Axis Bank Home Loan

Axis Bank Home Loan Highlights
Interest Rate	8.75%-12.70% p.a.  (floating rate) 14% p.a. (fixed rate)
Loan Amount	Rs 1 lakh – Rs 5 crore
Loan Tenure	Up to 30 years
Processing Charges	Up to 1% (Min. of Rs. 10,000) + GST

Note: Rates as of 26th May 2023

Table of Contents Interest Rates Compare interest rates offered by other lenders Fees & Charges Types of Axis Bank Home Loan Eligibility Criteria Documents Required EMI Calculator FAQs

Axis Bank Home Loan Interest Rates

Housing Loans

Interest rates for Salaried Applicants

Floating rate	8.75%-9.15% p.a.
Fixed-Rate	14% p.a.

Interest rates for Self-Employed Applicants

Floating rate	8.85%-9.15% p.a.
Fixed-Rate	14% p.a.

Asha Home Loans

Type	Interest Rates (p.a.)
	Salaried	Self Employed
Floating Rate	9.90%-12.25% p.a.	10.95%-12.70% p.a.

Compare Home Loan Interest Rates With Other Lenders

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.50% - 10.15%	8.50% - 10.05%	8.50% - 10.05%
HDFC	8.50% - 10.35%	8.50% - 10.60%	8.50% - 10.70%
LIC Housing Finance	8.60% – 10.35%	8.60% – 10.55%	8.60% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.85% onwards	8.85% onwards	8.85% onwards
PNB Housing Finance	8.75% - 14.50%	8.75% - 13.00%	8.75%-11.35%
Punjab National Bank	8.65%-9.60%	8.60%-9.50%	8.60%-9.50%
Bank of Baroda	8.60% - 10.65%	8.60% - 10.65%	8.60% - 10.90%
Union Bank of India	8.50% – 10.75%	8.50% – 10.95%	8.50% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Housing Finance	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.50% onwards	8.50% onwards	8.50% onwards
Tata Capital	9.15% onwards	9.15% onwards	9.15% onwards
Federal Bank	10.15%-10.20%	10.20%-10.25%	10.25%-10.30%

Axis Bank Home Loan Fees & Charges

Particulars	Applicable charges (exclusive of GST)
Processing Charges	Up to 1% of the loan amount, subject to a minimum of Rs. 10,000
Prepayment Charges including part prepayment for floating rate loan	Nil
Prepayment Charges for a fixed-rate loan	2% of the principal outstanding
Penal Interest Rate	24% per annum, 2% per month
Switching Fees (Base Rate/BPLR to MCLR)	When the effective rate is to be kept the same – No fees When an effective rate is to be revised – 0.5% on the outstanding principal, with a minimum of Rs. 10,000
Switching Fees (Floating Rate to Fixed Rate)	1% on the outstanding principal with a minimum of 10,000/-
Switching Fees (Fixed Rate to Floating Rate)	2% on the outstanding principal amount
Repayment Instruction/Cheque Return Charges	Rs. 500 per instance
Cheque/Instrument Swap Charges	Rs. 500 per instance
Duplicate Statement Issuance Charges	Rs. 250 per instance
Duplicate Amortization Schedule Issuance Charges	Rs. 250 per instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges	Rs. 250 per instance
CERSAI charges	For loans up to Rs. 5 lakh – Rs. 50 For loans above Rs. 5 lakh – Rs. 100
Loan Cover/ Insurance	Compulsory

 

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:

Loan amount Up to Rs 30 lakh	Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh	Up to 80% of property cost
Loan amount above Rs 75 lakh	Up to 75% of property cost

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:

Loan amount Up to Rs 30 lakh	Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh	Up to 80% of property cost
Loan amount above Rs 75 lakh	Up to 75% of property cost

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:

Loan amount Up to Rs 30 lakh	Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh	Up to 80% of property cost
Loan amount above Rs 75 lakh	Up to 75% of property cost

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:

Loan amount Up to Rs 30 lakh	Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh	Up to 80% of property cost
Loan amount above Rs 75 lakh	Up to 75% of property cost

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:

Loan amount Up to Rs 30 lakh	Up to 90% of property cost
Loan amount above Rs 30 lakh-75 lakh	Up to 80% of property cost
Loan amount above Rs 75 lakh	Up to 75% of property cost

Tenure: 30 years

Top-Up Home Loan

Purpose: Axis Bank Top-up Home Loan is offered to existing home loan customers and to 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)

Axis Bank Home Loan Eligibility Criteria

• Salaried or self-employed individuals are eligible for Axis Bank Home Loan.
• The applicant should have a 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 should be 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

In addition to the above-mentioned Axis Bank home loan eligibility criteria, the lender may also consider factors like credit score, monthly income and EMI/NMI ratio for evaluating the home loan eligibility of applicants.

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

FAQs

1. Can I convert my Axis Bank home loan on fixed rate of interest to floating rate of interest? Will there be any charges for such conversions?
Ans. Yes, your Axis Bank Home Loan interest rates can be converted from fixed to floating rates and vice versa, at mutually acceptable terms with the bank. However, the bank would levy a conversion fee of 2% of the outstanding loan amount.

2. Can I convert my Axis Bank home loan on floating rate of interest to fixed rate of interest?
Ans. Yes, you can convert your Axis Bank Home Loan interest rates from floating to fixed rates. However, the bank would levy a conversion fee of 1% of the outstanding loan amount.

3. Can I choose between a fixed and floating interest rate?
Ans. Axis Bank offers home loans at both fixed and floating rates of interest. Hence, the applicants can choose between the two.

4. What parameters determine the applicant’s home loan eligibility?
Ans. The home loan eligibility depends upon the income, age, credit score, number of dependents, asset and liabilities, occupation stability and continuity of home loan applicants.

5. Can I prepay my Axis Bank Home Loan?
Ans. Yes, you can prepay your Axis Bank Home Loan subject to prepayment charges of 2% on outstanding principal for fixed rate of interest. No prepayment charges are levied on the applicants for prepayment of home loans offered at floating rate of interest.

6. Is it mandatory to have a co-applicant while applying for Axis Bank Home Loan? If yes, who can be the co-applicant?
Ans. Yes, it is mandatory to have a co-applicant for Axis Bank Home Loan. The co-owner of the property should be the co-applicant of home loan. If there is no co-owner, any member of the immediate family can be the co-applicant.

7.  What is the minimum credit score required to avail home loan from Axis Bank?
Ans. Axis Bank has not specified a cut-off credit score for its home loan applicants. However, credit scores of 750 and above usually increase the chances of availing home loans. Higher credit score can also help you to avail home loan at lower interest rates.

8. After I get a Home Loan from Axis Bank, if the rate of interest offered to me increases, do I have the option of moving to a lower interest rate? Will there be any charge for the switch?
Ans. Axis Bank Home Loan applicants can switch from a higher rate of interest to a lower rate of interest with a nominal switching fee.