Axis Bank Lease Rental Discounting Loan Interest rates in Bilaspur
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 11.40% | 11.40% |
Features of Axis Bank Lease Rental Discounting Loan Bilaspur
| Type | Features |
|---|---|
| Processing Fee | 1.0% |
| Pre Closure Charges | Non Individual - 2% |
| Part Payment Charges | Allowed |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.2,00,000/- |
| Max Loan Amount | Rs.5,00,00,000/- |
Axis Bank Lease Rental Discounting Loan Bilaspur Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Duplicate Statement Charges | Rs. 250/- |
| Insurance Cover | Upto Loan Amount |
| Inspection Charges | Free |
| Legal Opinion Valuation Charges | Free |
| Bounce Cheque Charges | Rs 500/- per instance |
| Photocopy Documents | Rs 250/- per document set |
| C I B I L Report Issuance Charges | Rs. 50/- |
| Charge For Exchanging E C S Mandate | Rs. 500/- |
| Repayment Schedule Charges | Rs. 250/- |
| Loan Re Schedulement Charges | Rs. 250/- |
| N O C Issuance Charges | Free |
| C E R S A I Charges | "Rs 250/- For Loans up to 5 Lakhs, Rs 500/- For Loans above 5 Lakhs " |
Documentation For Lease Rental Discounting
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Axis Bank Lease Rental Discounting Loan FAQ's
About Axis Bank
Its Retail Banking constitutes lending to individuals/small businesses and activities include liability products, card services, Internet banking, mobile banking and financial advisory services among others. Its Corporate/Wholesale Banking includes corporate relationships not included under Retail Banking, corporate advisory services, placements and syndication, project appraisals, capital market related services and cash management services. Its Other Banking Business includes para banking activities, such as third-party product distribution and other banking transactions.
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Why Lease Rental Discounting?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Lease Rental Discounting Vs Mortgage Loans
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Bilaspur
Bilaspur is a city in Bilaspur District in the Indian state of Chhattisgarh, situated 120 km (83 miles) north of the state capital, Naya Raipur. It is the second-largest city after Raipur-Bhilai-Durg, the tricity metro of the state.
The Chhattisgarh State High Court, located at village Bodri, District Bilaspur has privileged it with the title 'Nyayadhani' of the state. The Bilaspur High Court is the largest High Court of Asia. Bilaspur is the administrative headquarters of Bilaspur District.
This city is the commercial center and business hub of North East Chhattisgarh region. It is also an important city for the Indian Railways, as it is the headquarters for South East Central Railway Zone and the Bilaspur Railway Division. Bilaspur is 3rd cleanest and 4th longest railway station in India. Approximately 20% of the total earnings of Indian railways come from South East Central Railway. Bilaspur is also the headquarters of South Eastern Coalfields Limited.Bilaspur is known for its aromatic rice variety named Doobraj rice, handloom woven colourful soft Kosa silk saris. Its well known for its rich, varied and colorful culture. The local cuisine is well known for samosas of nitti and parotha of chikka.
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Places To Be Visited In Bilaspur
Fort of Bahadurpur
This ancient monument of the Fort of Bahadurpur is situated in one of the highest point of the district near Tepra Village. Fort of Bahadurpur is at a distance of 40-kms from Bilaspur.
Fort of Sariun
This fort of Sariun became significant during the truggle between the erstwhile State of Bilaspur and Kangra at the time of minority rule of Mohan Chand.It is at a distance of about 58-kms.from Bilaspur.
Achanakmar Wildlife Sanctuary
Located in Bilaspur District of Chhattisgarh, Achanakmar Wildlife Sanctuary was established in 1975 and covers an area of 552 sq km. It is set in the beautiful sal forests of the Malkal Hills. Tiger, leopard, bison, spotted deer, blue bull, sloth bear, python, gaur, chital, wild bear, striped hyena, jackal, Indian wild dog, sambar, four-horned antelope and chinkara are the common fauna found in the sanctuary.
Gobind Sagar
Gobind Sagar is named after the last guru of Sikhs, Guru Gobind Singh.Gobind Sagar lake one of the most important place of interest in Bilaspur, is a huge reservoir on the Sutlej river. It spreads over an area of 170 sq km and its length extends up to 90 km.
Kandrour Bridge
Kandrour Bridge at a distance of about 8kms from Bilaspur is one of the highest bridges in the world and it also ranks first in Asia. It took nearly 6 years to construct this bridge. The bridge is about 280 meters with a breadth of about seven meters and the height above the lowest river bed below is about 80 meters.
Deoli Fish Farm
This fish farm is situated on the road towards Mandi and it is at a distance of about 15kms from Bilaspur.Deoli Fish Farm was established n the year 1962 spreading over an area of about 4.4 hectares. The farm houses two big brood stock tanks and 14 nursery ponds.