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Axis Bank Home Loan

Axis Bank
4.5

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.

  • Axis Bank
  • Home Loan
Loan Amount:₹5L - ₹1Cr
Interest Rate:6.75% - 11.5%
Processing Fee: Up to 1%
Tenure:2.5 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
Quick Approvals
Axis Bank

6.75% - 11.5%

Up to 1%

₹5L - ₹1Cr

Tenure(1 - 2 Years)

Details

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
  • Individuals who are Government employees or work in reputed organisations
 
  • Applicant must be above 21 years and should not exceed 60 years of age 
  • Doctors, Engineers, Architects, Chartered Accountants
 
  • Home loan applicants who satisfy the above category and fall in the age range of 21 to 65 years
  • Individuals who file income tax returns
 
  • Age: Not less than 21 and not beyond 65 years

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
  • Minimum loan of ₹3 lakhs.
  • Zero prepayment invoices.
  • Flexible as well as floating Axis bank home loan rates.
  • Service at the doorstep.
Axis QuikPay Home Loan
  • Savings on the interest rate.
  • A high amount of principal in the initial time of the tenure.
  • Zero prepayment invoices.
  • Option for the balance transfer availability.
Axis Power Advantage Home Loan
  • For the initial two years, a fixed rate of Axis bank loan interest.
  • Pradhan Mantri Awas Yojana (PMAY) interest subsidy availability.
  • Balance transfer provision availability.
  • Quick loan defrayal with an easy documentation process.
Axis Shubh Aarambh Home Loan
  • Pradhan Mantri Awas Yojana (PMAY) subsidy interest availability.
  • Waived 12 EMIs if clean repayment history.
  • Loans up until ₹30 Lakhs.
  • Availability of balance transfer facility.
Axis Fast Forward Loan
  • Waiving off 12 EMIs if clean repayment history.
  • Zero prepayment charges.
  • Minimum loan amount of ₹30 lakhs.
  • 30 years of repayment tenure.
Axis Asha Home Loan
  • 90% total cost financing.
  • ₹20 lakhs of the maximum loan amount.
  • EMI waived of 12 EMIs based on the bank history of the borrower.
Axis Bank Super Saver Home Loan
  • The minimum loan amount is ₹50 lakhs.
  • Zero prepayment invoices.
  • Total interest payable savings.
  • 22 years of tenure.
Axis Top-up Home Loan
  • Loans up until ₹50 Lakhs.
  • Loan for multiple intents (construction, business purpose, and more).
  • Same tenure as the home loan tenure.
  • Low-interest rates.
Axis Empower (PMAY) Home Loan
  • No prepayment charges.
  • Loans via the interest subsidy.
  • Benefitting choice for NRIs, too.
  • Tenure of subsidy up until 20 years.
Axis Bank NRI home loan
  • Minimum fees for processing.
  • The flexibility of tenures.
  • Hassle-free home loan process.

Documents Required for Axis Bank Home Loan

Documents Salaried Individuals Self-Employed Individuals
Identity Proof
  • Passport
  • Voter ID
  • Driving licence
  • PAN card
  • Aadhaar card
  • Passport
  • Voter ID
  • Driving licence
  • PAN card
  • Aadhaar card
Income Proof
  • Salary Slip (last 3 months)
  • Fixed Salary Certificate
  • Form 16
  • Bank Statement (last 6 months)
  • Passbook of the Salary Account
  • Income Tax Returns (last 2 years)
  • Income Computation certified by CA
  • Bank Statement of Business Account (last 6 months)
   
Address/ Residence Proof
  • Utility Bills (electricity bill/phone bill/gas bill)
  • Passport
  • Aadhaar card
  • Voter ID card
  • Driving licence
  • Utility Bills (electricity bill/phone bill/gas bill)
  • Passport
  • Aadhaar card
  • Voter ID card
  • Driving licence

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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