Axis Bank Mortgage Loan Interest rates in Patiala
| 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 Patiala
| 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 Patiala
| 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 Patiala 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 Patiala
Patiala is a city in southeastern Punjab, in northern India. It is the fourth largest city in the state and is the administrative capital of Patiala district. Patiala state was established in 1763 by Baba Ala Singh, a Jat Sikh chieftain, who laid the foundation of the Patiala fort known as Qila Mubarak, around 'which the present city of Patiala is built. After the Third Battle of Panipat in 1761 in which the Marathas were defeated by the Afghans, the writ of the Afghans prevailed throughout Punjab. It is at this stage that the rulers of Patiala began to acquire ensigns of royalty.
The city of Patiala was designed and developed according to a plan akin to that of temple architecture, the first settlers of Patiala were the Hindus of Sirhind, who opened their business establishments outside the Darshani Gate. Maharaja Karam Singh who ruled from 1813 to 1845 joined the British East India Company and helped the British during the First Anglo Sikh wars against the Sikh Empire of Maharajah Ranjit Singh of Punjab which was larger and extended from Tibet Kashmir, plains of Punjab to Peshawar near the Afghan borders.
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Places To Be Visited In Patiala
Qila Mubarak
A fine specimen of the Sikh architecture, the Quila Mubarak served as the residence for the Royal Palace of Patiala. The palace complex is spread across an area of 10 acres and is located in the center of the city. The palace contains a museum and an art gallery which features the Patiala paintings that depict various scenes from the Hindu mythology.
Sheesh Mahal
Located at the old Moti Bag palace, the Sheesh mahal or the palace of mirrors was constructed in the 19th century. The Sheesh mahal is adorned with a huge number of frescoes. The construction of the Sheesh Mahal was done under the Maharaja Narinder Singh. The lake located by the palace and the bridge called the Lakshamana Jhula is one of the most famous attractions in Patiala.
Baradari Gardens
The name Baradari refers to the 12 doors that serve as an entrance to this historic garden. The garden is a fine specimen of Mughal era architecture that blends the Indian, Persian and Turkic architecture. The garden was built near the palatial residence of Maharaja Rajinder Singh called the Baradari Palace or the Rajinder Kothi which is now a heritage hotel. The City of Patiala was a home to the medieval state of Patiala, and owing to the rich cultural heritage imparted by the Jat kings of Patiala.
Moti bagh palace and museum
The Moti Bagh Palace and Museum is now the National Institute of Sports. This complex has a large artificial lake (unfortunately drained) crossed by a hanging bridge modelled on Rishikesh’s Lakshman Jhoola. The Sheesh Mahal museum here is an extremely unusual repository of art showcasing the distinctive Patiala school of the early 20th century. It contains paintings done in both Kangra and Rajput style with themes drawn from Hindu, Sikh and Jain folklore. Several are massive works covering entire walls. There are also many sculptures and artefacts dating back to the 9th-10th centuries. There is an interesting collection of thousands of medals as well, collected by, or awarded to, the Maharajas of Patiala.
Lachman Jhoola
Across the small Lake in front of Sheesh Mahal is a magnificent suspension bridge which being a replica of theamous Lakshman Jhoola at Rishikesh, is also named as Lachman Jhoola. It links the Sheesh Mahal with the Banasar Ghar on the other side of the lake. The Banasar Ghar now houses the North Zone Cultural Center and a hall for setting up exhibitions.
Shahi Samadhan
The Samadhan, where Maharaja Rajinder Singh once built a garden, now holds cenotaphs of erstwhile rulers, looked after by a mahant.