Axis Bank Home Loan Interest Rate

Last Updated 08th Oct 2018

Axis Bank Home Loan Rate Oct 2018

RBI keeps repo rate unchanged at 6.50%

Axis Bank's home loan interest rate starts from 8.80%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountAxis Bank Home Loan Floating Interest RateRate for Female BorrowerSuper Saver Home Loan
Upto Rs. 35 Lakh8.80%N/AN/A
Rs. 35 Lakh - 75 Lakh8.95%N/AN/A
Rs. 75 Lakh - 1 Cr9.00%N/AN/A
Above Rs. 1 Cr9.00%N/A9.25%

Special schemes with 12 EMIs waiver

Apply for Home Loan @ 8.55%*Get Call from Banker
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Axis Bank Home Loan

Axis Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Axis Bank has the following benefits:

  • Special schemes with 12 EMIs waiver
  • Quick loan processing
  • Pay low EMI with 30 years tenure
  • Nil PF on balance transfer
Axis Bank Home Loan Details
Interest Rate8.80% onwards
Compare with Other Banks
Processing Fee Minimum Rs. 10,000 Maximum Rs. 10,000
Max Tenure30 years
Lowest EMIRs. 790 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed

Home Loan Interest Rates Axis Bank

Axis Bank home loan interest rates are in the range of 8.80% to 9.00%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.80%.

ProductsInterest Rates
Axis Bank Home Loan Floating8.80% - 9.00%
Empower Home Loan9.45%
Asha Home Loans Floating9.75%
Happy Ending Home Loans8.80% - 9.00%
Axis Bank Home Loan Balance Transfer8.80% - 8.90%
Axis Top Up Loan8.80% - 8.95%
Shubharambh Home Loan8.80%
Fast Forward Home Loan9.00% - 9.05%

Latest Axis Bank home loan rate starts from 8.80% , as applicable based on the 6 Month MCLR, last announced on 18th Sep 18. Any change in Axis Bank benchmark 6 Month MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if Axis Bank slashes 6 Month MCLR rate by 0.15%, its current home loan rate will be cut from 8.80% to 8.65%

Axis Bank housing loan interest depends upon
  • Loan amount: Housing loan rate in Axis Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: Axis Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: Axis Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

Axis Bank Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from Axis Bank also carry some other charges which include:

  • Processing Fee - Axis Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - Axis Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Axis Bank rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Axis Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Axis Bank at Nil charges.

Axis Bank Housing Loan: Apply

If you want to get a housing loan from Axis Bank, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Axis Bank’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Axis Bank.

You can also do a comparison of HDFC Bank Axis Bank’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

Axis Bank Home Loan 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
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.
Who is Eligible?
  • Salaried, professional, self employed individuals.
  • Customers who want to purchase their first own house. Borrowers are rewarded by the bank for their regular repayment history by waiving off the last 12 EMIs.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from Rs. 3 Lakh to Rs. 5 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.
Who is Eligible?
  • Resident individuals, self employed customers, professionals and non professionals individuals.
  • Customers who want to purchase a new house or house currently under construction.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from Rs. 1 Lakh to Rs. 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.
Who is Eligible?
  • Salaried, Professionals and self employed individuals with a minimum combined income of Rs. 8,000 per month or above.
  • Customers who want to purchase a new house or wants to construct their first dream house.
Key Loan Terms
  • Home loan available at the age of 24 - 60 years
  • Loan amount that you can borrow ranges from Rs. 1 Lakh to Rs. 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.
    Who is Eligible?
      • Customers who want to save interest on their loan amount that they pay towards their loan by depositing the surplus amounts into their Super Saver Account which helps the borrowers to reduce their outstanding principal.
      Key Loan Terms
      • Home loan available at the age of 24 - 60 years
      • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 5 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
      Who is Eligible?
      • For existing borrowers, loan is taken after 6 months of clear repayments and there should be minimum 1 EMI bounce in last 1 year
      • Home Loan with balance transfer from other bank is approved after checking 1 year clear repayment record and for exisitng borrowers, 1 EMI bounce in last 1 year
      • Salaried and self employed professional and business men can take this loan
      Key Loan Terms
      • Home loan available at the age of 24 to 65 years
      • Loan amount that you can borrow ranges from Rs. 15 Lakh to Rs. 50 Lakh
      • Housing loan for a maximum period of 30 years
      Illustration on Home Loan Axis Bank
      Maximum Annual Percentage Rate (APR)8.8% to 9%
      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: Rs. 1 Lakh
      • Time period: 5 years to 30 years
      • Axis Bank Home Loan Interest Rate: 8.80% to 9.00%
      • Processing Fee payable to Axis Bank: Upto Rs. 10,000. Current offer for processing fee is Minimum Rs. 10,000 Maximum Rs. 10,000
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From Rs. 790 for a 30 years Rs. 1 Lakh loan at 8.80% (lowest rate, longest time period) to Rs. 2,076 for a 5 years Rs. 1 Lakh loan at 9.00% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Annual Percentage Rate (APR) of charge including all applicable fees: 8.8% to 9%
      • Total cost payable over loan tenure: Rs. 34,550 for 5 years loan to Rs. 1.94 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.

      Frequently Asked Questions

      What is Axis Bank home loan procedure?

      You can apply for a Axis Bank home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your Axis Bank home loan status by logging in your customer account with MyLoanCare.

      Why should I opt for balance transfer to Axis Bank?

      Axis Bank offers competitive home loan rates with best EMI of Rs. 790 per lakh availed at low interest rate of 8.80% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 790 per lakh, you should consider option for a loan transfer to Axis Bank from your existing bank.

      What is the maximum loan tenure I can opt under Axis Bank house loan?

      Axis Bank offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

      Do I get tax benefit on home loan from Axis Bank?

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

      Can I foreclose my home loan? What are the charges applicable?

      Yes, you can foreclose your loan with Nil charges.

      Can I transfer my house loan from another bank to Axis Bank?

      Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to Axis Bank can allow you to save interest, pay lower EMIs and save money.

      Can I club the income of my spouse with mine and apply for joint home loan?

      You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

      What is the benchmark applicable for housing loan?

      The benchmark applicable for home loan in Axis Bank is 6 Month MCLR.

      What is the effect of part prepayments on Axis Bank housing loan 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 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 loan.

      How will interest rate on Axis Bank housing loan change in future?
      • Floating rate on Axis Bank housing loan is linked to its 6 Month MCLR Rate, which is currently at 8.60%. When Bank offers a home loan at 8.80%, it applies a premium of 0.2% to its MCLR Rate to arrive at this home loan rate.
      • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
      How much margin would I have to pay on home loan?
      S. NO. Loan Amount Margin
      1Up to Rs. 20 Lacs15%
      2Above Rs. 20 Lacs to upto Rs. 75 Lacs20%
      3Above Rs. 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:

      • 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 Rs. 10, 000
      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.

      Axis Bank Home Loan News - Oct 2018
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