Axis Bank Loan Against Property
Axis Bank Loan Against Property
Axis Bank Loan Against Property is a practical financial solution for individuals and businesses seeking substantial funds without selling their assets. With its competitive interest rates starting at 10.50% per annum, flexible tenure options of up to 20 years, and straightforward application process, Axis Bank LAP is an attractive choice for leveraging property equity to meet financial goals.
Axis Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Axis Bank Loan Against Property Interest Rate
Axis Bank offers competitive interest rates on LAPs, designed to cater to both salaried and self-employed individuals seeking to leverage their property for financial needs. Axis loan against property interest rate for term loan and overdraft facilities priority sector LAP and non-priority sector LAP may vary. Axis Bank offers LAP only on a floater rate basis and there is no provision for a fixed rate.
The table given below will now acquaint you with the Axis Bank LAP interest rate 2024:
| Rate Package | Rate of Interest |
|---|---|
| Floating Rate Priority Sector LAP Category | 10.50% - 10.90% per annum |
| Floating Rate Non-Priority Sector LAP Category | 10.50% - 10.95% per annum |
Axis Bank Loan Against Property Eligibility Criteria
Understanding the eligibility requirements is essential for prospective borrowers to assess whether or not they are eligible for a loan against property. These are factors like age, nationality, minimum income, and credit score that help lenders assess the credibility of a potential borrower for an LAP scheme. Axis Bank loan against property eligibility criteria is listed below for your quick reference:
For Salaried Individuals
Age Range (in years)
24 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 30,000 per month
Credit Score
750 and above (preferred)
For Self-Employed Individuals
Age Range (in years)
24 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 30,000 per month
Credit Score
750 and above (preferred)
Axis Bank Loan Against Property Fees and Charges
Axis Bank, like other financial institutions, imposes various fees and charges, including processing fees, prepayment penalties, valuation charges, and more. Understanding these fees upfront can help borrowers plan their finances better, and avoid any unexpected expenses during the loan tenure.
Feel free to understand about Axis loan against property processing fees and other charges by having a look at the table below:
| Processing Fee | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| Cheque Bounce Charges | Rs. 339 |
| CERSAI Charges | Loan Amount Up to Rs. 5 lakh: Rs. 50; Loan Amount Over Rs. 5 lakh: Rs. 100 |
| Penal Interest | 2% per month on the installments overdue |
| Duplicate No Dues Certificate | Rs. 50 |
| Foreclosure Charges | Non-individuals/ individuals for business use: 3% foreclosure fee on outstanding principal; Individuals for non-business use: Nil |
| Part Payment | Up to 25% of the outstanding repaid in the quarter: Nil; Over 25% of outstanding repaid in a quarter: 3% charges on the excess amount repaid; Non-individuals: 3% part prepayment charge on outstanding; Individuals for business use: 3% of the outstanding principal; Individuals for non-business use: Nil |
Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
When considering a Loan Against Property (LAP), comparing interest rates across various financial institutions is crucial for securing the most favourable terms. If you have already decided to apply for an Axis Bank LAP, comparing its interest rate and processing fee with other competing banks and NBFCs will help you make an informed decision:
- Rate of Interest - 10.40% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 9.25% - 15.00% p.a.
- Processing Fee - 2% of the loan amount + GST
- Rate of Interest - 10.00% - 12.75% p.a.
- Processing Fee - 1% of the loan amount or Rs. 10,000 (whichever is higher)
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.85% - 12.50% p.a.
- Processing Fee - 1.50% of the loan amount or Rs. 11,000 (whichever is higher)
- Rate of Interest - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
Documents Required For Axis Bank Loan Against Property
When applying for a Loan Against Property (LAP) from Axis Bank, the documentation process is a critical step that ensures smooth and swift approval. Proper documentation not only verifies the borrower’s identity and financial stability but also establishes the property’s legitimacy and value. Documents required for loan against property Axis Bank for self-employed and salaried people are listed below:
| For Salaried Loan Applicants | Address Or Identity Proof: PAN Card, Passport, Voter ID Card, Aadhaar Card, Etc.
Income Proof: Salary Slips For The Last 6 Months, Bank Account Statements For The Last 6 Months, Form 16 For The Last 2 Years
Date Of Birth Proof: 10th Class Certificate, Passport, Driving License, Aadhaar Card, Etc
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, And So On
Other Documents: Processing Fee Cheque, Duly-Filled Application Form, Appointment Letter/ Employment Contract, Own Contribution Proof, And Latest Passport Size Photographs |
| For Self-Employed Loan Applicants | Address Or Identity Proof: PAN Card, Passport, Aadhaar Card, And Voter ID Card
Income Proof: ITR For The Last 2 Years, P&L Balance Sheet, Tax Audit Report, Business Continuity Proof For The Last 5 Years, Personal And Business Account Statement For The Last 6 Months
Documents Of Property: Approved Plan, Title Deeds, No Encumbrance Proof, Etc.
Other Documents: Processing Fee Cheque, Recent Passport Size Photographs, Duly Filled Application Form, Own Contribution Proof, Declaration And Documents Mentioning The End Use Of The Loan, Partnership Deed If The Business Entity Is In Partnership, And The List Of Stakeholders |
How to Apply for an Axis Loan Against Property
One can proceed with an Axis loan against property apply online procedure in the following manner:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Enter the required details such as your name, contact number, email ID, loan amount, and pincode and click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for an Axis Home Loan Against Property
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