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Axis Bank Home Loan

Axis Bank Housing Loan 2021

Last Updated 07th Apr 2021

Axis Bank is the third-largest private sector bank in the country that offers various banking services and financial products, including home loans. Axis Bank provides affordable home loans to both salaried and self-employed to fulfil their housing dream. The bank offers home loans at both fixed and floating rate of interest. Currently, Axis Bank provides home loans at an interest rate starting from 6.75%. The processing fee charged by Axis Bank on its home loan products begins from Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 10,000. To ease the home loan process and offer best choice, the bank provides various home loan products such as Axis Bank Home Loan Top Up, Asha Home Loan, Super Saver, Axis Bank ShubhAarambh Home Loan and Empower Home Loan.

  • Axis Bank Home Loan Top-up - Axis Bank home loan top-up allows the existing home loan borrowers to borrow additional loan on their running home loan of up to ₹ 50 lakhs to fulfil their personal or business expenses.
  • Asha Home Loan - Axis Bank has designed Asha loan for first time home buyers in which borrowers can take a loan of ₹ 35 lakhs and avail benefits like 12 EMIs waived off, affordable low interest rates and LTV of up to 90% of the property value.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Axis Bank Home Loan Details

Age Min 24 and Max 60 years for Salaried
Min 24 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.75%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 10,000

Features & Benefits of Axis Bank Home Loans

Axis Bank offers home loans at affordable rates and transparent terms. One can apply for a home loan in Axis Bank, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that Axis Bank home loans offer to the home loan borrowers are listed as follows:

  • Axis Bank offers its customers the flexibility to opt for either fixed or floating rate of interests as per their convienence.
  • Customers can borrow small home laons by borrowing a minimum loan amount of ₹ 3 lakhs.
  • The bank provides door step service to its home loan borrowers.
  • The home loan is affordable, as there are no prepayment charges charged by the bank.
  • Axis Bank provides home loan for the construction of a property, purchase of already constructed residence, and home loan top-up to existing home loan customers.

Axis Bank Home Loan Offers

Axis Bank offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest Axis Bank home loan rate for salaried is 6.90%, and for self-employed home loan borrowers, the lowest home loan rate offered is 7.00%. Different interest rates for salaried and self-employed individuals across popular Axis Bank home loan schemes are listed below:

Axis Bank Home loan schemes Interest rate for salaried Axis Bank Interest rate of self-employed
Axis Bank Home Loan Top Up 6.90% 7.00%
Super Saver 6.90% 7.00%
Empower Home Loan 9.40% 9.40%
Asha Home Loan 10.05% 10.30%

Axis Bank Home Loan Schemes

Axis Bank offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular Axis Bank home loan products and their specifications are listed as follows:

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.
Interest Rate 6.90%
Processing Fee Upto 0.50%, Minimum ₹ 5,000 and Maximum ₹ 10,000
Eligible Age 24 - 60 years
Loan Amount ₹ 1 Lakh to ₹ 1.50 Cr
Maximum Tenure 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 ₹ 8,000 per month or above.
  • Customers who want to purchase a new house or wants to construct their first dream house.
Interest Rate 6.90%
Processing Fee Maximum ₹ 10,000
Eligible Age 24 - 60 years
Loan Amount ₹ 1 Lakh to ₹ 28 Lakh
Maximum Tenure 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.
      Interest Rate 9.40%
      Processing Fee NIL
      Eligible Age 24 - 60 years
      Loan Amount ₹ 20 Lakh to ₹ 100 Cr
      Maximum Tenure 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
      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 businessman can take this loan
      Interest Rate 10.05%
      Processing Fee Upto 1.00%, Maximum ₹ 10,000
      Eligible Age 24 to 65 years
      Loan Amount ₹ 20 Lakh to ₹ 50 Lakh
      Maximum Tenure 30 years

      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 EMI Calculator

      Axis Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Axis Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that Axis Bank Home Loan EMI calculator offers is accurate and reliable.

      Axis Bank Home Loan Eligibility Calculator

      Axis Bank Home loan eligibility calculator is an online tool that helps the Axis Bank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

      Documents Required for Axis Bank Home Loan

      To apply for a home loan in , one is required to submit the following documents:

      • Home loan application form with three attested photographs.
      • Identity proofs: PAN, passport, Voter ID card or driving license.
      • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
      • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Axis Bank bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
      • Bank account statements for the last six months of all bank account held by the applicant.
      • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
      • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
      • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
      • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

      Axis Bank Pradhan Mantri Awas Yojana Subsidy 2021

      Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on Axis Bank home loans. The repayment tenure of Axis Bank PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with Axis Bank.

      PMAY Eligibility

      • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
      • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
      • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
      • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
      • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
      • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

      Compare Axis Bank Home Loan with Other Banks

      FAQs

      Can I apply for an Axis Bank home loan online?

      Yes, you can apply for a Axis Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

      Which is the best Axis Bank home loan scheme?

      Choosing the best Axis Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Axis Bank home loan scheme is based on one’s needs.

      Is Axis Bank good for a home loan?

      Axis Bank is one of the best home loan lenders in the country. Currently, Axis Bank lowest home loan interest rate is 6.65%.

      How many types of Axis Bank home loans are there?

      Axis Bank offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by Axis Bank are listed as follows: Axis Bank Home Loan Top Up, Super Saver, Empower Home Loan , Asha Home Loan

      How can I check my Axis Bank home loan status?

      One can check their Axis Bank home loan status on Axis Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Axis Bank mobile app

      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 ₹ 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.

      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.

      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


      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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