Axis Bank Home Loan Interest Rate 2020

Last Updated 19th May 2020

Axis Bank Housing Loan Interest Rate

22nd May 2020 – RBI cuts Repo Rate by 40 bps to 4%

Current Axis Bank Home loan interest rates for May 2020 starts at 7.75% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Minimum ₹ 10,000 and Maximum ₹ 25,000.

Loan AmountAxis Bank Repo Rate Home Loan RateRate for Female BorrowerSuper Saver Home LoanAxis Bank Repo Rate Home Loan Rate New Repo Rate
Upto ₹ 30 Lakh7.75%N/AN/A
₹ 30 Lakh - ₹ 75 Lakh7.95%N/A8.15%
₹ 75 Lakh - ₹ 10 Lakh8.10%N/A8.30%
Above ₹ 10 Lakh8.10%N/A8.30%

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Axis Bank Home Loan

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

Features

  • Axis Bank Home Loan Interest Rate starts from 7.75%.
  • Axis Bank charges a processing fees of Upto 0.50%, Minimum ₹ 10,000 and Maximum ₹ 25,000.
  • 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
Fast Forward Home Loan7.75% - 8.10%
Shubharambh Home Loan7.75% - 8.10%
Axis Top Up Loan7.75% - 11.25%
Axis Bank Repo Rate Home Loan 7.75% - 8.10%
Axis QuickPay Home Loan7.95% - 8.30%
Axis Bank Home Loan Balance Transfer8.25% - 8.75%
Empower Home Loan9.40%
Asha Home Loans Floating10.05% - 11.50%

Axis Bank Housing Loan Details

Lowest Axis Bank Home Loan Rate7.75% Compare Offers
Processing Fee Upto 0.50%
Minimum ₹ 10,000 Maximum ₹ 25,000
Max Tenure30 years
Lowest EMI₹ 716 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
Interest Rate Linked toRLLR

Latest Axis Bank home loan interest rate starts from 7.75% , as applicable based on the RLLR which is directly linked to RBI repo rate. Any change in repo rate will change the RLLR and will translate into a similar change in the bank’s home finance rate. Axis Bank housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

  • Loan amount: Axis Bank home loan rate depends upon the loan amount you apply for.
  • Occupation: Axis Bank offers lower rate for salaried borrowers as compared to self employed borrowers.
  • Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
  • Gender: Axis Bank also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Axis Bank.
  • Type of loan: Axis Bank runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
  • Existing customers: Axis Bank offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

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 a minimum processing of ₹ 10,000 and has capped the maximum processing fees at ₹ 25,000. 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 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 Procedure

Getting a home loan from Axis Bank is fairly easy with an online application process. A home loan can be availed from Axis Bank in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of Axis Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of Axis Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Axis Bank’s representative will visit your home or office to collect your documents.
Step 4: Axis Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Axis Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

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.
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 ₹ 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.
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 ₹ 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.
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 ₹ 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.
      • 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 ₹ 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
      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 ₹ 15 Lakh to ₹ 50 Lakh
      • Housing loan for a maximum period of 30 years

      Axis Bank Pradhan Manti 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: Rs. 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 Rs. 10,000. Current offer for processing fee is Upto 0.50%
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From Rs. 716 for a 30 years Rs. 1 Lakh loan at 7.75% (lowest rate, longest time period) to Rs. 2,042 for a 5 years Rs. 1 Lakh loan at 8.30% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Total cost payable over loan tenure: Rs. 32,522 for 5 years loan to Rs. 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.

      Axis Bank Home Loan during Coronavirus

      Axis Bank has changed its Home Loan Interest Rate during the Coronavirus period with lowest rate starting at 7.75%. However, interest rate can be expected to come down post the RBI repo rate cut of 40 bps announced on 22nd May 2020. You may expect some delay in getting a loan from Axis Bank during the COVID-19 outbreak due to social distancing norms.

      Frequently Asked Questions

      What is Axis Bank home loan interest rate?

      Axis Bank home loan interest rate ranges between 7.75% to 8.30%.

      What is the eligibility for a home loan of Axis Bank?

      The eligibility to avail a home loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be Rs 25,000 along with a good credit score of 650 and above.

      Does Axis Bank home loan include registration fees?

      Various charges charged by banks on home loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

      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 marketplace improves the chances of getting the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting Axis Bank home loan apply online portal and can check your Axis Bank online home loan status by logging into your customer account with MyLoanCare.

      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.

      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 the benefit of paying less EMI per month.

      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.

      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 home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

      What is the benchmark applicable for a housing loan?

      The benchmark applicable for home loan in Axis Bank is RLLR .

      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?

      • Axis Bank offers RBI Repo Rate linked home loan which starts at 7.75%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called Axis Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.75% to the Repo Rate to arrive at this rate.
      • When RBI increases rates, the bank may increase its Repo Rate linked home loan rates by the same basis points for all existing and new home loans. When RBI cuts interest rates, the Axis Bank home loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
      • For instance, if RBI slashes Repo Rate by 0.15%, then Axis Bank Repo Rate linked home loan rate will cut from 7.75% to 7.6%.

      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.

      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%, Minimum ₹ 10,000 and Maximum ₹ 25,000.

      Axis Bank Home Loan News - May 2020
      *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