Axis Bank Home Loan: 7 Perks You Will Enjoy

13 Nov 2019 // 21 min read // Home Loans
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When it comes to buying a residential property, whether constructed, under construction, or a plot, the dependence on Home Loans for making this big-ticket purchase cannot be ignored. This week we are highlighting Axis Bank Home Loan offers. Let’s list out 7 benefits that you will enjoy with a Home Loan from Axis Bank.

1. Minimal Loan Amounts for Buyers Looking for Affordable Homes

If you’re purchasing a home in your early years, and don’t wish to spend any more than what is required, you can be rest assured of being able to apply for as modest a loan amount as Rs. 3 Lakhs. This aspect of Axis Bank Home Loans works brilliantly in favour of those seeking Home Loans under Government Subsidy such as Pradhan Mantri Awas Yojana.

Add to it the competitive Axis Bank Home Loan Interest Rates and you have the perfect recipe for a cost-effective mortgage plan.

Check Home Loan Interest Rates Online

2. Home Loan Balance Transfer Facility

If you’re already servicing a Home Loan provided by another bank or lending institution and wish to transfer the loan to Axis Bank, you can do so with minimal hassle. Once you apply for Home Loan, not only will you be able to enjoy the competitive interest rate, but also the many other benefits that the bank offers.

3. Low Margins on Home Loan Amounts

One of the most remarkable aspects of procuring a Home Loan from Axis Bank is the low down payment requirement on the Home Loan. For Home Loans up to Rs. 30 Lakhs, the bank only needs you to pay 10% of the amount; for loans between Rs. 30 and 75 Lakhs, you only need to pay 20% of the price of the home; and for loans above Rs. 75 Lakhs, your down payment liability is confined to 25% of the cost of the property.

4. Extended Tenure up to 30 years

Axis Bank offers an extended Home Loan tenure of up to 30 years. Such a long repayment period can prove to be excessively helpful for those who wish to take a high loan amount, but repay the same in smaller chunks over a longer period of time.

5. Tax Benefits

When you avail a Home Loan, you can enjoy two prominent tax benefits, which are as follows –

  • Section 80 C of the Income Tax Act entitles you to a benefit of up to Rs. 1.5 Lakhs on the principal amount repayment. Under this section, senior citizens are entitled to a benefit of up to Rs. 2 Lakhs.
  • Section 24(b) of the Income Tax act entitles you to a benefit of up to Rs. 2 Lakh on interest paid towards Home Loan in a given year.

These exemptions are also applicable to the processing fee as well as prepayment charges.

6. Improved Credit Score

A Home Loan is a substantial financial commitment. When you take this loan and repay it on time, without skipping or delaying the EMIs, credit bureaus take note of your discipline and reward you in the form of added points. Since a Home Loan is a long-term credit, you can use it to remarkably improve your Credit Score.

7. Various Types of Axis Bank Loans

Axis Bank has been known to offer various loan alternatives to accommodate the needs of its customers from different walks of life. Two of the most sought after Home Loan offers of Axis Bank are:

  • ShubhAarambh Home Loan

    Particularly designed for customers who wish to avail the benefits of the Pradhan Mantri Awas Yojana, the ShubhAarambh Home Loan offers a loan amount of up to Rs. 30 Lakhs. Ideal for the first time home buyers, this loan requires minimal documentation. What makes it highly popular is the fact that the bank offers a waiver on up to 12 EMIs on maintenance of clean records by the borrower.

  • Quick Pay Home Loan

    This loan is designed with due consideration to patrons who are expecting a significant increase in their responsibilities in the coming years. This loan type facilitates higher principal repayment in the earlier years of the tenure, thus ensuring reducing monthly instalments. Under the Quick Pay Home Loan, borrowers can expect to get funding of up to Rs. 5 crores, depending on their Axis Bank Home Loan Eligibility and repayment history.

Similarly, the bank offers the following home loan offers, which you can choose from on the basis of your needs and preferences – 

  • Fast Forward Home Loan
  • Asha Home Loan
  • Empower Home Loan
  • Super Saver Home Loan
  • Power Advantage Home Loan
  • Pradhan MantriAwasYojana

We hope that you now know all about the benefits of availing a home loan from axis bank. So, wait no more before you kick start your search for the best home loan product offered by the bank, and pave your way to your dream home.

Also Read: How to Transfer Your Home Loan to Axis Bank?

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