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Reverse Mortgage Loan
Looking for funding? Have a residential property which you can offer as collateral? Axis Bank’s Loan against Property is just what you need! Axis Bank offers easy and hassle-free Loan against Property for a loan amount starting from ₹5 Lakhs up to ₹1 Crore. You can avail of a loan against residential at attractive rates of interest. What’s more, you can apply for Loan against Property online and complete your loan application process from the comfort of your home, thanks to our doorstep service.
Features & Benefits
Loan to senior citizens who own a built up property
Loan extended to senior citizens who own a built up property in which he/she resides.
Benefit from equity of your homes without selling and without making payments on a loan
Senior borrowers can stay in their homes and continue holding ownership of the property.
Loan payments made by Axis Bank to borrower
The loan can be extended as regular monthly, quarterly, half yearly or lump sum annual periodic advances.
Avail of attractive interest rates
Starting from 11.0% p.a.
Bank comfortably with doorstep service
Apply for your loan from the comfort of your home, with service at your doorstep.
Check your eligibility
Individuals who are eligible for a Reverse Mortgage Loan:
- Senior citizens of India (above 60 years of age) who own a residential property.
Terms & Conditions
Repayment:
Maximum repayment period is 15 years
Security:
The loan shall be secured by way of Mortgage of residential property in favor of Axis Bank.
Settlement of Loan:
- The loan shall become due and payable only when the last surviving borrower dies, sells the home, or permanently moves out of the home.
- Settlement of loan along with accumulated interest to be met by the proceeds received out of sale of residential property.
- The borrowers or his/her/their heirs will have an option to settle the loan along with accumulated interest, without sale of property.
Insurance:
Customer can avail Property and Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter.
Other Conditions:
- Bank reserves the right to reject any application without assigning reasons thereof. The applicant will undertake to inform the Bank as and when there is a change in address or employment. The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.
Great plans start with well-calculated decisions
EMI Calculator
Discover how to turn your dreams into reality with an EMI Calculator, whether it's purchasing your ideal home, a new car, or planning a vacation etc. Our EMI calculators help you quickly determine your monthly payments, enabling better decisions and helping you plan your finances smartly.
Here are the five benefits of using the EMI calculator:
- Easy to access
- Saves time
- Provides quick results
- Helps you ascertain your EMI
- Aids you in planning
Total Amount Payable
1,37,621
Total Amount Payable
3,00,000
Total Amount Payable
1,00,000
6K
15Cr
0
50L
APR
8.00%
Effective ROI
7.18 %
Important Links
Read on to know about the status of your loan, list of loan centres and more
Related Products
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Quick Downloads
Axis Bank offers Loan Against Property on your commercial or residential property, at comfortable loan tenures, with a simple and hassle-free online application process. Download the Loan Against Property application form, from below, to avail Loan Against Property from Axis Bank.
Terms & Conditions
Repayment:
Maximum repayment period is 15 years
Security:
The loan shall be secured by way of Mortgage of residential property in favor of Axis Bank.
Settlement of Loan:
- The loan shall become due and payable only when the last surviving borrower dies, sells the home, or permanently moves out of the home.
- Settlement of loan along with accumulated interest to be met by the proceeds received out of sale of residential property.
- The borrowers or his/her/their heirs will have an option to settle the loan along with accumulated interest, without sale of property.
Insurance:
Customer can avail Property and Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter.
Other Conditions:
- Bank reserves the right to reject any application without assigning reasons thereof. The applicant will undertake to inform the Bank as and when there is a change in address or employment. The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.
Frequently Asked Questions
The MCLR is a tenor linked rate which is reviewed and published every month on a pre-announced date For the existing AXIS Bank MCLR rate please Click here.
Yes, MCLR can be different between different banks as it will depend on marginal cost of funds, negative carry on account of CRR, operating costs, tenor premium of respective banks.
Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR. The MCLR prevailing on the day the loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark in the interim. The exact periodicity of reset will form part of the terms of the loan contract.
For example, if the periodicity of reset is Six Months, then Home loan/ LAP loans disbursed in the month of April 2016, would be due for reset in the month of Oct 2016 similarly all such loans disbursed in the month of May 2016 would be due for reset in the Nov 2016 and so on.
The reset period and date will be decided on the date of first disbursement.
In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
It may be mentioned that the spread/margin of the loan would continue to remain the same.
Illustration: Consider a scenario where first disbursement of the loan is done on April 15, 2016 under MCLR-6 month’s benchmark rate, with the 6 months MCLR being 9.20% p.a. with a spread/margin of 20 basis points (bps). In such a case the effective rate would be 9.40% p.a.
In above scenario, the effective rate of 9.40% p.a. would remain constant till the next reset date i.e Oct 2016.
On Oct 2016, the loans would be reset with the applicable 6 months MCLR rate as on that date.
It may be mentioned that the spread/margin of the loan would continue to remain the same. e.g. If the 6 months MCLR is 9.10% p.a. as on OCT 2016, then revised rate applicable for the loan would be 9.10% + 0.20% = 9.30% p.a. w.e.f. Oct 2016.
All existing customers have an option to switch from the existing system of Base rate/MRR/BPLR (BR/BPLR/MRR +/- spread) to the new system of 6 months MCLR (MCLR + spread) without changing the effective rate of interest. No switch fee would be charged for this option. The effect of conversion in the system, from existing system of BR/MRR/ BPLR to new system of 6 months MCLR, will be provided on an immediate basis.
Illustration: If an existing customer with loan amount of ₹25,00,000/- is at 9.55% p.a. effective ROI (Base + 0.20% spread) and if the customer opts to switch-over to 6 months MCLR then the Adjustable loan interest rate will become (6 months MCLR (9.20%) + spread (0.35%)) equivalent to 9.55% p.a..
Thus, the effective rate will continue to remain same at 9.55% p.a. with spread applicable on the loan being adjusted.
For changing from existing bench mark rate of BR/MRR/BPLR to MCLR-Six Months based benchmark rate, the customer will be required to visit the nearest loan Center and give written confirmation from customer for conversion into MCLR Six month’s benchmark rate.
Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:
- Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
- Excess amount equal to (=) EMI: If service request (SR) / instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded to your operative account.
- Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the Loan account for 15 days. Post 15 days, the excess funds shall be adjusted towards principal outstanding as a part payment.
- Excess amount equal to (=) or greater than (>) foreclosure / pre-closure amount : In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account and:
- Excess amount is equivalent (=) to the foreclosure amount, Loan account will be proactively closed by the Bank.
- Excess amount is greater than (>) the foreclosure amount, adjustment in Loan account would be as follows:
- If excess amount is up to INR 20,000, Loan account would be closed by the Bank and after closure, excess funds would be credited to the Loan repayment account.
- If excess amount is greater than INR 20,000, the Bank will connect with you telephonically for verification of payment. Alternatively, you may connect with the Bank on 18604195555 to confirm the credit adjustment in your Loan account.
- Excess amount less than (<) the foreclosure amount: In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account, then excess amount will be adjusted against the outstanding principal, leaving an amount equivalent to one EMI for forthcoming EMI presentation. However, in case you would like the entire amount to be adjusted against the outstanding principal, please place a request at Phone Banking / Loan Centre at the earliest.
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