Axis Bank Home Loan Interest Rate
Interest Rate

Starting @ 8.9%

Check Best Offers
Processing Fee

Upto 0.25%

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 797 for 30 years

Prepayment Charges

Nil charges for floating rates loans

check your eligibility

rupee-icn
rupee-icn
rupee-icn
+91

Axis Bank Home Loan Interest Rate

Every individual dreams to build a house of their own where they can stay comfortably as per their wish. Axis Bank supports you to fulfill this dream by supporting you with Home Loans at affordable interest rates and tenure. It is one of the top banks in India which offers a variety of financial services to fulfill your needs with its products and services. The Home Loans provided by Axis Bank are very flexible and innovative. 

They are designed to cater to the needs and requirements of the customers. The Axis Bank provides Home Loans to its customers who intend to purchase a house of their own or renovate the house or even extend the house. The loans are designed to cater the needs of the borrowers. For these loans, the house itself acts as a security for the Home Loan that is availed.

Benefits of Home Loans from Axis Bank:

  • Offers special schemes and discounts with 12 EMIs waiver
  • The EMIs to be paid are low
  • The repayment tenure is up to 30 years
  • Reduced processing fee on new loan and balance transfer
  • The processing of the Home Loan is quick and hassle-free

Axis Bank Home Loans Interest rate

The interest rate for the Home Loans from Axis Bank ranges between 8.90% and 12% per annum. Below are the details:

Interest Rates for Salaried Individuals

Type Loan Amount () MCLR + Mark Up Effective Rate Of Interest (per annum)

Floating Interest Rate

Loan amount of up to 30 Lakhs

MCLR + 0.10%

8.90%

 

Loan amount of up to 75 Lakhs

MCLR + 0.25%

9.05%

 

Loan amount of above 75 Lakhs

MCLR + 0.30%

9.10%

 

Top Up for existing customers

Up to 30% - Same interest rate as of the Home Loan 30%-100% LAP rate will be applicable

Fixed Interest Rate (for 20 years)

For all loan amounts

-

12%

Interest Rates for Self-Employed Individuals

Type Loan amount () MCLR + Mark Up Effective Rate Of Interest (per annum)

Floating Interest Rate

Loan amount of up to 30 Lakhs

MCLR + 0.15%

8.95%

 

Loan amount of up to 75 Lakhs

MCLR + 0.30%

9.10%

 

Loan amount of above 75 Lakhs

MCLR + 0.35%

9.15%

 

Top Up for existing customers

Up to 30% - Same rate at which the Home Loan is running 30%-100% LAP rate shall be applicable

Fixed Interest Rate (for 20 years)

For all loan amounts

-

12%

Types of Axis Bank Home Loans

Axis Bank offers a vast variety of Home Loans. Below are the product details:

Axis Bank Home Loans

  • This loan can be availed to purchase a home of your own
  • The loan comes with various benefits like smaller EMIs, longer tenure, attractive rates of interest, an easy loan application process, doorstep service, and so on.

Who is Eligible?

  • All salaried or self-employed professionals and self-employed individuals
  • Minimum age - 21 years
  • Maximum age for salaried individuals - 60 or superannuation (whichever is earlier) at loan maturity
  • Maximum age for self-employed individuals and professionals - 65 years at loan maturity

Key Loan Terms

  • The minimum principal loan amount that one can borrow starts from 3 Lakhs
  • Loan is sanctioned in 5 days after submission of all relevant documents
  • The housing loan is available for people aged between 21 years to 60/65 years (for salaried/self-employed).
  • The maximum tenure of the Home Loan is 30 years
  • There is an option to apply for a maximum loan-to-value (LTV) which is 85% of the property value.

Shubh Aarambh Home Loan

  • This loan can be availed to purchase a home of your own or extension/renovation/repair of an existing house.
  • This scheme offers the benefit of interest subsidy under PMAY scheme
  • Quick and easy disbursal with minimum documentation

Who is Eligible?

  • All salaried or self-employed professionals and self-employed individuals
  • Minimum age - 21 years
  • Maximum age for salaried individuals - 60 or superannuation (whichever is earlier) at loan maturity
  • Maximum age for self-employed individuals and professionals - 65 years at loan maturity

Key Loan Terms

  • For maintaining a clean repayment record, you get a waiver of 12 EMIs
  • The minimum loan amount that one can borrow is 1 Lakh and the maximum is 30 Lakhs.
  • The maximum tenure of the Home Loan is 30 years
  • The Home Loan should be live for minimum 48 months
  • The housing loan is available for people aged between 21 years to 60/65 years (for salaried/self-employed).
  • There is an option to apply for a maximum loan-to-value (LTV) which is 85% of the property value.

Power Advantage Home Loans

  • This loan lets you control your interest outgo on Home Loans and can be availed to purchase a home/plot of your own or extension/renovation/repair of an existing house.

Who is Eligible?

  • All salaried or self-employed professionals and self-employed individuals
  • Minimum age - 21 years
  • Maximum age for salaried individuals - 60 or superannuation (whichever is earlier) at loan maturity
  • Maximum age for self-employed individuals and professionals - 65 years at loan maturity

Key Loan Terms

  • The interest rate and EMI remain fixed for the initial 2 years of loan tenure
  • Benefit of interest subsidy for eligible PMAY applicants
  • Minimum loan amount offered under this scheme is 3 Lakhs
  • Maximum loan repayment tenure is up to 30 years

QuickPay Home Loans

  • This loan helps you repay higher principal earlier during the loan tenure
  • Your monthly EMIs reduce every month which helps you make huge savings on interest outgo.
  • This loan can be availed to purchase a home/plot of your own or extension/renovation/repair of an existing house.

Who is Eligible?

  • All salaried or self-employed professionals and self-employed individuals
  • Minimum age - 21 years
  • Maximum age for salaried individuals - 60 or superannuation (whichever is earlier) at loan maturity
  • Maximum age for self-employed individuals and professionals - 65 years at loan maturity

Key Loan Terms

  • Minimum loan amount offered under this scheme is 3 Lakhs
  • Maximum loan repayment tenure is up to 30 years

Asha Home Loan

  • This Home Loan availed to purchase a ready made house or a house under construction or a property that is put up for resale.
  • The Home Loan is customised as per the requirements with better settlement options
  • The Home Loans are designed such as the rates of interest are affordable and the loan transfer facility is hassle-free.

Who is Eligible?

  • All those individuals who are salaried or self-employed businessmen with a minimum combined income of 8,000 per month or above are eligible for this loan.

Key Loan Terms

  • For maintaining a clean repayment record, you get a waiver of 12 EMIs.
  • The maximum principal loan amount that one can borrow ranges from 1 Lakh to 28 Lakhs.
  • The housing loan is available for people aged between 21 years to 60/65 years (for salaried/self-employed).
  • The maximum tenure of the Home Loan is 30 years
  • There is an option to apply for a maximum LTV which is 90% of the property value

Empower Home Loan

  • This is a housing loan availed to buy a readymade house or even a house which is under construction. It can be used for repair and renovation of the existing house as well.
  • The Home Loans are designed such as the rate of interest are affordable and the loan transfer facility is hassle-free.
  • The prepayment charges are nil for the Home Loan with Axis Bank.

Who is Eligible?

  • All the individuals who are residents of India, self-employed professionals and also the non-professionals are eligible for this loan.
  • The individuals who dream to purchase their own house or a house under construction are eligible for this loan.

Key Loan Terms

  • The housing loan is available for people aged between 21 years to 60 years
  • Get 3 rate reductions on Home Loans on maintaining a good repayment record for 24/36/60 months.
  • The maximum principal loan amount that one can borrow ranges from 10 Lakhs to 1.5 Crores.
  • The maximum tenure of the Home Loan is 15 years

Super Saver Home Loan

  • These housing loans give you an option to park your surplus funds that will reduce the interest payable on the housing loan to a particular level of fund that is parked with an option to withdraw the amount at any given time.

Who is Eligible?

  • All those borrowers who want to save the interest on their Home Loan amount that they pay towards their Home Loan by saving the additional funds into Super Saver Account.
  • The housing loan is available for people aged between 21 years to 60/65 years

Key Loan Terms

  • The minimum loan amount that one can borrow under this scheme is 50 Lakhs
  • The maximum tenure of the Home Loan is 20/22 years (for fully/partially disbursed cases).

Fast Forward Home Loan

  • This Home Loan provides quick and easy loan disbursal with minimum documentation
  • Get 12 EMIs waiver for servicing the loan for more than 10 years
  • The loan comes with benefits like quick and transparent loan processing, doorstep service, and so on.
  • This loan can be availed to purchase a home/plot of your own or extension/renovation/repair of an existing house.

Who is Eligible?

  • All salaried, self-employed, and professionals
  • Applicant must have a clean repayment record
  • The housing loan is available for people aged between 21 years to 60/65 years

Key Loan Terms

  • For maintaining a clean repayment record, you get a waiver of 12 EMIs
  • The minimum loan amount that can be availed is up to 30 Lakhs
  • Maximum repayment tenure is up to 30 years
  • Home Loan should be live for minimum 10 years

Top Up Home Loan

  • This is a type of Home Loan that is availed in case of construction of a residential or commercial property and also for personal and business needs.
  • The rates of interest charged are affordable

Who is Eligible?

  • All existing Home Loan customers (salaried and self-employed both) of Indian residence and NRIs
  • In case of existing customers of the Axis Bank Home Loan, the loan can only be availed after 6 months of clear repayments and there should be maximum one EMI bounce in the previous one year.
  • In case of balance transfer of housing loan from another bank, it is approved only if the applicant has one year of clear loan repayment history.

Key Loan Terms

  • The housing loan is available for people aged between 21 years to 60/65 years
  • The maximum loan amount that can be availed is up to 50 Lakhs
  • The tenure for the Home Loan repayment is maximum up to 30 years

Pradhan Mantri Awas Yojana (PMAY)

  • PMAY (Urban) provides interest subsidy on Home Loans to eligible beneficiaries of EWS, LIG and MIG segments for construction or purchase of a home.

Who is Eligible?

  • All salaried or self-employed professionals and self-employed individuals
  • The maximum household income of the applicant should be 6 Lakhs (for EWS-LIG), 6-12 Lakhs (for MIG-I) and 12-18 Lakhs (for MIG-II).
  • Ownership of woman for the house is necessary for EWS-LIG category borrowers

Key Loan Terms

  • The maximum tenure for the subsidy of up to 20 years
  • The maximum subsidy amount that can be availed is up to 2.30 Lakhs

Factors That Affect the Axis Bank Home Loan Interest Rates

  • The amount of loan:The interest rate for housing loan from Axis Bank depends upon the loan amount you apply for. The higher the loan amount, the lesser will be the rate of interest.
  • Type of Home Loan:The bank offers differential interest rates for women who borrow a loan and also under their fixed and floating interest rate schemes.
  • Current bank customers: Axis Bank offers lowest Home Loan interest rates to its existing customers in view of their cordial relationship with the bank.
  • Income level or the salary:The income of an individual also helps in identifying the rate of interest. Bank's interest rate differs with your monthly salary or income. The higher the income, the lesser will be the interest rate.

Axis Bank Housing Loan Processing Fee and Other Charges

In addition to interest rates, Axis Bank involves some other charges too, which include:

Charges Amount

Processing Fee

Up to 1% of the sanctioned loan amount (minimum 10,000)

 

2,500 plus GST will be collected as upfront processing fee (non-refundable) at the time of application login. Balance processing fee will be collected at loan disbursement.

Penal Interest Rate

24% p.a., 2% per month

Switching Fees (from BPLR/Base Rate to MCLR)

No fees: When effective rate kept unchanged

0.5% on principal outstanding (minimum 10,000): When effective rate is revised  

Switching Fees (from Floating to Fixed Rate)

1% on the principal outstanding (minimum 10,000)

Switching Fees (from Fixed to Floating Rate)

2% on the principal outstanding

Switching Fees (from Higher Floating to Lower Floating Rate)

0.5% on principal outstanding (minimum 10,000).

Chares for Cheque Return/ Repayment Instruction

500 each instance

Charges for Cheque/ Instrument Swap

500 each instance

Charges for Issuing Duplicate Statement

250 per instance

Charges for Issuing Duplicate Amortisation Schedule

250 per instance

Charges for Issuing Duplicate Interest Certificate (Provisional/Actual)

250 per instance

Charges for Issuance of Credit Report

50 per instance

Charges for Issuing Photocopy of Title Documents

250 for per document set

Charges for customer requests for copies of documents

250 for per document set

Prepayment Charges for Floating Interest Rate Loan (part and full prepayment)

Nil

Prepayment Charges for Fixed Interest Rate Loan

2% of the outstanding principal amount

Charges for Equitable Mortgage Creation

As applicable in each state

CERSAI Charges

50: For Loans up to 5 Lakhs

100: For Loans above 5 Lakhs

Charges for Issuing Duplicate NOC

500 per instance plus applicable GST

How to Apply For Axis Bank Home Loan?

The application process for a Home Loan from Axis Bank is hassle-free and user-friendly. All that you need to do is to apply for a housing loan at MyMoneyMantra website online. Your Home Loan application will be processed and taken care online and then a representative of the Axis Bank will contact you to start the process of availing a housing loan. Further, MyMoneyMantra's personal Home Loan advisor will assist and direct you and will make sure that the entire Home Loan process is smooth and you will be advised with the most suitable Home Loan as per your needs and budget.

Documents Needed for Axis Bank Home Loan

Following documents are required for applying for Axis Bank Home Loan:

For Salaried Employees

  • Duly filled application form for Axis Bank Home Loan
  • 2 photographs of the applicant in passport size
  • Identity Proof: Passport/ PAN Card/ Aadhaar Card/ Voter ID/ Driving License/ Government Employee ID/ GOI issued Photo ID (any one)
  • Address Proof: Aadhaar Card/ Voter ID/ Driving License/ Government Employee ID/ GOI issued Photo ID/ Gas Bill/ Telephone Bill/ Electricity Bill/ Property Tax Receipt (any one)
  • Date of Birth Proof: Birth Certificate/ SSC Marksheet/ Passport/ PAN Card/ Aadhaar Card/ Driving License (any one)
  • Poof of Signature: Passport/ Banker's Verification/ PAN Card/ Notarised affidavit with ID and Address proof (any one)
  • Income Proof for Indian Resident Salaried Individuals:
    • Last 3 months' salary slip
    • Last 6 months' pay slip or 2 years' bonus proof (for variable pay cases)
    • Bank statement for last 6 months showing salary credits
    • Form 16 of last 2 years or employment continuity proof
  • Income Proof for NRI Salaried Individuals:
    • Last 3 months' salary slip
    • Appointment letter or contract letter
    • Continuous Discharge Certificate (for Shipping cases)
    • 6 months' Domestic NRE/ NRO account statement
    • 6 months' international salary account statement
    • Valid copy of Visa/ OCI card
    • A copy of Passport
    • Overseas credit report
    • POA details
  • Documents for Balance Transfer or Takeover of Home Loan from Other Lender
    • Loan account statement for 12 months with latest outstanding letter
    • Details of existing loan(s) and bank statement for 6 months from where EMI is deducted
  • Documents for Lease Rental Discounting
    • Last 6 months' bank statement where rent is credited
    • Registered valid lease agreement(s)
    • 2 years' ITR, P&L, Computation of Income, Balance sheet with CA's seal and sign
    • 1 year 26 AS
    • For Partnership Firm - 2 years audited financials, KYC, operative account, partnership authority letter, partnership deed
  • Other Documents:
    • Completely filled & duly signed application form with latest passport size photo of all applicants
    • Aadhaar Card (mandatory for PMAY applicants)
    • PAN Card (mandatory for financial applicants)
    • Processing fee & CERSAI cheques
    • Borrowers' self-attestation on all submitted documents 

For Self-Employed

  • Duly filled application form for Axis Bank Home Loan
  • 2 photographs of the applicant in passport size
  • Identity Proof: Passport/ PAN Card/ Aadhaar Card/ Voter ID/ Driving License/ Government Employee ID/ GOI issued Photo ID (any one)
  • Address Proof: Aadhaar Card/ Voter ID/ Driving License/ Government Employee ID/ GOI issued Photo ID/ Gas Bill/ Telephone Bill/ Electricity Bill/ Property Tax Receipt (any one)
  • Date of Birth Proof: Birth Certificate/ SSC Marksheet/ Passport/ PAN Card/ Aadhaar Card/ Driving License (any one)
  • Poof of Signature: Passport/ Banker's Verification/ PAN Card/ Notarised affidavit with ID and Address proof (any one)
  • Income Proof:
    • Last 2 years' ITR, P&L, Computation of Income, Balance sheet with CA's seal and sign
    • For Asha Home Loan: 1 year's ITR, P&L, Computation of Income, Balance sheet with CA's seal and sign
    • Tax Audit Report (for Gross Turnover exceeding 1 Crore or Gross Receipts exceeding 25 Lakhs)
    • Last 6 months' bank statements of personal as well as business accounts
    • CPC and tax paid challan (If ITR is filed without a digital sign)
    • Last 3 years' business continuity proof
  • Documents for Balance Transfer or Takeover of Home Loan from Other Lender
    • Loan account statement for 12 months with latest outstanding letter
    • Details of existing loan(s) and bank statement for 6 months from where EMI is deducted
  • Documents for Lease Rental Discounting
    • Last 6 months' bank statement where rent is credited
    • Registered valid lease agreement(s)
    • 2 years' ITR, P&L, Computation of Income, Balance Sheet with CA's seal and sign
    • 1 year 26 AS
    • For Partnership Firm - 2 years audited financials, KYC, operative account, partnership authority letter, partnership deed
  • Documents for Partners in a Firm
    • Partnership Deed, NOC in Axis Bank format, List of Partners
    • Audited ITR for partnership firm along with complete financials
    • Partnership authority letter on Firm's letterhead signed by all partners (if Firm stands as guarantor)
  • Documents for Directors in a Company
    • For the company - 2 years' ITR, P&L, Computation of Income, Balance Sheet with CA's seal and sign
    • Tax Audit Report (for Gross Turnover Exceeding 1 Crore or Gross Receipts exceeding 25 Lakhs)
    • Board Resolution as per Axis bank format (if Company is applicant)
    • Certificate of Incorporation, AOA, and MOA
    • DIN of all Directors
    • Board Resolution if Company (in Axis bank format)
    • Latest Share Holding Pattern signed by Company secretary or List of Directors
  • Other Documents:
    • Completely filled & duly signed application form with latest passport size photo of all applicants
    • Aadhaar Card (mandatory for PMAY applicants)
    • PAN Card (mandatory for financial applicants)
    • Processing fee & CERSAI cheques
    • Borrowers' self-attestation on all submitted documents

FAQs on Axis Bank Home Loan Interest Rates

What is the process to avail Axis Bank Home Loan?

The procedure to take a Home Loan from Axis Bank is user-friendly. All that you need to do is to apply for a housing loan at MyMoneyMantra website online. Your Home Loan application will be processed and taken care online and then a representative of the Axis Bank will contact you to start the process of availing a housing loan.

Further, MyMoneyMantra's personal Home Loan advisor will assist and direct you to the Home Loan process. You will be advised with the most suitable Home Loan as per your needs. The advisor will further help you to get all the necessary documents collected and also start the process by checking the CIBIL score, valuation of your property, your eligibility and also the technical and legal details of your property.

Why should I choose for a transfer of balance to Axis Bank Home Loan?

Axis Bank offers very affordable and competitive interest rates on Home Loans with a lowest EMI of 797 per 1 Lakh that is availed at a rate of interest at 8.90% for a maximum duration of 30 years. If you are paying an EMI higher than this, then you should choose for a balance transfer to Axis Bank.

What is the maximum loan period one can opt under Axis Bank?

Under Axis Bank, the maximum Home Loan period that one can opt for is 30 years. 

Do I get an income tax benefit on Home Loan from Axis Bank?

Yes, you are entitled to get a tax benefit on Home Loan from Axis Bank under the Indian Income Tax Act of 1961. The residents of India can get a tax benefit on the principal amount and also the interest component of the Home Loan that is covered under section 80C and section 24 of the Income Tax Act, 1961.

Can I foreclose the housing loan with Axis Bank? What are the charges that are applicable for the same?

Yes, you can foreclose the housing loan with Axis Bank at zero charges (for floating interest rate) and at 2% foreclosure charges on principal outstanding amount (for fixed interest rate).

What is the standard benchmark that is applicable for Home Loan with Axis Bank?

The standard benchmark that is applicable for housing loan with Axis Bank is 6 months MCLR.

How does part pre-payment affect the Axis Bank housing loan EMI?

Part pre-payments help you to reduce the outstanding loan amount which will also lower the interest amount that is outstanding.

How to increase my Home Loan eligibility?

In case, your spouse or any family member is earning regular income, they can be co-applicant for the Home Loan and hence the combined income will also increase your loan eligibility.

Do I need a co-applicant to avail a housing loan? If yes, then who can be the prospective co-applicants?

You need to have a co-applicant when applying for a Home Loan and in case you are a single owner of the property then any member of your family can be a co-applicant. However, in case there is a co-owner then he/she can be a co-applicant.

Am I eligible for a top up on my existing housing loan with Axis Bank?

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

Axis Bank Home Loan Latest News

2018-12-18: Axis Bank hikes its housing loan balance transfer rates

Axis Bank has hiked its rate of interest for housing loans balance transfer and the latest rate is 8.90% which is raised by 5 basis points in case of principal amount of the loan above 30 Lakhs.

2018-12-14: Axis Bank QuickPay housing loan offer reduces the overall interest outgo

In order to help the housing loan customers to enjoy an overall reduced interest outgo and the value or cost on their Home Loan, Axis Bank has launched a new housing loan product, QuickPay. The new product offers a repayment structure in which the borrower pays an equal amount of principal every month along with the interest on the outstanding balance which results in reduced and affordable monthly EMIs.

2018-12-13: Axis Bank offers a housing loan with higher principal repayment component to its customers

Axis Bank supports the borrowers who want to avail a housing loan by offering its new customers an alternative to decrease their principal loan amount on a monthly basis. The new housing loan product will reduce total interest burden on the customer by introducing a unique concept of decreasing the monthly instalments along with the savings.

2018-12-13: New housing loan product launched by Axis Bank

Recently, Axis Bank has launched of a new housing loan product named as QuickPay Housing Loan. Its main goal is to help the house buyers to save the interest component on their housing loan. It offers a repayment structure in which the borrower repays an equal amount of principal every month along with the interest on the outstanding amount which results in reduced monthly instalments.

2018-11-19: Axis Bank increases its MCLR rate up to 15bps which leads to hike in the housing loan rates

The bank has hiked its lending interest rates by up to a marginal 0.15% points across all period of loans. The revised rates are effective from 17th November 2018. Presently, the one-year MCLR is at 8.80% and six month MCLR at 8.70%.

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval