Accomplish your fantasy of owning a home with Axis Bank Home Loan, the third largest private bank in India. Offering a maximum loan amount of �5 crores, the Axis Bank Home Loan renders a host of advantages, like easy application process, alluring interest rates (starting at 6.75% p.a.), doorstep service and smaller EMIs where you can space out your payment over a long term. Moreover, there aren'st any prepayment charges.
Features and Benefits of Axis Bank Home Loan
Axis Bank home loan comes with numerous benefits such as:
- A wide range of home loan schemes to meet varying customer requirements.
- Availability of home loan balance transfer from existing bank to Axis Bank.
- No prepayment charges for paying off loans before the tenure for loans with a floating rate of interest.
- Quick and hassle-free application processing.
- Special benefits for the existing and premium banking customers.
- Flexible repayment tenure up to 30 years.
- Repayment option with reducing monthly instalments.
- Attractive home loan interest rates.
- No prepayment charges.
- As per the preference, borrowers get the option to choose from fixed or floating home loan interest rates.
Axis Bank Home Loan Overview
With the Axis Bank Home Loan, starting at INR 3 Lakh, you may fulfil your dream of buying a home easily. You can even apply for an Axis Bank home loan through their online portal and benefit from lower EMIs, attractive interest rates, minimal paperwork and quick processing. The eligibility criteria for home loans have been kept nominal in order to make housing finance more accessible. If you already have a home loan, you can transfer it quickly and effortlessly through a home loan balance transfer.
- Smaller EMIs and flexible repayment options
- Home loans starting from INR 3 lakhs
- Availability of floating and fixed home loan interest rates
- No prepayment charges
- Attractive interest rates
- Quick and hassle-free online application process
Axis Bank Home Loan Eligibility Criteria
Salaried Individuals | Professionals | Self-Employed Individuals |
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Axis Bank Home Loan Fees and Charges
Particulars | Charges |
Processing Charges | 1 percent of the borrowed loan amount + INR 5,000 + applicable GST. |
Penal Rate of Interest | 24 percent per annum i.e. 2 percent per month. |
Switching Fees (to move from Floating Interest Rate to Fixed Interest Rate) | 1 percent on the outstanding loan amount, minimum of INR 10,000. |
Switching Fees (to move from Fixed Interest Rate to Floating Interest Rate) | 2 percent on the outstanding loan amount. |
Switching Fees (to switch from Higher Floating Rates to Lower Floating Rates) | 0.5 percent on the outstanding loan amount, minimum of INR 10,000. |
Cheque Return/Cheque Bounce Charges/Repayment Instruction | INR 500 per request. |
Instrument or Cheque Swap Charges | INR 500 per request. |
Issuance of Duplicate Statement | INR 250 per request. |
Issuance of Duplicate Amortisation Schedule | INR 250 per request. |
Issuance of Duplicate Interest Certificate (Provisional/Actual) | INR 250 per request. |
Issuance of Credit Report | Rs.50 per request. |
Photocopy of the Title Documents | INR 500 per set of requested documents. |
Applicant Initiated Photocopies of the Submitted Documents | INR 500 per set of requested documents |
Prepayment Charges including Part-Prepayment Charges for Floating Interest Rates | Not Applicable |
Prepayment Charges for Fixed Interest Rate | 2 percent of the outstanding loan amount. |
Equitable Mortgage Creation | Based on the prevailing state laws (subject to change in time) |
CERSAI | INR 50 for loan amount up to INR 5 lakh and INR 100 for loan amount exceeding INR 5 lakh |
Duplicate Copy of the No-Objection Certificate | INR 500 per request in addition to applicable GST |
Insurance or Loan Cover | Property insurance is obligatory. |
Axis Bank Home Loan Interest Rates
The Axis Bank home loan interest rate varies depending on a number of factors. Take a look at the depicted table to understand the breakdown of the interest component for salaried individuals and self-employed individuals.
For Salaried Individuals
Type of Interest Rate | Repo Rate + Spread | Effective Interest Rate |
Floating Rate of Interest | Repo Rate + 2.75 percent to Repo Rate + 3.1 percent | 6.75 to 7.10 percent per annum |
Fixed Rate of Interest | All Loan Amounts | 12 Percent |
For Self Employed Individuals
Type of Interest Rate | Repo Rate + Spread | Effective Interest Rate |
Floating Rate of Interest | Repo Rate + 2.9 percent to Repo Rate + 3.2 percent | 6.90 to 7.20 percent per annum |
Fixed Rate of Interest | All Loan Amounts | 12 Percent |
Factors Affecting Axis Bank Home Loan Interest Rates
The following factors are the primary elements that Axis Bank considers when determining an applicant's interest rate on a home loan.
CIBIL/Credit Score
Axis bank offers home loans based on a three-digit credit score. A high credit score can help you get a low-interest Axis Bank home loan, whereas a low credit score can lead you to pay a higher rate of interest or even can be a cause of rejection of a loan application.
Loan Repayment Tenure
Home loan repayment may take decades to fulfil. So, it is advisable to talk to the bank officials about the offered interest rate. The shorter the payback period, the higher the EMI and lower the interest component. At the same time, longer repayment terms result in lower monthly EMIs and a higher interest component.
Type of Interest Rate
Axis Bank offers three types of interest rates for home loans, i.e., floating, fixed and blended interest rates. A variable rate of interest swings in response to changes made by the RBI in repo rate. Axis Bank provides you with inexpensive home loans at a flexible interest rate.
Loan-to-Value Ratio
The percentage of the loan offered on the property is referred to as the LTV ratio. The greater the percentage, the larger will be the loan amount that the bank is willing to offer the applicant. Bank home loan interest rates will be higher if the LTV ratio is low due to the added risk associated with lending. You can lower the associated risk by making a large down payment, which further results in lower home loan interest rates.
Property Location
Bank also takes resale property value into consideration. A property in a premium location will have a higher resale value than the property located in the city outskirts. Lower interest rates are offered on those properties which have high resale values whereas higher interest rates are offered on the properties with low resale values.
Axis Bank Home Loan Schemes
Axis Bank Home Loan Scheme | Highlights |
Axis Home Loan |
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Axis QuikPay Home Loan |
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Axis Power Advantage Home Loan |
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Axis Shubh Aarambh Home Loan |
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Axis Fast Forward Loan |
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Axis Asha Home Loan |
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Axis Bank Super Saver Home Loan |
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Axis Top-up Home Loan |
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Axis Empower (PMAY) Home Loan |
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Axis Bank NRI home loan |
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Documents Required for Axis Bank Home Loan
Documents | Salaried Individuals | Self-Employed Individuals |
Identity Proof |
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Income Proof |
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Address/ Residence Proof |
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Balance Transfer Axis Bank Home Loan
Axis Bank offers a balance transfer home loan feature to allow borrowers to transfer the existing high-interest rate loans to Axis Bank in minimal time. Axis Bank balance transfer home loan offers numerous amazing features.
- Attractive rate of interest starting from 6.7%.
- Loan amount up to INR 2 crores.
- Flexible repayment tenure up to 30 years.
- Legal report waiver.
- Balance transfer option is available for all non-banking institutions and banks.
- Availability of top-up loan.
Axis Bank Home Loan Customer Care Number
You can get in touch with the Axis Bank customer care executives by calling on any of the following numbers:
- 1-860-419-5555
- 1-860-500-5555
FAQs
From refinancing to reducing your interest, we have the answers right here.
Does Axis Bank provide home loans at the best rates?
Yes, Axis Bank offers home loans with low-interest rates starting at 6.7 percent.
What is the interest rate on Axis Bank home loans?
For salaried employees, Axis Bank offers home loans at an interest rate starting from 6.5 percent. For self-employed individuals, the interest rate starts from 6.7%.
Does Axis Bank check the CIBIL score for a home loan?
Yes, Axis Bank takes the CIBIL score into consideration for determining the eligibility of and the interest rate that can be offered to the loan applicant.
What is the minimum home loan amount I can get from Axis Bank?
At a minimum, you can avail of a home loan amount of INR 3 lakhs.
Can I take two home loans at a time?
Yes, you can take two home loans at a time, as the government has not specified any rules for the same.
When does the loan repayment period start?
The loan repayment period starts the very next month on the specified date when your requested amount gets disbursed in the associated loan account.
Does Axis Bank have a fixed rate of interest on a home loan?
Axis Bank offers floating as well as fixed interest rates on home loans.
How do I apply for an Axis Bank home loan online?
You can apply for an Axis Bank home loan with utmost ease by visiting the official website and clicking on the home loan section. Go through the said details and click on “Apply Now.” Then, you will have to provide the required details, upload the scanned copies of the mentioned documents and click on submit. Your home loan application will be submitted successfully and a bank executive will reach out to you the next day.
What is Pre-EMI Interest?
A Pre-EMI interest is an interest on a loan amount disbursed by the bank. It is payable every month. It includes the initial date of the loan amount disbursement to the commencement date of the EMIs payment.
How to check home loan status in Axis Bank?
To check the status of your loan application offline, call on the number 1860 419 5555 or visit the branch directly with your query. You can check the status on their website by entering the number and birth details or the application reference number. Axis Bank also provides the freedom to check the application status through net banking.
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