Axis bank Home Loan

Home Home Loan Axis bank Home Loan

About Axis Bank

Axis Bank is the third largest private sector bank in the country. With its robust network of 3,779 domestic branches and 12,834 ATMs, the physical reach of the Axis Bank is unbeatable. The bank caters to a cross-section of customers including Large and Mid-Corporates, MSMEs, Agriculture, and Retail Businesses.

Axis Bank HomeLoan is one of the most preferred financial products among the borrowers. While the interest rates are always competitive, the quick approval and no-stress Home Loan Balance Transfer are other features that also make the demand for Mumbai headquartered Axis Bank Home Loan a rage among the consumers of all segments.

Customers choose Axis Bank to apply for Home Loans in the range of 3 lakh to 150 lakh to fulfill their dream home purchase, home extension, home improvement or home renovation, among others.

While Axis Bank extends many lending solutions like Personal Loan, Car Loan, amongst others, its Home Loan facility is particularly much popular amongst Axis Bank customers because of the many competing factors that they offer along.

Axis Bank Home Loan

Interest rate

8.80%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

790 Per Lakh

Why Axis Bank Home Loan?

There are many reasons beyond ease of approval and payment that has made people vouch for Axis Bank Home Loan. Let us look into a few of them below:

Low-Interest Rate- Axis Bank HomeLoan rates are one of the lowest in the market. The interest rates levied on Home Loan ranging between 3 lakh to 150 lakh can be repaid at the rate of 8.70% to 12% per annum.

Easy Installments- Customers can pay off their loans in very pocket-friendly installment amounts every month through ECS, PDC, or Debit mandate.

Convenient Loan Transfer Process- It is effortless for the users to transfer their existing Home Loan amount from some other bank to Axis Bank, with minimal documentation.

Axis Bank Home Loan: Features and Benefits

There is a host of features and benefits offered by Axis Bank to its users. Along with a wide loan amount range, the bank also provides convenient loan repayment tenure and extremely affordable interest rates.

Loan Amount -You can apply for Axis Bank Home Loan for the amount ranging from 3 lakh to 150 lakh depending upon your loan eligibility. 

Loan repayment tenure - The maximum term by which users can repay their loans is 30 years. They can choose any tenure up to 30 years depending upon their loan repayment capabilities.

Loan for salaried employees & self-employed - Axis Bank offers Home Loan to both salaried individuals & self-employed individuals above the age of 21 years and up to the age of 60 years.

Multiple Channel Repayment Options - There are many ways through which users can repay their Axis Bank Home loan such as, NEFT, Electronic Clearing System, RTGS, Post-dated cheque, etc.

Minimal Documentation - The loan approval documentation requirement is minimal in case of Axis Bank as compared to most other private banks in the nation.

Home Loan

Axis Bank Home Loan Interest Rates

A significant part of the whole bank loan application and payment process is, knowing how much it is going to cost you every month. With Axis Bank as your Home Loan lender, you, however, could be rest assured about the best rate of interest.

Here are the present day interest rates of Axis Bank Home Loan for Salaried Employees Users -

Here are the Axis Bank Home Loan interest rates for the self-employed individuals who want to fulfill the dream of owning their home.

Axis Bank Home Loan (For Salaried Employees only)

Type

Loan Amount ()

Effective Rate Of Interest

Floating Rate

Loan upto 30 Lakh

8.70% p.a.

Loan up to 75 Lakh

8.85% p.a.

Loan above 75 Lakh

8.95% p.a.

Top Up for existing customers

Upto 30% at a rate similar to the current Home Loan;
30%-100% at LAP rate

Fixed rate (for 20 years)

All Loan Amounts

12.00%

Axis Bank Home Loan (For Self-Employed Individuals only)

Type

Loan Amount ()

Effective Rate Of Interest

Floating Rate

Loan amount upto 30 Lakh

8.75% p.a.

Loan amount upto 75 Lakh

8.95% p.a.

Loan amount above 75 Lakh

9.05% p.a.

Top Up for existing customers

Up to 30%- at current home loan
30%-100%- at LAP rate

Fixed rate (for 20 years)

All Loan Amounts

12.00%

Axis Bank Home Loan Processing Fees & Other Charges

 

Loan Processing Charges

Up to 1% of the Loan amount subject to a minimum of 10,000

 

An upfront processing fee of 2500 plus GST shall be collected at the time of application login. (refundable)

Penal Interest Rate

@24 % per annum, 2% per month

Cheque Return Charges

500 per instance

Cheque Swap charges

500 per instance

Prepayment Charges

NIL

Duplicate Statement Issuance Charge

250 per instance + GST

Duplicate Amortization Schedule Charge

250 per instance + GST

Duplicate Interest Certificate Issuance Charge

250 per instance + GST

CIBIL Report Issuance Charge

50 per instance

Issuance Charge for Photocopy of Loan Agreement

250 per instance + GST

The table above highlights the Processing Fees and Additional Charges that the Applicants will have to pay.

Types of Axis Bank Home Loans

One of the main reasons why customers opt for Axis Bank Home Loan is because of the various types of Home Loan deals that the leading bank has to offer them.

The Axis Bank offers comprehensive coverage to people seeking financial aid for different part of their lives.

Axis Bank Home Loan

Starting at the honest interest rate of 8.70%, Axis Bank offers Home Loan facility to make your dream of owning a home of your own come true. To make the experience stress free and memorable, the lender offers you multiple value-added benefits and services along.

  • Minimum Loan Amount - 3 lakh: Maximum - Depends on income
  • You can choose your interest rate type - Floating or Fixed
  • You can hassle free transfer your Home Loan to Axis Bank HLBT
  • Avail an Axis Bank Home Loan from the convenience of your home or office with doorstep service
  • Enjoy Axis Bank Home Loan with no prepayment charges for paying off Home Loans before its due date (Floating rate of interest)

Axis Bank Fast Forward Home Loans

Axis Bank understands how important it is to own a home of your own & how memorable your dream purchase is for your entire family. And with that understanding, Axis Bank HomeLoan makes sure that finances are never the issue holding back the families from fulfilling their dream that would be remembered throughout the life.

You can avail Axis Bank Fast Forward Home Loan and get a minimum loan amount of 30 lakh at a desirable rate of interest depending upon your loan eligibility. Here are some of the value-added offers & services-

  • Minimum Loan Amount - 30 lakh
  • Enjoy 12 EMIs waiver off on your home loan with no extra cost and regular EMI payment
  • You can buy any home - under construction, ready/resale home, self-construction, plot plus construction or home
  • You can transfer your Home Loan to Axis Bank hassle-free
  • Pay off your home loan with 'Nil' prepayment charges

Axis Bank ShubhAarambh Home Loan

Axis Bank Shubh AarambhHome Loan brings you closer to your dream home by extending attractive rates of interest starting from 8.70% p.a. onwards. Following are some of the value-added offers & services like -

Enjoy Home Loan amount up to 30 lakh

· Enjoy interest subsidy option with Pradhan Mantri Awas Yojana (PMAY) Scheme

· Enjoy 12 EMIs waiver off on your Home Loan with no extra cost and on regular EMI payment

· You can buy your ideal home - under construction, ready/resale home, self-construction, plot plus construction or home

· You can transfer your Home Loan to Axis Bank hassle-free

· Pay off your Home Loan with 'Nil' prepayment charges

Asha Home Loan

 With Axis Asha Home Loan, you can avail a loan up to 28 lakh with a monthly income as low as 8000. You can make the most of your Home Loan with attractive features:

· Avail Home Loan at interest rates starting at 9.75% p.a.

· Avail minimum Home Loan of 1 lakh and maximum depending upon your eligibility

· Enjoy 12 EMIs waiver off on your Home Loan with Axis Bank

· Avail a loan equal to 90% of the property value on Home Loans up to 28 lakh

· Avail Home Loan repayment tenure up to 30 years


Empower Home Loan

Starting at the interest rate of 9.25%, Axis Bank offers loan facility to make your dream of owning a home of your own come true. To make the experience stress free and memorable, Axis Bank offers you many value-added offers and services like -

· With Empower Home Loan, you can avail an interest rate reduction on maintaining a good repayment record for 24, 36 & 60 months

· Minimum Loan Amount offered is 10 lakh

· Avail Balance Transfer facility with Axis Bank without any hassles

· Prepay your home loan with no prepayment charges on your Axis Bank Home Loan


Super Saver Home Loan

With Super Saver Home Loan, you can save on your total interest payable on Home Loan using the Axis Bank overdraft facility. Any of your surplus funds at your clearance will be utilized to save the interest payable amount. Following are the other offers & services available with Super Saver Home Loan:

· Minimum Loan Amount - 50 lakh

· Enjoy zero prepayment charges with Axis Bank Super Saver Home Loan

· Get EMI repayment flexibility with a maximum tenure of 22 years on your Home Loan

 
Top-up Loan

Enjoy Axis Bank Top-up Loan for fulfilling multiple home purposes like construction of a residential/commercial building or for personal and business requirement subject to conditions mentioned in the affidavit. Following are some of the primary offers & services under Top-up Loan:

· Avail additional Home Loan up to 50 lakh depending upon your eligibility criteria

· Tenure for Top-up Loan will remain same as the outstanding Home Loan

· Use the Top-Up Loan for multiple uses/purposes

Pradhan Mantri Awas Yojana

PradhanMantriAwasYojana was launched by Prime Minister Narendra Modi to provide affordable housing to all by 2022. This loan scheme is meant for the economically weaker section of the society, lower income group, and middle-income group. The subsidy under this scheme can be availed for construction or purchase of home according to the below-mentioned eligibility criteria:

CRITERIA

EWS-LIG

MIG-I

MIG-II

Maximum household income per annum

Up to 6 Lakhs

6 - 12 Lakhs

12 - 18 Lakhs

Maximum property area (carpet area)

No restriction

160 sq.m.

200 sq.m.

Maximum loan amount for subsidy calculation

6 Lakh

9 Lakh

12 Lakh

Maximum tenure for subsidy calculation

20 years

Interest subsidy (% p.a.)

6.50%

4%

3%

Subsidy amount

2.67 Lakh

2.35 Lakh

2.30 Lakh

Women ownership on the property

Yes

Not applicable

Not applicable

The beneficiary family should not own a pucca house in India

Applicable

Applicable

Applicable

Housing loan sanction date to be eligible for a subsidy

After 17.06.2015

After 01.01.2017

After 01.01.2017

 

CRITERIA

EWS-LIG

MIG-I

MIG-II

Maximum household income per annum

Up to 6 Lakhs

6 - 12 Lakhs

12 - 18 Lakhs

Maximum property area (carpet area)

No restriction

160 sq.m.

200 sq.m.

Maximum loan amount for subsidy calculation

6 Lakh

9 Lakh

12 Lakh

Maximum tenure for subsidy calculation

20 years

Interest subsidy (% p.a.)

6.50%

4%

3%

Subsidy amount

2.67 Lakh

2.35 Lakh

2.30 Lakh

Women ownership on the property

Yes

Not applicable

Not applicable

The beneficiary family should not own a pucca house in India

Applicable

Applicable

Applicable

Housing loan sanction date to be eligible for a subsidy

After 17.06.2015

After 01.01.2017

After 01.01.2017

 

  • Interest Rate 8.70% - 9%
  • Loan Amount 20L - 20Cr
  • Processing Fee 0.35% - 0.5%
  • Tenure30 Years

  • Quick Apply

Axis Bank Home Loan Eligibility Criteria

Axis Bank offers equal borrowing opportunity to every eligible individual. The bank has set some standards regarding customers' demographics.

While very basic, these standards have been strategically proposed and drafted, so that it leaves no stone unturned to ensure that people understand their responsibility and not take in a loan without any prior financial planning.

Here are the eligibility criteria that you will have to fulfill if you wish to get approved for Axis Bank HomeLoan. See if you fit into them.

Eligibility for Salaried Employees:

  • You should be in a permanent service, either working in government or reputed private company.
  • Your age should be 21 years or above at the time of loan commencement and up to 60 years or superannuation at the time of loan maturity whichever is earlier.

Eligibility for Professionals:

Only the below-listed professionals can apply for Axis Bank Home Loan:

  • Doctors
  • Architects
  • Chartered Accountants
  • Cost Accountants
  • Company Secretariat
  • Management Consultant

You should be at least 21 years of age or above at the time of commencement of loan and up to 65 years or less at the time of maturity.

Eligibility for Self-Employed individuals:

  • To be eligible for Home Loan you should be consistent in filing Income Tax Return.
  • You should be 21 years of age or above at the time of commencement of loan and up to 65 years or less at the time of loan maturity.

 Do you fit into the eligibility criteria that Axis Bank has set for its Home Loan category? If yes, you do not need to wait anymore before applying for the HomeLoan.

Documents Required for Axis Bank Home Loan

 

Documents Needed

Salaried employees

Self Employed individuals

Proof of identity (Anyone)

Passport/Voter's ID/Driving license/PAN Card/AadhaarCard

Proof of Income (Anyone)

Salary slips for past three months/ Salary Certificate/Latest Form 16/Bank Statement for last 6 months

IT- Returns for the last 2 years along with computation of income certified by CA; Last 6 months' Bank statement for operative account for both personal and business.

Proof of Residence (Anyone)

Latest Electricity Bill/ Pipeline Gas bill/ Telephone bill (Not more than 2 months old)/ Passport/ AadhaarCard/ Voter's ID/ Driving License

 While these documents must be submitted at the time of application, there is a different set of documents that you will have to share with the bank once the loan is sanctioned.

How to calculate Axis Bank Home Loan EMI?

MyMoneyMantra provides a very easy-to-use EMI calculation tool which helps the applicants to estimate and analyse Equated Monthly Instalments (EMIs) for Home Loan.

The calculator also helps the applicants in understanding and comparing the loan rates charged by other banks. This helps them to find the best choice. Loan comparison also helps them plan their budget more strategically.

 For using MyMoneyMantra EMI Calculator, all you need to do is fill in the amount you need, along with the preferable loan repayment tenure. After the information is filled, the calculator measures EMI on the basis of applicable interest rates and finally displays the liability of EMI against the loan amount.

Why Apply for Axis Bank Home Loan on MyMoneyMantra?

MyMoneyMantraextends freedom to apply for a customized HomeLoan without any hassles on an online platform. The applicants can conveniently compare and choose the best deal without any delay.

There are many benefits of applying for Axis BankHomeLoanon MyMoneyMantra:

Real-Time EMI Calculator: MyMoneyMantra offers an instant loan EMI calculation tool which helps customers to calculate their EMI's. It enables them to choose the personalized repayment plans instantly.

Personalized Quotes: All the verified loan applicants are provided with instant quotes that are customized according to their CIBIL Score.

E-Approval Ability: Every applicant of Axis Bank Home Loan who uses MyMoneyMantra.com receives instant e-approval once they successfully submit their home loan applications.

Hassle Free and Convenient Documentation Process: MyMoneyMantra provides hassle-free document assistance to the consumers which significantly reduces the turnaround time in real-time.

Guaranteed Privacy: We promise complete privacy while you apply for Axis Home loan through the site.

How to Apply for Axis Bank Home Loan on MyMoneyMantra?

The Axis Bank Home loan application process, when completed with MyMoneyMantra.com, comes with many benefits. Here is the step-by-step process that an applicant should follow when applying for a loan through the website route:

  • Go to MyMoneyMantra.com
  • Choose the HomeLoan option and put in the loan amount and then proceed.
  • Fill in the required information: your gender, name, the city of residence, purpose of the loan, cost of property, loan amount desired, your annual income, employment type, email address, and phone number.
  • Now a unique OTP will be generated.
  • Using the OTP sent to you on mobile, you will gain access to the unique customer areas with the best available offers according to your preferences.
  • You can compare and choose the best offer available and instantly apply according to your convenience.

 Other Products by Axis Bank

There are several financial products and services offered by Axis Bank beyond Home Loan. Other products & services provided by Axis Bank are as follows:

Axis Bank Products & Services

Savings Account

Current Account

Salary Account

Fixed Deposit

Recurring Deposit

Demat Account

Personal Loan

Car Loan

Education Loan

Gold Loan

Business Loan

Mutual Funds

IPO

Credit Cards

Bond, NCD, and Corporate FD

 

Axis Bank Home Loan Customer Care

To address customer grievances, suggestions, requests and feedback, you can contact Axis Bank customer care. The team is well adept at handling varied customer issues gracefully.

Axis Bank Home Loan Customer Care: 1800 103 5577 or 1800 209 5577 (Toll-Free Numbers)

You can mail here: customer.service@axisbank.com

You can also direct your concerns on the bank website to get detailed information of the other contact mediums - https://www.axisbank.com/contact-us

Here is the contact detail of Axis Bank headquarter office -

Axis Bank Limited, 'Axis House', C-2, Wadia International Centre, PandurangBudhkarMarg, Worli, Mumbai - 400 025

Tel.: +91-22-24252525/43252525

Fax: +91-22-24251800

In case you are not satisfied with the result of your complaint, you can write to the nodal officer at nodal.officer@axisbank.com

Latest News

Axis Bank's profits surge 83% at 790 crores in last Quarter

Owing to higher net interest income and lower provisions, Axis Bank Ltd reported 82.6% year-on-year (y-o-y) surge in net profit to 789.6 crore in the September 2018 Quarter.Net interest income (NII), the difference between interest earned and interest expended, increased 15.25% y-o-y to 5,232 crore. Net interest margin (NIM), a key measure of profitability, stood at 3.59%, down 12 basis points (bps) y-o-y and 8bps sequentially.

Axis Bank offers special banking services for Defense personnel

Axis Bank will be diversifying its portfolio from the main banking services to special offers for defense personnel such as - zero balance, joint account feature having 30 Lakh for the personal accident cover purpose, 30 Lakh for half and total disability cover, and lastly zero processing fees on the Personal Loan, Home Loan, and Auto Loan.

Axis Bank hikes its lending rates by 5 basis points

Axis Bank, the third largest private sector bank has hiked its lending rates by a marginal 5 basis points across all tenors. The move to increase the marginal cost of funds based lending rate (MCLR) comes days after the nation's largest bank, State Bank of India (SBI) had decreased its rates under the older base rate system by a sheer 0.30 percentage points.

Frequently Asked Questions

What is the turnaround time for a decision on the Axis Bank Home Loan application?

The decision of the Axis Bank as on whether the loan is sanctioned or not depends on the eligibility, loan amount, Home Loan type and several other factors. The process is however quick and transparent.

Do the applicants need to pay a fee for Axis Bank Home Loan application? 

Yes. Banks do charge a non-refundable processing fee for all the Home Loan applications. The charge levied by Axis Bank is up to 1% of the loan amount to a maximum of 10000.

MyMoneyMantra does not charge any fee or charge for your loan application. Our services are free of cost for the customers.

Can the applicant make part-payments of their Axis Bank Home Loan?

 Yes. Applicants can make part prepayment without bearing any charges for the same.

Can the applicant foreclose their Home Loan account? Will it be charged?

 Yes, borrowers can foreclose their Home Loan. But, before processing the foreclosure, the bank will ensure that all the dues are cleared. Once that is done, a foreclosure request is submitted at the Loan Center, and the processing of request begins. Presently, there are no charges associated with the foreclosure of Axis Bank Home Loan Account.

What is the interest rate levied by Axis Bank on Home Loans?

Axis Bank Home Loan interest rates vary from 8.70% to 12% per annum. Interest rates tend to vary depending upon several factors like CIBIL Score, monthly income, age, etc.

What are the different types of Home Loans offered by Axis Bank?

The different types of Home Loans offered by Axis Bank are:

  • Axis Bank Home Loan
  • Axis Bank Fast Forward Home Loans
  • Axis Bank ShubhAarambh Home Loan
  • Asha Home Loan
  • Empower Home Loan
  • Super Saver Home Loan
  • Top-up Loan

What is the minimum and maximum loan amount if I want to avail Axis Bank Home Loan?

With Axis Bank Home Loan, the minimum loan amount that you can avail is 3 lakhs. The maximum loan amount depends on the income and several other eligibility factors. 

What are the prepayment charges for Axis Bank Home Loan?

There are no prepayment charges that you will be required to pay with Axis Bank Home Loan.

Who can be a co-applicant for Axis Bank Home Loan?

Any member of your immediate family can be a co-applicant with you for Axis Bank Home Loan.

Will I get a tax benefit with my Axis Bank Home Loan?

Yes, if you are a resident Indian, then you are eligible for tax benefits on your Axis Bank Home Loan principal amount and interest under the Income Tax Act, 1961.

Axis Bank Home Loan can be applied for:

  • Construction of home
  • Home repairing
  • House renovation
  • House extension
  • Purchase of new house

Other Available products from Axis Bank

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