Axis Bank is one of the largest private sector banks that offers a variety of home loans to individuals so that they can own their dream house without worrying much about the required necessary finances. Home loans by Axis Bank offers competitive interest rates under different variants which are suitable to the individual requirements of the home buyers.
Axis Bank Home Loan Interest Rate
| Axis Bank Home Loan Interest Rate 2019 | |
|---|---|
| Interest Rate | 8.90% onwards |
| Processing Charges | Upto 1% of the Loan amount subject to a minimum of Rs.10,000 |
| Loan Tenure | Upto 30 years |
| Loan Amount | Minimum: Rs 3 lakhs, Maximum: Depends on the combined income |
| Cheque Bounce Charges | Rs.500 per instance |
| Cheque / Instrument Swap Charges | Rs.500 per instance |
| Prepayment or Foreclosure Charges | Nil if floating, up to 2% of the principal outstanding for fixed rate |
Note: The facts and figures provided above are illustrative and subject to periodic change. Additional GST will also be charged wherever applicable.
Axis Bank Home Loan – Types
Axis Bank offers different products under home loan category. Some of the products are given in detail below:
Axis Bank Home Loans
Home loans offered by Axis Bank have great features:
- Flexible tenures, transparent processing and quick service.
- The interest rates charged by the bank under its housing loan scheme are relatively reasonable and affordable.
- Both fixed and floating rates of interest are available under the home loan schemes. Therefore the applicant can choose either of the two based on his/her perception about the change in the interest rates.
- A minimum amount a borrower can take is 3 lakhs under the Axis Bank Housing Loan scheme. However, there is no upper limit on borrowing and it depends on the borrower’s repayment capability.
- The bank also offers balance transfer scheme under the Axis Bank Housing Loan. This means if an applicant already has a home loan from a bank and is not satisfied with the charges and EMIs of that bank, he or she can transfer the existing home loan to Axis bank home loan without any additional hassles.
- The Axis home loan offers doorstep loan service so that the customer does not need to visit the bank. The bank’s executive comes to the applicant’s doorstep to complete the loan processing formality.
- If the applicant wishes to pay off the Axis Home loans earlier than the stipulated tenure, they can also do so easily without any prepayment charges. However, the prepayment facility is only available to customers who have chosen a floating rate of interest.
- Premium banking customers like Priority, Wealth or Burgundy, are given special benefits in the rates and charges of the Axis Home loans
- Availing of longer tenure of 30 years results in lower EMIs making the Axis Home loan affordable to the customers, you can pre-plan EMI by calculating with home Loan Calculator.
- eDGE Loyalty Points Program enables earning of eDGE Reward points when the customer avails the Axis Home loans or takes a top-up home loan and on every anniversary year of the availed home loan.
Axis Fast Forward Home Loans
A unique home loan available at Axis bank. If the borrower pays the EMIs regularly, as a result, the last 12 EMIs are waived off by the bank. The other features and benefits are:
- Home loans sanctioned under this category are for purchasing a house which is under construction or ready or for resale, construction of the house, purchase of plot, home improvement or extension, etc.
- A minimum amount a borrower can avail under this home loan scheme is 30 lakhs. However, there is no upper limit. The maximum amount depends upon the borrower’s repayment capability and income.
- The last 12 EMIs are waived off if the all previous EMIs have been paid on time. There are certain conditions to avail this benefit, like –
- There should be only 3 instances of EMIs pending for 30 days or above but always below 90 days during the loan tenure.
- The minimum opted tenure should be 20 years and the customer can part pay the loan amount as long as the tenure does not fall below 180 months or 15 years.
- The waiver of EMIs does not involve any extra charges.
- The rates of interest applicable to the scheme are standard without any additional interest.
- The bank offers balance transfer scheme under the Home Loan which means that if an applicant already has a home loan from a bank and is not satisfied with the charges and EMIs of that bank, he or she can transfer the existing home loan to axis bank without any additional hassles.
- The bank provides doorstep loan service so that the customer does not need to visit the bank branch. An executive from the bank comes to the applicant’s doorstep to complete the processing formality.
- If the applicant wishes to pay off the loan earlier than the stipulated tenure, it is possible and there are no charges for prepayment. However, an applicant can prepay is only if the loan tenure does not fall below 180 months.
- The loan processing method is quick and easy and the loan is disbursed at the earliest.
Axis Empower Home Loans
Home Loans specifically offered to self-employed individuals who can avail the loan instantly if they have a good banking track record. The other features of the loan are as follows:
- The loan is available for purchasing a house which is under construction or ready or for resale, construction of your house, purchase of plot, etc.which starts with an interest rate of 9.25% onwards.
- A minimum loan of Rs.10 lakhs is available under the scheme and a maximum of 15 lakhs.
- A unique benefit of 3 rate reductions if the applicant maintains a good track record with the bank for 24, 36 and 60 months after the date of loan disbursement for availing the 1st, 2ndand 3rd rate reduction respectively.
- The bank offers balance transfer scheme under the Home Loan which means that if an applicant already has a home loan from a bank and is not satisfied with the charges and EMIs of that bank, he/she can transfer the existing home loan to Axis bank without any additional hassles.
- Axis bank provides doorstep loan service so that the customer does not need to visit the bank branch.
- The bank comes to the applicant’s doorstep to complete the loan processing formality.
- An applicant can prepay the home loan earlier than the stipulated tenure, that too without any prepayment charges. However, prepayment is allowed only if the loan tenure does not fall below 180 months.
- The method of processing the loan is quick and easy and the loan is disbursed at the earliest.
Shubh Arambh Home Loans
In this particular loan, if a customer pays the EMIs regularly, the last 12 EMIs get waived off by the bank. Some of the features and benefits are as mentioned:
- The loan is available for purchasing a house which is under construction or ready or for resale, construction of your house, purchase of plot, etc.
- At the end of the 4th, 8thand 12th year get 4 EMIs waived off and 12 EMIs waived on extra cost if the repayment track is good.
- The tenure for loan repayment is up to 30 years making the EMIs lower and thus affordable.
- People qualifying under the eligibility criteria of PMAY (Pradhan Mantri Awas Yojana Scheme) get the benefit of interest subsidy.
- The tenure to close the loan without prepayment should not fall below 4 years.
Axis Asha Home Loans
A tailor-made home loan for small-time borrowers. The features are as follows:
- The loan is available for purchasing a house which is under construction or ready or for resale, construction of your house, purchase of plot, etc.
- At the end of the 4th, 8thand 12th year, the bank will waive off 4 EMIs. 12 EMIs will waive off with extra cost if repayment record is good.
- The tenure for loan repayment is up to 30 years making the EMIs lower and thus affordable.
- For loan amounts up to Rs.28 lakhs, the bank funds 90% of the property value.
- The loan is available for a small house which is about 300 sq.ft.in major cities and 200 sq. ft. in NCR and MMR.
- Individuals with the combined income of the family Rs. 8000 or Rs. 10,000 can apply for a loan. Hence, enabling the family to contribute towards Axis Home loan repayment.
- The products are customisable and there is a large range of approved projects across the country.
- The rates of interest applicable on the scheme are attractive and affordable suiting the pocket of the borrower.
- The bank offers Axis Home Loan transfer scheme under the Home Loan. That means if an applicant already has a home loan from a bank and the charges and EMIs of that bank are not satisfactory, he/she can transfer the existing home loan to Axis bank without any hassle.
Axis Super Saver Home Loans
A loan facility which helps the borrower to save the interest payments on his borrowings. The loan promises the below-mentioned features:
- Under this loan, the borrower can park his/her surplus cash in the Super Saver Account. As a result, this would effectively reduce the outstanding balance of the loan and the subsequent interest. An applicant can also withdraw this surplus amount whenever required.
- A cheque book, an ATM card, phone and internet banking facilities are provided with the account.
- The rate of interest is low as the floating rate is applicable on the Axis Bank Home loan.
- The maximum tenure for axis home loan is 20 years.
- Applicants can also transfer any outstanding balance with other banks to Axis Bank home loan under this loan scheme.
- There are no prepayment charges.
Though, prepayment is allowed. But, it is always better to maintain a higher surplus fund in the Super Saver Account. So that it would reduce the outstanding liability of the loan and the consequent incidence of the chargeable interest.
Key Features and Benefits
- Axis Bank provides a home loan with attractive home loan interest rates
- Fixed and floating home loan interest rates available as per your preference
- Transfer your home loan to Axis Bank with ease
- Avail your home loan at your doorstep.
- No prepayment charges for paying off your loans availed on (floating rate of interest) before due date.
- Get Axis Bank Fast Forward Home Loan/Axis Bank 12 EMIs Off. There is no extra charge for this 12 months EMI waiver offer.
- You can also check your Axis Bank home loan details in the amortization schedule by visiting their website or nearest branch.
Axis also provides home loan for NRIs.
Home Loan Interest Rate and Charges from Axis Bank
Axis Bank Home Loan Interest Rates
Rate of interest of axis bank home loan is 8.90% p.a. onwards.
| Type | Axis Limited Home Loan Amount | Effective rate of interest (Salaried) | Effective rate of Interest (Self Employed) |
|---|---|---|---|
| Floating Rate | Up to Rs 30 lakhs | 8.90% | 8.95% |
| Rs 30 – 75 lakhs | 9.05% | 9.10% | |
| Above 75 lakhs | 9.10% | 9.15% |
Axis Bank Home Loan – Fees & Charges
| Processing Charges | Up to 1% of the Home loan amount subject to a minimum of Rs 10000 |
| Repayment Instruction return charges | Rs.500 per instance |
| Cheque or Instrument Swap charges | Rs.500 per instance |
| CERSAI charges | Rs.50 for loans up to Rs 5 lakhs Rs 100 for loans above Rs 5 lakhs |
| Duplicate Statement Issuance Charges | Rs.250 per instance |
| Issue of Amortization Schedule in duplicate | Rs.250 per instance |
| Duplicate interest certificate (Actual/Provisional)issuance charges | Rs.250 per instance |
| Issuance charges for the photocopy of title documents | Rs.250 per instance |
| Charges on customer initiated request for copies of documents | Rs.250 per document set |
| Equitable mortgage creation charges | As applicable in the state |
| Credit Bureau report issuance charges | Rs.50 per instance |
| Prepayment charges for floating rate | NIL |
| Prepayment charges for fixed rate | 2% of outstanding principal/amount prepaid |
| Charges for late payment of EMIs | Rs.500 per cheque bounce and penal interest @24% per annum, 2% per month |
Axis Bank Home Loan – Eligibility Calculator
| Borrower Type | Salaried & Self-employed Professionals |
| Age | 21 years to 60 years |
| Work Experience | Minimum 2 Years |
| Loan Amount | Depends on the customer’s profile and bank’s discretion |
| Tenure | Upto 30 Years |
| Processing Fee | Upto 1% of loan amount + applicable taxes |
| Interest Rate | 8.80% onwards |
Axis Home Loan Eligibility Criteria for Salaried Applicant
- Individual who is an employee of a private or Government enterprises in a permanent capacity.
- The prospective borrower needs to be above 21 years at the time of loan approval. Additionally, the maximum age of an applicant by which the superannuation of the Axis housing loan must occur is 60 years. However, the home loan from Axis bank may end before the applicant reaches the age specified as well.
Axis Home Loan Eligibility for Self-Employed Professionals
- Self-employed professionals, such as engineers, architects, management consultants, CAs, dentists, doctors, company secretaries, cost accountants, are also eligible to apply for Axis bank home loans.
- Such individuals must be at least 21 years old while applying for the home loan. However, they cannot exceed 65 years when the home loan.
Eligibility Criteria Specific to Self-Employed Applicants
- Any self-employed person who has regularly submitted his/her income tax returns is in consideration for Axis Home Loan.
- The maximum age of applicant at the time of home loan maturity is 65 years, while the minimum age of eligibility for a home loan application with Axis bank is 21 years.
You can Calculate your home loan eligibility with paisabazaar home loan eligibility calculator.
Axis Bank Home Loan – Documents Required
| Purpose | Salaried | Self-employed |
|---|---|---|
| Identity & Address Proof | Passport or Voter’s ID Card or Driving License or Job Card issued by NREGA or Aadhar Card or PAN Card or any other document as acceptable to the bank | |
| Income Proof | Latest 3 months’ salary slip showing all deductions and Form 16 | Last 2 years’ IT returns and computation of income for the last 2 years certified by a CA |
| Bank statement or Passbook where salary or income is credited | Last 6 months’ | Last 6 months’ |
| Guarantor Form | Optional | Optional |
Axis Bank Home Loan EMI Calculator
The bank provides the facility of calculating the Axis Home Loan EMI online by specifying the loan amount, the tenure opted and the applicable rate of interest. As a result, the calculated EMI will be displayed to the applicant. Then the applicant can proceed to apply for a home loan or decide on affordability. You can also use Paisabazaar’s home loan emi calculator to calculate your housing loan emi.
Axis Bank Housing Loan EMI Calculator 2019 | |||
| Loan Amount | 10-year loan | 15-year loan | 30-year loan |
| Rs. 20 Lakh | Rs. 25,119 | Rs. 20,048 | Rs. 15,805 |
| Rs. 30 Lakh | Rs. 37,679 | Rs. 30,072 | Rs. 23,708 |
| Rs. 50 Lakh | Rs. 62,798 | Rs. 50,120 | Rs. 39,514 |
Read more at Rate Cut- Should You Lower Your EMI Or Reduce The Loan Tenure?
Apply Axis Bank Home Loan Online
An applicant who wants to avail Axis Housing Loan needs to fulfil the bank’s eligible criteria. Applicants can check their eligibility by simply log in to our website. He/she can also apply for the Axis Bank Home loan online at Paisabazaar.com.
Apply for Axis Bank Home Loan Online @ Paisabazaar.com
You can Apply for Axis Bank Home loans online through our website by following simple steps:
- Log on to our website www.paisabazaar.com
- click the ‘Home Loan’ tab
- Fill up the information asked for checking the eligibility and applying for the Axis Bank Home loan.
After doing the necessary check like creditworthiness, eligibility, property documents, etc. the bank will approve the loan. So, the applicant needs to provide his/her personal details like name, age, address, occupation, income, etc.. These details will help in generating a quote for EMIs with respect to the Axis Housing Loans.
If the applicant decides to apply for a home loan, then he/she needs to complete all the documentation process. Hence, after checking eligibility criteria and documents verification the bank will approve your Axis Bank Home loan. After loan sanctioning borrowers can check axis bank home loan statement online and offline both.
Axis Bank Home Loan FAQs
What are the minimum and maximum loan amount one can get from Axis Bank?
The minimum loan amount offered by Axis Bank is Rs 3 lakhs. The maximum loan amount depends on the combined income.
What are the different options available for making EMI payments? Is there any which is preferable?
You may repay your Home Loan in any of the following two ways:
- Standing Instruction (SI): You can use this mode if you have an Axis bank Savings, Salary, or Current Account. You can also use this option if you wish to open a Savings account with Axis Bank. Your EMI will debit automatically at the end of the monthly cycle.
- National Automated Clearing House (NACH): If you have a non-Axis Bank Account then this mode is useful for you. In this mode, your EMIs will debit automatically from your non-axis account.
Does Axis Bank allow home loan for home improvements or home extension?
You can take a home loan from axis bank for the following purposes:
- Purchase of a home, plot
- Construction of a home
- House repairs
- Home improvements
- Home extension
- Plot construction
Axis Bank also offers many other services, such as loans, credit cards, LAP (Loan Against Property), HLBT (Home Loan Balance Transfer), and other banking and investment services to its customers. At Paisabazaar.com, you can check, compare and select loans and credit cards deals offered by banks and NBFCs.
