Axis Bank, one of India’s renowned banks, offers home loans at an easy-going interest rate. The value of your property or budget, location, assets and liabilities, credit score, and many other factors will determine the loan amount granted to you.

1. Top home loan schemes of Axis Bank

Home Loan Schemes

Special Feature

Loan Amount

Maximum Tenure

Axis Bank Home Loan

For both Indian residents and NRIs, salaried as well as self-employed applicants. 

No prepayment charges

Option to choose from fixed and floating interest rates.

Up to Rs.5 crore

30 years

QuikPay Home Loan

Reducing Monthly Instalments (RMI) to save interest and pay off more towards the principal component.

Up to Rs.5 crore

30 years

Shubh Aarambh Home Loans

Get 12 EMIs off on regular repayments, i.e. 4 EMIs waived off at the end of 4th, 8th, and 12th year.

Rs.1 lakh up to Rs.30 lakh

30 years 

Fast Forward Home Loan

Get 12 EMIs off on regular repayments, i.e. 6 EMIs at the end of 10th and 15th year.

Rs.30 lakh up to Rs.5 crore

30 years

Asha Home Loan

Affordable home loan for families with a minimum combined family income of Rs.8,000 per month

Rs.1 lakh up to Rs.35 lakh

30 years

Top-Up Home Loan

Get a top-up on the existing home loan or balance transfer from another bank for personal or business requirements

Rs.1 lakh up to Rs.50 lakh

Same as the outstanding home loan

Super Saver Home loan

This scheme comes with an overdraft facility to save total interest payable. Invest surplus funds in the account to earn interest and access it whenever required.

Rs.50 lakh up to Rs.5 crore

20 years on fully-disbursed loans; 22 years on partially disbursed loans

Power Advantage Home Loan

Interest for the first 2 years will be fixed. Later, the floating interest rate will be applicable.

Rs.5 crore

30 years 

Pradhan Mantri Awas Yojana

Interest subsidy on home loans for economically weak sections, low-income groups and medium-income groups.

Subject to applicant’s eligibility

30 years; subsidy provided up to 20 years

2. Interest rates of Axis Bank home loans

The interest rates provided in the table below are effective from 1 October 2020. The repo rate (RR) applicable as of 3 February 2020 is 4%.

Scheme

For Salaried Applicants

For Self-Employed Applicants

Regular Home Loans

Floating Rate: RR + 2.90% up to RR + 4.40%

Fixed Rate: 12%

Floating Rate: RR + 3.00% up to RR + 4.55%

Fixed Rate: 12%

Asha Home Loans

Floating Rate: RR + 6.05% up to RR + 7.00%

Floating Rate: RR + 6.30% up to RR + 7.50%

3. Features and benefits of Axis Bank home loan

  • Choose the correct scheme for you from the options available.
  • Home loan balance transfer facility is available.
  • No prepayment charges for paying off loans before the tenure for loans with a floating rate of interest.
  • Quick and transparent processing.
  • Special benefits for Premium banking customers.
  • Tenure up to 30 years to repay the loan.
  • Repay your home loan at reducing monthly instalments depending on the situation of your finances.
  • Avail attractive interest rates.
  • Fixed and floating home loan interest rates available as per your preference.

4. Who is eligible for Axis Bank home loans

Salaried individuals:

  • Individuals in permanent service in the government or reputed companies fall under the home loan eligibility criteria.
  • Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity. You can check the amount you need to pay as EMI with the home loan EMI Calculator.

Professionals:

  • Professionals, i.e. doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only can apply.
  • Applicants above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.

Self-employed individuals:

  • Any individual filing income tax returns can apply.
  • Applicants should be above 21 years of age at the time of loan commencement and up to 65 years or less at loan maturity.

5. Documents required for Axis home loans

Documents

Salaried Applicants

Self-Employed Applicants

Proof of Identity

Valid Passport/voter ID/driving license with photograph/PAN card/Aadhaar card

Valid Passport/voter ID/driving license with photograph/PAN card/Aadhaar card

Proof of Income

Last 3 months’ salary slip/certificate for a fixed salary/latest Form 16

Last 6 months bank statement/bank passbook of the salary account

IT Returns for the last 2 years along with computation of income certified by CA

Last 6 months’ bank statement for an operative account; both personal and business

Proof of Residence

Latest electricity bill/utility bill/gas bill/telephone bill (Not more than 2 months old)/Passport/Aadhar card/voter ID/driving license

Latest electricity bill/utility bill/gas bill/telephone bill (Not more than 2 months old)/Passport/Aadhar card/voter ID/driving license

6. Fees and charges

Description of Charges

Amount (Rs.)

Processing Fee

Up to 1% of the loan amount subject to a minimum of Rs.10,000

Penal Interest Rate

@24% per annum, i.e. 2% per month

Switching Fees (Base Rate/BPLR to MCLR)

When the effective rate is to be kept the same – No fees

When the effective rate is to be revised – 0.5% on outstanding principal; a minimum of Rs.10,000/-

Switching Fees (Floating Rate to Fixed Rate)

1% on the outstanding principal with a minimum of Rs.10,000/-

Switching Fees (Fixed Rate to Floating Rate)

2% on the outstanding principal amount

Switching Fees (Higher Floating Rate to Lower Floating Rate)

0.5% on outstanding principal with a minimum of Rs.10,000. The lower rate will be equal to the applicable carded interest rate only

Repayment Instruction/Cheque Return charges

Rs.500 per instance

Duplicate Amortization Schedule Issuance Charges

Rs.250 per instance

Issuance Charges of Credit Report

Rs.50 per instance

Charges on Customer-initiated Requests for Copies of Documents

Rs.250 per document set

Prepayment Charges for Floating-rate Loan

NIL

Prepayment Charges for Fixed-rate Loan

2% of the principal outstanding

7. Axis Bank home loan EMI calculator

Our home loan calculator is a convenient tool to calculate, evaluate and plan your budget.

8. Frequently asked questions (FAQs)

Q. How do I apply for a home loan with Axis Bank?

A. Follow these steps to get a hassle-free Axis Bank home loan:

Step 1: Visit the Axis Bank website or the loan relationship manager/executive at the nearest branch.

Step 2: Submit the application form with all supporting documents.

Step 3: The bank will process your application and send you the sanction intimation.

Step 4: The applicant needs to submit the property-related documents.

Step 5: The bank’s legal and technical teams will review them and confirm the home loan.

Step 6: Upon accepting the offered loan amount, the loan amount will be disbursed within the stipulated time.

Q. How long does it take from the time of application to the time of loan disbursement?

A. The whole process of loan application through disbursal would take around 15-20 days.

Q. What is the interest rate applicable for Loan Against Property?

A. In the Loan Against Property case, a floating rate of 9.50%-10% p.a. is applicable for term loans and 10%-10.25% p.a. for overdraft loans.

Q. How is my eligibility for a home loan decided by the bank?

A. The bank decides whether you are eligible for a home loan or not based on the following criteria:

  • Income of the applicant; family income in some cases.
  • Age of the primary applicant.
  • Number of dependants for the applicant.
  • Existing assets and liabilities.
  • Stability of the applicant’s occupation and income.

Q. What are the types of loan against property offered by Axis Bank?

A. There are four schemes offered under Loan Against Property:

  • Loan Against Property
  • Lease Rental Discounting
  • Overdraft Facility Against Property
  • Reverse Mortgage Loan

Similar Banks Offering Home Loans

ICICI Bank  Kotak Bank  HDFC Bank  Central Bank of India
PNB Bank  Andhra Bank  Corporation Bank  Union Bank 
IDBI Bank  Yes Bank  Bank of India  CitiBank 
HSBC Bank  RBL Bank SBI Home Loan Tax Benefit

 

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