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Axis Bank Home Loan

Home Loan Bank Information

Bank Name
Interest
Tenure
Processing Fees
Kotak Mahindra Bank
6.5%
1 - 20
YEARS
Rs 20000
+ GST
HDFC
6.7%
1 - 30
YEARS
Rs 3000
+ GST
Bajaj Housing Finance
6.8%
1 - 20
YEARS
0.3 %
+ GST
LIC Housing Finance
6.9%
0 - 30
YEARS
Rs 10000
+ GST
See More Offers

Table of Contents

Introduction

A home loan is money that is borrowed by an individual from a bank or a money lending institution. The borrower agrees to repay off the principal amount along with interest added in the form of an EMI that he pays each month. The money lending company will keep the property as a security and then lend the borrower the home loan.

The property for which one may apply for a home loan can be personal or commercial property. If the borrower is not able to pay off the loan, then the lender has the right to possess the legal rights of the property to recover any outstanding loan amount by the sale of the property that is in question.

The home loan can be of many types. You can use the home loan to purchase a property, and there are also home loans that can be used to improve your home. There are loans givens to buy a plot and then construct a house on it. You can take the home loan either individually or jointly with a family member or close relative.

Axis Bank offers home loans at a very attractive rate of interest. The approval process is fast in case all your documents are in place. There are options to apply for the loan either online or offline. With Axis Bank, you can fulfill your long term dream of having your own home. The home loans from Axis Bank start at Rs.300000. The home loan schemes offer many benefits, and the EMI is also small and flexible, which the borrower can get customized based on his paying capability. You can space out the tenure of loan repayment with the Axis Bank home loans. The bank also offers other benefits like doorstep service where you would get all the formalities of loan application done at your home without you having to approach a bank. The bank offers quick processing of the home loan and flexible loan options, which make it stress-free for the borrower.

The affordable and flexible home loans that are offered by Axis Bank take you a step closer to owning your dream home. You can choose the loan amount, the tenure of loan repayment and also choose between the fixed and the floating rate of interest. Make use of the EMI calculator that gives you an estimate of the monthly EMI that you will have to pay. Axis Bank offers a range of home loan schemes and offers on EMI waivers. You can choose what works best for you.

 

Axis Bank Home Loan Features

Below mentioned are some of the exciting features of the home loan that is offered by Axis Bank:

  • Flexible rate of interest where the borrower can choose between fixed and floating interest rates.
  • Balance transfer schemes that are available at the bank.
  • Doorstep service which makes it easy and convenient for the borrower to avail a home loan.
  • There are no prepayment charges. This means that you can prepay the loan at any time you want without incurring any penalty. This option is valid if you take a floating rate of interest.
  • Loan repayment tenure can be extended to even 30 years.
  • You also get the eDGE loyalty points when you take the home loans. This is based on the disbursement amount.
  • The EMI amount can be customized and made a minimum.
  • The minimum loan amount from Axis Bank is 3 lakhs.
  • You can choose between the floating and the fixed rate of interest.
  • The interest rate is low. The home loan starts from 8.90%, and this, in turn, reduces your monthly EMI.
  • You also have the option to transfer any existing loan balance to Axis Bank using the balance transfer with ease facility.
  • The processing is transparent, and the service is quick.
  • The interest rate that the bank charges are affordable and reasonable.
  • The borrower can choose the interest rate option based on what his perception about interest rates is.
  • There is no upper limit on the borrowing capacity of the home loan borrower. All that the bank checks are the repayment capacity of the borrower.
  • The premium banking customers like the Wealth, Priority, and Burgundy are given extra benefits in the charges and rates when they take the Axis Bank home loans.

 

Axis Bank Home Loan Interest Rates

The Axis Bank home loan helps to fulfill your dream of having your own home. The bank offers a very attractive rate of interest for the salaried and the self-employed individuals.

Those who are worried about the high rate of EMI need not anymore. Axis Bank makes sure to customize the home loan as per the needs of the borrower. The entire process takes just a few minutes, and the loan amount gets credited into your bank account in hours.

You must be aware of the various loan schemes, so you know what best suits your needs.

 

For salaried individuals

Loan Slab Interest Rates Per Annum
Floating rate
Loan amount upto Rs. 30 Lakhs 8.90% p.a.
Loan amount upto Rs 75 Lakhs 9.05% p.a.
Loan amount above Rs 75 Lakhs 9.10% p.a.
Fixed-rate (for 20 years) for any value 12.00%

 

For self-employed individuals

Loan Slab Interest Rates Per Annum
Floating rate
Loan amount upto Rs. 30 Lakhs 8.95% p.a.
Loan amount upto Rs 75 Lakhs 9.10% p.a.
Loan amount above Rs 75 Lakhs 9.15% p.a.
Fixed-rate (for 20 years) for any value 12.00%

Note: Interest rates are as of 2019

 

Eligibility Criteria for Axis Bank Home Loan

Axis Banks sets out some criteria before it decides whom to give the home loan. These are not very strict still the borrower has to meet these requirements to be eligible for the home loan.

Among the factors that Axis Bank considers the crucial ones are to check the income of the applicant, the age of the primary applicant, and the number of dependents that the applicant has to support. This is closely looked at by Axis Bank. The applicant’s assets and liabilities and the stability, as well as the continuity of job of the primary borrower, are checked before the home loan is sanctioned to him.

It is important that you first understand the eligibility criteria so that you are sure of the loan amount getting disbursed.

There are separate criteria for the salaried and non-salaried personnel who are applying for the Axis Bank home loan.

 

Salaried individuals

Age requirements Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation
Services Individuals in permanent service in the Government or reputed companies

Professionals

Age requirements Applicants above 21 years of age at the time of home loan commencement and up to 65 years or less at the time of home loan maturity
Services Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only)

 

Self-employed individuals

Age requirements Applicants above 21 years of age at the time of home loan commencement and up to 65 years or less at the time of home loan maturity
Services Any individual filing income tax returns can apply

 

Axis Bank Home Loan Schemes

A number of people stay in India from different backgrounds. They belong to a different culture and economic levels. They could be salaried, self-employed, professionals, and staying in metros or rural areas. All these are an important part of our working population, and each of them has its requirements.

There is no one size of home loan that will fit all. This is why Axis Bank has come up with different home loan schemes to suit the needs of the different economic classes of the society.

Axis Bank Home Loan Scheme Floating Rate Interest Rate Per Annum
Home Loan 8.90% p.a. – 9.10% p.a.
QuikPay Home Loan 9.05% p.a. – 9.25% p.a.
Power Advantage Home Loan 8.95% p.a. – 9.15% p.a.
Shubh Aarambh Home Loan 8.90% p.a.
Fast Forward Loan 8.90% p.a. – 9.10% p.a.
Asha Home Loan 10.05% p.a. – 10.60% p.a.
Empower Home Loan 9.55% p.a.
Super Saver Home Loan 9.20% p.a. – 9.35% p.a.
Top-Up Home Loan Starting from 8.90% p.a.

 

Axis Bank Home Loan Scheme Fixed Rate Interest Rate Per Annum
Home Loan 12% p.a.
QuikPay Home Loan NA
Power Advantage Home Loan 9.10% p.a.
Shubh Aarambh Home Loan 12% p.a.
Fast Forward Loan 12% p.a.
Asha Home Loan 12% p.a. – 12.50% p.a.
Empower Home Loan NA
Super Saver Home Loan NA
Top-Up Home Loan 12% p.a.

 

The fixed rate home loan can be taken for a maximum tenure of 20 years.

 

Axis Bank Home Loan Types

Axis Bank offers many products under its home loan category. These are the different types of home loans offered by Axis Bank.

 

Axis Bank Home Loans

The features of the Axis Bank home loans are:

  • Flexible tenure, quick service and transparent processing.
  • Reasonable and affordable rate of interest.
  • Fixed and floating interest rate option under the home loan scheme. The borrower gets to choose the type of interest rate that he wants.
  • A minimum amount of home loan of 3 lakhs. There is no limit on the maximum amount of home loan that the borrower can avail.
  • Balance transfer scheme also available under the Axis Bank home category. This means that if one is not satisfied with any existing home loan then they can get their home loan transferred to Axis Bank. This can be done without any hassle.
  • Doorstep loan service that saves the customer from visiting an Axis Bank branch personally. This is convenient and saves a lot of time. The executive from the bank comes to the client’s house to complete the home loan formalities.
  • No prepayment charges in case the borrower wants to prepay the home loan amount. This, however, is a facility offered to those who have opted for the floating rate of interest.
  • Property, Wealth, and Burgundy home loan customers get the benefit of special charges and rates when they take a home loan from Axis Bank.
  • The bank offers loan repayment tenure of 30 years. This helps to lower the EMI amount.
  • The eDGE Loyalty Points Program is awarded when the home loan borrower takes a top-up home loan from Axis Bank. These points are given every year when the home loan is availed.
Loan amount Minimum of Rs 3 lakh
Rate of interest salaried
  • 8.90% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)
Rate of interest self-employed
  • 8.95% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)

 

Axis Fast Forward Home Loans

The Axis Fast Forward Home Loan Is a different kind of home loan that is offered by Axis Bank. In this case, if the borrower pays the home loan regularly, then the last 12 EMIs will be waived off by the bank. Here are some other features of the Axis Fast Forward Home Loans:

  • The home loan that you can take under this category applies to the homes under construction or is ready for resale. It can also be used to purchase a plot or for improvement or extension of the home.
  • The home loan borrower can avail a minimum amount of 30 lakhs under this scheme. There is no upper limit. The minimum amount of loan granted will depend on the borrower’s ability to pay and on his income.
  • The last 12 EMIs will be waived off in case the borrower has paid all the other EMIs on time. There is no extra charge for the same.
  • The rate of interest is the standard rate of interest, and there will be no additional interest in it.
  • The bank offers a facility of balance transfer on this scheme. This is where the borrower can switch to Axis Bank if he is not satisfied with the EMI that he is paying to some other bank. The existing home loan can be easily transferred to Axis Bank without any problems.
  • The borrower can opt for the doorstep facility.
  • The borrower can pay off the loan amount in advance. This may not involve any charges. However, the applicant can repay the loan only if the tenure of the loan does not fall below 180 months.
  • The processing method is quick and easy, and the disbursement happens fast.
Loan amount Loans of up to Rs 30 lakh
Rate of interest salaried
  • 8.90% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)
Rate of interest self-employed
  • 9.05% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)

 

Axis Empower Home Loans

The Axis Empower Home Loans are offered to the self-employed customers who can get the home loan immediately. This is only if they have a good track record of loan repayments. The features of this loan are:

  • The loan can be used to purchase a house under construction or which is on resale. It can also be used for the purchase of plot or renovation. The loan interest rate starts at 9.25% p.a.
  • The minimum loan amount is 10 lakhs, and the maximum is 15 lakhs.
  • If the applicant has a good repayment record, then the borrower gets 3 rate reductions.
  • The bank offers a facility of balance transfer on this scheme. This is where the borrower can switch to Axis Bank if he is not satisfied with the EMI that he is paying to some other bank. The existing home loan can be easily transferred to Axis Bank without any problem.
  • The borrower can opt for the doorstep facility.
  • The borrower can pay off the loan amount in advance. This may not involve any charges. However, the applicant can repay the loan only if the tenure of the loan does not fall below 180 months.
  • The processing method is quick and easy, and the disbursement happens fast.

 

Shubh Arambh Home Loans

The Shubh Arambh Home Loans is for those customers who pay regular EMIs, and they get their last 12 EMIs waived off. The features of this loan scheme are:

  • The loan can be used to purchase a house that is under construction or which is on resale. It can also be used for the purchase of plot or renovation.
  • At the end of the 4th, 8thand 12th year the client can get 4 EMIs waived off, and if the repayment track is good then12 EMIs waived on extra cost.
  • The borrower can lower the EMI by opting for the 30-year tenure.
  • Those who are eligible for the PMAY (Pradhan Mantri Awas Yojana Scheme) can avail interest rate subsidy under this scheme.
  • The tenure to prepay the loan should not fall below 4 years.
Loan amount Loans of up to Rs 30 lakh
Rate of interest salaried
  • 8.90% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)
Rate of interest self-employed
  • 9.05% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate for 20 years)

 

Axis Asha Home Loans

The Axis Asha Home Loans is a home loan for small-time borrowers. This is a tailor-made home loan.

  • This loan is available for purchasing a house which is under construction. It can also be used to buy a house that is ready for resale. The housing loan can also be used for the construction of a house or to purchase a plot.
  • At the end of the 4th, 8thand 12th year, the bank will waive off 4 EMIs. The bank will excuse 12 EMIs with extra cost if the borrower has a good repayment record.
  • The EMI of this loan is affordable since the maximum repayment tenure is 30 years.
  • The loan amount that can be availed is maximum of 28 lakhs. The bank will fund 90% of the value of the property.
  • The loan can be used for a small house, which is 200 sq. ft. in MMR and 300 sq.ft.in major cities and NCR.
  • Individuals who have combined family income of family Rs. 8000 or Rs. 10,000 can apply for this loan. This lets the entire family contribute towards this loan.
  • This can be customized, and many projects can be bought with this loan.
  • The interest rate is affordable and suitable to meet the borrower’s repayment capacity.
  • The loan is available for home loan transfer. This is where the borrower can switch to the Axis Bank loan in case he is not satisfied with the home loan of some other bank.
Loan amount Maximum loan amount of Rs 28 lakh
Rate of interest salaried
  • 10.05% p.a. onwards (floating rate of interest)
  • 12 to 12.50% p.a. (fixed rate for 20 years)
Rate of interest self-employed
  • 10.30% p.a. onwards
  • 12 to 12.50% p.a. (fixed rate for 20 years)

 

Axis Super Saver Home Loans

Under the Axis Super Saver Home Loans, the borrower can save on the interest payment on the money that he has borrowed, the loan has these features:

  • The borrower can park any surplus cash in the Super Saver Account. This reduces the loan balance that is effective and also reduces the interest. The borrower can withdraw this surplus amount when needed.
  • With the loan, the borrower gets a phone and internet banking facility as well as a cheque book
  • The floating rate is applicable, so the rate of interest is low.
  • The maximum tenure of this loan is 20 years.
  • The borrower can transfer any outstanding balance with any other bank to Axis Bank home loan.
  • There are no prepayment charges on this loan type. Even though prepayment is allowed, it is best if you keep the higher surplus fund so that it reduces the liability of outstanding loan amount. It also reduces the incidence of interest chargeable.
Loan amount Minimum loan amount of Rs 50 lakh
Rate of interest salaried 9.20% p.a. onwards
Rate of interest self-employed 9.20% p.a. onwards

 

Axis Bank Home Loan for NRI or PIO

Axis Bank NRI Home Loan

Axis Bank offers home loan to the Non-Resident Indians as well. The benefit of this loan is that the processing fee is minimal, and the tenure is flexible. The process is also absolutely hassle-free.

Rate of interest salaried
  • 8.90% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate)
Rate of interest self-employed
  • 8.95% p.a. onwards (floating rate)
  • 12% p.a. (fixed rate)

 

Housing Loan for High-net-worth Individuals

The Axis Bank home loans are available to one and all if they meet the eligibility criteria. Since there is no upper limit on the Axis Bank home loans, this means that there is no problem for the HNI individuals to get a loan from Axis Bank. Just make sure that your documents are in place. This will ensure quick disbursal of Axis Bank home loan.

The Business, Wealth, and Burgundy clients can also avail interest rates benefits.

 

Amount of loan that can be taken under this loan scheme

Getting the Axis Bank home loan is an easy and transparent process. Some lenders, however, are wary of giving loan to the elite class who fall under the HNI category. This is because they are borrowers of higher value and the bank fears about government security and regulations. The good news is that Axis Bank offers easy home loan to the HNI clients as well. They need to make sure that their documents are in place.

Loans ranging to more than 5 crores can be availed under this scheme.

 

Axis Bank Home Loan for NRIs

Home loan eligibility for NRIs or PIOs

Axis Bank offers loans to the NRI or Non- Resident Indians. They also offer home loans to the PIO or Person of Indian origin and OCI or Overseas Citizen of India. Axis Bank, however, does not offer home loan to Citizens of China, Pakistan, Iran, Nepal. Bhutan, Bangladesh, Sri Lanka, and Afghanistan.

When it comes to taking the NRI Axis Bank home loan, make sure that you understand its various features.

The NRI home loan offers the most attractive rate of interest, and this is the best return on your investment. The NRI home loan plan from Axis Bank comes with the least amount of processing fee, and the repayment tenure is flexible. The features of the NRI home loan from Axis Bank are:

  • Attractive Interest Rates.
  • Minimal Processing Fees.
  • Flexible Tenures.
  • Transparent Processing.

Axis Bank is the third-largest private sector bank in India offers a range of banking and financial products. They specialize in providing home loans to its clients at an attractive rate of interest. They also focus a lot on the home loan that is offered to the NRIs. These loans have many benefits attached to them.

 

The reasons why an NRI may want to buy a property in India are:

  • They conduct business regularly and may want a place where they can stay when they are in India.
  • They must have a family in India who wants to buy a home.
  • They want to earn money by investing in the lucrative real estate market in India.

It could be any of the reason, however, to buy a home in India the NRI needs a housing loan, and this is where they can approach Axis Bank for the NRI home loan to buy a house in India.

 

Axis NRI Home Loan Interest Rates and Charges

To avail the NRI home loan from Axis Bank, you need to be aware of the rate of interest that the bank charges on the home loan. The rate of interest is 8.90% to 9.05% with a mark-up percentage. This accompanies the marginal cost of funds-based lending rate or MCLR.

 

Axis Bank Home Loan Interest Rate for Salaried and Self-employed NRIs
Loan Amount Category Salaried Self-employed
Up to Rs 30 lakh 8.90% 8.95%
Up to Rs 75 lakh 9.05% 9.10%
More Than Rs 75 lakh 9.10% 9.15%

The rate of interest, as mentioned above, is subject to change, and this is under the discretion of the bank and the RBI.

 

Axis Bank NRI Home Loan Eligibility

Age Should be between 24 and 60 years.
Work experience At least 6 months outside India and 2 years including the work experience in India
Minimum Income Eligibility for Axis Bank NRI Home Loan
For GCC countries AED 5000 per month
Other Countries & USA USD 3000 per month
For Merchant Navy USD 2000 per month for 9 months

 

Features of Axis Bank NRI Loan

  • Low processing fee.
  • Loan tenure from 1 year up to 25 years.
  • A fixed home loan rate for the complete term of the loan or a floating interest rate that change according to market rate.
  • Apply for a top-up loan if you have already availed an NRI Home Loan. This can be borrowed on the same rate of loans the existent home loan.
  • Repay through an electronic clearing system (ECS), standing instruction (SI), or a post-dated check from your NRO/NRE account.

 

Documents Required for Axis Bank NRI Home Loan

  • Copy of passport and the employment visa.
  • Salary proof for the last 3 months.
  • Letter of appointment /contract/ bond.
  • Proof of overseas residence. This can be the bank statement, electricity bill, lease agreement.
  • Bank statement of your salary deposit account and your NRO/ NRE account for 6 months.
  • A general power of attorney.

 

NRI Loan Application Process

After the eligibility for the NRI customer is checked, the bank will schedule a meeting with him. The NRI has to submit the documents and the property-related documents when the loan is approved. The NRI home loan will be credited after the technical and legal staff from Axis Bank review it.

 

How to Apply for Axis Bank Home Loan

  • One who wants to apply for the Axis Bank housing loan has to fulfill the eligibility criteria of the bank. The applicant needs to log in to the Axis Bank website to understand if he is eligible for the housing loan.
  • The bank will approve of the loan after it does the necessary checks. The applicant needs to make sure that he provides the correct details for quick approval and disbursement of the loan.
  • The applicant needs to complete the document and wait for the bank to verify the details.
  • The applicant can also apply for the home loan offline. They can go to the Axis Bank directly and then apply for the loan. The CIBIL score will be checked, and the property value will be assessed. The bank will then do some checks before granting you the loan.
  • If you already have a savings account of Axis Bank, then this process becomes easier. The loan amount gets credited into your account once it gets approved.

 

Checklist of Documents for Axis Bank Home Loan

If you want to apply for an Axis Bank home loan, then make sure that these documents are in place.

Mandatory Application form, PAN card
Proof of Identity Passport, Voter ID, Aadhar, or any govt. approved document
Proof of Address Aadhar, driving license, voters id, etc.
Date of Birth Proof PAN card, birth certificate, driving license, etc.
Signature Proof Passport, pan card
Income Proof for the Salaried
  • Payslip for 3 months
  • In the case of variable payment, 6 months payslip or 2 yrs bonus proof
  • 6 months of bank statement that shows credit of salary
  • A  proof of employment continuity or 2 yrs Form 16
  • For the salaried NRI :
    • 3 months of payslip
    • Appointment letter or the contract letter
    • Domestic NRE/NRO a/c statement of 6 month
    • international salary or a/c statement of 6 month
    • Credit report of Overseas
    • POA details
    • Passport copy
    • Valid visa copy/OCI card
Proof of income (self-employed)

2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

For Asha Housing Loan – 1 yr ITR,

The income Computation, P&L, and Balance sheet should have CA seal and sign

Tax Audit Report is required if Gross Turnover is more than Rs 1 Cr or if the Gross Receipts is more than 25 Lakhs

Bank statements of the borrowers personal and business accounts for 6 months

If the ITR is filed without any digital sign, then the borrower has to show CPC, and the tax paid challan

Proof of business continuity

 

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