Overdraft Facility Against Property - Eligibility and Documentation

Document	Checks & Controls
Loan Agreement and Annexures	Loan agreement as per product type Annexures to be duly filled, signed & stamped as per state law: MII (Most Important Information) pages MCLR consent letter Schedule of loan agreement List of Documents (LOD) Loan restriction letter (if any) Disbursement request letter For NRIs – franked GPA document Indemnity for under construction cases in plot loans Guarantor agreement (if applicable) Any alteration/correction to be authenticated by applicants
National Automated Clearance House (NACH) mandate/ Standing Instruction (SI) form and Security Cheques (SPDC)	NACH / SI mandate with a signed cancelled cheque with A/C holder's name as per bank records SPDC - 3 undated security PDCs equivalent to EMI amount 1 undated cheque with amount kept blank 1 cheque towards PEMI amount SPDC favoring "AXIS BANK LTD LOAN A/C Customer Name
Loan Cover/ Insurance Details	Property insurance application form (mandatory) General insurance application form (if applicable) Life insurance application form (if applicable)
Processing Fee / Equitable Mortgage cheques	Balance processing fee cheque (with clearance details) Equitable mortgage charges / stamping charges favoring "AXIS BANK LTD A/C SERVICE CHARGES"
Property Documents	Property documents as per type of transaction, according to bank's policy
For Balance Transfer / Takeover of loan from other bank / financial institution	Original list of documents from previous financer Latest 12 months loan A/C statement with latest outstanding letter Existing loan details and 6 months bank statement from where EMI is deducted Indenture of guarantee, undertaking of indemnity, forwarding letter and Annexures in Axis Bank format
Own Contribution Receipts	Own contribution receipts Bank statement reflecting debit of own contribution paid
Sanction Letter	Duly accepted and signed by all applicants / power of attorney All sanction conditions to be met
TDS	If TDS is being paid by applicant – TDS challan & bank statement reflecting debit of TDS paid If TDS is not paid by applicant – Undertaking cum indemnity to deduct TDS amount from disbursement
PSL Documents	Financial documents (any of the below): Audited balance sheet CA certificate – original investment in Plant & Machinery Copy of invoice (investment in Plant & Machinery) Additional documents (any of the below): Audited / Unaudited (Profit & Loss Account) GST registration certificate For LAP cases – PSL Annexures
Other Documents (to be collected if applicable)	Letter from customer towards opting for EMI in case of partly disbursed case Vernacular/indemnity bond Dual name/dual sign affidavit Credit Linked Subsidy Scheme (PMAY) affidavit Amenities agreement duly signed by 3rd party/sellers End use letter for Top Up/LAP/LAP top up cases

Reverse mortgage 101: Eligibility and benefits

Discover how reverse mortgages can provide steady income for seniors without selling their homes. Understand the benefits, drawbacks, and eligibility requirements.