Avail Axis Bank Loan Against Property to Get Maximum Repayment Tenure

The application and processing of a mortgage loan can become tiresome, daunting and time-consuming because of the sheer volume of research and paperwork. Obviously, one would like to know more about such loans, other products and features available.

Among the various options available in the financial market, there are some amazing features that score in favour of Axis Bank. Axis Bank offers hassle-free Loan against Property (LAP) starting from Rs. 5 Lakhs at attractive rates of interest. One of the best features of Axis Bank Loan Against Property is the availability of long tenure.

How Do Long Tenure Clauses in LAP Affect You?

The long tenure on LAP can measurably affect your equated monthly instalment (EMI). Here’s how:

Axis Bank offers loan tenure of up to 20 years on LAP. Longer tenure means smaller EMIs, thus, reducing your monthly repayment burden.

Let us assume you avail a LAP of Rs. 25 Lakhs at an interest rate of 9.50% for 20 years your EMI is Rs. 26,231.

If your loan tenure for the same loan amount and interest rate were reduced to 10 years the EMI would now be Rs. 34,792 and if it were 15 years the EMI would be Rs. 28,809.

Clearly longer the tenure, lower the EMI. However, the EMI is also affected by other factors as explained below:

EMI and Factors Affecting It:

EMI comprises principal and interest components. With Axis Bank offering loan tenure up to 20 years at attractive interest rates starting is 11.25%, your EMI can be as low as Rs. 1,049 per lakh.

The main factors that affect the EMI are:

Loan Tenure: As discussed above, longer tenure means lower EMI.

Interest Rate: Higher the interest rate, higher will be your EMI amount whereas low interest rate means lower EMIs.

Loan Amount: If you are looking for a big-ticket loan, you will have to pay higher EMIs.

CIBIL Score: Having a CIBIL score of 750 or above can help you a get cheaper interest rate, thus, reducing your EMI burden.

Other Features of Loan against Property

High Loan Amount: Varying from Rs. 5 Lakhs to 5 Crores. The factors that affect your Axis Bank Loan Against Property eligibility are:

• The property’s registration
• Property’s market value
• Your requirement
• Your income and repayment capacity
• Your CIBIL score and other eligibility factors (as deemed fit by the lender)

Eligibility Criteria

• Salaried Individuals: The applicant should be a permanent employee in a good organisation and should be above the age of 24 years at the time of applying for the loan.
• Self-employed Individuals: The applicants should be of minimum 24 years of age at the time of applying for the loan and not more than 65 years at the time of the loan maturity. They should be regular with filing their Income Tax Returns.
• Self-employed Professionals: Professionals such as doctors, engineers, architects, chartered accountants, company secretary, and management consultants can apply for this loan. The age criteria for self-employed professionals are similar to that of self-employed individuals.

Axis Bank Loan Against Property can be availed for an occupied residence or a commercial property for an amount varying from Rs. 5 Lakhs to Rs. 5 Crores depending on your need and repayment capacity.

We hope that above-mentioned features and benefits are enough for you to take the right decision. If you are looking for a longer tenure and best customer support, Axis Bank Loan Against Property can be the best choice for you.

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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