State Bank of India customers can operate without minimum balance restrictions
State Bank of India small and basic savings bank deposit accounts do not restrict the account holder to maintain a specific average of daily balances in a month.
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 65555578You can start the process of applying for a Mortgage Loan in any of the following ways:
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.
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.A Loan Against Property (LAP) has many advantages over a Top-up Loan. They include:
Axis Bank Loan Against Property can be availed for a self-occupied residence or a commercial property.
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 capacityAt 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:
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.
Yes! Axis Bank provides LAPs for salaried NRI customers.
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 documentsAlong with your application you need to submit the following documents :
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 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. 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.Yes, banks charge a non-refundable processing fee for every LAP application.
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.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.
The EMI will be due on a fixed date each month. You will be notified of this date when your loan amount is disbursed.
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.comYou may place request for Statement of Acccount or Repayment Schedule or Interest Certificate in either of the following ways:
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.
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
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.comYou 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.
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.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 your loan account is closed, you may collect your property documents after 16 days from your nearest Axis Bank Loan Center.
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.
| 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. |