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Possessing a valuable property that can be mortgaged for your needs? Check out the Mortgage Loan offers from ApnaLoanBazaar provided by various bank across India and enjoy our support till the Loan closure.
Axis Bank Limited provides a suite of corporate and retail banking p
roducts. The Bank operates through four segments: Treasury, Retail Banking, C
orporate/Wholesale Banking and Other Banking Business. Its Treasury operations include inv
estments in sovereign and corporate debt, equity and mutual funds, trading operations, derivativ
e trading and foreign exchange operations on the proprietary account and for customers. Its Retail B
anking constitutes lending to individuals/small businesses and activities include liability products,
card services, Internet banking, mobile banking and financial advisory services among others. Its Corpo
rate/Wholesale Banking includes corporate relationships not included under Retail Banking, corporate advi
sory services, placements and syndication, project appraisals, capital market related services and cash man
agement services. Its Other Banking Business includes para banking activities, such as third-party product
distribution and other banking transactions.
You can start the process of applying for a Mortgage Loan in any of the following ways:
A Loan Against Property (LAP) has many advantages over a Top-up Loan. They include:
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:
Along with your application you need to submit the following documents :
You may get the List of Documents in either of the following ways:
Yes, banks charge a non-refundable processing fee for every LAP application.
For Business Expansion
Accelerate the Business Growth
For Acquiring New Technology
For Construct a New Block
for setting up a new Factory
Setting up a new branch
To Pay off the other Loans
To Procure the More Stock
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.
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.
Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.
Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.
If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
Continue to make your mortgage or rent payments on time.