get a Loan Against Property?
Yes! Axis Bank provides LAPs for salaried NRI customers.

What documents do I need to submit along with my application for an Axis Bank Loan Against Property?
Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?
Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

Whom should I contact for the List of Documents I have submitted in support of my Axis Bank Loan Against Property?
You may get the List of Documents in either of the following ways:
By calling any of our toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577.
By using your registered email id to write to us at: loans@axisbank.com

Do I need to pay a fee to avail a Loan Against Property?
Yes, banks charge a non-refundable processing fee for every LAP application.
The processing charge to avail of an Axis Bank Loan Against Property is up to 1% of the loan amount plus service tax as applicable.

Are there any other charges after I get a Loan Against Property?
There may be. To check the schedule of charges associated with transactions, click here.

How will my Equated Monthly Installment (EMI) be calculated?
The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when interest rate changes or a part-payment of the Loan is made.
Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.

When is my EMI due?
The EMI will be due on a fixed date each month. You will be notified of this date when your loan amount is disbursed.

How do I keep track of my Axis Bank Loan Against Property? For example, how do I get my statements and repayment schedules?
You may place request for Statement of Acccount or Repayment Schedule or Interest Certificate in either of the following ways:
By calling our Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577.
By using your registered email id to write to us at: loans@axisbank.com
In person at any Axis Bank Loan Center. To find the one closest to you, please click here.

Can I make a part-prepayment towards my Axis Bank Home Loan? Will any charge be applicable?
Yes! After the first quarter from the loan disbursal date, you can make a part-prepayment towards your Loan Against Property at your nearest Axis Bank Loan Center.
For charges applicable on part-prepayment, please click here.

What are my different options for making my EMI payments? Is there a preferred one?
You may repay your Axis Bank Loan Against Property in any of the following three ways:
Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with Axis Bank. You may wish to open a savings account with Axis Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
Electronic Clearing Service (ECS): This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
We recommend that you opt for either the SI or ECS mode of payment as they are both faster and less prone to error than the use of PDCs.

How do I update my mobile number and the email address registered under my Loan Against Property account?
You may update your mobile number and email address in either of the following ways:
By calling any of our toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577.
By using your registered email id to write to us at: loans@axisbank.com

How do I foreclose my Loan Against Property? Will there be any charge for the foreclosure?
Before we process a foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Home Loan by requesting a foreclosure statement from your nearest Axis Bank Loan Center.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
To check the charge applicable for the foreclosure, please click here.

How soon after the foreclosure will I get back my original property documents?
Once your loan account is closed, you may collect your property documents after 16 days from your nearest Axis Bank Loan Center.

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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