Axis Loan Against Property - Eligibility Criteria for Axis Bank Loan Against Property

What Are the Different Axis Bank Loan Against Property Schemes?

Here are the four different loan against property schemes on offer by Axis Bank:

• Loan Against Property - Under this scheme, you can avail a loan against residential or commercial property at attractive rates of interest, starting from 11%.
• Lease Rental Discounting- Here, you can avail loans against rent receipts received on your property.
• Overdraft Facility Against Property - Under this scheme, you can avail flexible credit facility my mortgaging your property.
• Reverse Mortgage Loan - This scheme is beneficial for senior homeowners, who will receive payments from equity on their home.
  

Features and Benefits of Axis Bank Loan Against Property Schemes

Benefits of Loan Against Property from Axis Bank:

• Attractive rate of interest, starting from just 11.15%.
• Loan amounts start from Rs. 5 lakh and go up to Rs. 5 crores.
• You can repay the loan within 20 years.
• There will be no prepayment charges for a loan taken at floating rates.
• Loan balance transfer facility is also made available at Axis Bank.
  

Benefits of Lease Rental Discounting:

• You can get long tenures of up to 9 years, but it is subjected to the balance lease term.
• You can also get funding on your rented commercial property.
• This scheme is ideal for individuals, firms, and organizations whose major source of income involves renting property to established companies.
• You can also transfer over an existing loan to Axis Bank and get an additional to refinance.
  

Benefits of Overdraft Facility Against Property

• You get to enjoy a credit limit that you can use anytime to facilitate your working capital requirements.
• Axis Bank also offers dropline OD to dissolve the fluctuating requirements of self-employed individuals, professionals, and businessmen.
• You can renew the overdraft limit every 12 months as per the repayment schedule.
• You can choose your overdraft type as per your choice, be it Evergreen(fixed) or Dropline(reducing).
• You also get to pay interest only on the utilized limit.
  

Benefits of Reverse Mortgage Loan

• This loan scheme is extended to senior citizens who reside in and own a piece of residential property.
• Senior borrowers can stay back in their property, continue holding ownership of the property, and reap benefits from the equity of the home.
• This loan scheme can also be extended as regular monthly, quarterly, half-yearly or lump-sum annual periodic advances.
  

Eligibility Criteria for Axis Bank Loan Against Property

Axis bank offers loans against property to salaried employees, self-employed individuals, and self-employed professionals, and the eligibility criteria are predominantly similar for most of the schemes. Let's take a look at the eligibility criteria:

Salaried Individuals

• Any individual who works in permanent service with the government or works for a reputed company.
• The loan applicant should be above 24 years of age at the time of loan commencement and can be upto 65 years or less at the time of maturity.
  

Self-Employed Individuals

• Any individual who files Income Tax returns can apply for these loans.
• Any applicant who applies for a loan should be above 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.
  

Self-Employed Professionals

• Professionals such as engineers, doctors, architects, chartered accountants, cost accountants, dentists,  company secretaries, and management consultants can apply for these loans.
• Again, the applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.