Axis Bank Ltd has decreased its loan against property interest rates by 0.80%, or 80 basis points with effect from Wednesday, January 18, 2017. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their immovable property.
Axis Bank Limited – Current Interest Rates for Loan Against Mortgage of Immovable Property
New Delhi (Delhi, India), February 18, 2018
Axis Bank Limited Cuts Loan Against Property Interest Rate to 11.00% Per Annum
The Axis Bank Limited has decreased its loan against property interest rates by 0.80 percent, or 80 basis points with effect from Wednesday, January 18, 2017.
Axis Bank has revised its minimum loan against property interest rate from 11.80 percent to 11.00 percent per annum (MCLR-6Month + 2.80%) for the self-occupied residential property.
The loan against property interest rate of Axis Bank Limited is benchmarked or linked to its Six-Month MCLR (Marginal Cost of Funds based Lending Rate). Axis Bank’s current Six-Month MCLR, which is called MCLR-6M, is 8.20 percent per annum with effect from Thursday, January 18, 2018.
Axis Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their immovable property.
Axis Bank Property Finance – Current Loan Against Property Interest Rates for Various Category of Properties
Axis Bank Loan Against Mortgage of Self-Occupied Residential Property Interest Rate: 11.00% Per Annum
Axis Bank Loan Against Mortgage of Non Self-Occupied Residential Property Interest Rate: 11.25% Per Annum
Axis Bank Loan Against Mortgage of Commercial Property Interest Rate: 12.00% Per Annum
Axis Bank Loan Against Property for Purchase of Commercial Property Interest Rate: 11.25% Per Annum
Axis Bank Loan Against Property for Reverse Mortgage Interest Rate: 11.50% Per Annum
Axis Bank Loan Against Property for Lease Rental Discounting Interest Rate: 11.50% Per Annum
Axis Bank Loan Against Property for Overdraft Facility Against Property Interest Rate: 12.10% Per Annum
Axis Bank Loan Against Property Minimum Borrowing Amount: Minimum Loan Against Property Amount is Rs. 2,00,000
Axis Bank Loan Against Property Maximum Borrowing Amount: Maximum Loan Against Property Amount is Rs. 5,00,00,000
Axis Bank Loan Against Property Rate of Interest is Floating or Fixed: Fixed Rate of Interest (Reset Period 6 Months or 1 Year)
Minimum Age Limit for Getting the Axis Bank Loan Against Property Sanctioned: Minimum Age 24 Years at the Time of Loan Commencement
Maximum Age Limit for Getting the Axis Bank Loan Against Property Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Loan Maturity
Minimum Tenure for the Axis Bank Loan Against Property: Minimum Axis Bank Loan Against Property Tenure is 3 Years
Maximum Tenure for the Axis Bank Loan Against Property: Maximum Axis Bank Loan Against Property Tenure is 10 Years
Axis Bank Loan Against Mortgage of Immovable Property Processing Fee and Documentation Charges: 1.00% of the Loan Amount (Minimum Rs. 5,000 plus GST)
Charges for Axis Bank Loan Against Property EMI Late Payment: Minimum 2% Per Month of the Axis Bank Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Axis Bank Loan Against Property Pre Closure Charges or Prepayment Penalty: 2.00% of the Foreclosed Amount plus GST
Axis Bank Loan Against Property EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Different Options for Making Axis Bank Loan Against Property EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Guarantor Requirement for the Axis Bank Loan Against Property: No Guarantor is Required
Axis Bank Loan Against Property Margin Amount:
Minimum 20% to 30% for Purchase of Commercial Property
Minimum 40% to 55% for Loan Against Residential or Commercial Property
Axis Bank Limited – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Axis Bank Limited