Asha Home Loan

Updated: 19-11-2024 07:30:18 AM

Axis Bank’s Asha Home Loan Highlights
Interest Rates	10.05% p.a. onwards
Loan Amount	Rs. 1 lakh to Rs. 35 lakh
Processing Fees	1% of the outstanding principal with minimum Rs. 10,000 + GST
Repayment Tenure	Up to 20 years – For Fixed Rate Loans
LTV Ratio	Up to 90% of Property Value on loan amount up to Rs. 30 lakh
Margin	10% on loans up to Rs. 35 lakh

Note: Interest rates as of 19th Nov 2024.

Purpose of Asha Home Loan

Asha Home Loan can be availed for the purchase of an under construction or ready to move property, resale home, self-construction, plot plus construction, and repair and extension of property. Under this home loan scheme, 12 EMIs are waived off for its customers during the loan tenure as per the loan’s terms and conditions. The borrowers need to have a clear repayment history in order to avail the EMI waiver benefits. The home loan can also be part prepaid, as long as the tenure does not fall below 4 years.

Asha Home Loan Interest Rates

Asha Home Loan Interest Rates offered to its customers are 10.05% p.a. onwards depending upon the applicant’s creditworthiness, payment history and financial capacity.

Asha Home Loan Interest Rates vs Other Lenders

Name of Lender	Loans of Up to Rs. 30 Lakh
Bank of India	7.10% p.a. onwards	Check Eligibility
State Bank of India	7.25% p.a. onwards	Check Eligibility
Punjab National Bank	7.20% p.a. onwards	Check Eligibility
Canara Bank	7.15% p.a. onwards	Check Eligibility
HDFC Bank	7.90% p.a. onwards	Check Eligibility
Bajaj Housing Finance	7.40% p.a. onwards	Check Eligibility
ICICI Bank	7.65% p.a. onwards	Check Eligibility
Axis Bank	*8.25% p.a. onwards	Check Eligibility
Federal Bank	*7.90% p.a. onwards	Check Eligibility
Kotak Mahindra Bank	7.70% p.a. onwards	Check Eligibility
IDFC FIRST Bank	8.85% p.a. onwards	Check Eligibility
IDBI Bank	7.35% p.a. onwards	Check Eligibility
RBL Bank	8.20% p.a. onwards	Check Eligibility
Tata Capital Housing Finance	7.75% p.a. onwards	Check Eligibility
PNB Housing Finance	*7.20% p.a. onwards	Check Eligibility
Sammaan Capital (Formerly known as Indiabulls Housing Finance)	8.75% p.a. onwards	Check Eligibility
India Shelter Home Loan	8.43% p.a. onwards	Check Eligibility
L&T Finance Limited	*8.40% p.a. onwards	Check Eligibility
Godrej Housing Finance	7.75% p.a. onwards	Check Eligibility
Home First Finance	8.00% p.a. onwards	Check Eligibility
Easy Home Finance	8.99% p.a. onwards	Check Eligibility
Piramal Capital Housing Finance	*8.25% p.a. onwards	Check Eligibility
Shubham Housing Finance	10.45% p.a. onwards	Check Eligibility
Punjab & Sind Bank	7.30% p.a. onwards	Check Eligibility
Jio Housing Finance	8.20% p.a. onwards	Check Eligibility
HDFC Sales Pvt Ltd	7.90% p.a. onwards	Check Eligibility

LTV Ratio for Axis Bank Asha Home Loan

• Loan amount up to Rs. 30 lakh: Up to 90% of the property value
• Loan amount from above Rs. 30 lakh to Rs. 75 lakh: Axis bank has not disclosed LTV ratio of Asha Home Loan of above Rs. 30 lakh to Rs. 35 lakh. However, the RBI has capped the LTV ratio of such home loan amounts at 80% of the property value

Asha Home Loan Eligibility Criteria

Below mentioned is the eligibility criteria and documents required for Asha Home Loan:

Eligibility Criteria

• Age: Minimum 21 years at the time of loan commencement and maximum up to 65 years (60 years for salaried individuals) at time of loan maturity
• Individuals with combined income of Rs. 8000 or above are eligible to apply for Asha home loan

Documents Required

Find below the information related to the documents required for Axis Bank’s Asha Home Loan:

Mandatory Documents: Application form and PAN card

Proof of Identity: Passport, Aadhaar card, Driving License, Voter ID card, GOI issued photo ID, Govt. Employee ID (Any One)

Proof of Address: Aadhaar card, Driving License, Voter ID, Utility Bills (Water, Gas, Electricity), Property Tax Receipt (Any One)

Date of Birth Proof: Passport, PAN card, Aadhaar card with DOB, Driving License, Birth certificate, SSC mark sheet (Any One)

Signature Proof: Passport, PAN card, banker’s verification (Any One)

Salary Proof:

For Salaried: 3 months’ salary slips, 6 months’ pay slips, 6 months’ bank statement, last 2 year’s Form 16 (Any One)

For Self-Employed:

• 2 years’ ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
• For Asha HL – 1 year ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
• Tax Audit Report (If Gross Turnover exceeds Rs. 1 crore), 6 months’ bank statement (both personal and business) and Business continuity proof (3 years of HL/ 5 years for LAP)

For Balance Transfer: 12 months’ loan account statement with latest outstanding letter