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Axis Bank Loan Against Property

Axis Bank Mortgage Loan Interest Rates

Last Updated 18th Nov 2020

Axis Bank offers Loan Against Property starting at interest rate of 10.50% which is one of the best mortgage loan rates in India. Check Best Offers

Processing Fee Upto 1.00%
Max Tenure 15 years
Lowest EMI ₹ 1,105 per lakh
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed

    Nil prepayment charges for individual non business borrowers

    Apply for Loan Against Property @ 7.90%* Get upto ₹ 1,000* Cashback Get Call from Banker

    Axis Bank Loan Against Property LAP in India

    Axis Bank offers loan against property to people who require funds to meet their business as well as personal needs against the mortgage of their existing property. Taking a loan from Axis Bank has the following benefits:

    • Nil prepayment charges for individual non business borrowers
    • Additional benefit of lease rental discounting
    • Earn eDGE loyalty reward points on disbursal of your loan
    • Overdraft facility available on loan from Axis Bank
    Axis Bank Floating Rate Loan Against Property LAP
    Axis Bank Mortgage Loan Interest Rates
    Axis Bank Loan Against Property Floating 10.50%
    Axis Bank Loan Against Property Floating
    Loan AmountRate
    Upto ₹ 28 Lakh 10.50%
    ₹ 28 Lakh - ₹ 75 Lakh10.50%
    ₹ 75 Lakh - ₹ 2 Cr10.50%
    Above ₹ 2 Cr 10.50%
    with Overdraft Against Property Facility
    Loan Amount Rate
    Upto ₹ 28 Lakh 0%
    Above ₹ 28 Lakh - ₹ 75 Lakh 0%
    Above ₹ 75 Lakh - ₹ 2 Cr 0%

    Axis Bank Loan Against Property Rate

    • Loan amount: Property loan rates in Axis Bank depends upon the loan amount you apply for. You can get minimum loan of ₹ 20 Lakh from Axis Bank.
    • Your Net Monthly Income: Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity which will increase your eligibility for higher loan amount.
    • Type of loan opted for: Axis Bank offers differential rates for different profile of customers and also fixed and floating rate schemes. Loan against property interest rates may be higher or lower for special loan product.
    • Type of property: Typically, loan against prime residential properties are easier to get and can be availed at the lowest rates compared to loan against commercial and industry properties.
    • Your profession: Axis Bank may charge a higher interest rate on a mortgage loan by a salaried as compared to a self-employed professional or a businessman. A self employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or business compared to salaried who will most likely take a mortgage loan for his personal purposes.

    Interest Rate and its impact on Axis Bank Loan Against Property Eligibility

    Axis Bank has detailed criteria to determine a potential borrower’s eligibility for mortgage loans. Some of the key criteria are:

    Eligibility Criteria Details
    Age 24 to 60 years
    Minimum Income ₹ 25,000
    Loan Amount ₹ 20 Lakh to ₹ 7 Cr
    Minimum years of business existence 1 years
    Minimum work experience 5 years
    Minimum Credit Score 650 and above
    Loan to Value Ratio Upto 60%
    FOIR (Fixed Obligations to Income Ratio) 0.65
    • Age: Age is one of the important factors to examine your eligibility. Axis Bank offers loan to salaried and self employed from the age of 24 years. Any person taking loan at the age of 24, can get loan of up to 15 years, thus reducing servicing burden on his existing income and hence, improving his loan amount eligibility.
    • Income: Property loan is mostly taken by self employed individuals primarily to meet their business requirements. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings.
    • Business Stability: Self employed person should be in business for a minimum of 5 years during which the business should be profitable.Axis Bank will ask for ITRs of 2 years to consider you as eligible for LAP.
    • CIBIL Score: Past CIBIL history and repayment record of existing loans and credit cards has adverse impact on your loan eligibility. If you have a poor repayment record, then you may find it difficult to get a loan. A regular repayment record not only improves your chances of getting a loan, but also increases your loan eligibility. Axis Bank grants loan to borrowers with a CIBIL score of 650 and above.
    • Loan Amount: Axis Bank gives you an amount ranging from ₹ 20 Lakh to ₹ 7 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
    • Property Value: The value of the property to be mortgaged is used to calculate maximum loan eligibility based on the maximum permissible LTV ratio which can range upto 60% depending on the type of property. Axis Bank will conduct a detailed property assessment to establish that all legal titles are in place, assess the market value of the property, and its sale ability. LTV is calculated based on the estimated fair market value or registered value, whichever is lower.
    • Fixed Obligations to Income Ratio (FOIR): The bank will also calculate the proportion of your fixed obligations to your income to calculate the Fixed Obligations to Income Ratio, known as FOIR. Fixed obligations include estimated average monthly expenses and EMIs you are paying on other existing loans. Minimum FOIR to be eligible for a Axis Bank mortgage loan is 0.65.

    Axis Bank Loan Eligibility Calculator

    Axis Bank Property loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    Axis Bank Mortgage Loan EMI and Interest Calculator

    You can also use online Axis Bank Loan against property EMI Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure

    • EMI calculator of Axis Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on LAP.
    • Higher the loan amount, higher the EMI. You can compare the estimated EMI with your monthly repayment capacity to decide on a level of EMI you can comfortably service without creating financial burden.
    • Loan tenure matters equally as higher loan tenure reduces your EMI.
    • Another factor which affects your EMI is interest rate on the loan. Higher the interest rate, higher will be the EMI. However, your cumulative interest outgo will be significantly high in a longer tenure loan compared to a short tenure loan. Loan against property interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility.

    What are the benefits of calculating Axis Bank Mortgage loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • Axis Bank Mortgage loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • Getting an EMI estimate will help you ascertain the monthly EMI you can comfortably service, thus allowing you to choose the right combination of loan amount and loan tenure.
    Other Charges

    In addition to interest rates, property loan also carry some other charges which include:

    • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Axis Bank allows prepayment of loan against property with 2% prepayment charges.
    • Processing Fee - Axis Bank charges a processing fee of 1.00% of the total loan amount.
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.
    Loan Against Property Top up, Transfer

    Transfer of LAP from another bank to Axis Bank

    Axis Bank offers mortgage loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Axis Bank.

    You can avail additional top-up loan against property from Axis Bank, subject to your eligibility.

    Loan Against Property Axis Bank Products

    Axis Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Loan Against Residential Property

    Description:
    • Loan against residential property can be availed for a tenure up to 20 years.
    • You can take a loan against your residential property for fulfilling personal as well as business needs.
    Who is Eligible?
    • Salaried individuals working in a reputed government/private company can avail this loan
    • Self-employed individuals who are filing ITR can also apply for this loan.
    • Salaried and self-employed individuals can take a loan against residential property.

    Commercial Property Mortgage Loan

    Description:
    • You can avail a minimum of Rs 5 Lakhs as a loan against your commercial property for a tenure up to 20 years.
    • A loan against commercial property can be taken for fulfilling personal as well as business needs such as a wedding, travel, investing funds in a new business etc.
    Who is Eligible?
    • There is a margin of 40% - 55% in loan amounts in case of loan against commercial property.
    • Salaried professionals who are working permanently in a private/ government company.
    • Self-employed individuals who are filing ITR can also apply for this loan.
    • Salaried and self-employed individuals can take a loan against commercial property.

    Axis Super Saver

    Description:
    • Attractive interest rates of supersaver loans so that you can save more
    • You can easily foreclose the loan anytime without any charges
    • Flexible repayment tenure of 20 years is available
    • Get ATM card, cheque book, internet and phone banking facility
    • Loan amount from Rs. 500,000 to Rs. 50,00,000 can be availed
    • Super Saver loan gives you an option to deposit additional funds which will reduce the interest on your loan up to funds deposited in the account, with the flexibility to withdraw them anytime.
    Who is Eligible?
    • This loan can be easily availed by Salaried, Self employed professional and non professional

      Axis Lease Rental Discounting

      Description:
      • Get loan tenures of up to 9 years, subject to balance lease term
      • Loan is available only for rented commercial property
      • Flexible repayment tenure of 9 years is available
      • Loan can be availed from Rs. 5,00,000 to Rs. 50,00,000 at the LTV of 60 percent
      • Lease Rental Discounting is a term loan offered against rental receipts obtained from leased contracts from corporate tenants
      Who is Eligible?
      • Ideal for individuals, Firms and Companies whose major source of income are rentals with lessee being established companies

        Axis Bank Loan against property documents required

        For Self-Employed

        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 2 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
        For Salaried employee
        • Filled up loan application form
        • 2 Passport Size Photo
        • ITR of last 2 years
        • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
        • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
        • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
        Property documents
        • Registered Sale Deed/ Conveyance/ Lease Deed
        • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
        • Latest House Tax Return/ Receipt
        • Approved Building Plan from Municipal Corporation

        FAQs

        What is Axis Banks loan against property interest rate?

        Axis Bank offers loan against property at rate of 10.50% with the lowest EMI of ₹ 1,105. If you are currently paying higher interest rate than Axis Bank rate, you can opt for balance transfer of loan to Axis Bank.

        How to increase my eligibility on Axis Bank Mortgage loan?

        If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

        Do I get tax benefit on Loan against property from Axis Bank?

        There are no tax benefits available for loan against property.

        • Axis Bank offers RBI Repo Rate linked mortgage loan which starts at 10.50%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Axis Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium 6.5% to the Repo Rate to arrive at this rate.
        • When RBI increases rates, the bank may increase its Repo Rate linked property loan rates by the same basis points for all existing and new mortgage loans. When RBI cuts interest rates, the Axis Bank loan against property interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.

        Can I foreclose my Mortgage loan? What are the charges applicable?

        Yes, you can foreclose your loan anytime you want with 2% foreclosure charges.

        What is the maximum loan tenure I can opt under Axis Bank Property loan?

        Axis Bank offers maximum tenure of 15 years to repay your loan.

        What is the benchmark rate applicable for Mortgage loan?

        The benchmark rate applicable for property loan in Axis Bank is RLLR

        Can I transfer my LAP from another bank to Axis Bank?

        Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Axis Bank offers you to pay lower EMIs and save money.

        Can I club the income of my spouse with mine and apply for joint Property loan?

        Yes, you can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

        What is Axis Bank mortgage loan processing fees?

        The loan processing fee charged is 1.00% of the total loan amount.

        What is Axis Bank property loan procedure?

        You can apply for a Axis Bank property loan by contacting the bank directly or by approaching them through online marketplaces like MyLoanCare. Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

        What security do I need to provide?

        Axis Bank requires registered mortgage of the property against which the bank will provide you loan.

        • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
        • Your total EMIs on all loans and credit cards (from Axis Bank and other banks) are no more than 60 - 70% of your net monthly income.
        • You have not defaulted on loans or credit card dues to Axis Bank and other banks and all EMI's have been paid. Note that Axis Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Axis Bank in your CIBIL report. Estimate your CIBIL score for free for free by using CIBIL score estimate calculator
        • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan application
        • If you are self employed, your business must have been in existence for at least three years and last three income tax returns with audited financial must be available

        Are prepayment or foreclosure charges applicable on Axis Bank loan against property?

        You can prepay loan against property (LAP) without any penalty or charges in case:

        • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
        • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

        Axis Bank Loan Against Property Reviews 4.5/5  by 2 customers
        MyLoanCare Service
        4.5/5.0
        Banks Service
        4.5/5.0
        krishnakumar GV, Bangalore
        Reviewed on 01st Sep 2018
        5 / 5 stars
        Axis Bank Loan Against Property Availed in Oct 2015

        I am really delighted with the speed at which the entire activity is completed. Both from MyloanCareRead more...

        rohit, Delhi
        Reviewed on 01st Mar 2015
        4 / 5 stars
        Axis Bank Loan Against Property Availed in Jan-17

        During my LAP process, I came to know that taking this loan in firm's name and individual name are 2Read more...

        Axis Bank Loan Against Property News - Nov 2020
        • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
          Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
        • 2020-07-02 : Axis Bank delivers strong loan growth
          Axis Bank reported a 4.53% year-on-year rise in profit, the profit reached at Rs 1,757 crore. Banks loan book grew backed by retail loan- car, two-wheeler, gold and personal loan- book grew 25% by almost Rs 28,500 crore on a quarterly basis and the domestic loan growth stood at 18%.
        • 2019-06-24 : Axis Bank revises MCLR by 5 bps
          Axis Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like home, auto, and mortgage loans cheaper. For overnight, the rate has been revised to 8.30% from 8.35% earlier. For one-month tenor, the MCLR now stands at 8.30% which is down by 5 bps from the earlier rate. While for six-month tenor, the new MCLR stands at 8.65% from 8.75%, down by ten bps. The revised rates are effective from June 18, 2019.
        • 2019-05-20 : Axis Bank revises MCLR rates across loan tenures
          Axis Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.35%. For 3 months, the rate has been revised to 8.60%. While for 1 year the rate now stands at 8.80%. The revised rates are effective from May 17, 2019.
        • 2019-04-26 : Axis Bank posts Rs. 4,677 crore profit in FY19 on loan growth, lower provision
          Private sector lender, Axis Bank has reported a growth in its net profit at Rs. 4,677 crores for the year ended March 31, 2019, as compared to Rs. 276 crore in the last fiscal. The growth in the net profit is due to healthy loan growth and a decline in provisioning for bad loans. While its advances grew by 13% to Rs. 4,94,798 crore and domestic loans including home loans and mortgage loans climbed to 18%.
        *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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