Axis Bank Home Loan

Note: Rates as on January 21, 2022. The facts and figures provided above are subject to periodic change.

Axis Bank Home Loan Interest Rates

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Axis Bank Home Loan Fees & Charges

*In case of Part Disbursal, the charges will be calculated on total outstanding principal + undisbursed portion of sanctioned amount.

Types of Axis Bank Home Loan

Axis Bank Housing Loan

Purpose: For home loans to Resident Indians and NRIs for buying or constructing a new house.

Loan Amount: Rs 3 lakh-Rs. 5 crore

LTV Ratio:

Tenure: Up to 30 years

QuikPay Home Loan

Purpose:

• Allows borrowers to repay higher principal amounts during the earlier part of the loan tenure. The EMIs reduce every month helping borrowers save huge on the interest payout.
• It also offers balance transfer of existing home loans from other banks/NBFCs to Axis Bank at lower interest rates.

Loan Amount: Up to Rs. 5 crore

LTV Ratio:

Tenure: Up to 30 years

Shubh Aarambh Home Loan

Purpose:  Axis Bank Shubh Aarambh Home Loan offers 12 EMI waivers (4 EMIs each waived off at the end of 4th, 8th and 12th year ) and interest subsidy benefits on qualifying under Pradhan Mantri Awas Yojna Scheme.

Loan Amount: Up to Rs. 30 lakh

Tenure: Up to 30 years

Fast Forward Home Loan

Purpose: Axis Bank Fast Forward Home Loan comes with 12 EMI waivers for loans accounts repaid beyond 10 years with 6 EMIs waived off at the end of 10th and 15th year. This loan facility is also available to home loans applicants exercising home loan balance transfer facility.

Loan Amount: Rs. 30 lakh – Rs. 5 crore

LTV Ratio:

Tenure: Up to 30 years

Asha Home Loan

Purpose: Home loan scheme for affordable housing for salaried and self-employed applicants having combined family income of Rs 8,000 onwards. It is a customised home loan scheme offered on the basis of the banking patterns of the loan applicants. Axis Bank Asha Home Loan also comes with EMI waivers of 12 months with 4 EMIs waived off at the end of 4th year, 8th year and 12th year of the loan tenure.

Loan Amount: Rs. 1 lakh – Rs. 35 lakh

LTV Ratio: Up to 90% of property cost (on loan amount up to Rs 30 lakh)

Tenure: Up to 30 years

Super Saver Home Loan

Purpose: Home loan with an overdraft facility to save total interest payable on your home loan. Axis Bank Super Saver Home Loan allows borrowers to invest their surplus funds in the account to earn interest and withdraw whenever needed.

Loan Amount: Rs. 10 lakh – Rs. 5 crore

LTV Ratio:

Tenure: Up to 22 years

Power Advantage Home Loan

Purpose: Home Loans with fixed interest rates for the first 2 years of loan tenure, followed by floating rate of interest for the rest of the loan tenure.

Loan Amount: Up to Rs. 5 crore

LTV Ratio:

Tenure: 30 years

Top-Up Home Loan

Purpose: For existing home loan customers and for home loan balance transfer customers requiring additional finances for personal/business requirements or for construction of residential/commercial property

Loan Amount: Up to Rs. 50 lakh

Tenure: Same as the outstanding home loan tenure

Pradhan Mantri Awas Yojna (PMAY)

Purpose: Interest subsidy of up to Rs 2.67 lakh on home loans to eligible borrowers belonging to Economical Weaker Sections, Low Income Groups and Middle Income Groups for purchase or construction of their first home.

Loan Amount: As per the eligibility of the applicant

Tenure: Up to 30 years (Up to 20 years for interest subsidy)

Eligibility Criteria for Axis Bank Home Loan

• Salaried or self-employed
• Clean track record throughout the loan tenure- No case of dues pending for 90 days and above; not more than 3 cases of pending dues for 30 days and above
• No penal charges or any other charges due on the borrower

For Salaried

• The applicant should have a permanent service in a government or a reputed private sector organisation.
• The minimum age of the applicant should be above 21 years at the time of loan commencement.
• The maximum age of the applicant can be 60 years or superannuation, whichever comes earlier at the time of loan maturity.

For Professionals

• Professionals such as doctors, dentists, architects, engineers, cost accountants, company secretaries, chartered accountants, and management consultants are eligible to apply for a home loan.
• The minimum age of the applicant should be above 21 years at the time of loan commencement.
• The maximum age of the applicant at the time of loan maturity should be 65 years.

For Self-employed

• Any individual filing income tax returns can apply for Axis Bank Home Loans.
• The minimum age of the applicant should be above 21 years at the time of loan commencement.
• The maximum age of the applicant at the time of loan maturity should be 65 years.

For Top-up Home Loan

• NRI and Resident Indians are eligible for top-up loans
• Existing home loan borrowers can avail top-up loans after 6 months of clear repayment
• Not more than 1 EMI bounce in the last 1 year which should have been cleared before the next EMI date
• For top-up loan with balance transfer, 1 year clear repayment history is required
• Can be extended only against complete residential property with no pending post disbursal documentation
• In case of NRI borrowers, property must be owned either singly by the borrower or in joint ownership

For Pradhan Mantri Awas Yojna (PMAY)

• The family of the beneficiary (husband, wife, unmarried children) should not own a pucca house.
• In case of a married couple, either of the couples or both jointly are eligible for a single house subject to Maximum Household Income (p.a.)-EWS/LIG- Up to Rs 6 lakh
  MIG 1: Rs 6 lakh-Rs 12 lakh
  MIG 2: Rs 12 lakh-Rs 18 lakh

Documents Required for Axis Bank Home Loan

Application Form- Duly filled application form

ID Proof– Aadhaar card, passport, government employee ID, voter ID, driving license, photo ID issued by Government of India

Address proof- Aadhaar card, passport, government employee ID, voter ID, driving license, photo ID issued by Government of India, electricity bill, telephone bill, gas bill, property tax receipt

Date of Birth Proof- Passport, PAN Card, Aadhaar card, Birth certificate, SSC Marksheet

Signature Proof- Passport, PAN Card, Banker’s verification, Notarized affidavit with address and ID proof

Income Proof-

For Salaried-

• Pay slip for 3 months
• 2 years bonus proof or pay slip for 6 months
• Bank statement for 6 month reflecting salary credits
• Form 16 for 2 years

For NRI (Salaried)

• Pay slip for 3 months
• Contract letter/appointment letter
• Passport Copy
• Valid VISA copy
• Overseas credit report
• Continuous Discharge Certificate for shipping cases
• International salary account statement for 6 months
• Domestic/NRE/NRO account statement for 6 months

For Self-Employed

• ITR, income computation, P&L, balance sheet with CA seal and sign for 2 years (For Asha Home Loan- ITR, income computation, P&L, balance sheet with CA seal and sign for 1 year)
• Bank statement for personal and business accounts for 6 months
• Business continuity proof for 3 years
• Tax paid challan and CPC if ITR is filed with no digital signatures
• Tax Audit Report (If gross turnover exceeds Rs 1 crore or gross receipt exceeds Rs 25 lakh)

For Balance Transfer/Loan Takeover from Other Bank/Financial Institution-

• Loan account statement for 12 months with recent outstanding letter
• Details of current loan and bank statement for 6 months with EMI deduction details

For PMAY

• ID Proof– PAN Card, Aadhaar card, Voter ID, Driving License
• Address Proof– Electricity bill, telephone bill, voter ID, Driving License, Aadhaar Card
• Declaration– CLSS Affidavit

Click to view the complete list of home loan documents

Axis Bank Home Loan EMI Calculator

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Why to Apply for Axis Bank Home Loan through Paisabazaar

1. Top Offers at One Place: Paisabazaar brings to you the best home loan offers from 20+ financial institutions including Axis Bank at a single platform.

2. Compare & Choose: When applying for a loan as big as a home loan, the interest rate becomes an important consideration. After all, even a slight dip in your home loan rate can help you save big on the interest outgo. At Paisabazaar, you can compare all possible options available to you and choose the lowest interest rate on offer.

3. Pre-Approved Offers: All home loan borrowers who are registered with Paisabazaar get personalised pre-approved home loan balance transfer offers at low-interest rates from time to time as per their past credit behaviour.

4. Check Your Credit Score for Free: Lenders check your credit score when reviewing your home loan application. A higher credit score generally qualifies you for lower rates and better loan terms. Therefore, before applying for a home loan one must check their credit score and if found low must take necessary steps to improve it.

At Paisabazaar, you can check your credit score and credit report for free and ensure that your credit history and personal details are in order so as to avoid rejection from a lender. You also get free monthly credit score updates and credit advisory services to help you build, improve and maintain a high credit score for easy access to credit in the future.

Get Your Free Credit Report with Monthly Updates Check Now

5. End-to-end Assistance: Team Paisabazaar is there for you right from the time you start looking for a home loan offer till you get the money disbursed in your bank account. Our team works with you and the lender throughout the process in an effort to give you a seamless loan experience.

FAQs

1. How does Axis Bank evaluate my eligibility for a home loan?

Some of the factors that Axis Bank considers when determining home loan eligibility are:

• Income of all applicants
• Age of the primary applicant
• Number of dependents that the applicants have to support
• Assets and liabilities of the applicants
• Stability and continuity of the primary applicant’s occupation

2. What is Pre-EMI Interest?

Pre-EMI interest is the interest on the loan amount disbursed by the bank. It is payable every month from the initial date of disbursement until the commencement of the EMI payments.

3. Who is eligible to be a co-applicant when applying for an Axis bank housing loan?

The co-owner of the concerned property must be added as a co-applicant in the home loan application. In the case of single ownership of the property, any immediate family member such as parents, son, spouse, etc. can be included as a co-applicant in the Axis Bank Home Loan application form.

4. What are the different options available for making EMI payments?

Axis Bank borrowers may repay their home loan through any of the following two ways:

• Standing Instruction (SI): You can use this mode if you have a bank account with Axis Bank. Your EMI will debit automatically at the end of the monthly cycle.
• National Automated Clearing House (NACH): This mode is for those who do not have any bank account with Axis Bank. This mode allows Axis Bank to directly deduct your home loan EMIs from your non-Axis Bank account.

5. What are the charges applicable if I want to increase EMI and reduce the tenure of my Axis Bank Home Loan?

Currently, Axis Bank levies no charge to increase the EMI. Each home loan applicant’s EMI is decided upon his/her repayment capability. To reassess your EMI, the bank will require you to submit the following documents:

• Last 3 months’ salary slip
• Last 6 months’ bank statements reflecting your salary
• Your photo identity and address proof
• A letter requesting the change

6. Do I get a tax benefit on my Axis Bank Home Loan?

Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a home loan under the Income Tax Act, 1961.

• The interest portion of the home loan EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs. 2 lakh under Section 24 (b).
• Similarly, the principal portion of the EMI paid for the year is allowed as a deduction under Section 80C. The maximum amount that can be claimed is Rs. 1.5 lakh.
• First-time homebuyers can claim tax benefits under Section 80EE. As per the provisions of this section, an additional deduction of Rs. 50,000 shall be allowed to people who make payments of interest on the home loans. This incentive shall be separate and in excess of the deduction of Rs. 2 lakh allowed under Section 24 and the deduction of Rs. 1.5 lakh allowed under Section 80C.

For further details, read about home loan tax benefits

7. How should I contact Axis Bank for home loan-related queries and assistance?

Get your home loan related queries, requests, and concerns resolved through the following channels:

• Call: To know the status of your existing complaint, call Axis Bank Home Loan Customer Care at:
  • 1800 419 0068 (Toll-free number) (Call between 8:00 A.M. to 8:00 P.M.)
  • 1860 419 5555 (Charges as per the service provider)
  • 1860 500 5555 (Charges as per the service provider)
• Branch / Loan Centre: Visit the bank’s official website for live webchat or send an email to them explaining your issue