Axis Bank Private Ltd was founded in Mumbai as UTI Bank in 1993.It is India’s third largest private sector bank and provides its customers with a wide range of financial services, covering large and medium-sized companies, MSMEs, agriculture and retail businesses. There are 3300 branches and around 14,000 ATMs and 9 international offices in the bank.
In the personal loan market, Axis Bank provides a wide variety of services. For any financial service, it is the bank most favoured by all kinds of individuals. Axis Bank Home Loans are tailor-made, filled with exclusive advantages, catering to the needs of different clients. Axis Bank home loans are much simpler to repay as compared to other home loans, with tiny EMIs for longer term.
ADVANTAGES OF AXIS BANK HOME LOANS
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment charges in floating interest rate type
- Easy home loan balance transfer
- Transparent application process
- eDGE Loyalty Points
KEY HIGHLIGHTS
| Eligibility Criteria | Salaried and Self-Employed |
| Loan Tenure | Up to thirty years |
| Loan Amount | 8.20% – 8.75% |
| Processing Fees | 1% of the loan amount |
| Prepayment Charges | No prepayment charges for floating interest type |
FEATURES OF AXIS BANK HOME LOAN
- Objective: Axis Bank home loan aims to help millions of people fulfil their dream of owning a property.
- Loan Amount: Minimum of INR 3 Lakhs and maximum limit depends on the combined income.
- Loan Tenure: The duration of repayment depends on your financial condition. With small EMIs, you can opt for longer tenure.
- Prepayment Charges: For floating interest forms, no penalty is imposed on prepayment. For fixed interest forms, 2 per cent of the remaining loan balance is paid as a prepayment fee.
- Processing Fees: up to 1% of the amount of the loan, subject to at least INR 10,000.
- Interest Type: Floating and Fixed.
- Home Loan Transfer: You can easily transfer your home loan to Axis Bank from another bank.
- eDGE Loyalty Points: Earn reward points on home loan transactions.
ELIGIBILITY CRITERIA
You need to have the following eligibility conditions to benefit from the Axis Bank home loan:
- You should be above 21 years of age and 65 or below at the time of loan maturity.
- Employees of permanent government or reputed companies’.
RATES OF INTEREST
Following are the home loan interest rates and charges.
Housing interest rates & charges are split into individuals who are salaried & self-employed.
- For salaried individuals
| Sr. No | Type | Loan amount (Rs.) | MCLR plus Mark Up | Effective Rate of Interest |
| 1 | Floating Rate | Loan amount up to Rs 30 lacs | MCLR plus 0.20% | 8.35% p.a. |
| Loan amount up to Rs 75 lacs | MCLR plus 0.50% | 8.65% p.a. | ||
| Loan amount above Rs 75 lacs | MCLR plus 0.55% | 8.70% 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 | |||
- For Self Employed
| Sr. No | Type | Loan amount (Rs.) | MCLR plus Mark Up | Effective Rate of Interest |
| 1 | Floating Rate | Loan amount up to Rs 30 lacs | MCLR plus 0.25% | 8.40% p.a. |
| Loan amount up to Rs 75 lacs | MCLR plus 0.55% | 8.70% p.a. | ||
| Loan amount above Rs 75 lacs | MCLR plus 0.60% | 8.75% 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 | |||
FEATURES OF AXIS BANK ASHA HOME LOAN
- Objective: It is possible to use the Axis Bank Asha home loan to build a home or buy a property under construction.
- Loan Amount: Up to 28 Lakhs or 85% of property value.
- Loan Tenure: The duration of repayment depends on your financial condition. With small EMIs, you can opt for longer tenure. It is usually up to 30 years.
- Prepayment Charges: For floating interest forms, no penalty is imposed on prepayment. For fixed interest forms, 2 percent of the remaining loan balance is paid as a prepayment fee.
- Processing Fees: Up to 1% of the amount of the loan, subject to at least INR 10,000.
- Interest Type: Floating and Fixed.
- Home Loan Transfer: You can easily transfer your home loan to Axis Bank from another bank.
- eDGE Loyalty Points: Earn reward points on home loan transactions
ELIGIBILITY CRITERIA
You need to have the following eligibility criteria to benefit from the Axis Bank home loan:
- You should be above 21 years of age and 65 or below at the time of loan maturity.
- Minimum INR 8000 combined income per month.
INTEREST RATES
| Floating Rate of Interest | MCLR plus Mark-up | Effective Interest Rate (p.a) |
| Salaried customers (Vanilla Variant) | MCLR plus 1.60% | 9.75% p.a |
| Self Employed customers Vanilla Variant) | MCLR plus 1.80% | 9.95% p.a |
| Salaried customers (All other variant) | MCLR plus 2.35% | 10.50% p.a. |
| Self-Employed (All other variant) | MCLR plus 2.35% | 10.50% p.a. |
DOCUMENTS REQUIRED TO APPLY FOR AXIS BANK HOME LOANS
Important documents to be submitted while applying for home loans with Axis Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last 6 months
- Form 16/IT returns for the last 2 financial years for salaried employees
- IT returns for the 3 years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (if applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- Signature identification from his/her present bankers
EMI PAYMENT METHODS
Your Axis Bank home loan can be repaid in three ways:
- Standing Instruction (SI):If you are a current account holder with Axis Bank, the best repayment mode is Standing Instruction. At the end of the monthly period, your EMI balance will be debited automatically from the Axis Bank account you specify.
- Electronic Clearing Service (ECS):If you have a non-Axis Bank account and would like your EMIs to be debited automatically from this account at the end of the monthly period, this mode can be used.
- Post-Dated Cheques (PDCs):From a non-Axis Bank account at your nearest Axis Bank Loan Center, you can send post-dated EMI cheques. There will be a need to send a new set of PDCs in a timely manner. Please note that non-ECS locations can only collect Post Dated Cheques. It is recommended that you opt for either the SI or ECS payment mode to be quicker and less prone to error than the use of PDCs.
HOW TO APPLY FOR AXIS BANK HOME LOAN?
For an application, you can either apply online or visit a nearby Axis Bank branch. You may also download the application form for a home loan from the official website of Axis Bank, fill out the form and submit it to the bank representative.
Note: With competitive interest rates, the bank serves the needs of different segments of the population. With small EMIs and a longer term, Axis Bank Home Loans will support even low-income individuals. According to the customers’ choice, the floating and fixed form of interest rate is eligible.
