Axis Bank Loan Against Property Jul 2020

Last Updated 05th Jul 2020

Axis Bank Mortgage Loan Interest Rates

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 @ 8.15%* Get upto ₹ 1,000* Cashback Get Call from Banker

Axis Bank Loan Against Property 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
Axis Bank Mortgage Loan Interest Rates
Axis Bank Loan Against Property Floating 10.50%
Axis Bank Loan Against Property Floating
Loan Amount Rate
Upto ₹ 28 Lakh 10.50%
₹ 28 Lakh - ₹ 75,00,00010.50%
₹ 75 Lakh - ₹ 2,00,00,00010.50%
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%
Loan against property rate in Axis Bank depends upon
  • 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.
Axis Bank 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
  • 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
  • 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
  • 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
    • 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

      Frequently Asked Questions

      What is Axis Bank's 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.

      How will interest rate on Axis Bank LAP change in future?

      • 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.

      What are the five things to check before applying for loan against property in Axis Bank ?

      • 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

      For loans from banks and NBFC's, refer to RBI circulars RBI/ 2013-14/ 582/ DBOD. Dir. BC. No. 110 /13.03.00/ 2013-14 dated May 7, 2014 and RBI/ 2014-15/121/ DNBS(PD). CC. No. 399/ 03.10.42/ 2014-15 dated July 14, 2014 for more details.

      For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

      Please contact myloancare at 8448389600 or in case you need any assistance or clarification on this subject.

      Axis Bank Loan Against Property Customer Care Number, Email, Application Status, Branches
      City Customer Care Number
      Agra 0522-2230857
      Ahmedabad 079-26563232
      Ambala 0172-2620489
      Anand 079-26563232
      Aurangabad Bihar 022-25260501
      Bangalore 080-25317830
      Bhilai 1800-209-5577
      Bhilwara 1800-209-5577
      Bhiwadi 022-25260501
      Bhopal 0755-2579009
      Bhubaneswar Cuttack 0674-2572955
      Bikaner 1800-209-5577
      Chandigarh 0172-2620489
      Chennai 044-28123888
      Cochin 1800-209-5577
      Coimbatore 044-28123888
      Dehradun 1800-209-5577
      Delhi 011-23736555
      Durg 1800-209-5577
      Faridabad 0124-2309447
      Gandhinagar 079-26563232
      Ghaziabad 0522-2230857
      Goa 022-25260501
      Greater Noida 011-23736555
      Gurgaon 0124-2309447
      Guwahati 0361-2341818
      Gwalior 0755-2579009
      Hyderabad 040-23418888
      Indore 0755-2579009
      Jabalpur 0755-2579009
      Jaipur 0141-2228866
      Jalandhar 0172-2620489
      Jodhpur 1800-209-5577
      Kanpur 0522-2230857
      Karnal 0124-2309447
      Kolhapur 022-25260501
      Kolkata 033-22839971
      Kota 1800-209-5577
      Kozhikode 0471-2558588
      Lucknow 0522-2230857
      Ludhiana 0172-2620489
      Madurai 044-28123888
      Meerut 0522-2230857
      Mehsana 079-26563232
      Mohali Sas Nagar 0172-2620489
      Mumbai 022-25260501
      Mussoorie 1800-209-5577
      Nagpur 022-25260501
      Nashik 1800-209-5577
      Noida 011-23736555
      Noida Extn 011-23736555
      Panipat 0124-2309447
      Patna 0612-2205810
      Pondicherry 1800-209-5577
      Pune 022-25260501
      Raipur 1800-209-5577
      Rajkot 079-26563232
      Ranchi 1800-209-5577
      Rohtak 0124-2309447
      Roorkee 1800-209-5577
      Salem 044-28123888
      Shimla 0177-2627711
      Sonipat 0124-2309447
      Surat 079-26563232
      Trichy 044-28123888
      Udaipur 1800-209-5577
      Vadodara 079-26563232
      Varanasi 0522-2230857
      Vijaywada 1800-209-5577
      Vizag 1800-209-5577

      Axis Bank Loan Against Property News - Jul 2020
      *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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