Axis Bank Home Loan

Axis Bank Home Loan Highlights
Interest Rate	8.70%-13.30% p.a.
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 7th December 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

Axis Bank Home Loan interest rates start from 8.70% p.a. onwards. The bank offers interest rates depending on the type of home loan schemes, type of interest rates (floating or fixed), loan amount and occupation profile of home loan applicants.

Below-mentioned are the interest rates of various Axis Bank Home Loan schemes offered to its home loan applicants.

Axis Bank Housing Loans

Axis Bank Home Loan Interest Rate For Bureau Score 751 and above

Applicant Type	Interest Rate (p.a.)
Salaried	8.70% p.a.
Self-employed	9.10% p.a.

Axis Bank Asha Home Loans

Type	Interest Rates (p.a.)
	Salaried	Self Employed
Floating Rate	10.50%-12.85% p.a.	12.00%-13.30% 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	8.40% - 10.15% p.a.	8.40% - 10.05% p.a.	8.40% - 10.05% p.a.
HDFC Bank Limited	8.35% p.a. onwards	8.35% p.a. onwards	8.35% p.a. onwards
LIC Housing Finance	8.40% – 10.35% p.a.	8.40% – 10.55% p.a.	8.40% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.
Punjab National Bank	8.45%-10.25% p.a.	8.40%-10.15% p.a.	8.40%-10.15% p.a.
Bank of Baroda	8.40% - 10.65% p.a.	8.40% - 10.65% p.a.	8.40% - 10.90% p.a.
Union Bank of India	8.40% – 10.80% p.a.	8.40% – 10.95% p.a.	8.40% – 10.95% p.a.
IDFC First Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
L&T Finance Limited	8.60% p.a. onwards	8.60% p.a. onwards	8.60% p.a. onwards
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Tata Capital Housing Finance	8.70% p.a. onwards	8.70% p.a. onwards	8.70% p.a. onwards
Federal Bank	8.80% p.a. onwards	8.80% p.a. onwards	8.80% p.a. onwards

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

How to Apply for Axis Bank Home Loan

The applicants can apply for Axis Bank Home Loan in the following steps:

• Prospective home loan applicants can visit the official website of Axis Bank and fill in the home loan application form available online. They can also visit Axis Bank branch or loan centre to apply for Axis Bank Home Loan.
• Applicant has to submit the KYC and property documents.
• The lender would then evaluate the loan application based on the documents submitted by the applicant and his credit profile. The lender may also conduct a physical verification of the property while processing the loan application.

Types of Axis Bank Home Loan

Axis Bank Housing Loan

Purpose: Axis Bank offers regular home loan scheme to Resident Indians and NRIs for purchasing/constructing/renovating houses.

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

Axis Bank QuikPay Home Loan

Purpose: Axis Bank QuikPay Home Loan allows borrowers to repay higher principal amounts earlier in the loan tenure. Thus, the EMIs reduce every month and the borrowers can save huge on the interest payout.

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

Axis Bank Shubh Aarambh Home Loan

Purpose: Consumers can avail Shubh Aarambh Home Loan from Axis Bank for purchasing under-construction/ready/resale home. This loan facility can also be availed for purchasing plot plus construction thereon, self-construction of home on an already owned plot and for making home extensions/improvements. Shubh Aarambh Home Loan borrowers maintaining clean track record of repayments are offered 12 EMI waivers, 4 EMIs each waived off at the end of 4th, 8th and 12th year of the loan tenure. Borrowers can also part prepay their Shubh Aarambh home loans as long as the tenure does not fall below 4 years. Existing home loan borrowers of other lender can exercise home loan balance transfer facility to avail Shubh Aarambh Home Loan scheme.

Loan Amount: Up to Rs 30 lakh

Tenure:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

Axis Bank Fast Forward Home Loan

Purpose: Prospective home loan borrowers can avail Axis Bank Fast Forward Home Loan for purchasing an under construction/ready/resale home, plot plus construction, self-construction, home extension/improvement. Axis Fast Forward Home loan comes with 12 EMI waivers with 6 EMIs waived off at the end of 10 years and another 6 months on completion of 15 years provided the borrowers has a clean repayment track record. Borrowers can also part prepay their home loans as long as the tenure does not fall below 10 years. This loan facility is also available to existing home loans borrowers of other lenders planning to avail 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:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

Axis Bank Asha Home Loan

Purpose: Axis Bank offers affordable home loan scheme branded as Asha Home Loans to applicants having a minimum combined family income of Rs 8,000 per month to finance the purchase of ready/under construction/resale homes, repair/extension of existing property, self construction of home and plot purchase plus home construction. Axis Bank Asha Home Loan also comes with waiver of 12 EMIs with 4 EMIs waived off at the end of 4th year, 8th year and 12th year of the loan tenure. The borrowers availing Asha Home Loan scheme should 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.

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:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

Axis Bank Super Saver Home Loan

Purpose: Axis Bank Super Saver Home Loan is a home loan overdraft facility wherein the applicants can deposit surplus funds in the linked overdraft account and withdraw money whenever needed within the pre-determined limit.

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 20 years

Axis Bank Power Advantage Home Loan

Purpose: Axis Bank offers Power Advantage Home Loans with fixed interest rates for the first 2 years of loan tenure, followed by floating rate of interest for the remaining 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

Axis Bank 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

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.

Also Check: Home Loan Eligibility Criteria for Top 10 Banks and HFCs

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

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

Click to view the complete list of home loan documents

Factors affecting Axis Bank Home Loan Interest Rates

Axis Bank Home Loan interest rates vary depending on the credit profile of the loan applicant and the home loan scheme opted for. The bank has specified its home loan interest rate differentiation based on the credit score, occupation profile (i.e. salaried or self-employed), type of home loan scheme offered and type of interest rates (fixed or floating) offered to the home loan applicants.

Axis Bank Home Loan EMI Calculator

You can also visit Axis Bank Home Loan EMI Calculator to check the amortization schedule for detailed breakup of interest and principal components of home loan EMI

Axis Bank Home Loan Customer Care/Grievance Redressal

Contact details:

• 1860-419-5555
• 1860-500-5555

Toll-free Number: 1-800-103-5577

Click on Axis Bank Home Loan Customer Care/Grievance Matrix to know more about the customer care and grievance redressal process of Axis Bank Home Loan.

Also Check: Home Loan EMI Calculator

FAQs on Axis Bank Home Loan

What is the current home loan interest rate in Axis Bank?

Ans. Axis Bank offers home loan interest rates starting from 8.70% p.a. onwards.

What type of home loan interest rate does Axis Bank offer?

Ans. Axis Bank offers home loans at both floating and fixed interest rates.

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.

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.

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.

Can salaried individuals avail all home loan schemes offered by Axis Bank?

Ans. Yes, salaried individuals are eligible for all the home loan schemes offered by Axis Bank, provided they meet the various eligibility conditions set by the lender. However, salaried applicants need to select the home loan scheme based on how the features of the home loan schemes suit their requirements.

For e.g., salaried applicants having lower home loan eligibility due to inadequate income can avail Axis Bank Asha Home Loan Scheme. Similarly, individuals nearing their retirement age can consider Axis Bank QuikPay Home Loan Scheme as it allows the applicants to repay higher EMI earlier in the loan tenure. Home loan applicants wishing to benefit from home loan prepayments without sacrificing their liquidity can should opt Axis Bank Super Saver Home Loan Scheme.

How and when does the floating rate of interest change?

Ans. The floating interest rate for your home loan would change when the underlying benchmark rate of your home loan, like the MCLR, Base Rate, Prime Lending Rate, Reference Rate or external benchmarks like repo, T-Bill, etc. undergoes any change. However, the exact date of the rate change would depend on the rate reset date frequency set by the lender and rate reset date set for your home loan.

What are the tax benefits of Axis Bank Home Loan?

Home loan borrowers of Axis Bank can claim tax deduction under Section 24b and Section 80C of Income Tax Act. Under Section 24b, the borrower can avail tax deduction of up to Rs 2 lakh per financial year on the home loan interest paid. In case of rented property, the entire interest repayment amount is allowed as tax deduction without any limit. Section 80C allows the home loan borrower to avail tax deduction of up to Rs 1.5 lakh per financial year on principal repayment.

How can you change your Axis Bank Home Loan interest rates?

Axis Bank charges a switching fee of 1% on the outstanding principal with a minimum of Rs 1,000 to change the home loan interest rates of existing home loan borrowers from floating to fixed. For changing home loans from fixed rates to floating rates, a fee of 2% on the outstanding principal is charged by the bank. Axis Bank charges a fee of 0.5% on outstanding principal with minimum of Rs 10,000 for changing higher fixed interest rates to lower fixed interest rates. For switching from higher floating rates to lower floating rates the bank charges fees ranging from Rs 1,000 to Rs 5,000.

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.

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.

How can I reduce Axis Bank Home Loan interest rate?

Existing home loan borrowers of Axis Bank can reduce their interest rates by switching from higher fixed interest rates to lower fixed interest rates by paying a switching fee of 2% on the outstanding principal. In case of floating rate home loans, the interest rates can be reduced from higher to lower by paying a switching fee ranging between Rs 1,000 to Rs 5,000 as per the loan amount. In case, Axis Bank does not reduce your interest rates, you can opt for home loan balance transfer facility wherein you can transfer your existing home loans from Axis Bank to other lenders offering lower interest rates.

Can I also avail Axis Bank Home Loan for home improvements or home extension?

Ans. In addition to availing Axis Bank Home Loan for purchase or construction of new properties, you can also avail home loan from Axis Bank for carrying out improvements or extension to your existing property. Applicants can also avail various home loan variants of Axis Bank such as QuikPay Home Loan, Shubh Aarambh Home Loan, Fast Forward Home Loan, Asha Home Loan and Power Advantage Home Loan for making improvements and extensions to your existing properties.

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.

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.

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.

Can I increase my Axis Bank Home Loan tenure to reduce my EMI?

Ans. Axis Bank has not mentioned the facility of tenure increase option for reducing the home loan EMI. However, many lenders allow their existing home loan borrowers to increase their loan tenure in case of financial hardships. This is because request for tenure increase is considered as loan restructuring, which is considered to be a negative credit event by the credit bureaus. Hence, the credit bureaus reduce the credit score of the borrower opting for tenure increase, which in turn would adversely impact his/her future loans and credit card eligibility.

Instead, existing home loan borrowers should opt for Home Loan Balance Transfer facility wherein they can transfer their existing home loans to other lenders at lower interest rates. This in turn would reduce their EMI without increasing their interest cost. Eligible borrowers can also opt for longer tenures while transferring their home loan to further reduce their EMIs.