Axis Bank - 7.50% for Home Loan - Resale Property Home Loan

Axis Bank Home Loan:

Axis Bank offers housing loans to people who want money to purchase a house, home renovation, and home extension, etc.

The house itself acts as a security to the loan.

Taking a loan from Axis Bank has the following benefits:

1. Overdraft facility to save interest

2. Special schemes with 12 EMIs waive

3. Low processing fee

4. Nil prepayment charges

5. Avail top-up at home loan rates

 

Axis Bank Home Loan Details:

Interest Rate

7.50%*p.a.

Processing Fee

Salaried Rs.11800/-
Self-employed - min. 0.35% with approval

Max Tenure

30 years

Age

Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self-employed

 

Axis Bank housing loan interest depends upon:

 

1. Loan amount:

The housing loan rate in Axis Bank depends upon the loan amount you apply for Higher the loan amount, the lesser will be the rate.       

 

2. Your Salary: 

 Income helps you identify your rate of interest.

 The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate.

 

3. Type of loan opted for: 

 Axis Bank also offers differential rates for women borrowers. 

 Also under their fixed and floating rate schemes.

 The rate of interest may be higher or lower under their special or popular loan product offers.

 

4. Existing bank customers:  

Axis Bank offers one of the lowest home loan rates to its existing bank account.

 Customers given their past relationship with the bank.

 

Axis Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from Axis Bank also carry some other charges which include:

 

1. Processing Fee:

Axis Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

 2. Technical and Legal Charges:

Axis Bank also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Axis Bank rules.

 

 3. Prepayment Charges:

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Axis Bank.

 As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans.

Hence, you can prepay your home loan with Axis Bank at Nil charges.

 

Axis Bank Housing Loan:

Apply:

Apply for an Axis Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Axis Bank rates with other banks before choosing the best deal for your home loan needs.

 

Axis Bank Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Passport Size Photo.

3. ITR of the last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed: 

1. Fill up THE loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof,

Profit and loss account and balance sheets certified by CA, copy of partnership deed

And proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Home Loan Axis Bank Schemes:

Axis Bank Housing Loan

Purpose: Axis Bank offers a regular home loan scheme to Resident Indians and NRIs for purchasing/constructing/renovating houses.

Loan Amount: Rs 3 lakh-Rs 5 crore

LTV Ratio:

Particulars    Details
Loan amount up to Rs 30 lakh    Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh    Up to 80% of property cost
Loan amount above Rs 75 lakh    Up to 75% of property cost
Tenure: Up to 30 years

 

Axis Bank QuikPay Home Loan

Purpose: Axis Bank QuikPay Home Loan allows borrowers to repay higher principal amounts earlier in the loan tenure.

Thus, the EMIs reduce every month and the borrowers can save huge on the interest payout.

Loan Amount: Minimum Rs 3 lakh

LTV Ratio:

Particulars    Details
Loan amount up to Rs 30 lakh    Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh    Up to 80% of property cost
Loan amount above Rs 75 lakh    Up to 75% of property cost
Tenure: Up to 30 years

 

Axis Bank Shubh Aarambh Home Loan

Purpose: Consumers can avail Axis Bank Shubh Aarambh Home Loan from Axis Bank for purchasing an under-construction/ready/resale home.

This loan facility can also be availed for purchasing a plot plus construction thereon, self-construction of a home on an already owned plot and for making home extensions/improvements.

Shubh Aarambh Home Loan borrowers maintaining a clean track record of repayments are offered 12 EMI waivers – 4 EMIs each waived off at the end of the 4th, 8th and 12th year of the loan tenure.

The repayment track record states that there should be no more than 3 instances of dues remaining unpaid for 30 days or more.

The dues should not be overdue for more than 90 days at any point during the long tenure.

Borrowers can also part prepay their Shubh Aarambh home loans as long as the tenure does not fall below 4 years.

Existing home loan borrowers of other lenders can exercise the home loan balance transfer facility to avail Shubh Aarambh Home Loan scheme.

Loan Amount: Up to Rs 30 lakh

Tenure:

Minimum Tenure: 20 years at the time of loan disbursement

Maximum Tenure: Up to 30 years

 

Axis Bank Fast Forward Home Loan

Purpose: Prospective home loan borrowers can avail Axis Bank Fast Forward Home Loan for purchasing an under construction/ready/resale home, plot plus construction, self-construction, or home extension/improvement.

Axis Fast Forward Home loan comes with 12 EMI waivers, with 6 EMIs waived off at the end of 10 years and another 6 months on completion of 15 years provided the borrowers have a clean repayment track record.

The repayment track record states that there should be no more than 3 instances of dues remaining unpaid for 30 days or more.

The dues should not be overdue for more than 90 days at any point during the long tenure.

Borrowers can also part prepay their home loans as long as the tenure does not fall below 10 years.

This loan facility is also available to existing home loan borrowers of other lenders planning to avail home loan balance transfer facility.

Loan Amount: Minimum Rs 30 lakh

Tenure:

Minimum Tenure: 20 years at the time of loan disbursement

Maximum Tenure: Up to 30 years

LTV Ratio:

Particulars    Details
Loan amount from Rs 30 lakh-75 lakh    Up to 80% of property cost
Loan amount above Rs 75 lakh    Up to 75% of property cost
 

Axis Bank Asha Home Loan

Purpose: Axis Bank Asha Home Loanoffers an affordable home loan scheme branded as Asha Home Loans to applicants having a minimum combined family income of Rs 8,000 per month to finance the purchase of ready/under construction/resale homes, repair/extension of existing property, self-construction of home and plot purchase plus home construction.

Axis Bank Asha Home Loan also comes with a waiver of 12 EMIs with 4 EMIs waived off at the end of the 4th year, 8th year and 12th year of the loan tenure.

The borrowers availing Asha Home Loan scheme should have a clear repayment history i.e., there should be no more than 3 instances of dues remaining unpaid for 30 days or more.

The dues should not be overdue for more than 90 days at any point during the long tenure.

The home loan can also be part prepaid as long as the tenure does not fall below 4 years.

Loan Amount: Rs 1 lakh – Rs 35 lakh

LTV Ratio: Up to 90% of property cost (on loan amount up to Rs 30 lakh)

Tenure:

Minimum Tenure: 20 years at the time of loan disbursement

Maximum Tenure: Up to 30 years

 

Axis Bank Super Saver Home Loan

Purpose: Axis Bank Super Saver Home Loan is a home loan overdraft facility wherein the applicants can deposit surplus funds in the linked overdraft account and withdraw money whenever needed within the pre-determined limit.

Loan Amount: Rs 10 lakh – Rs 5 crore

Tenure: Up to 20 years (plus 2 years moratorium period for partially disbursed loans)

LTV Ratio:

Particulars    Details
Loan amount Up to Rs 30 lakh    Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh    Up to 80% of property cost
Loan amount above Rs 75 lakh    Up to 75% of property cost
 

Axis Bank Home Loan Balance Transfer

Purpose: Axis Bank offers a Home Loan Balance Transfer facility wherein the existing home loan borrower can transfer the outstanding loan amount of their existing home loan to Axis Bank at the lower interest rate and/or for longer tenures.

Loan Amount: Up to Rs 50 lakh

Tenure: Same as the outstanding home loan tenure

 
Axis Bank Top-up Home Loan

Purpose: Axis Bank Top-up Home Loan is offered to existing home loan customers and to home loan balance transfer customers requiring additional finances for personal/business requirements or for construction of residential/commercial property.

Loan Amount: Up to Rs 50 lakh

Tenure: Same as the outstanding home loan tenure

 
Axis Bank 24*7 Top-up Home Loan

Purpose: Axis Bank 24*7 Top-up Home Loan is a pre-approved loan offered to existing home loan customers without providing any additional collateral.

The loan proceeds can be used for meeting personal or business requirements.

The bank claims to disburse the loan instantly into the borrower’s account, where their existing home loan was disbursed.

Loan Amount: Rs 20,000 – Rs 25 lakh

Tenure: Up to 7 years or residual loan tenure, whichever is lower.

 

Frequently Asked Questions:

Q. What is Axis Bank's home loan procedure?

Ans. You can apply for an Axis Bank home loan by contacting the bank directly or by applying through online marketplaces like Apnarupee.com.

Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees, and special offers in the form of cashbacks.

Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on the property, and eligibility calculation.

The bank will make a decision on your loan based on the evaluation results.

You can also check your Axis Bank home loan status by logging in to your customer account with Apnarupee.com.

 

Q. Why should I opt for a balance transfer to Axis Bank?

Ans Axis Bank offers competitive home loan rates with the best EMI availed at a low interest rate of 8.60% for a maximum tenure of 30 years.

 

Q. What is the maximum loan tenure I can opt for under the Axis Bank house loan?

Ans. Axis Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

 

Q. Do I get tax benefits on a home loan from Axis Bank?

Ans. As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a home loan under section 24 and section 80C of the Income Tax Act.

 

Q. Can I foreclose my home loan? What are the charges applicable?

Ans. Yes, you can foreclose your loan with nil charges.

 

Q. Can I transfer my house loan from another bank to Axis Bank?

Ans. Yes, the Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing loan transfers to Axis Bank can allow you to save interest, pay lower EMIs, and save money.

 

Q. Can I club the income of my spouse with mine and apply for a joint home loan?

Ans. You can club the income of your spouse to increase your loan eligibility if the spouse is a co-owner of the property or guarantor of the loan.

 

Q. What is the benchmark applicable for housing loans?

Ans. The benchmark applicable for a home loan in Axis Bank is 6 6-month MCLR.

 

Q. What is the effect of part prepayments on Axis Bank housing loan EMI?

Ans. Part prepayments help you reduce the outstanding amount of the loan which in turn will reduce the interest amount due.

After making part payments, paying the same EMI will increase your involvement toward the principal amount which will help you in repaying the loan faster.

 

Q. How to increase my eligibility for the Axis Bank housing loan?

Ans. If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan.

The combination of both of your incomes will help you in increasing your eligibility to get a loan.

 

Q. How will the interest rate on Axis Bank housing loans change in the future?

Ans. The floating rate on Axis Bank housing loan is linked to its 6-month MCLR Rate, which is currently at 9.00%.

When the Bank offers a home loan at 8.10%, it applies a premium of 0.4% to its MCLR Rate to arrive at this home loan rate.

When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase.

When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

 

Q. Do I need a co-applicant to apply for a home loan? If yes, who can be a co-applicant for my home loan?

Ans. Yes, it is obligatory to have a co-applicant to apply for a home loan.

If you are the single owner of the property, then any other member of your family can be your co-applicant but if someone else is a co-owner of your property then that person needs to be the co-applicant for your home loan.

 

Q. Can I convert my loan rate from fixed rate to floating rate or vice-versa? What are the charges applicable?

Ans. Yes, you can convert your home loan rates from fixed rate to floating rate and vice-versa. The charges applicable are as follows:

On conversion of a loan from a fixed rate to a floating rate, charges are 2% of the outstanding loan amount

On floating rate to fixed-rate loan conversion, you will be charged 1% on the outstanding principal with a minimum amount of Rs. 10, 000

 

Q. Am I eligible for a top-up on my existing home loan?

Ans. Axis Bank allows you to top up your existing home loan on more than 30% of the current amount at home loan rates only.