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Axis Bank Home Loan Interest Rates 2020

Axis Bank Housing Loan Interest Rate

Last Updated 28th Aug 2020

Current Axis Bank Home loan interest rates for Sep 2020 starts at 7.75% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Maximum ₹ 999.

Loan AmountAxis Bank Repo Rate Home Loan RateSuper Saver Home Loan
Upto ₹ 30 Lakh7.75%N/A
₹ 30 Lakh - ₹ 75 Lakh7.95%8.15%
₹ 75 Lakh - ₹ 10 Lakh8.10%8.30%
Above ₹ 10 Lakh8.10%8.30%

Overdraft facility to save interest

Axis Bank Home Loan Interest Rates

Axis Bank offers various products on home loan. Axis Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Axis Bank Home Loan Interest Rate starts from 7.75%.
  • Axis Bank charges a processing fees of Upto 0.50%, Maximum ₹ 999.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Axis Bank is ₹ 716 per lakh offered at the lowest interest rate of 7.75% at the longest loan tenure of 30 years.
  • Axis Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Axis Bank has an average customer rating of 4.4/5.0 from customers who have taken a home loan from the bank.

Axis Bank Home Loan Rate

Current Axis Bank home loan interest rates are in the range of 7.75% to 8.30%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.75%. The table below gives the interest rates on various housing finance schemes of Axis Bank.

Axis Bank Home Loan Scheme Interest Rates
Axis Top Up Loan7.10% - 7.70%
Axis Bank Home Loan Balance Transfer7.10% - 7.35%
Fast Forward Home Loan7.75% - 8.10%
Shubharambh Home Loan7.75% - 8.10%
Axis Bank Repo Rate Home Loan 7.75% - 8.10%
Axis QuickPay Home Loan7.95% - 8.30%
Empower Home Loan9.40%
Asha Home Loans Floating10.05%

Axis Bank Bank Home Loan Charges

Axis Bank Home Loan Processing Fee

Axis Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges the maximum processing fees at ₹ 999. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Axis Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Axis Bank Home Loan Prepayment

Axis Bank charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Axis Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Axis Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Axis Bank.

Axis Bank Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan Axis Bank Schemes

Axis Bank offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Happy Ending Home Loan

  • Simple EMI based loan for easy purchase of a ready made house. Borrowers are rewarded with free last 12 EMIs upon the regular payment of their EMIS on loan with no extra added cost.
  • Easy loan processing.
  • Nil prepayment charges.
  • Hassle free home loan balance transfer facility available.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from ₹ 3 Lakh to ₹ 2 Cr
  • Option to apply for a maximum ltv of 85% of value of the property
  • Housing loan for a maximum period of 30 years

Empower Home Loan

  • Loan for purchasing a ready made house or house currently under construction. The loan can also be used to renovate your exiting house property.
  • Loan for purchasing a ready made house or house currently under construction.
  • Pay your home loan with Nil prepayment charges.
  • Availability of affordable interest rates. Hassle free home loan balance transfer facility available.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from ₹ 1 Lakh to ₹ 1.50 Cr
  • Option to apply for a maximum ltv of 65% of value of the property
  • Housing loan for a maximum period of 20 years

Asha Home Loan

  • Loan for purchasing a ready house or constructing your own house. The loan can also be used to buy a under construction property or the property put up for resale.
  • Loan for purchasing a ready made house or constructing your own house. Loan up to 85 percent of the property value.
  • Customized loan settlement options for better loan eligibility.
  • Attractive and affordable interest rates. Hassle free home loan balance transfer to the bank.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from ₹ 1 Lakh to ₹ 28 Lakh
  • Option to apply for a maximum ltv of 85% of value of the property
  • Housing loan for a maximum period of 30 years

Super Saver

  • Loans that gives the option to park your additional funds which will reduce the interest payable on home loan to the level of fund parked with an ease to withdraw the amount anytime.
    Key Loan Terms
    • Home loan available at the age of 24 - 60 years
    • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 2 Cr
    • Option to apply for a maximum ltv of 85% of value of the property
    • Housing loan for a maximum period of 30 years

    Axis Bank Home Loan Top Up

    • This loan can be taken for the construction of residential or commercial premises and for personal or business related requirements
    • Repay your loan upto a maximum period of 30 years
    • Maximum loan amount can be availed upto Rs. 50 Lakhs
    • Competitive Interest rates
    Key Loan Terms
    • Home loan available at the age of 24 to 65 years
    • Loan amount that you can borrow ranges from ₹ 15 Lakh to ₹ 50 Lakh
    • Housing loan for a maximum period of 30 years

    Axis Bank Pradhan Mantri Awas Yojana

    The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

    a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Axis Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

    b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

    c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

    d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

    e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

    f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

    Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

    Illustration on Axis Bank Home Loan Interest Rate
    Maximum Annual Percentage Rate (APR)7.75% to 8.3%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: ₹ 1 Lakh
    • Time period: 5 years to 30 years
    • Axis Bank Home Loan Interest Rate: 7.75% to 8.30%
    • Processing Fee payable to Axis Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.50%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 716 for a 30 years ₹ 1 Lakh loan at 7.75% (lowest rate, longest time period) to ₹ 2,042 for a 5 years ₹ 1 Lakh loan at 8.30% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Total cost payable over loan tenure: ₹ 32,522 for 5 years loan to ₹ 1.68 Lakh for 30 years loan

    Axis Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Axis Bank.

    FAQs

    What is Axis Bank Home Loan interest rate?

    Axis Bank Home Loan interest rate ranges between 7.75% to 8.30%.

    Why should I opt for balance transfer to Axis Bank?

    Axis Bank offers competitive Home Loan rates with the best EMI of ₹ 716 per lakh availed at a low-interest rate of 7.75% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 716 per lakh, you should consider the option for a loan transfer to Axis Bank from your existing bank. EMIs can be calculated through Axis Bank Home Loan EMI calculators.

    Do I get tax benefits on a Home Loan from Axis Bank?

    As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

    What is the effect of part prepayments on Axis Bank housing finance EMI ?

    Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

    How to increase my eligibility on Axis Bank housing loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

    How will Axis Bank housing loan rate of interest change in the future?

    • On conversion of loan from fixed rate to floating rate, charges are 2% of the outstanding loan amount
    • On floating rate to fixed rate loan conversion, you will be charged 1% on the outstanding principal with minimum amount of ₹ 10, 000

    How much margin would I have to pay on Home Loan?

    S. NO. Loan Amount Margin
    1Up to ₹ 20 Lacs15%
    2Above ₹ 20 Lacs to upto ₹ 75 Lacs20%
    3Above ₹ 75 Lacs25%

    Do I need a co-applicant to apply for a Home Loan? If yes, who can be a co-applicant for my Home Loan?

    Yes, it is obligatory to have a co-applicant to apply for a Home Loan. If you are the single owner of the property, then any other member from your family can be your co-applicant but if someone else is co-owner of your property then that person needs to be the co-applicant for your Home Loan.

    Can I convert my loan rate from fixed rate to floating rate or vice-versa? What are the charges applicable?

    Yes, you can convert your Home Loan rates from fixed rate to floating rate and vice-versa. The charges applicable are as following:

    Am I eligible for top up on my existing Home Loan?

    Axis bank allows you to top up your existing Home Loan on more than 30% of the current amount at Home Loan rates only.

    What is the current Axis Bank Home Loan rate?

    The current Axis Bank Home Loan rate starts from 7.75% with a processing fee of Upto 0.50%, Maximum ₹ 999

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    Axis Bank Home Loan News - Sep 2020
    • 2020-07-05 : Axis Bank revised its Home loan rates
      Axis Bank changed its home loan rates. The new home loan rates start from 7.75%.
    • 2020-06-08 : Axis Bank revised its balance transfer of Home loan rates
      Axis Bank revised its home loan rates. The new home loan rates lie in the range of 7.70% to 9.25%. The revised rates are in effect from 1 June 2020.
    • 2020-04-30 : Axis bank revised its home loan rates
      The revised home loan rates of Axis Bank for loan upto 30 lakh is 8.10%, and it is 8.25% for a loan ranging between Rs. 30 lakhs to 75 lakhs. Further, the home loan rates for loan above 75 lakhs is 8.45%. The revised rates are in effect from 28 April 2020.
    • 2020-04-30 : Axis bank revised its home loan rates for self-employed
      The revised home loan rates of Axis Bank for self-employed on loan upto 30 lakh is 8.35%, and it is 8.45% for a loan ranging between Rs. 30 lakhs to 75 lakhs. Further, the home loan rates for loan above 75 lakhs is 8.55%. The revised rates are in effect from 28 April 2020.
    • 2020-03-04 : Axis Bank revised its home loan interest rates
      Axis Bank changed its home loan interest rate. The interest rate for salaried employees lies between 8.25% to 8.35%, and it is between 8.25% to 8.45% for self-employed.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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