Axis Bank Home Loan
Axis Bank Home Loan makes your dream of owning a house a reality. The Axis Bank Home loan has been boosted with many facilities like an easy application process, alluring interest, doorstep service, and smaller EMIs where you can space out your payment over the long term. Moreover, there aren’t any prepayment charges.
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Features & Benefits of Axis Bank Home Loan
Looking for a flexible, efficient, and reliable way to finance your dream home? Apply for an Axis Bank home loan designed to turn your dreams into reality. Here’s why:
- Versatile Home Loan Options: From buying a new home and constructing your dream house to refurbishing your current dwelling – whatever your housing need, there’s an Axis Bank home loan.
- High Quantum of Financing: No dream is too big. Axis Bank offers high-value loans, allowing you to finance your dream home without compromising.
- Flexible Tenure: Stress less about repayments! Choose a repayment tenure that suits your financial planning, extending up to several years.
- Competitive Axis Bank Home Loan Interest Rate: Get the best value for your money. Enjoy competitive interest rates on your home loan – choose from fixed or floating rates based on your comfort.
- Balance Transfer Facility: Not satisfied with your current home loan provider? Switch to Axis Bank and enjoy superior services along with the benefit of competitive interest rates.
Eligibility Criteria for Axis Bank Home Loan
Unleash the dream of owning your home with an Axis Bank home loan! Check out these handy pointers that will help you understand the eligibility criteria and factors affecting your application:
- Be a Resident Indian or Non-Resident Indian (NRI).
- Be between 21 and 65 years of age.
- Have a regular source of income, either self-employed or salaried.
- Maintaining a good credit score is a key component that significantly influences your home loan approval.
- Meet the necessary property valuation criteria.
Factors Affecting Your Axis Bank Home Loan Eligibility
- Income: Your ability to repay the loan is vital. A steady, high-income stream enhances your chances of securing a loan with attractive terms.
- Credit History: A clean record of timely credit payments and a high credit score greatly improve your chances of success when you apply for an Axis Bank home loan.
- Age: Your age impacts the loan tenure. The younger you are, the longer the potential loan tenure, increasing your loan eligibility.
- Property Value: The market value of your buying property impacts your loan eligibility. A property in a good location with a high resale value often increases your eligibility.
- Current Liabilities: If you have existing loans, your eligibility for a new loan could be affected as it impacts your overall debt-to-income ratio.
Axis Bank Home Loan Fees and Charges
Applying for an Axis Bank Home Loan? Here are the fees and charges that you will need to adhere to.
| Particulars | Applicable charges (exclusive of GST) |
| Processing Fees | Up to 1% of the loan amount, subject to a minimum of Rs. 10,000 |
| Prepayment fees, including a partial prepayment for a loan with a fluctuating rate | Nil |
| Charges for a fixed-rate loan’s prepayment | 2% of the principal outstanding |
| Penal Interest Rate | 24% per annum, 2% per month |
| Switching Fees (Base Rate/BPLR to MCLR) | When the effective rate is to be kept the same – No fees When an effective rate is to be revised – 0.5% on the outstanding principal, with a minimum of Rs. 10,000 |
| Switching Fees (Floating Rate to Fixed Rate) | 1% on the outstanding principal with a minimum of 10,000/- |
| Switching Fees (Fixed Rate to Floating Rate) | 2% on the outstanding principal amount |
| Repayment Instruction/Cheque Return Charges | Rs. 500 per instance |
| Cheque/Instrument Swap Charges | Rs. 500 per instance |
| Duplicate Statement Issuance Charges | Rs. 250 per instance |
| Duplicate Amortization Schedule Issuance Charges | Rs. 250 per instance |
| Duplicate Interest Certificate (Provisional/Actual) Issuance Charges | Rs. 250 per instance |
| CERSAI charges | For loans up to Rs. 5 lakh – Rs. 50 For loans above Rs. 5 lakh – Rs. 100 |
| Loan Cover/ Insurance | Compulsory |
Documents Required for Axis Bank Home Loan
To validate your eligibility and expedite your loan approval process, here are the documents you need to prepare:
- Identity Proof: This could be your Aadhar Card, PAN Card, Passport, or Driving License.
- Address Proof: Documents like Electricity Bills, Telephone bills, and Ration cards can be submitted as proof of residence.
- Income Proof: For salaried individuals, this includes your last three months’ salary slips, Form 16, and bank statements for the last six months. Self-employed individuals must provide their Income Tax Returns for the last three years and bank statements of the last six months.
- Property Documents: You must provide documents related to the property you intend to purchase. These include the Sale Deed, Agreement to Sell, and the NOC from the builder or society, among other things.
Types of Axis Bank Home Loans
Axis Bank offers borrowers an affordable and easy option to apply for home loans with its different schemes to suit different needs best. With competitive interest rates, extended repayment options, and added benefits like EMI waivers, Axis Bank’s housing loan ensures that your homeownership path is simple and rewarding. Discover the diverse section of Axis Bank home loan products below:
Shubh Aarambh Home Loan
| Loan Amount | Up to ₹30 lakhs, perfect for first-time homebuyers |
| Best Features |
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| Tenure & Interest Rate | Up to 30 years with interest rates starting at 8.75%*. |
Fast Forward Home Loan
| Loan Amount | From 30 Lakh to 5 Crores for premium homebuyers |
| Best Features |
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| Tenure | Flexible tenure options of up to 30 years |
👉 Explore more about Fast Forward Home Loan by Axis Bank.
Asha Home Loan
| Loan Amount | Affordable options start from just 1 lakh to ₹35 lakhs. |
| Best Features |
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| Tenure | Tenure up to 30 years and interest rate starting at 10.05%. |
👉 Explore more about Asha Home Loan.
Top-up Home Loan
| Loan Amount |
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| Best Features |
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| Tenure & Interest Rate | Linked to your existing home loan tenure, with competitive top-up rates starting at 8.75%*. |
Super Saver Home Loans
| Loan Amount | 10 lakhs to 5 crore. |
| Best Features |
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| Tenure & Interest Rate | Tenure up to 22 years, with floating interest rates applicable*. |
👉 Explore more about Super Saver Home Loan by Axis Bank.
Quikpay Home Loans
| Loan Amount | Up to ₹5 crore for those looking for structured payments |
| Best Features |
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| Tenure | Up to 30 years. |
24×7 Home Loan Top Up
| Loan Amount |
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| Best Features |
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| Tenure | Flexible tenure up to 15 years based on the existing loan. |
Disclaimer: Interest rates, processing fees, and other charges are subject to change by Axis Bank. Please contact Axis Bank for the latest updates on applicable rates, fees, and terms.
How Does the EMI Calculation Works for Axis Bank Home Loan?
Understanding how Equated Monthly Installments (EMIs) are calculated for your home loan can help you better plan your budget and manage your finances. When you take out a home loan from a company like Axis Bank, the repayment is usually done as EMIs. Here’s a simple explanation of how EMI calculation works:
First, let’s define an EMI. An EMI, or Equated Monthly Installment, is a fixed amount of money you must pay to the lender every month until the loan is fully repaid. The EMI consists of the principal amount (the actual loan amount) and the interest on the loan.
The EMI calculation formula used by most banks and financial institutions, including Axis Bank, is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
- P stands for the principal or the amount that you have borrowed.
- R is the rate of interest divided by 12 (for monthly interest) and further divided by 100 (to convert it into a decimal figure).
- N is the tenure of the loan, i.e., the total number of months in which you plan to repay the loan.
Let’s say you’ve borrowed Rs. 10,00,000 at an annual interest rate of 8% and plan to repay the loan over a period of 20 years (or 240 months). Here’s how the EMI would be calculated:
- P = Rs. 10,00,000
- R = (8/12)/100 = 0.00667
- N = 240
By plugging these values into the EMI formula, your monthly EMI would be approximately Rs. 8,364.
Balance Transfer Axis Bank Home Loan
A balance transfer of a home loan is a service that allows you to transfer the outstanding principal amount of your existing home loan from one lender to another. The primary reason for this is usually to take advantage of lower interest rates offered by the new lender.
How does Axis Bank Home Loan Balance Transfer Work?
First, inform your current lender about your intent to switch to Axis Bank. Once they consent, they will issue a consent letter, a No Objection Certificate (NOC), and a statement specifying the outstanding amount.
After you submit this to Axis Bank, they will review your application, do the necessary credit appraisals, and if found satisfactory, they will sanction your loan. Post this; Axis Bank will pay the outstanding amount to your current lender. Once that’s done, your home loan will be transferred to Axis Bank, and your further EMIs will go to them instead of your previous lender.
FAQs
Yes, Axis Bank offers home loans with low-interest rates starting at 8.1 percent.
For salaried employees, Axis Bank offers home loans at an interest rate starting from 8.1 percent. For self-employed individuals, the interest rate starts from 8.1%.
Yes, Axis Bank takes the CIBIL score into consideration for determining the eligibility of and the interest rate that can be offered to the loan applicant.
At a minimum, you can avail of a home loan amount of INR 3 lakhs.
Yes, you can take two home loans at a time, as the government has not specified any rules for the same.
The loan repayment period starts the very next month on the specified date when your requested amount gets disbursed in the associated loan account.
Axis Bank offers floating as well as fixed interest rates on home loans.
A Pre-EMI interest is an interest on a loan amount disbursed by the bank. It is payable every month. It includes the initial date of the loan amount disbursement to the commencement date of the EMIs payment.