Buy your dream house with affordable Axis Home Loan Interest Rates 2021! With floating rates starting from 6.90% p.a. and fixed rate of interest @ 12% p.a., salaried and self-employed applicants get the option to choose the one that best meets their requirements. Also, choose between different home loan schemes available at different Axis Home Loan Interest Rates 2021.
Axis Bank Home Loan Interest Rate 2021 varies between salaried and self-employed individuals. The rates are usually higher for self-employed individuals given the fluctuation in income. However, with salaried individuals, since the pay per month is fixed, they are eligible for lower rates of interest rate.
Other factors like the CIBIL score play an essential role in the final interest rate offered to any applicant.
Here are the comparative rates for salaried and self-employed individuals currently at Axis Bank:
|Type of Interest||Salaried||Self-Employed|
Axis bank offers a host of different loan products. Each one is targeted towards a particular customer segment and helps fulfil their specific requirements. These loans vary in their features and in the interest rates as mentioned below:
|Home Loan Product||Salaried||Self Employed|
|Axis Home Loan||6.90% - 8.40% p.a||7.95% - 8.55%|
|Axis QuikPay Home Loan||7.95% - 8.45% p.a||9.15%-9.35% p.a|
|Axis Power Advantage Home Loan||8% p.a - 8.35% p.a||9% p.a- 9.20% p.a|
|Axis Shubh Aarambh Home Loan||7.75% - 8.25% p.a||8.95% p.a|
|Axis Fast Forward Loan||7.75%-8.25% p.a||8.95%-9.15% p.a|
|Axis Asha Home Loan||10.05%-11% p.a||10.30%-11.50% p.a|
|Axis Super Saver Home Loan||8.15%- 8.30% p.a||9.20%-9.35%|
|Axis Top-Up Home Loan||Subject to bank’s discretion||8.90% p.a onwards|
The floating interest rates of Axis Bank are subject to change based on the following rate changes:
Currently, the loan interest rates are related to the repo rates. However, the base rate and the mortgage reference rate offered by Axis Bank are subject to change based on a number of factors like the cost of operations, the cost of funds, provisioning requirements and the prevailing interest rates.
|Home Loan Product||Salaried and Self Employed|
|Axis Home Loan||12%|
|Axis QuikPay Home Loan||Not Applicable|
|Axis Power Advantage Home Loan||8.40% p.a|
|Axis Shubh Aarambh Home Loan||12% p.a|
|Axis Fast Forward Loan||12% p.a|
|Axis Asha Home Loan||12% - 12.50% p.a|
|Axis Super Saver Home Loan||Not Applicable|
|Axis Top-Up Home Loan||12%|
What is the Axis Bank Home Loan Interest Rate type that you should choose? This is a common question that most customers ask. You can choose the floating or fixed interest rates if you can analyze how the market changes. Both of them have their advantages and disadvantages as mentioned below:
However, customers can change from fixed to floating interest rates or vice versa anytime during the tenure. However, some charges are applicable to make this change as mentioned below:
Axis Bank offers one of the most competitive interest rates in the market today. You can also use the Axis Bank Home Loan Interest Rate Calculator to find the best offers for you.
To understand the different options available to you in the market today, here is a comparison of Axis Bank Home Loan interest rates with other banks. Currently, Axis Bank Home Loan Interest Rates start at 6.90%.
Here is a comparison of the interest rate with other top lenders:
|Name of the Bank||Interest Rate||Processing Fees|
|Kotak Mahindra Bank||6.65%||Up to 0.5% of the loan amount|
Punjab and Sind Bank
|State Bank of India||6.75%||Up to 0.4% of the loan amount, subject to a minimum of Rs.10000 and a maximum of Rs.30000|
|ICICI Bank||6.75%||Up to 2% of the loan amount, subject to a minimum of Rs1500|
|HDFC Bank||6.75%||Rs.3000 upfront|
|Punjab National Bank||6.75%||0.35% of the loan quantum, subject to a minimum of Rs.2500 and a maximum of Rs.15000|
|Yes Bank||8.95%||Up to 2% of the loan amount, subject to a minimum of Rs.5000|
|Canara Bank||6.90%||0.50% of the loan quantum, subject to a maximum of Rs.10000 and a minimum of Rs.1500|
|Union Bank of India||6.80%||0.50% of the loan quantum, subject to a maximum of Rs.15000|
|Bank of Baroda||6.75%||0.25% - 0.50% of the loan quantum, subject to a minimum of Rs.8500 and a maximum of Rs.25000|
The interest rate offered to customers by various banks changes according to the eligibility criteria. There are some options to avail a lower interest rate:
Additional Info: Know about Axis Bank Net Banking an hassel-free banking experience.
In the previous 5 years, Axis Bank Home Loan Interest Rates have changed according to the repo rates. These changes are applicable to the floating rates of interest and are as follows:
|Announcement Date||Repo Rate|
|June 4th 2021 (unchanged)||4%|
|February 6th 2020||5.15%|
|October 10th 2019||5.15%|
|August 7th 2019||5.4%|
|June 6th 2019||5.75%|
|April 4th 2019||6%|
|February 7th 2019||6.25%|
|August 1st 2018||6.5%|
|June 6th 2018||6.25%|
|August 2nd 2017||6%|
|October 4th 2016||6.25%|
|April 5th 2016||6.5%|
|September 29th 2015||6.75%|
|June 2nd 2015||7.25%|
|March 4th 2015||7.5%|
|January 15th 2015||7.75%|
|January 28th 2014||8%|
The repo rate in India has seen a downward trend over the last five years. As a result, you can enjoy the lowest possible interest rates on home loans currently. In order to match the demands of the economy, the RBI has slashed the Repo Rates multiple times.
With the repo rates reducing, banks are able to get advances and loans at a cheaper rate. As a result, the liquidity increases automatically. This increased liquidity benefits the customers directly as they get loans faster and at lower interest rates.
On the other hand, when there is a rise in the repo rate, it becomes more expensive for customers to borrow home loans from any bank. In this way, the repo rate helps maintain liquidity in a country’s financial system.
A reduction in repo rate is also beneficial to banks as both businesses and retail customers tend to choose higher loans. As a result, overall consumption increases, further increasing the liquidity.
The most significant advantage of the decrease in repo rates over the last five years is that customers can expect lower EMIs and faster repayments towards their loans.
Axis Bank gives customers the option to transfer any existing balance from another bank to Axis Bank. This is also known as a home loan takeover, allowing you to choose a lower interest rate and reduce EMI whenever possible.
Currently, the home loan interest rates offered at Axis bank start at 6.90%. You can enjoy these low-interest rates when you transfer your balance to Axis Bank. However, the interest rate offered depends on various factors like the employment status of the individual, the CIBIL score, the income etc. You can check with Axis Bank Customer Care for specific details about the balance transfer.
A processing fee of 1% is applicable on these home loan balance transfers. You may also have to pay some foreclosure charges or processing charges to the bank that you are currently holding your loan account with. When transferring the balance to a new bank, here are a few things that you should think about:
In short, you must consider the total amount that you spend to make the transfer. Axis bank offers the best interest rates and customer services, making it one of the primary choices for customers to transfer their outstanding balance to. There are many advantages to balance transfer, including:
Axis bank also offers a Home Loan Balance Transfer Calculator feature that lets you calculate all the expenses and the EMI payable after you choose to transfer any outstanding balance.
Note: Also, know about the Axis Bank Mini Statement Number service.
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Axis Bank Home Loan Interest Rate 2021 starts at 6.90% and goes up to 12.50%. Fixed interest rates are higher, starting at 8.90%. There are various factors like income, employment status and other parameters that are taken into consideration when offering a loan. The floating interest rates are also subject to change based on the repo rate.
Yes. Axis bank offers schemes like the Pradhan Mantri Awas Yojna that allow you to enjoy lower interest rates and subsidies. There are subsidies provided to women applicants as well.
The EMI payable for a home loan of Rs.20 Lakhs with an interest rate of 6.90% for a period of 20 years is Rs. 15,386. However, based on the final interest rate and the repayment tenure that you opt for, this amount is subject to changes. To get the exact figure, you can use the Axis Bank Home Loan Calculator and set the parameters as required.
The interest rate depends on various parameters like age, income and employment status. Currently, the interest rate starts at 6.90% and goes up to 12.50% at Axis bank. The interest rate that you get depends upon the eligibility criteria that you fulfil.
The processing fees for Axis Bank Home Loans is 1% of the final loan quantum. This is subject to a minimum amount of Rs.10000 + GST. During the application, a fee of Rs.5000 is collected upfront. This fee is not refundable in case of rejection of the application or withdrawal from the applicant. The remainder of the processing fee is collected when the home loan is disbursed.
Home loan applicants can enjoy a moratorium or holiday period for their home loan. This is a period of tenure when you do not have to pay any EMI. The interest rate that is calculated for this moratorium period is based on the current interest rate applicable on loans. For instance, if the interest rate per year for the loan is 12%, then the interest rate for the loan per month is 1%. So, for the first month, the interest is calculated using the formula Principal X Monthly interest rate/ 100. Get in touch with Axis Bank relationship managers to get exact details on the interest rate calculation for the moratorium period. You can also use a moratorium calculator that is available online.