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Axis Bank Home Loan Interest Rates 2021

Axis Bank Housing Loan Interest Rate

Last Updated 07th Apr 2021

Current Axis Bank Home loan interest rates for Apr 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Maximum ₹ 10,000.

Loan AmountAxis Bank Repo Rate Home Loan RateSuper Saver Home Loan
Upto ₹ 30 Lakh6.90%N/A
₹ 30 Lakh - ₹ 75 Lakh6.90%8.15%
₹ 75 Lakh - ₹ 1 Cr6.90%8.30%
Above ₹ 1 Cr6.90%8.30%

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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 6.90%.
  • Axis Bank charges a processing fees of Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Axis Bank is ₹ 659 per lakh offered at the lowest interest rate of 6.90% 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 6.90% to 7.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%. The table below gives the interest rates on various housing finance schemes of Axis Bank.

Axis Bank Home Loan Scheme Interest Rates
Axis Bank Home Loan Balance Transfer6.75% - 6.95%
Axis Top Up Loan6.90% - 7.70%
Axis Bank Repo Rate Home Loan 6.90% - 7.35%
Fast Forward Home Loan7.75% - 8.10%
Shubharambh Home Loan7.75% - 8.10%
Axis QuickPay Home Loan7.95% - 8.30%
Empower Home Loan9.40%
Asha Home Loans Floating10.05%

Axis Bank Home Loan Charges

Axis Bank Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. 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 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 ₹ 0 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 ₹ 20 Lakh to ₹ 100 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 ₹ 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 ₹ 20 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) 6.9% to 7.35%
    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: ₹ 1,00,000
    • Time period: 5 Years to 30 Years
    • Axis Bank Home Loan Interest Rate: 6.90% to 7.35%
    • Processing Fee payable to: Upto ₹ 0
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 659 for 30 Years ₹ 1,00,000 loan at 6.90% (lowest rate, longest time period) to ₹ 1,997 for 5 Years ₹ 1,00,000 loan at 7.35% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 6.9% to 7.35%
    • Total cost payable over loan tenure: ₹ 18,525 for 5 Years loan to ₹ 1,37,096 for 30 Years loan

    FAQs

    What is Axis Bank Home Loan interest rate?

    Axis Bank Home Loan interest rate ranges between 6.90% to 7.35%.

    Why should I opt for balance transfer to Axis Bank?

    Axis Bank offers competitive Home Loan rates with the best EMI of ₹ 659 per lakh availed at a low-interest rate of 6.90% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 659 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.

    • 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 6.90% with a processing fee of Maximum ₹ 10,000


    Axis Bank Home Loan Reviews 4.4/5  by 114 customers
    MyLoanCare Service
    4.5/5.0
    Banks Service
    4.3/5.0
    Phani, Hyderabad
    Reviewed on 16th Feb 2021
    5 / 5 stars
    Axis Bank Home Loan Availed in Dec 2020

    MyLoanCare and Axis bank were very supportive and helpful through out my Home loan process.Read more...

    Manjunath, Bangalore
    Reviewed on 02nd Feb 2021
    5 / 5 stars
    Axis Bank Home Loan Availed in Nov 2020

    Nice experience. We were well informed about the process and received loan amount in time. Happy witRead more...

    Vanshul, Gurgaon
    Reviewed on 27th Dec 2020
    5 / 5 stars
    Axis Bank Home Loan Availed in Dec 2020

    Excellent service by MyLoanCare. Got reduced ROI on my loan with their intervention and Rishi was quRead more...

    Parvez, Gurgaon
    Reviewed on 10th Nov 2020
    4.5 / 5 stars
    Axis Bank Home Loan Availed in Nov 2020

    Details to be provided by bank staff in a better manner to customersRead more...

    Tanu, Mumbai
    Reviewed on 22nd Sep 2020
    4 / 5 stars
    Axis Bank Home Loan Availed in Jan 2020

    Good and quick service. I was able to get updates very soon.Read more...

    Rahul Waghmode, Pune
    Reviewed on 17th Mar 2020
    4 / 5 stars
    Axis Bank Home Loan Availed in Mar 2020

    Very good service and quick disbursement.Read more...

    Prashant Borse, Pune
    Reviewed on 15th Mar 2020
    5 / 5 stars
    Axis Bank Home Loan Availed in Mar 2020

    Axis Bank provided good service and all needed information on queries to me. They provided all the sRead more...

    Saurabh Bansal, Gurgaon
    Reviewed on 11th Mar 2020
    5 / 5 stars
    Axis Bank Home Loan Availed in Jan 2020

    My application was handled by Amit from MyLoanCare team. He has helped me to get the loan disbursal Read more...

    Axis Bank Home Loan News - Apr 2021
    • 2021-03-05 : Axis Bank launches WhatsApp banking
      Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
    • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
      The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
    • 2021-01-28 : Axis Bank Q3 net profit down 36%
      Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore
    • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
      Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
    • 2020-10-23 : Axis Bank announced festive benefits
      Axis Bank announced Dil se Open Celebrations that will offer deals and discounts on more than 1 lakh branded products on purchase through Axis Bank credit and debit cards. Further, the bank is also offering some key benefits to customers who are in need of a loan, offering home loans starting at 6.90% as well as car loans at 7.99% and up to 100% road funding.
    *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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