Axis Bank Mortgage Loan Interest rates in Jabalpur
| 75,00,000 Above | upto To 75,00,000 | |
|---|---|---|
| Commercial Properties | 11.40% | 11.50% |
| Industrial Properties | 12.00% | 12.50% |
| Residential Properties | 11.40% | 11.50% |
Loan To Value (LTV) For Axis Bank Mortgage Loan in Jabalpur
| 75,00,000 Above | upto To 75,00,000 | |
|---|---|---|
| Commercial Properties | 55.00% | 60.00% |
| Industrial Properties | 50.00% | 50.00% |
| Residential Properties | 75.00% | 80.00% |
Features of Axis Bank Mortgage Loan Jabalpur
| 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 Mortgage Loan Jabalpur Charges
| Type | Charges |
|---|---|
| Penal Interest | @24% Per Annum |
| Duplicate Statement Charges | Rs. 250/- per instance |
| 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 |
Documentation For Mortgage Loan
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 Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage 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)
Income Proof For Mortgage 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
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Axis Bank Mortgage Loan FAQ's
What is the best way to apply for a Loan Against Property from Axis Bank?
"You can start the process of applying for a Mortgage Loan in any of the following ways: • By applying Online with ApnaLoanBazaar, Click Here to Apply or by write a mail to care@apnaloanbazaar.com or calling us on 040 65555578"
What is the turn around time (TAT) for decisioning a Loan Against Property application?
Axis Bank will convey its decision within 15 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 15 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.
Why should I opt for a Loan Against Property instead of a Top-up Loan?
"A Loan Against Property (LAP) has many advantages over a Top-up Loan. They include: • A Higher Loan Amount: Typically, an LAP may offer a higher loan amount than a Top-up Loan. • Avail of Different Property: While an LAP can be availed of against a different residential or commercial property than the one for which the loan was originally taken, a Top-up Loan may only be taken against the property already in question. This flexibility allows you to both avail of a higher loan amount and spread your liability. • Longer tenure: An LAP can be availed for a long term than a Top-up Loan."
What are the different property types considered under the Loan Against Property scheme?
Axis Bank Loan Against Property can be availed for a self-occupied residence or a commercial property.
What is the minimum and maximum amount of Loan Against Property that I can get?
"At Axis Bank, you can get a Loan Against Property from Rs. 2 lakhs to Rs. 500 lakhs. Some of the factors we consider when deciding a loan amount are: • The property’s registration • The property’s market value • Your requirement and eligibility • Your income and repayment capacity"
Can I get an overdraft against my property?
Yes! An Axis Bank Loan Against Property can be availed of either as a Term Loan with an EMI repayment option or as a Drop-line Overdraft Facility.
I am an NRI. Can I get a Loan Against Property?
Yes! Axis Bank provides LAPs for salaried NRI customers.
What documents do I need to submit along with my application for an Axis Bank Loan Against Property?
"Along with your application you need to submit the following documents : • Proof of residence • Proof of identity • Certified/latest financial documents • Copies of all property documents"
Whom should I contact for the List of Documents I have submitted in support of my Axis Bank Loan Against Property?
"You may get the List of Documents in either of the following ways: • By calling any of Axis Bank toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email id to write to Axis Bank at: loans@axisbank.com "
Do I need to pay a fee to avail a Loan Against Property?
"Yes, banks charge a non-refundable processing fee for every LAP application. The processing charge to avail of an Axis Bank Loan Against Property is up to 1% of the loan amount plus service tax as applicable."
How will my Equated Monthly Installment (EMI) be calculated?
"The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when interest rate changes or a part-payment of the Loan is made. Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal."
When is my EMI due?
The EMI will be due on a fixed date each month. You will be notified of this date when your loan amount is disbursed.
How do I keep track of my Axis Bank Loan Against Property? For example, how do I get my statements and repayment schedules?
"You may place request for Statement of Acccount or Repayment Schedule or Interest Certificate in either of the following ways: • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email id to write to Axis Bank at: loans@axisbank.com"
Can I make a part-prepayment towards my Axis Bank Home Loan? Will any charge be applicable?
Yes! After the first quarter from the loan disbursal date, you can make a part-prepayment towards your Loan Against Property at your nearest Axis Bank Loan Center.
What are my different options for making my EMI payments? Is there a preferred one?
"You may repay your Axis Bank Loan Against Property in any of the following three ways: • Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with Axis Bank. You may wish to open a savings account with Axis Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify. • Electronic Clearing Service (ECS): This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account. • Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only. *Axis Bank recommend that you opt for either the SI or ECS mode of payment as they are both faster and less prone to error than the use of PDCs."
How do I update my mobile number and the email address registered under my Loan Against Property account?
"You may update your mobile number and email address in either of the following ways: • By calling any of Axis Bank toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email id to write to Axis Bank at: loans@axisbank.com"
How do I foreclose my Loan Against Property? Will there be any charge for the foreclosure?
"Before process a foreclosure, all outstanding dues must be cleared. So Axis Bank request you to first check for and clear any remaining amount that may be payable towards your Loan Against Property Loan by requesting a foreclosure statement from your nearest Axis Bank Loan Center. Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center for processing your request."
How soon after the foreclosure will I get back my original property documents?
Once your loan account is closed, you may collect your property documents after 16 days from your nearest Axis Bank Loan Center.
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.
Axis Bank Highlights
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Things Keep In Mind While Avail a Mortgage Loan
A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.
Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.
Type of Collateral You Are Offering
Principal And Interest
The principal is simply the sum of money you borrowed on mortgage.
Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.
Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.
Factors That Affect your Loan Interest Rates
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
Mortgage Loans Vs Lease Rental Discounting
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. | Mortgage loans will be provided based on already owned property. |
| There is no restriction on LRD loan usage. It can be used for any purpose. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. | Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. | 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. |
| Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). | Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. | 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 based on the internal policies of the banks for Lease Rental Discounting (LRD). | Part/Prepayment will be allowed as per bank internal policies for Mortgage loans. |
| Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . | 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 Lease Rental Discounting (LRD). | Top up facility will be varying from bank to bank internal guidelines. |
About Jabalpur
"Jabalpur Located in the MahaKaushal region of central India in the east of Madhya Pradesh, Jabalpur is the third most populated city of the state. Katni borders Jabalpur in the north, Umaria in the north-east, Dindori in the east, Mandla at south east and Seoni in the south. The city is also the administrative headquarters of Jabalpur District as well as Jabalpur division. Located at the north of the Narmada River, the place is a rocky area surrounded by low hills and lakes.In its past decades, Jabalpur was known as Tripuri and the Hayahaya rulers governed it. The ancient and historic epic, Mahabharata also contains references of this city.
The Mughals have constantly tried to run this city but were never successful. In 1789, the city finally came under
the rule of the Marathas, which was later taken over by the Britishers in 1817. Britishers later on established the place as a major cantonment town. It has also been a historic point in the India’s independence battle."
Other Cities Loan Offers
Places To Be Visited In Jabalpur
Chousat Yogini Temple
Temple is in between Bhedaghat and Dhuandhar. Chousat Yogini is a temple of about 95 beautifully carved statues of Yogini’s. It is top of the small hill with no entrance charge. Here inside the main temple Lord Shiva & Parvati can be seen together on riding on lord Nandi (bull). Main temple is encircled by 95 statues of yogini’s. Temple is estimated to be built in 11th century by Kalchuri rulers.
Madan Mahal Fort & Balance rock
This fort is a pride of Jabalpur city. Madan Mahal fort was built on 11th century by 38th Gond (Tribe) ruler, Madansahi later on it was repaired by Gond ruler Sangramshah. It is built on top of the hill and visible from most of the city part. While going towards Madan Mahal fort, one can also see another piece of attraction “Balance rock” in bonus. Balance rock is a large piece of natural rock positioned over another rock occupying very less area. Madhya Pradesh Tourism Department is planning for light & sound show program in Madan Mahal fort like going on in Khajuraho & Orchha.
Dumna Nature Reserve
Close to Jabalpur Dumna Airport, eco tourism site called Dumna Nature Reserve has been opened for general public. It is spread over an area of 1058 hectare of land on Jabalpur Airport road about 10 kms from city center. One can do nature walk on this nature reserve and can see wild animals like spotted dears, Chitals, wild boar, porcupine, jackals, monkey, many species of birds etc. In addition to it, boating can also be enjoyed on Khandari Dam. Bathing and swimming in Khandari dam is strictly not allowed as crocodiles are present in the water. It is also a source of water for Jabalpur city. Children park and restaurant is also developed in this nature reserve. Many new attractions are under construction. One can see hanging bridge, tent platform, rest house, fishing platform on Dumna Nature Reserve.
Bhedaghat or Bheraghat
Most popular boating site of Jabalpur city is Bhedaghat. It is 25 km away from main city and the most favorite picnic spot for tourists visiting Jabalpur, Madhya Pradesh. Here one can enjoy boating in Bhedaghat on holy Narmada river in between gleaming marble rocks. Many bollywood movies has been shooted here like Ashoka.
Gwarighat or Gowarighat
Jabalpur city is fully blessed by holy river Narmada. Gwarighat is on Narmada river on one end of Jabalpur city. Place is known for doing after-death rituals of Hindu religion. Many hindu temples are situated in Gwarighat. Here hindu people put ashes of their deceased relative in holy river Narmada with a believe that it will lead the soul of deceased person to ultimate peace.
Tripur Sundari Temple
While going towards Bhedaghat from Jabalpur or vice versa, one can go for visit of Tripur Sundari Temple. It can be reached through side road, about 5km. deviation from main road. Tripur Sundari Temple have statue of devi (godess) that emerge from ground. Tripur Sundari Devi is sacred for Kalchuri dynasty and was a place of worship since then i.e. since 11th century.