Axis Bank Loan Against Property - Eligibility & Documentation

Eligibility
Individuals who are eligible for a loan against property:
Salaried individuals

  • Any individual who is in permanent service in the government or a reputed company
  • The applicant should be above 24 years of age at the time of loan commencement and upto the age of superannuation

Self-employed individuals

  • Any individual filing Income Tax returns can apply
  • The applicant should be above 24 years of age at the time of loan commencement and upto 65 years at the time of maturity

Self Employed Professionals

  • Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply
  • The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

Lease Rental Discounting (LRD)

  • All resident individuals can apply. The lessee must however be a company as defined under the Companies Act, 1956.
  • Funding will be done only against ready commercial property. The same will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower.
  • Check your borrowing limits
  • Minimum Limit - Rs. 2,00,000
  • Maximum Limit - Rs. 5,00,00,000 (based on Product/Variant categorisation)
  • 20%-30% margin in case of purchase of commercial property
  • 40%-55% margin in case of loan against residential/commercial property

Keep your documents ready
Documents required for salaried applicants:

  • Proof of identity (any one of the following):
  • Voter ID card
  • Driving license
  • PAN card
  • Photo credit card
  • Employee ID card
  • Defence/Police/Government department ID card
  • Proof of income:
  • Latest salary slip showing all deductions or Form 16
  • Recent salary certificate
  • Last 6 months bank statement/pass book where salary or income is credited
  • Proof of Residence (any one of the following):
  • Bank account statement
  • Latest electricity bill
  • Latest mobile/telephone bill
  • Latest credit card statement
  • Latest LIC policy/insurance premium receipt
  • Employers letter certifying the current mailing address
  • Latest NSC
  • Other similar instruments indicating the address or existing house lease agreement
  • Guarantor form (Optional)
  • Copy of lease agreement for all lease rental discounting cases

Documents required for other applicants

  • Proof of identity (any one of the following):
  • Voter ID card
  • Driving license
  • PAN card
  • Photo credit card
  • Proof of income:
  • IT Returns of last 2 years
  • Computation of income of last 2 years certified by a Chartered Accountant
  • Last 6 months bank statement/pass book where salary or income is credited
  • Proof of Residence (any one of the following):
  • Bank account statement
  • Latest electricity bill
  • Latest mobile/telephone bill
  • Latest credit card statement
  • Latest LIC policy/insurance premium receipt
  • Latest NSC
  • Other similar instruments indicating the address
  • Guarantor form (Optional)
  • Copy of lease agreement for all lease rental discounting cases

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