Description

About the bank

Axis bank is the third largest private bank in India and one of the most preferred loan providers with a network of 3,779 domestic branches and over 12,834 ATMs across India as on 30th of June 2018. The Headquarter of the bank is in Mumbai. The bank began operation in 1994 and has been promoted by one of the largest and most upright financial institutions of India, UTI. The bank offers a host of banking and financial solutions through Treasury, Retail Banking, Corporate/Wholesale Banking, and Other Banking Business segments.

Axis Bank home loan

It is one of the biggest concerns for the Indian middle class to buy a home at the time of financial crunch. However, with a wide range of home loans offered by various lenders, it has become rather easy for home buyers to buy their dream home.

Housing loan is one of the most popular and attractive products extended by Axis Bank to its customers.

Axis Bank offers Best Home loans to individuals so that they can buy their dream house without worrying about the necessary finances. Axis offers home loans under different categories which are suitable to a large group of individuals. Here are the following types of loans and their respective details:

Features & benefits of Axis Bank home loans

Axis Bank offers home loan with a number of attractive features and benefits such as:

Attractive interest rates: Axis Bank offers home loan at attractive interest rate, which makes it easy and convenient for customers to pay EMI towards their home loans.

Flexible interest rate: You can choose between fixed and floating interest rates as per your preference.

Simple and easy process: Applying for a home loan with Axis Bank is simple and quick. Customers are informed about the status of his / her application throughout the time.

Home loan for a variety of reasons: Axis bank provides home loans for a variety of reasons: purchase, construction, renovation and extension of the residential property.

No prepayment fee: Axis Bank doesn’t charge any prepayment fee.

Balance transfer: Axis Bank allows home loan balance transfer from other banks to Axis Bank without any hassle.

Long repayment tenure: Customers can avail of home loans with tenures of up to 30 years, which greatly reduces the amount of EMIs they would have to make every month.

Axis Bank Home Loan Eligibility

Salaried individuals  

  • Individuals in permanent government service or from reputed companies.

  • The borrower must be above 21 years old when the loan is sanctioned and up to 60 years at the time of loan maturity.

Professionals

  • Professionals like doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only are eligible for Axis Bank Home Loan

  • The borrower must be above 21 years old when the loan is sanctioned and up to 65 years or less at the time of loan maturity.

Self-employed individuals

  • Any individual filing income tax return can apply

  • The borrower must be above 21 years old when the loan is sanctioned and up to 65 years or less at the time of loan maturity.

Documents required for Axis Bank Home Loan

Some key documents like proof of identity, address and income are required to be submitted while applying for Axis Bank Home Loan.

Documents required for salaried employees

  • Filled up loan application form with passport size photos

  • Proof of identity: Valid passport/Voter’s ID/Valid Driving license with photo graph /PAN card /Aadhar card

  • Age proof: PAN Card, Passport, School Certificate, Birth Certificate etc.

  • Residential address proof: Latest Electricity Bill/utility bill/ piped gas bill/ telephone bill (Not more than 2 months old)/ Passport/Aadhar card/ Voter ID/ Driving License.

  • Latest salary slips for 3 months

  • Form 16 for last 2 years

  • 6 months bank statement showing salary credited

Documents required for self-employed professional/non-professional

  • Filled up loan application form with passport size photos

  • Identity proof: Valid passport/Voter’s ID/Valid Driving license with photo graph /Pan card /Aadhar card

  • Residential address proof: Latest Electricity Bill/utility bill/ piped gas bill/ telephone bill (Not more than 2 months old)/ Passport/Aadhar card/ Voter ID/ Driving License.

  • Income proof: IT- returns for the last 2 years along with computation of income certified by CA and last 6 months bank statement for operative account both personal and business.

Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis.

➤ Documents Required For Home Loan in India

AXIS Bank home loan interest rates

Axis Bank offers attractive home loan interest rates for salaried and self-employed individuals.

For salaried individuals

S. No.

Rate Type

Loan Amount (Rs.)

MCLR + Mark Up

Effective Rate of Interest

1

Floating rate

Loan amount up to Rs. 30 lakhs

MCLR + 0.15%

8.85% p.a.

Loan amount up to Rs. 75 lakhs

MCLR + 0.30%

9.00% p.a.

Loan amount above Rs 75 Lakhs

MCLR + 0.35%

9.05% p.a.

To Up for existing customers

Up to 30% - same rate at which the home loan is running 30% - 100% - LAP rate shall be applicable

2

Fixed rate (for 20 years)

All loan amounts

-

12.00%

 

For self employed individuals

S. No.

Rate Type

Loan Amount (Rs.)

MCLR + Mark Up

Effective Rate of Interest

1

Floating rate

Loan amount upto Rs. 30 Lakhs

MCLR + 0.20%

8.90% p.a

   

Loan amount upto Rs 75 Lakhs

MCLR + 0.35%

9.05% p.a.

   

Loan amount above Rs 75 Lakhs

MCLR + 0.40%

9.10% p.a.

   

Top Up for existing customers

Up to 30%- Same rate at which the home loan is running 30%-100%- LAP rate shall be applicable

2

Fixed rate (for 20 years)

All Loan Amounts

-

12.00%

Marginal Cost Based Lending Rate (MCLR) – 8.70%

MCLR Reset frequency for Home Loans - Half Yearly

Base Rate – 9.40%

MRR – 13.70%

BPLR – 16.95%

 

Other charges

The charges associated with the Axis Bank Home Loan are minimal and transparent.

 

Charges

Amount (Rs.)

Processing fee

Up to 1% of the loan amount on a minimum of Rs.10,000

Penal interest rate

24% p.a. or 2% per month

Fees for switching

0.5% of the outstanding principal on Rs.10,000

Repayment instruction / Cheque return charges

Rs. 500

Cheque swap charges

Rs. 500

Duplicate statement issuance charges

Rs. 250

 

Special Note: Rates are subject to periodic change. Home loan interest rates in AXIS Bank & other fees and charges are subject to regular review and can vary with each customer. AXIS Bank home loan interest rates can differ depending on your credit worthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval.

 

Types of Axis Bank home loans

Axis Bank provides home loan under various categories such as:-

Pradhan Mantri Awas Yojna - Credit Linked Subsidy Scheme

Pradhan Mantri Awas Yojna scheme is designed to provide interest subsidy on home loans to applicants belonging to the EWS/LIG & MIG segments.

In credit linked subsidy scheme under PMAY, customers belonging to EWS, LIG & MIG segments can avail interest subsidy for improvement, extension, construction and purchase of house. Axis Bank has collaboration with the Government of India to offer this scheme to the eligible home loan customers.

Eligibility criteria for PMAY are as under:-

Criteria

EWS – LIG

MIG - I

MIG – II

Maximum household income (per annum)

Up to Rs. 6 Lakhs

Rs. 6 - Rs. 12 Lakhs

Rs. 12 - 18 Lakhs

Maximum Property Area (carpet area)

No restriction

160 sq.m.

200 sq.m.

Maximum loan amount for subsidy calculation

Rs. 6 Lakhs

Rs. 9 Lakhs

Rs. 12 Lakhs

Maximum tenure for subsidy calculation

20 years

   

Interest Subsidy (% p.a.)

6.50%

4%

3%

Subsidy amount

Rs. 2.67 Lakhs

Rs. 2.35 Lakhs

Rs. 2.30 Lakhs

Women ownership on property

Yes

Not applicable

Not applicable

The beneficiary family should not own a pucca house in India

Applicable

Applicable

Applicable

Housing loan sanction date to be eligible for subsidy

After 17.06.2015

After 01.01.2017

After 01.01.2017

Note: Interest subsidy on housing loan is calculated at applicable rates for Pradhan Mantri Awas Yojna EWG, LIG, MIG I, MIG II schemes respectively for the tenure of 20 years. The Government of India holds the sole right of granting or rejecting subsidy and thus bank will not be held liable for government’s decisions.

Axis Bank Fast Forward Home Loan

In Fast Forward Home Loan, you can get quick and easy loan with minimum documentation. Axis Bank provides you with EMI waivers for 12 EMIs for loan issued beyond 10 years along with many benefits such as transparent processing and doorstep services.

  • You can avail this home loan to purchase an under construction/ ready/ resale home, plot plus construction or home extension and improvement.

  • Under this scheme, you can get attractive interest rate with no hidden charges.

Axis Bank Asha Home Loan

You can avail a loan amount up to Rs. 28 lakhs under this scheme at an affordable interest rate. This home loan is offered for the following purposes:

  • Purchase of a ready-to-move-in house

  • Purchase of under construction house

  • Purchase of a self-constructed house

  • Purchase of a plot plus construction on the plot

You can get Asha Home Loans with low interest rates starting from 9.75%. Moreover, you can avail up to 90% of the property value on home loans up to Rs. 28,00, 000.

Axis Super Saver Home Loan

Super Saver Home Loan allows customers to save on interest that they pay by depositing surplus amounts into their Super Saver Account. Any surplus funds at your disposal can now be effectively utilized to save on interest while still being able to use them whenever needed. This home loan scheme has following features and benefits.

  • No prepayment charge

  • Floating interest rate applicable

  • Tenure up to 22 years

Super Saver home loans are available at attractive interest rates so that customer can save interest on your home loan by parking excess funds. The excess fund can be withdrawn on requirement.

Axis Empower Home Loan

Buyers can use this particular type of loan for the following purposes:

  • Purchase of house currently under construction

  • Purchase of ready to move in house

  • Purchase of plot and construction

  • Home renovation, extension and improvements

Under empower home loan, customer can procure a minimum loan amount of Rs. 10 lakhs, at floating interest rate for maximum 15 years period.

AXIS Bank home loan eligibility and AXIS Bank home loan interest rates can be easily evaluated through and seen on Afinoz website. If there is any query about AXIS Bank home loan application, you can log on to afinoz.com or give us a call at +919911497775 or mail us at info@afinoz.com and get all the solutions at one go.

AXIS Bank home loan eligibility calculator: Using the home loan EMI calculator and home loan eligibility calculator at Afinoz.com, you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.

Why Afinoz

Afinoz.com is one of India's leading personalized financial marketplaces. We have created a housing loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

  • Quick counseling & support – Once you fill Contact details form on our website, an expert will connect with you and provide free Counseling and advisory services for acquiring a property to disbursal of your home loan.

  • Real-time application tracking– Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.

  • Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online home loan eligibility calculator will let you know the amount of loan you are eligible to borrow from AXIS Bank for financing for your dream house.

  • Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.

  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.

  • No third-party agent – Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.

Free quotations – Get the best online deals on AXIS Bank home loans and free unbiased quotes on home loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

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➤ Short-Term Home Loan or Long-Term Home Loan: What is best for you

What is Afinoz.com?

Being one of India’s leading online financial superstores, our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +919911497775 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Afinoz.com has an exclusive collaboration with Axis Bank. So, applying for Axis home loan with Afinoz.com makes the process of application and approval of loans from Axis much quicker and easier. By availing the benefits of Axis home loans with Afinoz.com, applicants may achieve their dreams to take their business to new heights of success.

FAQs

Query-How do I know if am eligible for an Axis home loan?

Reply-Afinoz.com provides you with an EMI calculator called home loan eligibility calculator which you can use to determine your eligibility for the loan application.

Query-Is it safe to share my personal data online?

Reply-Afinoz.com is a premier financial portal which does not share any of its clients’ data with any third party other than the concerned financial institution. All data is sent online in an encrypted format making it safe and secured at all times.

Query-How much time does it take to get the loan approved?

Reply- If all of your documents are up-to-date and you are eligible to avail the loan, then you can expect to get the loan approved within 72 hours of loan application submission.

Query-Can I track my loan application?

Reply- You will get a unique transaction ID when you first sign up for home loan application with Afinoz.com. You can use this ID to track down your application on www.afinoz.com.In addition to the ID, we also send alerts via SMS and email to our customers on their registered mobile number and mail IDs informing them about the progress of their application in real-time.

For any query about Axis Bank home loan application, you can log on to afinoz.com or give us a call at +919911497775 or mail us at info@afinoz.com.