Axis Bank Mortgage Loan Interest rates in Kota
| 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 Kota
| 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 Kota
| 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 Kota 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 Kota
Kota describes the ancient heritage of the city. As a prominent landmark of Rajasthan state of India, Kota speaks of a very enticing past. ota has completed an eventful journey which had been ornamented with a host of prehistoric and historic events. As a dwelling place of a tribal community, the city of Kota emerged as a notable business zone of the state.
The initial history of Kota states that the place was under the rule of a Chieftain called Rao Deva who belonged to the Hada community. In later years, Kota became the ruling ground of the leader of Bhil community. But in a historic battle this chieftain lost his dominion to the ruler of Bundi - Jait Singh.Maharao Bhim Singh had a significant contribution towards the historic enrichment of Kota who formed Mansabs of five thousand in the place.
Since Kota had been dominated by several powerful dynasties of the bygone era, hence the cultural arena and the social scenario of the place reflect the rich imprints of those rulers. From the majestic palaces, the exotic fortresses to the splashing waterways and the magnificent interiors of the forts, Kota is a storehouse of incredible historic treasures.From the 12th century AD to the present day.
Other Cities Loan Offers
Places To Be Visited In Kota
Chambal Gardens
Chambal Garden, a stunning garden in the surroundings of Chambal river is the much sought after Kota sightseeing location. The garden is situated at Amar Niwas on the soft terrain of the Chambal river and surrounds a well maintained pond, a home for crocodiles. A suspension bridge offering facility to cross the pond is very beautiful. It is a park for kids and adults both. The abundance of playing field in the park makes this, one of the most popular Kota attractions.
Gagron
90 odd km away from Kota, snuggling in impressive isolation, is the fortress of Gagron. It is one of the popular places near Kota, which are visited by a good number of tourists every year. The wonderfully sculptured Jain temples lie in a serene valley of Aravalis in Ranakpur. The main temple is devoted to Tirthankara Adinath and has 29 halls maintained by 1444 pillars. Two Jain temples devoted to Neminath and Parsvanath and a Sun Temple a little distance away, are also significant.
City Palace
A blend of both Mughal and Rajasthani architecture and art, the City Palace showcases the glorious majestic history of Kota city. The City palace is one among the impressive Kota attractions that and magnetizes a number of tourists each year. The palace is decorated with impressive wall paintings, mirror walls, mirror ceilings, hanging lights and flowery decorations. Spectacular marble floorings and walls, an elegantly fashioned entrance, all these make the City Palace an excellent Kota sightseeing location. The striking garden around the palace adds to the exquisiteness of the Palace. The City Palace houses a grand museum, with a vast collection of medieval weaponary, outfits and apparels of former kings and queens, artifacts and handicrafts displaying the heritage of a splendid past.
Kota Barrage
One of the most popular place among the locals, Kota Barrage is frequented for its peaceful evenings along the riverside. Kota Barrage is a dam built on Chambal River and is located quite close to the main city.Swimming or Getting in water is strongly discouraged as there have been losses of lives in the past and proper care must be maintained. Seven Wonders Park:A newly opened park and now a premier attraction of Kota, this park has replicas of the Seven Wonders of The World including Taj Mahal, Pyramids of Egypt, Eiffel Tower, Brazil's Christ the Redeemer, Statue of Liberty and Rome's Colosseum.This park is located on the side of Kishore Sagar and the monuments look quite beautiful in the evenings with good lightings and lake in the background.
Kishore Sagar and Jagmandir Palace
Kishore Sagar is an artificial picturesque lake dating back to 1346 constructed by the Bundi Prince Dehra Deh. It located by the side of attractive Brij Vilas palace museum.A palace named as Jagmadir is located at the heart of the museum. The enchanting palace is a red sand stone monument of the grandeur days of Kota. The reflections of the exquisite palace walls and domes in the azure water of the Kishore Sagar Lake are breathtaking.