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.
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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:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 24 - 65 years | 24 - 65 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 30,000 per month | Rs. 30,000 per month |
| Credit Score | 750 and above (preferred) | 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 |
|
| Penal Interest | 2% per month on the installments overdue |
| Duplicate No Dues Certificate | Rs. 50 |
| Foreclosure Charges |
|
| Part Payment |
|
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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:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| PNB Housing Finance | 9.25% - 15.00% p.a. | 2% of the loan amount + GST |
| Indian Bank | 10.00% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| Bank of Baroda | 10.85% - 18.60% p.a. | 1% of the loan amount |
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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:
1. 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
2. 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
FAQs
Yes, Axis Bank gives a loan against property to salaried and self-employed applicants in terms of a basic loan against property, lease rental discounting, and overdraft facility against property.
Applicants applying for a loan against property are required to submit the ITR of the previous 2 years with the application form.
Axis Bank asks for a minimum of 750 CIBIL score to apply for a loan against the property scheme.
The processing fees for Axis Bank Loan Against Property is 1% of the loan amount or Rs. 10,000, whichever is higher in the respective case.
You can contact the BASIChomeloan team through their official website to apply for an Axis Bank loan against property or by visiting the bank's nearest branch.
Yes, you can pay an extra EMI for a loan against property by paying charges for a prepayment while adhering to the terms and conditions of the lender.