Axis Bank Home Loan

If you are planning on buying your dream home, Axis Bank Home Loan is here to help you out with home loans starting at Rs. 3,00,000. The Axis Bank Home Loan hosts a lot of benefits such as smaller EMIs where you can space out your payment for a longer tenure, an easy application process, attractive interest rates, doorstep service, etc.

Features and Benefits of Axis Bank Home Loan

• Easier and pocket-friendly Home Loans

• Fixed and floating loans as per your preference

• Transfer existing Home Loans to Axis bank with ease

• Avail or repay Home Loans services at your doorstep

• No prepayment charges

• Quick and transparent processing

• Repay your Home Loan in smaller EMIs over a longer tenure

Axis Bank Home Loan Interest Rates

For Salaried Individuals

Sl. no	Type	Loan Amount (Rs.)	Effective Rate of Interest
1	Floating Rate	Loan amount up to Rs. 30 Lakhs	8.90% p.a.
		Loan amount up to Rs 75 Lakhs	9.05% p.a.
		Loan amount above Rs 75 Lakhs	9.10% p.a.
		Top Up for existing customers	Up to 30%
2	Fixed rate (for 20 years)	All Loan Amounts	12.00%

For Self-Employed Individuals

Sl. no	Type	Loan amount (Rs.)	Effective Rate Of Interest
1	Floating Rate	Loan amount up to Rs. 30 Lakhs	8.95% p.a.
		Loan amount up to Rs 75 Lakhs	9.10% p.a.
		Loan amount above Rs 75 Lakhs	9.15% p.a.
		Top Up for existing customers	Up to 30%
2	Fixed rate (for 20 years)	All Loan Amounts	12.00%

Other Charges

Description of charges	Amount (Rs.)
Processing Fee Charges	Up to 1% of the Loan amount subject to a minimum of Rs. 10,000 Upfront processing fee of Rs 2500 + GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrawal of the loan application etc.
Penal Interest Rate	@24% p.a, 2% p.m
Switching Fees (Base Rate/BPLR to MCLR)	When the effective rate is to be kept the same - No fees When the effective rate is to be revised - 0.5% on outstanding principal with a minimum of Rs. 10,000
Switching Fees (Floating to Fixed Rate)	1% on the outstanding principal (minimum of Rs. 10,000)
Switching Fees (Fixed to Floating Rate)	2% on the outstanding principal amount
Switching Fees (Higher to Lower Floating Rate)	Switching Fees
Switching Fees (Higher to Lower Floating Rate)	0.5% on outstanding principal (minimum of Rs. 10,000)
Repayment Instruction/Cheque Return Charges	Rs. 500/instance
Cheque/Instrument Swap Charges	Rs. 500/instance
Duplicate Statement Issuance Charges	Rs. 250/instance
Duplicate Amortization Schedule Issuance Charges	Rs. 250/instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges	Rs. 250/instance
Issuance Charges of Credit Report	Rs. 50/instance
Issuance Charges for Photocopy of title documents	Rs. 250/document set
Charges on customer-initiated requests for document copies	Rs. 250/document set
Prepayment Charges including part prepayment (floating rate loan)	NIL
Prepayment Charges (fixed rate loan)	2% of the principal outstanding
Equitable Mortgage Creation Charges	As applicable in the state
CERSAI charges	Rs. 50/- For Loans <= 5 Lakhs Rs. 100/- For Loans > 5 Lakhs
Duplicate NOC Issuance Charges	Rs 500/instance + GST as applicable
Loan Cover/ Insurance	Property Insurance is a mandatory requirement to safeguard your home due to damage caused by unforeseen circumstances or other natural disasters.

Types of Home Loans

Axis Bank Home Loan

The Axis Bank Home Loan comes with a lot of benefits such as smaller EMIs where you can space out your payment for a longer tenure, an easy application process, attractive interest rates, and enjoy doorstep service, etc.

Eligibility

     Salaried individuals

• Individuals in permanent service in the Government/reputed companies can apply for Home Loan.

• Applicants should be between 21 - 60 years of age at the time of loan commencement.

     Professionals

• Professionals (i.e., doctors, dentists, engineers, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply for Axis Home Loan

• Applicants should be between 21 - 65 of age at the time of home loan commencement.

     Self-employed individuals

• All individuals filing income tax returns are eligible

• Applicants should be above 21 - 65 years or less at the time of maturity of the home loan

Home Loan Borrowing Limit

• Minimum - Rs. 3 lakhs

Margins

• Up to Rs. 30 Lakhs - 10% 

• Between Rs. 30 Lakhs and Rs. 75 Lakhs - 20% 

• Above Rs. 75 Lakhs - 25%

QuikPay Home Loan

QuikPay Home Loan helps you repay higher principal earlier in the loan tenure. Here, your monthly installments reduce monthly helping you make huge savings on interest.

Eligibility

     Salaried individuals

• Individuals in permanent service in the Government/reputed companies can apply for a Home Loan.

• Applicants should be between 21 - 60 years of age at the time of loan commencement.

     Professionals 

• Professionals (i.e., doctors, dentists, engineers, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply for Axis Home Loan

• Applicants should be between 21 - 65 of age at the time of home loan commencement.

     Self-employed individuals

• Any individual filing income tax returns is eligible

• Applicants should be above 21 - 65 years or less at the time of maturity of the home loan

Home Loan Borrowing Limit

• Minimum - Rs. 3 lakhs

Margins

• Up to Rs. 30 Lakhs - 10% 

• Between Rs. 30 Lakhs and Rs. 75 Lakhs - 20% 

• Above Rs. 75 Lakhs - 25%

Power Advantage Home Loans

You have the power to control your Home Loan. you can block your ROI for initial loan tenure and get Fixed Rate Benefit for two years. Home Loans of up to 30 lakhs is offered.

Eligibility

      Salaried individuals

• Individuals in permanent service in the Government/reputed companies can apply for Home Loan.

• Applicants should be between 21 - 60 years of age at the time of loan commencement.

      Professionals 

• Professionals (i.e., doctors, dentists, engineers, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply for Axis Home Loan

• Applicants should be between 21 - 65 of age at the time of home loan commencement.

     Self-employed individuals

• Any individual filing income tax returns are eligible

• Applicants should be above 21 - 65 years or less at the time of maturity of the home loan

     Home Loan Borrowing Limit

• Minimum - Rs. 3 lakhs

Margins

• Up to Rs. 30 Lakhs - 10% 

• Between Rs. 30 Lakhs and Rs. 75 Lakhs - 20% 

• Above Rs. 75 Lakhs - 25%

 

Related Articles:

• Change Your Address, Email ID & Mobile Number in Your Axis Bank Account
• Axis Bank Personal Loan
• Axis Bank Gold Loan
• Axis Bank Business Loans
• Axis Bank Car Loans
• Axis Loan Against Property

Shubh Aarambh Home Loan

With this Home Loan, you can purchase the home of your choice - whether it is a ready home, under construction, a plot plus construction, a resale home, a self-construction,  or a home extension. If you have a clean track record, you will be provided with EMI waivers for 12 EMIs. 

Eligibility

• Salaried and self-employed customers are eligible

• Minimum tenure of 20 years at the time of disbursement

• A maximum home loan of up to Rs. 30 Lakhs

• Clean track record of home loan i.e. 

  • Not more than 3 instances of any customer dues pending for 30 days & above

  • No instance of any dues pending for 90 days & above

• To avail waiver benefit, the Home Loan must be live for a minimum stipulated period of 48 months from the date of disbursement

• No penal interest/other charges to be due from borrower. 

Borrowing Limits

• Minimum Limit– Rs. 1,00,000

• Maximum Limit– Rs. 30,00,000

Fast Forward Home Loan

You can take advantage of your combined income to avail the maximum loan amount for your dream home.

Eligibility

• Salaried and self-employed customers are eligible.

• Minimum tenure of 20 years at the time of disbursement.

• A maximum home loan of up to Rs. 30 Lakhs.

• Clean track record of home loan i.e.: 

  • Not more than 3 instances of any customer dues pending for 30 days & above

  • No instance of any dues pending for 90 days & above

• Home Loan should be live for the minimum stipulated period of 120 months from 1st disbursement.

• No penal interest/other charges to be due from the borrower at the time of waiver.

Borrowing Limits

• Minimum Limit - Rs. 30,00,000

• Maximum Limit – Depends on the combined income

• Home Loans from Rs. 30,00,000 to Rs. 75,00,000 - 20% Margin

• Home Loans above Rs. 75,00,000 - 25% Margin

Asha Home Loan

It offers loan amount up to Rs. 28 Lakhs at an affordable interest rate even if your income is as low as Rs. 8,000. You are provided with funding of up to 85% of property value, 12 EMIs are waived off, customized loan, longer tenures based on your banking pattern. 

Eligibility

• Individuals with a combined income of Rs. 8,000 or more

• Minimum loan amount- Rs. 1 Lakh

Maximum loan amount- Up to Rs. 28 Lakh

Borrowing limits

• 10% margin on loans up to Rs. 30 Lakhs

Empower Home Loan

It offers loan starting from Rs. 10 lakh to Rs. 1.5 crore to help you own your dream home. You get assured rate reductions on maintaining a clean repayment track.

Eligibility

• Resident self-employed customers (both professionals and non-professionals) are eligible.

Borrowing Limit

• Minimum Limit - Rs. 10,00,000

• Maximum Limit - Rs. 1,50,00,000

• As per average banking balances

Super Saver Home Loan

It offers a unique financing solution that helps to save on the total interest payable on your home loan. Any surplus funds at your disposal can be deposited in the account that allows you to effectively save on interest. 

Eligibility

• Maximum loan tenure is 22 years.

Salaried individuals

• Individuals in permanent service in the Government/reputed companies can apply for a Home Loan.

• Applicants should be between 21 - 60 years of age at the time of loan commencement.

Professionals 

• Professionals (i.e., doctors, dentists, engineers, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply for Axis Home Loan

• Applicants should be between 21 - 65 age at the time of home loan commencement.

Self-employed individuals

• Any individual filing income tax returns is eligible

• Applicants should be above 21-65 years or less at the time of maturity of the home loan

Home Loan Borrowing Limit

• Minimum - Rs. 50 lakhs

Top-Up Loan

If you are an Axis Bank home loan customer, you have the provision to avail special finance of up to Rs. 50 Lakhs against the mortgage of property. You can use the Loan amount for multiple purposes such as the construction of the residential/commercial property, personal requirements or for business purposes.

Eligibility

NRIs and Resident Indians can avail Top-Up Home Loans:

• The property should be owned by an NRI only/in joint ownership (applicable only for NRI customers)

• Top-up loans can only be extended for complete residential property with no pending post-disbursal documentation

• Not more than 1 EMI bounce in the previous year

• Existing home loan customers are eligible after six months of clear repayment

• One year clear repayment track is required for a Top-Up Loan with a takeover of a home loan from another bank.

Pradhan Mantri Awas Yojna

It provides interest subsidy on housing loans to eligible beneficiaries those who belong to the EWS, LIG and MIG segment for construction/purchase of homes.

Eligibility

The beneficiary family should not have a pucca house in India.

CRITERIA	MIG-I	MIG-II	EWS-LIG
Maximum Household income per annum	Rs. 6 Lakhs - Rs. 12 Lakhs	Rs. 12 Lakhs - Rs. 18 Lakhs	Up to Rs. 6 Lakhs
Maximum Property Area (carpet area)	160 sq.mtr.	200 sq.mtr.	No restriction
The maximum loan amount for subsidy calculation	Rs. 9 Lakhs	Rs. 12 Lakhs	Rs. 6 Lakhs
The maximum tenure for subsidy calculation	20 years	20 years	20 years
Interest Subsidy (% p.a.)	4.00%	3.00%	6.50%
Subsidy amount	Rs. 2.35 Lakhs	Rs. 2.30 Lakhs	Rs. 2.67 Lakhs
Women ownership on a property	Not applicable	Not applicable	Yes**
The beneficiary family must not have a pucca house in India	Applicable	Applicable	Applicable
Housing loan sanction date to be eligible for the subsidy	After 01/01/2017	After 01/01/2017	After 17/06/2015
Discount Rate for Net Percent Value (NPV) calculation of interest subsidy (%)	9.00%	9.00%	9.00%
The validity of the Scheme	31/03/2020	31/03/2020	31/03/2022

How to Apply for Axis Bank Home Loan

Online Method

• Visit the Axis Bank Home Loans portal.

• A list of available home loans will be shown.

• Look at the eligibility criteria, tenure and the required loan amount.

• Now, click on the Apply online option.

• Fill in the required information such as name, email id, phone number,state, city.

• Enter the captcha and click on submit.

• A customer care executive will contact you, find out your requirements, fill you in on the best type of loan, and guide through the process.

Online Method (through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in your Name, Email address, PAN, and Phone number.

• Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.

• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method

• Visit the nearest Axis Bank Branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Documents to be Submitted to Get a Home Loan / Loan Against Property

• Proof of Identity

  • Passport

  • PAN Card

  • Aadhaar Card

  • Driving License

  • Voter ID

  • GOI issued Photo ID

  • Govt Employee ID

• Proof of Address

  • Aadhaar Card

  • Driving License

  • Voter ID

  • GOI Issued Photo ID

  • Govt Employee ID

  • Electricity Bill

  • Gas Bill

  • Telephone Bill (landline)

  • Property Tax Receipt

• Date of Birth Proof

  • Passport

  • PAN Card

  • Aadhaar Card with DOB

  • Driving License

  • Birth Certificate

  • SSC Marksheet

• Signature Proof

  • Passport

  • PAN Card

  • Banker's verification

  • Notarized affidavit with ID & Address proof (not applicable for the financial applicant)

• Proof of Income 

Salaried:

• • 3 months pay slip

  • 6 months bank statement showing salary credits

  • 6 months pay slip/2 yrs bonus proof (if there is a variable pay)

  • 2 yrs Form 16 (or employment continuity proof)

For NRI Salaried:

• • 3-month payslip

  • 6 month Domestic NRE/NRO a/c statement

  • Appointment letter/contract letter

  • Continuous Discharge Certificate for Shipping cases

  • 6-month international salary a/c statement

  • Overseas credit report

  • Passport copy

  • POA details

  • Valid visa copy/OCI card

Self Employed:

• • For Asha HL - 1-year ITR, P&L, Computation of Income, Balance sheet with CA seal and sign

  • 2 years ITR, P&L, Computation of Income, Balance sheet with CA seal and sign

  • If ITR is filed without digital sign - CPC & tax paid the challan

  • Business continuity proof (3 years for HL/5 years for LAP)

  • 6-months bank statements (personal & business accounts)

  • Tax Audit Report (If Gross Turnover Exceeds Rs 1 Crore or Gross Receipts Exceeds 25 Lakhs)

• For Takeover of Loan from another bank/Balance Transfer/financial institution

  • Existing loan details & 6 months bank statement from where EMI is deducted

  • 12 months loan account statement with the latest outstanding letter

• For Lease Rental Discounting

  • 6 months bank statement 

  • Registered lease agreements

  • 1 yr 26 AS

  • 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign

  • If Partnership firm- Partnership deed, operative account, KYC, 2 yrs audited financials, partnership authority letter

• For applicants who are Directors in a Company/Partners in a Firm

Director of a Company:

• • For the company- 2 yrs ITR, P&L, Computation of Income, Balance sheet with CA seal and sign

  • Board Resolution (if the Company is the applicant) as per Axis bank format

  •  MOA, AOA, and Certificate of Incorporation,

  • Tax Audit Report (if Gross Turnover Exceeds Rs 1 Crore/Gross Receipts exceeds 25 Lakhs)

  • DIN of all Directors, Board Resolution if Company

  • Latest Share Holding Pattern duly signed by Company secretary/List of Directors

Partner/Partnership Firm:

• • List of Partners, NOC as per Axis Bank format, Partnership Deed

  • Partnership firm's audited ITR, along with the complete financials

  • Partnership authority letter signed by all partners (on the letterhead of the Firm) in case if the Firm is standing as guarantor

• Other Important Documents

  • Properly filled and duly signed application form with the applicants latest passport size photo

  • Self-attestation of borrowers on all documents submitted

  • Processing Fee and CERSAI cheques

  • Aadhar card 

  • PAN card

Documents to Be Submitted Before Loan Disbursement

• Loan Agreement and Annexures

  • Loan agreement as per the product type

  • Annexures to be duly filled, signed & stamped as per state law:

    • MII (Most Important Information) pages

    • Loan restriction letter (if any)

    • Schedule of the loan agreement

    • MCLR consent letter

    • List of Documents (LOD)

    • Guarantor agreement (if applicable)

    • Disbursement request letter

    • Indemnity for under construction cases in plot loans

    • For NRIs – franked GPA document

  • Any alteration/correction that must be authenticated by applicants

• NACH mandate/SI form and SPDC

  • NACH/SI mandate with a signed canceled cheque with Account holder's name as per the bank records

  • 1 undated cheque with amount kept blank

  • SPDC-3 undated security PDCs equivalent to EMI amount

  • SPDC favoring AXIS BANK LTD LOAN Account Customer Name

  • 1 cheque towards PEMI amount

• Loan Cover/Insurance Details

  • General insurance application form (if applicable)

  • Property insurance application form (mandatory)

  • Life insurance application form (if applicable)

• Processing Fee/Equitable Mortgage cheques

  • Equitable mortgage charges/stamping charges

  • Balance processing fee cheque

• Property documents

• Sanction Letter

  • All sanction conditions to be met

  • Duly accepted and signed by applicants/power of attorney

• TDS

  • TDS challan & bank statement reflecting TDS payment debit, if TDS is being paid by the applicant. 

  • Undertaking cum indemnity to deduct TDS amount from disbursement, If TDS is not paid by the applicant.

• Other Documents

  • Letter from the customer towards opting for EMI in case of a partly disbursed case.

  • Credit Linked Subsidy Scheme (PMAY) affidavit.

  • Vernacular/indemnity bond Dual name/dual sign affidavit.

  • Amenities agreement duly signed by 3rd party/sellers.

  • End-use letter for Top Up/LAP/LAP top-up cases.

Axis Bank Home Loan Eligibility Based on the Value of Property

You may not receive the entire property value when you apply for a loan. Below is the maximum home loan that can be sanctioned based on the value of the property:

• If the value of the property is less than 30 Lakhs, 90% of the amount can be sanctioned.

• If the value of the property is greater than 30 Lakhs and less than 75 Lakhs, 80% of the amount can be sanctioned.

• If the value of the property is greater than 75 Lakhs, 75% of the amount can be sanctioned.

Axis Bank Home Loan Eligibility Based on the Salary

Eligibility Criteria	Axis Bank Home Loan
Eligible Age of Borrower	24 - 60 years
Business Stability for Self Employed	5 years
Work Experience for Salaried	2 years
Maximum loan as a percent of property value	Up to 85%
Maximum EMI as a percent of income	Up to 65%
Loan Amount Eligibility	Rs. 15 Lakh to Rs. 5 Cr

The table given below shows the approximate loan amount that can be sanctioned based on the age and the maximum loan tenure. The EMI amount is between 40-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 8.9%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	30 years	20.37	40.75	61.13	81.51
30 years	30 years	20.37	40.75	61.13	81.51
35 years	25 years	19.52	39.04	58.56	78.09
40 years	20 years	18.19	36.38	54.57	72.76
45 years	15 years	16.11	32.23	48.34	64.46
50 years	10 years	12.88	25.76	38.64	51.53

How to Calculate Home Loan EMI

There are a lot of EMI calculators available online. You can calculate the Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST (it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL

NEWS

Axis Bank offers home loan with a higher principal repayment component by reducing the principal with every month's repayment. The gross amount repaid by the borrower during the duration of the loan will also go down as the interest outgo comes down.