Axis Burgundy Account Query regarding TRV

[R!ppEr]

hey Guys,

So if i take a 55L home loan from Axis, will my existing account be converted to Burgundy based on the TRV value?

Thanks!

 

[SoN!c]

Nope. Only Liability and Investment Relationship will be considered. Not loans.

 

[Dragon_slayer]

You need to maintain 10L in savings or 30 Lakh in FD for burgundy. Loans dont count

 

[R!ppEr]

oh okay thanks for that info! 🙁

 

[anirbanm]

hey Guys,

So if i take a 55L home loan from Axis, will my existing account be converted to Burgundy based on the TRV value?

Thanks!

Approach your RM

 

[RajBlr]

Approach your RM

@amar666 - As @anirbanm said, get hold of your RM/BM and see how this can be done, as Burgundy does talks about a Liability relationship but it is not clearly put it in the Document in black & white. Terms may be needs to be explored.


Doc - https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

 

[SoN!c]

@amar666 - As @anirbanm said, get hold of your RM/BM and see how this can be done, as Burgundy does talks about a Liability relationship but it is not clearly put it in the Document in black & white. Terms may be needs to be explored.


Doc - https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf

View attachment 10223

They mean to say liability for the Bank, any deposits that we make with the bank are classified as liabilities for them. Loans, on the other hand, are considered assets for the Bank so a home loan will not be considered under the category mentioned above.

 

[RajBlr]

They mean to say liability for the Bank, any deposits that we make with the bank are classified as liabilities for them. Loans, on the other hand, are considered assets for the Bank so a home loan will not be considered under the category mentioned above.

Hmm...What happens if this Loan gets converted into a Overdraft current account loan(smartloan/homesaver sort of scheme)?

Will that work?

 

[BCh]

Interesting that they consider PPF also.

 

[SoN!c]

Hmm...What happens if this Loan gets converted into a Overdraft current account loan(smartloan/homesaver sort of scheme)?

Will that work?

Lol, that is still an asset for the Bank, smart loan/homesaver basically means that the loan outstanding is reduced for the time that you have parked funds there so you pay less interest. It is still a loan on the Banks books.