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Check Eligibility Apply Now For loan against property

Loan Against Property

Should you be in need of financial support and possess a residential or commercial property that can be used as security, Axis Bank's Loan Against Property could be the ideal solution for you. This facility by Axis Bank simplifies the process, offering a Loan Against Property starting at ₹ 5 Lakh. You can secure a loan against residential and commercial properties at appealing interest rates while accumulating eDGE Loyalty Reward points.

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Features of Loan Against Property

  • Collateral

    A Mortgage Loan Against Property requires you to pledge a residential or commercial property as collateral, offering security to your lender.

  • Tenure

    Loans against property typically have a repayment period of 10-30 years, allowing for manageable monthly payments.

  • Interest Rates

    You can choose between fixed rates, which ensure predictable monthly payments or floating rates, which fluctuate with market conditions.

  • Loan Amount

    The amount of a Mortgage Loan Against Property depends on the property's market value and repayment capacity. Lenders typically offer 60-70% of the property value as loan amount.

  • Flexible Repayment Options

    Features like part prepayment, balance transfer and customised plans for self-employed borrowers make Mortgage Loans adaptable to diverse financial needs.

Benefits of Loan Against Property

  • Lower Interest Rates

    Due to collateral, the Loan Against Property interest rates are significantly lower compared to unsecured loans.

  • Tax Benefits

    You can avail of tax deductions on Loan Against Property payments and principal repayments, reducing your overall tax liability.

  • Higher Loan Amounts

    Mortgage Loans allow access to substantial funds, which are ideal for purchasing high-value assets or meeting large expenses.

  • Longer Tenure and Lower EMI

    With longer repayment tenures for loans against property, you benefit from lower monthly instalments, making repayment more affordable.

  • Asset Appreciation

    The property’s value may increase over time, which can help offset the loan cost.

  • Ownership Retention

    You retain ownership of the mortgaged property, provided repayments are made on time.

  • Easy Accessibility

    These loans are easier to obtain, provided you meet the Loan Against Property eligibility criteria and have a clean property title.

Eligibility criteria for Mortgage Loan

CategoryLoan Against Property Eligibility CriteriaAge Requirement
Salaried IndividualsMust be in permanent government or reputed company service24 to superannuation
Self-EmployedMust file Income Tax Returns24 to 65 at loan maturity
Self-Employed ProfessionalsIncludes doctors, engineers, CAs, etc.24 to 65 at loan maturity
Lease Rental DiscountingResident Individuals (Funding for ready commercial property will be based on rental value or property value) 
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How to apply for a Mortgage Loan online?

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STEP 1

Visit the Axis Bank website and click on the ‘Explore Products’ option.

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STEP 2

Click on the ‘Loans’ option and select the ‘Loan Against Property’ option.

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STEP 3

Use the online eligibility calculator to get a quick estimate of your loan eligibility. If you are unsure of your tenure and your repayment strategy, you can use the Loan Against Property EMI calculator for better insights.
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STEP 4

Next, fill in the application form by providing accurate information.

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STEP 5

Scan any documents if necessary and upload them for the verification process.

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STEP 6

If approved, you should review a loan sanction letter, followed by the disbursement of the loan amount.

Types of Mortgage Loan

  • Loan Amount
  • Minimum: Rs.5 Lakhs
  • Maximum: Rs.5 Crores
  • Interest Rate Applicable
  • Floating
  • Maximum Tenure
  • 9 years, subject to balance lease term
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  • Loan Amount
  • Minimum: Rs.5 Lakhs
  • Maximum: Rs.5 Crores
  • Interest Rate Applicable
  • Floating
  • Maximum Tenure
  • 10 years
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  • Loan Amount
  • Minimum: Rs.5 Lakhs
  • Maximum: Rs.5 Crores
  • Interest Rate Applicable
  • Starting from 11.0%
  • Maximum Tenure
  • 20 years
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Fees and charges

Charge TypeDetails
Processing ChargesUp to 1% of the loan amount or ₹10,000 (whichever is higher) + GST. Upfront fee of ₹5000 + GST
Part Prepayment Charges3% on excess beyond 25% repayment in a quarter
Foreclosure Charges3% for business use
Other ChargesCheque Bounce, Stamp Duty, Duplicate Statement, Photocopy Issuance, Credit Report, CERSAI, Equitable Mortgage

Note: The fees and charges may differ depending on the type of mortgage you select.

For a more detailed overview, click here.

Loan Against Property interest rate

TypeRepo Rate + SpreadEffective Rate of Interest
Floating Rate - PSL CategoryRepo Rate + 4.00% to Repo Rate + 4.40%10.50% - 10.90% p.a.
Floating Rate - Non-PSL CategoryRepo Rate + 4.00% to Repo Rate + 4.45%10.50% - 10.95% p.a.
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Things to consider before applying for a Mortgage Loan

  • 1. Your financial readiness

    Before you apply for a Mortgage Loan, it is essential to evaluate your financial health. Check your credit score, as a good credit score can enhance your chances of securing favourable loan terms.

    Also, analyse your debt-to-income ratio (DTI) and aim for a DTI below 43% to increase your odds of approval.

  • 2. Set a clear budget

    Consider your monthly income, expenses, and financial goals to set a clear budget. Account for property-related costs such as taxes, insurance and closing fees. This will help you determine how much you can comfortably afford without straining your finances.

    Stick to a realistic property price to ensure long-term financial stability.

  • 3. Consider your options carefully

    Understanding different mortgage options is crucial to secure the best financial terms and minimise long-term costs. Fixed-rate mortgages offer stable payment options, while floating-rate loans fluctuate with market interest rates.

    Evaluate which suits your financial situation better. You can also use a Loan Against Property calculator to get a better idea of suitable tenure and monthly instalments.

  • 4. Save and avoid major financial changes

    Start saving early for your down payment and associated costs. A larger savings safety net can enhance your loan approval chances.

    Avoid opening new credit accounts or making any significant financial commitments during the loan application process, as it could affect your financial profile.

  • 5. Understand the loan process

    Familiarise yourself with the home loan process to ensure a smooth application. Start by gathering all the necessary documentation like identity proof, address proof, income proof and property documents.

    Apply for the loan with accurate details and promptly provide any additional information requested during the application process.

  • 6. Get pre-approved

    Obtaining pre-approval from a lender demonstrates your seriousness as a buyer and provides clarity on your borrowing capacity.

    It simplifies the property purchase process, making you a more reliable candidate to sellers and ensuring quicker loan disbursal.

Frequently Asked Questions (FAQs)

Yes, typically you will need to pay processing fees and other charges when you apply for a Loan Against Property online. Although these fees can vary between loan types, it is advisable to check for detailed information before you apply for a Loan Against Property.

A Mortgage Loan tenure is the repayment duration or the period during which a lender sanctions a loan. The longer the tenure is, the lower the monthly payments will be, but the total interest paid over the life of the loan will be higher.

On the other hand, a shorter tenure will result in higher monthly payments but lower overall interest costs.

You can repay your Mortgage Loan by making additional payments or lump sum payments to reduce your outstanding loan balance. However, there may be a prepayment penalty or fee for early repayment.

It is important to understand the prepayment policy before making any extra payments.

You can repay your Mortgage Loan by making additional payments or lump sum payments to reduce your outstanding loan balance. However, there may be a prepayment penalty or fee for early repayment.

It is important to understand the prepayment policy before making any extra payments.

Yes, you can get an overdraft against your property with Axis Bank’s Loan Against Property. This allows you to access funds as needed, up to a certain limit. It is a flexible financing option that can be useful for various purposes, such as business expansion or personal needs.

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