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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.
|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 chargesOption 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|
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%|
|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 16Last 6 months bank statement/bank passbook of the salary account||IT Returns for the last 2 years along with computation of income certified by CALast 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|
|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 feesWhen 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|
Our home loan calculator is a convenient tool to calculate, evaluate and plan your budget.
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.
The whole process of loan application through disbursal would take around 15-20 days.
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.
There are four schemes offered under Loan Against Property:
The bank decides whether you are eligible for a home loan or not based on the following criteria:
|SBI Bank||HDFC Bank||ICICI Bank||Indian bank|
|AXIS Bank||KOTAK Bank||Union Bank of India||Canara Bank|
|Bank of Baroda||IDBI Bank||Bank of India||Andhra Bank|
|Central Bank of India||Allahabad Bank||PNB|
|Syndicate Bank||Corporation Bank||RBL Bank|