Starting a new business but short of funds? Want to buy a plot of land but are short of resources? Want to finance your child’s dream to study overseas? Want to remodel your home, to make it the perfect living space? All this is possible with a mortgage loan – it utilizes an existing asset and gives you loans at a lower rate than some other consumer loans. You can unlock the potential of your property with this multi-purpose loan from Axis Bank.
Features of Axis Bank Mortgage Loan:
• Attractive interest rates with longer tenures
• The bank comes to your doorstep
• Loans against both residential as well as commercial property
• Take-over of existing loan with refinancing option also available
• Flexible EMI options and payment options
What is the eligibility criteria?
You need to be either salaried, or self-employed, or a professional (doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants). You should be a minimum of 24 years at the time of loan commencement and up to 65 years or retirement age, whichever is earlier at the time of loan maturity. Salaried NRI individuals can also apply. A co-applicant is mandatory in order to apply for this loan.
How much money can I borrow?
You can borrow a minimum of Rs. 2 lakhs to a maximum of Rs. 5 crores, depending on the type of property and its value. The margin is 20 - 30% in case of purchase of commercial property and 40 - 55% in case of loan against residential/commercial property.
You can choose to pay via the following convenient options:
Standing Instruction (SI): You can provide standing instruction to debit your Axis Bank savings, salary or current account with the specified EMI amount every month. This is generally the preferred mode as it is less prone to error and delays.
Electronic Clearing Service (ECS): If you have a non-Axis bank account and would like your EMIs to be debited automatically from this account, then you can avail of this mode.
Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques if you have a non-Axis Bank account and drop it off at your nearest Axis Bank Loan Center. You need to issue a fresh set of PDCs in a timely manner in order to avoid late payment fees. Post Dated Cheques will be collected at non-ECS Axis Bank loan centers only.
Apply for Axis Bank Mortgage Loan
You can apply online at the Axis Bank website. Alternatively, you can also visit your nearest Axis Bank Loan Center. A list of all the branches along with the address is given on the Axis bank website. You can also call the toll free number listed on their website for help with your application process.
Alternatively, if you think you need help with your loan application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.