Axis Bank Loan Against Property:

Introduction:

One can apply for Axis Bank’s  Asset Power in order to take AXIS Bank Loan Against Property. AXIS Bank Loan Against Property can be either for commercial or residential property. A take-over of existing loan with refinancing is also possible with Asset Power. One can avail the following 4 products under Asset Power-

• 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)

Why Loan Against Property?

People usually go ahead for this loan for the following reasons.

• It is cheaper to personal loan
• It usually has a longer tenure which makes it affordable for people
• The documentation and approval process is much faster

AXIS Bank Loan Against Property reviews shows that the competitive AXIS Bank Loan Against Property Interest rate is the reason for many businesses opting for AXIS Bank Loan Against Property.

AXIS Bank Loan Against Property Interest Rate:

Axis Bank Loan Against Property rate is specified from time to time and applicable. Axis Bank Loan Against Property rate can be found from the nearest branch. AXIS Bank Loan Against Property rate is specified from time to time and applicable. 

AXIS Bank Loan Against Property Eligibility:

AXIS Bank Loan Against Property Eligibility Criteria Depends Upon The Income Profile:

Salaried Person:

• Person should have permanent government job or of a reputed company.
• Person should be above 24 years and around 65 years at the time of loan maturity.

Professionals:

Professionals (doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary and management consultants) can apply

• Person should be above 24 years and around 65 years at the time of loan maturity.

Self-employed: An individual who files Income tax return can avail the loan.

• Person should be above 24 years and around 65 years at the time of loan maturity.

Professionals: Lease Rental Discounting (LRD)

Resident individuals can also avail the loan. The lessee have to be a company under the Companies Act, 1956. Loan will only be sanctions against ready commercial property. The loan amount will be restricted up to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower.

AXIS Bank Loan Against Property Reviews Shows That Axis Bank Loan Against Property Eligibility Criteria Are:

• Customer should be above the age of above 24 years and below the age of 65.
• Customer need to have the latest Income tax Return copy
• Customer’s residence proof is necessary – any one of ration card/telephone bill/electricity bill/voters card.
• Customer’s identity proof --voter card/drivers license/employers card is important.

Whosoever is able to meet the AXIS Bank Loan Against Property eligibility criteria is eligible for AXIS Bank Loan Against Property.

AXIS Bank Loan Against Property Documentation Process Is Simple And The Common Documents Required Are:

For Salaried Individuals:

• Latest Bank statement/ passbook/income is credited for past 6 months
• Latest salary slip showing all deductions or Form 16 along with salary certificate.
• Proof of residence – bank statement of last 6 months or electricity bill or telephone bill, latest insurance premium receipt or credit card statement or employers letter certifying the current mailing address or latest NSC or other similar instrument indicating the address or existing house lease agreement.
• Copies of all property documents.
• Two photographs

For Other Applicants:

• Application form
• Proof of identity – Voter’s ID or driving license or PAN card or photo credit card
• Proof of Income -  ITR copy for last 2 years and computation of income for the last 2 years certified by a CA.
• Two photographs
• Copies of lease agreement required for all lease rental discounting cases.

AXIS Bank Loan Against Property Reviews Shows That Other Documents Required Are:

• Financial Statements
• Profit and Loss Account
• Balance Sheet

AXIS Bank Loan Against Property reviews shows that documents required are specific to type of business and more details for documents required are available in the branch. AXIS Bank Loan Against Property reviews shows that AXIS Bank Loan Against Property interest rate can be availed for maximum loan tenure of 15 years. The loan can be repaid in easy equated monthly installments through post dated cheques, online EMI payment or direct debit from bank account. The loan can be processed in 7 working days once the documents have been submitted.

Prepayment and Late Fee Charges:

If the loan is paid back before the tenure it is known as prepayment. AXIS Bank charges are 2% if the amount exceeds 25% of the principal outstanding during a quarter otherwise no penalty.   Service tax and other taxes are applicable as per the rate prevailing in the market. The maximum amount is Rs. 150 lacs and minimum loan amount is Rs. 2 lac depending on the value of the property as decided by the bank.

AXIS Bank Loan Against Property Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.
More details on AXIS Bank Loan Against Property eligibility and AXIS Bank Loan Against Property Interest Rate etc. are on the official site at http://www.axisbank.com/personal/loans/assetpower/Loan-Against-Property.asp
Remarks:
A customer can avail property and personal accident insurance cover as per the guidelines. This is an optional offer.