Axis Bank Plot Loan

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Features of Axis Bank Plot Loans

Interest Rate

6.90% onwards

Loan Amount 

Rs. 1 Lakh to Rs. 5 crores

Tenure

Up to 30 years

Processing Charges

Up to 1% of the loan amount

Eligibility Criteria for Axis Bank Plot Loan

Axis Bank offers many schemes to suit your requirements. Each scheme comes with certain eligibility criteria. Let’s look at the basic eligibilities for an Axis Bank Plot Loan. 

Salaried Individuals:

  • Permanent service in a government or a reputed private organization. 
  • The age should be a minimum of 21 years at the time of loan commencement. 
  • The maximum age should be 60 years. 

Professionals:

  • Professionals such as doctors, dentists, etc should be above 21 years of age at the time of loan commencement.
  • The maximum age should be 65 years. 

Self-Employed:

  • The minimum age should be 21 years at loan commencement.
  • The maximum age should be 65 years. 

Benefits of an Axis Bank Plot Loan

There are many benefits that one can avail of if he or she applies for an Axis Bank Plot Loan. Some of them are as follows:Axis Bank Plot Loan

  • 12 EMIs get waived off on your plot loan at no extra cost and if you pay regularly. You are also eligible for 6 months of EMI being waived on the completion of your payment. 
  • Axis Bank provides a limited amount of documentation for your benefit. 
  • It provides excellent Interest Rates.
  • The eligibility criteria are simple and easy to fulfill. 
  • Axis Bank does not have any prepayment charges.
  • The loan starts at 30,00,000 rupees.

Plot Loan

Plot Loans are a specific kind of loan that is provided to you by many banks in India to certain eligible applicants. They are taken by individuals who wish to build their dream houses. Plot loans such as the Axis Bank Plot Loan is a beneficial loan for all. 

These loans are provided by banks that are designed to fulfill a very specific need. They are also called land loans and are often confused with home loans. The difference between both should be known by one, before applying for a loan. 

Land Loan Interest Rates

The rate of interest is the same for all kinds of loans, though, it varies from bank to bank to give higher interests for the land loan than the home loan. The bank will provide a stipulated time for the construction over the said plot. If the construction does not begin or end within the stipulated date, the land loan interest rate will subsequently change from a home loan to a loan against property. 

Loan to Value Ratio

This refers to the amount of loan that a borrower will get against his property. LTV is lower for land purchases with construction than with home loans. LTV usually ranges from 75% to 90%. 

Lower Tenure

Land Loans provide a shorter tenure of up to 15 years. Home loans, on the other hand, offer up to 30 years of tenure. Hence, the EMI in the case of a loan for plot purchase is higher than that of regular home loans. The tenure depends upon the age or repayment capacity. 

Tax Benefits

Home Loans qualify for a tax deduction of the actual amount that is mentioned under Section 80C of the Income Tax Act. Tax benefits on land loans are not available. Borrowers are allowed to claim a tax deduction on the loan if the house constructed is purchased. 

Prepayment Penalty

Floating rate loans that are sanctioned to certain borrowers are free from the prepayment penalty for both a home loan and a land loan but both may charge 2-4% of the penalty if a non-individual borrower has taken the money. The borrower should read the charges and accept them before signing any agreement. 

Types of Plot Loans Axis Bank Provides:

Plot Loans

Plot loans are availed to purchase land. The individual can do anything on the plot without the interference of the bank, provided they pay the bank back. However, such loans are risky as there are no tax benefits. A plot loan is given only when the plot, in question, is in the same municipality. 

Plot+ construction Loan

A plot+ construction loan is availed to not only purchase land but to also construct on it. An individual, in this case, has to begin and end the construction within the stipulated time, the failure of which will lead to an increase in the interest rate. 

Axis Bank Plot Loans for Self-employed Individuals

Axis Bank Plot Loan will allow an individual to avail of many schemes and benefits. Any self-employed individual who follows the eligibility criteria can apply for such a loan. 

Who Can Apply for a Self-employed Axis Bank Plot Loan

LOAN AMOUNT

MAXIMUM FUNDING

Above Rs. 30 lakh to up to 75 lakh.

Up to 80% of the market value or document cost of the property, whichever is lower. 

Above Rs. 75 lakh.

Up to 75% of the market value or document cost of the property, whichever one happens to be lower. 

Types of Plot Loans for Self-employed Individuals

Axis Bank Plot Loan has various kinds of plot loans that any self-employed individual along with a salaried individual can avail of. 

  1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is revised once every six months. There is a rise in the interest rate that increases the EMI which leads to a reduction in the principal amount. 
  2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides half of an adjustable-rate and half of a fixed rate. The rate is changed after 2/3 years. 

Axis Bank Plot Loan Interest Rate for Self-employed Individuals

Adjustable Plot Loan Rate

Loan Slab Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh) 7.05 to 7.55
For others* (up to 30 lakh) 7.10 to 7.60
For women* (above 30 lakh) 7.30 to 7.80
For others* (above 30 lakh) 7.35 to 7.85
For Women* (75.01 Lakhs & Above) 7.40 to 7.90
For Others*(75.01 Lakhs & Above)

7.45 to 7.95

TruFixed Loan- 2 Year Fixed Rate Variant

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.50 to 8.0
For Others* (up to 30 Lakhs) 7.55 to 8.05
For Women* (Above 30 Lakhs) 7.65 to 8.15
For Others* (Above 30 Lakhs) 7.70 to 8.20
For Women* (75.01 Lakhs & Above) 7.75 to 8.25
For Others*(75.01 Lakhs & Above) 7.80 to 8.30

Axis Bank Plot Loan Interest Rates for Self-employed Non-professionals

Adjustable Home Loan Rate

Loan Slab Interest Rates (% p.a.)
For Women* (Up to 30 Lakhs) 7.20 to 7.70
For Others* (Up to 30 Lakhs) 7.25 to 7.75
For Women* (Above 30 Lakhs) 7.45 to 7.95
For Others* (Above 30 Lakhs) 7.50 to 8
For Women* ( 75.01 Lakhs & Above) 7.55 to 8.05

TruFixed Loan-2 Year Fixed Rate Variant

Loan Slab Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.65 to 8.15
For Others* (up to 30 Lakhs) 7.70 to 8.20
For Women* (Above 30 Lakhs) 7.80 to 8.30
For Others* (Above 30 Lakhs) 7.85 to 8.35
For Women* ( 75.01 Lakhs & Above) 7.90 to 8.40
For Others*( 75.01 Lakhs & Above) 7.95 to 8.45

Axis Bank Plot Loan Documents Required for Self-Employed Individuals

Proof of Identity Voter ID, Aadhar Card.
Proof of Address Drivers License, Passport
Date of Birth Proof Passport, Pan Card, Aadhar Card
Signature Proof Passport, Pan Card
Proof of Income 2 years ITR, 6 months bank statements
Others Filled out application form

Axis Bank Plot Loan Fees for Self-employed Individuals

Processing Fees: 

The processing fees for the Axis Bank Plot Loan is 2,500-5,000 rupees.

Pre-payment Charges

Adjustable-Rate Home Loans

  • No prepayment charges are necessary 
  • For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant, prepayment charges are at 2% plus taxes.
  • The customer will have to submit documents that Axis Bank asks for, to confirm the source of the funds. 

Fixed-Rate Home Loans

  • No prepayment charges will be applicable 
  • The customer should submit documents that Axis Bank asks for. 
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank. 

Fixed and Variable Rate Loans

Fixed and Variable Rate Loans (Combination rate)

 

  • During the Fixed Rate period:
    • The prepayment charges will be 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
    • The customer must submit documents that Axis Bank requests, to confirm the source of funds at the time of prepayment of the loan.
  • During the Variable Rate period:
    • No prepayment charges will be applicable
    • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.

Conversion Fees

Name of the service Name of the charge/fee levied When payable Frequency Amount in rupees
Switch to a lower rate in Variable Rate Loans  Conversion fees On conversion On every spread change Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) Conversion fees On conversion Once Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switching from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges are 200 rupees.

Fees on Account of External Opinion

The external opinion can be from technical advocates and the fees can be paid directly to the person involved. 

Property Insurance

Customers are advised to pay a certain amount to the insurance providers. 

Incidental Charges

The incidental charges are used to cover certain other expenses for a default customer. 

Statutory / Regulatory Charges

The customer is responsible for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India. 

List of Documents

Up to 500 rupees. 

Photocopy of Documents

Up to 500 rupees. 

Increase/Decrease in Loan Term

Up to 500 rupees. 

Disbursement Cheque Cancellation Charge Post Disbursement

Up to 200 rupees.

Re-appraisal of Loan After 6 Months from Sanction

Up to 2000 rupees plus applicable tax. 

PDC Swap

Up to 200 rupees. 

Axis Bank Plot Loan for Salaried Individuals

Any salaried individual who wishes to apply for an Axis Bank Plot Loan can avail of it if they fulfill the eligibility criteria, created especially for such people.

Who Can Apply for a Salaried Axis Bank Plot Loan 

LOAN AMOUNT MAXIMUM FUNDING
Above Rs. 30 lakh to up to 75 lakh. Up to 80% of the market value or document cost of the property, whichever is lower. 
Above Rs. 75 lakh. Up to 75% of the market value or document cost of the property, whichever one happens to be lower

Types of Plot Loans for Salaried Individuals

Axis Bank Plot Loan has various schemes that any self-employed individual along with a salaried individual can avail of. 

  1. Adjustable-Rate Loan: This refers to the Retail Prime Lending Rate. It is changed every six months. There is an increase in the interest rate that increases the EMI and in turn, reduces the principal amount. 
  2. TrueFixed Home Loan- 2/3 Year Fixed Rate Variant: This loan provides only half of an adjustable-rate and another half of a fixed rate. The rate is changed after 2/3 years. 

Axis Bank Plot Loan Interest Rate for Salaried Individuals

Adjustable Plot Loan Rate: 

Loan Slab Home Loan Interest Rates (% p.a)
For women* (up to 30 lakh) 7.05 to 7.55
For others* (up to 30 lakh) 7.10 to 7.60
For women* (above 30 lakh) 7.30 to 7.80
For others* (above 30 lakh) 7.35 to 7.85
For Women* (75.01 Lakhs & Above) 7.40 to 7.90
For Others*(75.01 Lakhs & Above) 7.45 to 7.95

TruFixed Loan- 2 Year Fixed Rate Variant:

Loan Slab Home Loan Interest Rates (% p.a.)
For Women* (up to 30 Lakhs) 7.50 to 8.0
For Others* (up to 30 Lakhs) 7.55 to 8.05
For Women* (Above 30 Lakhs) 7.65 to 8.15
For Others* (Above 30 Lakhs) 7.70 to 8.20
For Women* (75.01 Lakhs & Above) 7.75 to 8.25
For Others*(75.01 Lakhs & Above) 7.80 to 8.30

Axis Bank Plot Loan Documents Required by a Salaried Individual

Proof of Identity Passport, Aadhar Card
Proof of Address Aadhar Card, Driver’s License, Voter ID
Date of Birth Proof Passport, Pan Card
Signature Proof Passport, Pan Card
Proof of Income 3-month payslip, 6 months bank statements
Others Completely filled out and signed form, Aadhar Card, Pan Card

Axis Bank Plot Loan fees for Salaried Individuals

Processing Fees: 

The processing fees for the Axis Bank Plot Loan is 2,500-5,000 rupees.

Pre-payment Charges

Adjustable-Rate Home Loans

  • No prepayment charges are necessary 
  • For loans sanctioned to individual borrowers with a co-applicant, prepayment charges are at 2% plus taxes.
  • The customer will have to submit documents that Axis Bank asks for, to confirm the source of the funds. 

Fixed-Rate Home Loans

  • No prepayment charges will be applicable 
  • The customer should submit documents that Axis Bank asks for. 
  • Prepayment charges will be 2% plus tax and charges of the outstanding amount should be prepaid through any financial institution or a bank. 

Fixed and Variable Rate Loans

Fixed and Variable Rate Loans (Combination rate)

 

  • During the Fixed Rate period:
    • The prepayment charges will be 2%, plus applicable taxes and statutory charges of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
    • The customer must submit documents that Axis Bank requests, to confirm the source of funds at the time of prepayment of the loan.
  • During the Variable Rate period:
    • No prepayment charges will be applicable
    • For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.

Conversion Fees

Name of the service Name of the charge/fee levied When payable Frequency Amount in rupees
Switch to a lower rate in Variable Rate Loans  Conversion fees On conversion On every spread change Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) Conversion fees On conversion Once Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of 50,000 rupees plus taxes whichever is lower.
Switch from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% of the principal outstanding amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change Half of the difference on the principal outstanding amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Cheque Dishonour Charges

The Cheque Dishonour Charges are 200 rupees.

Fees on Account of External Opinion

The external opinion is from technical advocates and the fees can be paid off directly to the person involved. 

Property Insurance

Customers are asked to pay a certain amount of money to the insurance providers. 

Incidental Charges

The incidental charges are used to cover certain extra expenses for a default customer. 

Statutory / Regulatory Charges

The customer is responsible to pay for any charges that are applicable on stamp duty/MOD/MOE/Central Registry of Securitisation Asset Reconstruction and Security Interest of India. 

List of Documents

Up to 500 rupees. 

Photocopy of Documents

Up to 500 rupees. 

Increase/Decrease in Loan Term

Up to 500 rupees. 

Disbursement Cheque Cancellation Charge Post Disbursement

Up to 200 rupees.

Re-appraisal of Loan After 6 Months from Sanction

Up to 2000 rupees plus applicable tax. 

PDC Swap

Up to 200 rupees. 

How to Apply for Axis Bank Plot Loan with Dialabank

  1. Visit Dialabank for a plot loan
  2. Visit the Axis Bank Plot Loan page.
  3. Check your eligibility
  4. Make sure you have the documents needed.
  5. Fill out the form and wait for an expert to connect with you. 

Plot Loan for Construction vs Home Loan

Parameters

Plot Loans with construction Home Loans

Tenure

Up to 15 years Up to 30 years

Tax Benefits

The plot loan and its benefits can be claimed after construction Home Loans qualify for a tax deduction on the payment of the actual amount.

Interest Rates

Similar to home loans but they can get higher Interest Rates start at 6.49%

LTV

Up to 70% of the property’s value Up to 90% of the property’s value

Prepayment Penalty

Nil for people with floating rates Nil for people with floating rates

How to Apply for Axis Bank Plot Loan with Dialabank

  1. Visit Dialabank for a plot loan
  2. Visit the Axis Bank Plot Loan page.
  3. Check your eligibility
  4. Make sure you have the documents needed.
  5. Fill out the form and wait for an expert to connect with you. 

Additional Tips to Apply for Axis Bank Plot Loan

  • Check their app or website for every information
  • Make sure you have all the documents.
  • Check your eligibility

Plot Loan with Construction VS Home Loan

Parameters Plot Loan with Construction Home Loans
Tenure Up to 15 years Up to 30 years
Tax The plot loan and its benefits can be claimed after construction Home Loans qualify for a tax deduction on the payment of the actual amount.
Interest Rates Similar to home loans The interest rate starts at 6.90%
LTV Up to 70% of the property value Up to 90% of the property value
Prepayment charges Nil Nil

FAQs

What is the plot loan interest rate of Axis Bank?

The interest rate of Axis Bank Plot Loan is 6.90%

What is Axis Bank Plot Loan?

Axis Bank Plot Loan allows one to purchase land to construct on it. Plot loans are of two types with each having specific functions.

How much processing fee is applicable on Axis Bank Plot Loan?

The processing fees on Axis Bank Plot Loan are 2,500-5,000 rupees.

What is the loan tenure of the Axis Bank Plot Loan?

Up to 30 years

How much EMI per lakh can be fixed on the Axis Bank Plot Loan?

Rs. 659 per lakh

How can I avail plot loan from Axis Bank?

You need to fulfill the eligibility criteria and provide the required documents. 

How to apply for Axis Bank Plot Loan?

You can visit Dialabank, open the Axis Bank Plot Loan page, and fill out the application form.

How to repay the Axis Bank Plot Loan earlier than the schedule?

You can make extra payments than the stipulated amount to repay the loan early.

Is it possible to repay my loan earlier than the schedule?

Yes, it is possible to repay the loan earlier than the schedule.

How to check Axis Bank Plot Loan eligibility?

You can check your eligibility using the eligibility criteria calculator on the Axis Bank website. 

What is the Axis Bank Plot Loan phone number?

If you have any questions about the Axis Bank Plot Loan, you can call 9878981144

What is the Plot Loan interest rate for women?

The plot loan interest rate for women is 6.90%

What is Axis Bank plot loan interest rates for salaried individuals?

The interest rate for Axis Bank Plot Loan for salaried individuals in Axis Bank Plot Loan is 7.05% to 8.0%

What is Axis Bank plot loan interest rates for self-employed individuals?

The interest rate for Axis Bank Plot Loan for self-employed individuals is 7.25% to 7.75%

What is Axis Bank plot loan interest rates for self-employed non-professionals?

Up to 7.25 to 7.75%

How is a plot loan different from a home loan?

A plot loan is availed to buy residential land while a home loan is taken to buy residential built-up/under-construction property. 

Can I take a plot loan with a home loan?

No. You can avail of either one of them. 

What is the maximum amount that I can take as a loan?

The loan amount is up to 70% of the property value.

Can a plot loan finance investment in any plot, anywhere?

 A plot loan can be financed only within municipal limits of pre-specified locations or, in cases of direct allotment by the concerned development authority, outside municipal limits.

What is a Balance Transfer on Plot Loan?

A home loan balance transfer can be availed at an interest rate starting from 6.75%.

Do I get any tax benefits on a plot loan?

No.

How many years can I keep the plot of land before starting construction?

If the plot loan has been taken specifically for construction, the construction should begin immediately. 

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