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Axis Bank Home Loan

Axis bank is one of the best commercial banks in India in the private sector. The bank is the third largest private sector bank which has its headquarters in Mumbai, Maharashtra. The bank is known for providing attractive home loans to first time buyers and existing customers. Great customer support, fast problem-solving potential and easy loan disbursal with low interests make this bank one of the most preferred banks of India. The home loan scheme provided by Axis bank has many subtypes from which a customer can choose the best loan.

Axis Bank Home Loans Features and Benefits

  • Attractive rates of interests
  • You get the option of choosing your interest type whether fixed or floating
  • Transfer your home loan easily
  • Extended home loan tenors
  • Availability of top up loans
  • Get doorstep services
  • Transparent processing
  • Easy loan disbursal
  • eDge loyalty points
  • Easy repayment options

Types of Axis Bank Home Loans

  1. Happy Ending Home Loans
  2. Empower Home Loans
  3. Asha Home Loans
  4. Super Saver Home Loans
  5. Axis Bank Property Search
  6. Special Balance Transfer Scheme

Happy Ending Home Loans:

With Axis Bank’s Happy Ending Home Loans you stand a chance to get your last 12 months’ EMIs waived off by paying the rest of the EMIs regularly. Thus, it is a home loan that gives a happy ending to your loan availing experience.

Features and Benefits

  • Waived off EMIs
  • Home loans tailored for your use. Use the loan for under-construction building, purchasing a property, home renovation or home improvement or extension, etc.
  • Quick disbursal of loan.
  • Easy terms and conditions.
  • Transparent Processing
  • Doorstep service
  • Transfer loans from other banks and get lower rates
  • Bonus services for free
  • Loans for both salaried and self employed professionals
  • Maximum Limit: INR 300,000

Borrowing Limit

To calculate the borrowing limit, one can combine the earnings of oneself and the spouse or children. The combined income will then decide the borrowing limit. The minimum limit is INR 300,000. Maximum limit depends on the earnings combined.

Empower Home Loans:

The Empower Home Loan gives an option to the loyal customers of the bank who have been paying their EMIs on time. The loan assures reduced rate of interest charges on customers who have paid their other EMIs on time. These loans are available for only self-employed professionals and non professionals.

Features and Benefits

  • Lower rate of interest is assured
  • Take adequate time and choose a home loan that suits your purpose
  • Easy to disburse loan
  • Affordable home loan
  • Doorstep services
  • Zero prepayment charges
  • Transparent processing
  • Ease of switching your loan to axis bank

Borrowing Limit

  • Minimum Borrowing Limit - INR 1 Million
  • Maximum Borrowing Limit - INR 15 Million
  • Loan Margin: 35%

Asha Home Loans:

An Asha home loan is for every individual who wanted to own a house but could not due to barriers in the path. The loan’s easy conditions and availability is like an Asha or ray of hope for every home aspirant.

Features and Benefits

  • Lucrative interest rates
  • Loan value up to 90% of the house costing
  • East transfer to Axis Bank
  • Longer loan time
  • Easy repayment
  • Combine income of your spouse and children too
  • A special loan tailored just for you
  • Loan for smaller properties also available
  • Choose the loan from larger approved projects PAN India
  • Equitable mortgage used as security
  • No pre payment charges
  • The combined income must be minimum INR 8,000

Borrowing limit

  • Loan Borrowing Limits are as under:
  • Minimum Loan Limit - INR 100,000
  • Maximum Loan Limit - INR 2.8 Million
  • 10% margin on loans up to INR 2 Million
  • 20% margin on loans higher than INR 20 Million and up to INR 2.8 Million

Super Saver Home Loans:

The super saver home loan brings you the best deals from the market and the axis bank itself. Why spend more on the loan? Save that money and use it for spending on the bank! This happens by linking your loan account to a super saver account. When you have extra funds, you can deposit money in the super saver account which can be used to pay your loan and thus the principal outstanding balance will be reduced. Also, when you need some money, you can get it withdrawn from the super saver account. So, the account works as a savings account as well as a loan account.

Features and Benefits

  • Floating rate of interest
  • Maximum loan tenor: 20 years if loan is fully disbursed
  • 22 years if loan is partially disbursed
  • For the super saver home loan, a person will get:
  • ATM card
  • Cheque book
  • Internet Banking
  • Phone banking
  • Lucrative rates of interest
  • Facility of transferring balance in and from the account
  • Affordable home loan
  • Doorstep services
  • Zero prepayment charges
  • Transparent processing
  • Ease of switching your loan to Axis Bank

Borrowing Limit

A person can borrow a maximum amount of INR 10 million. 

Axis Bank Loan Against Property

You can finance your property by opting for Axis bank loan against property. Axis bank provides an option of financing the loan against a commercial property as well as a residential property. Applicant can apply for a new loan or get the previous loan refinanced.

Features and Benefits

  • Get a discount on rental of lease agreement
  • Lucrative rate of interests
  • Loan available for commercial property at affordable rate of interest
  • Switch your existing loan to Axis bank and get cheaper rates and better terms and conditions
  • Get loyalty points under eDGE

Borrowing Limit

  • Minimum loan amount: INR 200,000
  • Maximum loan amount: INR 50 Million

Special Balance Transfer Scheme:

This special scheme gives to its customers the ability of closing the loan at his own will. The purpose of this loan is to encourage customers to clear off their dues on time and be tension free.

Features and Benefits:

  • Loan will be based on track record of existing loan
  • Extra top up facility
  • Processing fees will be zero on balance transfer
  • Smaller EMI
  • Long Tenors
  • Exclusion:
  • Plot loans
  • Properties in cities Hyderabad, Bhubaneswar, Madurai and Greater Noida
  • Takeover from chosen financial institutions is allowed

Borrowing Limit

75% of the market value of property.

Why should you choose Axis Bank Home Loan?

Axis bank is one of the largest private sector banks of India. It is the third largest private commercial bank of India. The bank has headquarters in Mumbai, Maharashtra. Due to its strong hold and so many branches PAN India, the bank is widely trusted. With loans for everyone tailored as per individual needs, Axis bank has reached the epitome of success. If you want a good customer service with affordable rates of Interest, you should go for a home loan with Axis bank. Various features of the bank like Super Saver Home Loans and Special Balance Transfer Scheme, etc, the Bank has catered to the needs of people who pay their EMIs on time and deserve a better rate of interest in such case.
The bank also offers zero charges for prepayment in case of floating rates of interest. Quick disbursal of home loans and easy documentation are the add one which every customer needs.

How to apply for Axis Bank Home Loan?

With Finance Buddha, you can apply for your home loan easier than ever before. All you need to do is give input about your requirement and get the perfect results just for you. The web portal is 100% safe and secure and you can trust us with your valuable information. Believe, you information is only asked to help you out with your loans. On Finance Buddha, you can conveniently compare the home loans of different banks and choose the one that serves your need. If you want to apply for an Axis Bank home loan through our website, you can compare all the features listed in the list of types of loans which are Happy Ending Home Loans, Empower Home Loans, Asha Home Loans, Super Saver Home Loans, Axis Bank Property Search and Special Balance Transfer Scheme. Apply for the home loan directly and avoid any chance of getting your loan rejected. With us, your loan taking experience becomes pleasant.

Axis Bank Home Loan Eligibility Criteria

  • Minimum Age should be 24 years
  • Maximum Age should be 60 years maximum at loan expiration for salaried professionals and 65 years maximum for self employed professionals or non professionals.
  • For salaried employees: The person must be working in Government sector or a reputed private sector company.
  • For self employed professionals: Individuals who are professionals like the doctors, lawyers, engineers, dentists, chartered accountants, company secretaries, etc can apply for the Axis Bank Home Loan.
  • For businessmen or self employed non professionals: They should be filing Income Tax returns (ITR) 

Documents Required for Axis Bank Home Loan

For Salaried Professionals:

  • Identity Proof those which are approved by the bank: Voter ID card, Employee ID card, PAN card, Photo credit card, Defence/Police/Government department ID card, Driving license, Job Card issued by NREGA, etc
  • Income Proof: Documents for salary slips of last three months
  • Income tax Form 16, Recent salary certificate, Updated bank passbook for last 6 months where salary or earning is credited
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Latest LIC policy/insurance premium receipt / Property Papers / Bank account statement/ House or lease agreement / any letter from employer verifying address
  • Guarantor certificate can also be given

For Self Employed Professionals

  • Identity Proof those which are approved by the bank: Voter ID card, Employee ID card, PAN card, Photo credit card, Defence/Police/Government department ID card, Driving license, Job Card issued by NREGA, etc
  • Income tax returns for the last 2 years 
  • Validation of income by a CA for the last 2 years
  • Guarantor certificate can also be given
  • Updated bank passbook for last 6 months where earning is credited

Happy Ending Home Loans: Documents Required

For Employed Individuals:

  • Loan application form
  • Identity proof bearing signatures like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer/ Aadhar Card, etc
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Property Papers
  • Proof for Date of Birth (DOB)
  • Bank Statement of salary account or income account for last 6 months
  • Documents for salary slip from the last three months
  • Cheque for Processing Fees
  • Self-attested photograph
  • Proof of shop or firm establishment (for businessmen)
  • Office address Proof (for businessmen)
  • Income Tax Returns (ITR) for the latest two years

Empower Home Loans: Documents Required

For Employed Individuals:

  • Loan application form
  • PAN Card
  • Identity proof bearing signatures: like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Property Papers
  • Proof for Date of Birth (DOB)
  • Bank Statement of income account for last 6 months
  • Proof that the account is operational from one year
  • Cheque for Processing Fees
  • Self-attested photograph
  • Income Tax Returns (ITR) for the latest five years

Asha Home Loans: Documents Required

For Self Employed Individuals:

A good record of banking with the bank or a good history of loan payment if you already have a loan.
For salaried professionals:

  • Identity proof bearing signatures like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer/ Aadhar Card, etc
  • Documents for salary slip from the last three months
  • Income Tax Returns (ITR)
  • Proof of regular income
  • Statement of bank for the last 6 months showing regular salary

Super Saver Home Loans: Documents Required

  • Completely filled Application form
  • Identity proof bearing signatures: like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Property Papers
  • Bank Statement of salary account or income account for last 6 months
  • Documents for salary slip from the last three months (for salaried individuals)
  • Income tax Form 16 (for salaried individuals)
  • Income tax returns for the last 2 years (for self employed individuals)
  • Validation of income by a CA (for self employed individuals)

Loan Against Property: Documents Required

  • Identity Proof: Voter ID card, Employee ID card, PAN card, Photo credit card, Defence/Police/Government department ID card, Driving license, etc
  • Income Proof: Documents for salary slip from the last three months (for salaried individuals)
  • Income tax Form 16 (for salaried individuals), Recent salary certificate, Updated bank passbook for last 6 months where salary or earning is credited
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Latest LIC policy/insurance premium receipt / Property Papers / Bank account statement/ House or lease agreement / any letter from employer verifying address
  • Copy of lease agreement for discounting cases

Special Balance Transfer Scheme: Documents Required

  • Complete Application Form
  • Know your customer (KYC) documents
  • Bank statement of last 6 months
  • Income documents
  • Repayment Track history of existing Loan for eighteen months 
  • Previous loan details
  • Salary slips
  • Salary account statement depicting regular salary inflow (for salaried professionals)
  • Income Tax Returns of previous year (for self employed professionals or non-professionals)

 

Axis Bank Home Loan MCLR (updated Jan, 2017)

Home Loan Amount MCLR  (updated Jan, 2017) Mean Rate
Less than INR 7.5 million 8.85% - 11.75% 9.92%
INR 7.5 million – INR 10 million 9.15% - 10% 9.47%
Greater than INR 10 million 9.05% -10.35% 9.47%
  • Base rate: 9.25% per annum
  • Prepayment charges for floating rate: NIL
  • Prepayment charges if rate is fixed at base rate: 2% of outstanding principal
  • Swap between cheque of instrument: INR 500 per change
  • Return of instruction or instrument: INR 500 per change

Axis Bank Home Loan Interest Rates, Fees & Charges

  1. For salaried individuals:

    Floating Rate:

    If loan is up to INR 2.80 Million: 9.15%

    If loan is higher than INR 2.80 Million upto INR 7.5 million: 9.20%

    If loan is higher than INR 7.5 million: 9.35%

    Top Up for existing borrowers: For loan amount Up to 30%: Exact rate as present rate of interest.

    For loan amount 30% to 100%: Rate for loan against property shall be levied

  2. For self employed individuals:

    Floating Rate:

    If loan is up to INR 2.80 Million: 9.20%

    If loan is higher than INR 2.80 Million upto INR 7.5 million: 9.25%

    If loan is higher than INR 7.5 million: 9.35%

    Top Up for existing borrowers: For loan amount Up to 30%: Exact rate as present rate of interest

    For loan amount 30% to 100%: Rate for loan against property shall be levied

  • Marginal Cost Based Lending Rate (MCLR) - 8.85% (This rate may change on half yearly basis)
  • Base rate: 9.25%

Happy Ending Home Loans: Interest Rates, Fees & Charges

Rate of Interest

The customer might be charged as per the base rate or the MCLR depending upon his choice. If a customer was paying interest by base rate, he will have to contact the bank to switch to the MCLR.

Rate of interest as per MCLR 

  1. For salaried individuals:

    Floating Rate:

    If loan is up to INR 2.80 Million: 9.15%

    If loan is higher than INR 2.80 Million upto INR 7.5 million: 9.20%

    If loan is higher than INR 7.5 million: 9.35%

    Top Up for existing borrowers: For loan amount Up to 30%: Exact rate as present rate of interest.

    For loan amount 30% to 100%: Rate for loan against property shall be levied

  2. For self employed individuals:

    Floating Rate:

    If loan is up to INR 2.80 Million: 9.20%

    If loan is higher than INR 2.80 Million upto INR 7.5 million: 9.25%

    If loan is higher than INR 7.5 million: 9.35%

    Top Up for existing borrowers: For loan amount Up to 30%: Exact rate as present rate of interest

    For loan amount 30% to 100%: Rate for loan against property shall be levied

  • Marginal Cost Based Lending Rate (MCLR) - 8.85% (This rate may change on half yearly basis)
  • Base rate: 9.25%

Fees & Charges

  • Prepayment charges: Nil
  • Processing fee is 1% and cannot be lower than INR 10,000
  • Default interest rate is 2% per month that is 24% per year
  • Fees while switching from higher floating rate to lower is 0.5% of the outstanding principal amount left and cannot be lower than INR 10,000
  • CERSAI Charges: Up to INR 500,000: INR 50
  • Above INR 500,000: INR 100
  • Swap between cheque of instrument: INR 500 per change
  • Return of instruction or instrument: INR 500 per change
  • Photocopy charges for the title document set by the bank: INR 250
  • Issuance charges for photocopy asked by the customer: INR 250
  • Duplicate interest certificate charges: INR 250
  • Charges for Duplicate Amortization schedule: INR 250 per set
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Prepayment charges: NIL
  • Charges for mortgage: As applicable
  • Charges for issuance of Credit Bureau report issuance: INR 50

Empower Home Loans: Interest Rates, Fees & Charges

Rate of Interest

The customer might be charged as per the base rate or the MCLR depending upon his choice. If a customer was paying interest by base rate, he will have to contact the bank to switch to the MCLR.

Rate of interest as per MCLR 

  • Floating Rate:
    For all amounts of loans: MCLR + 1.05% : 10% per annum
    Marginal Cost Based Lending Rate (MCLR) - 8.85%
    (This rate may change on half yearly basis)
  • Base rate: 9.25%

Fees & Charges

  • Processing fee is 1% and cannot be lower than INR 10,000
  • Default interest rate is 2% per month that is 24% per year
  • Charges for cheque return or repayment: INR 500
  • CERSAI Charges for up to INR 500,000: INR 50
    Above INR 500,000: INR 100
  • Swap between cheque or instrument: INR 500 per change
  • Return of instruction or instrument: INR 500 per change
  • Photocopy charges for the title document set by the bank: INR 250
  • Issuance charges for photocopy asked by the customer: INR 250
  • Duplicate interest certificate charges: INR 250
  • Charges for Duplicate Amortization schedule: INR 250
  • Charges for Duplicate Statement issuance: INR 250
  • Prepayment charges: NIL
  • Charges for mortgage: As applicable
  • Charges for issuance of Credit Bureau report issuance: INR 50

Asha Home Loans: Interest Rates, Fees & Charges

Rate of Interest

The customer might be charged as per the base rate or the MCLR depending upon his choice. If a customer was paying interest by base rate, he will have to contact the bank to switch to the MCLR.

Rate of interest as per MCLR:

  1. For salaried individuals (Vanilla Variant):

    Floating Rate: MCLR + 1.4%: 10.25%

  2. For self employed individuals (Vanilla Variant):

    Floating Rate: MCLR + 1.65: 10.50%

  3. For salaried individuals (All other Variant):

    Floating Rate: MCLR + 1.9%: 10.75%

  4. For self employed individuals (All other Variant):

    Floating Rate: MCLR + 2.15: 11.00%

The base rate of the bank is 9.25%.

MCLR is set at 8.85% and can be changed on half yearly basis.

Fees & Charges

  • Prepayment charges: Nil
  • Processing fee is 1% and cannot be lower than INR 10,000
  • Charges for repayment: INR 500
  • Swap between cheque of instrument: INR 500 per change
  • CERSAI Charges: Up to INR 500,000: INR 50
    Above INR 500,000: INR 100
  • Duplicate interest certificate charges: INR 250
  • Charges for Duplicate Amortization schedule: INR 250 per set
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Photocopy charges for the title document set by the bank: INR 250
  • Issuance charges for photocopy asked by the customer: INR 250
  • Prepayment charges for floating rate: NIL
  • Charges for mortgage: As applicable
  • Charges for issuance of Credit Bureau report issuance: INR 50
  • Prepayment charges if rate is fixed at base rate: 2% of outstanding principal
  • Solvency certificate: NA
  • No dues certificate: NA
  • Cheque bounce charge: INR 500 per bounce
  • Default interest rate is 2% per month that is 24% per year.
  • Fees while switching from higher floating rate to lower is 0.5% of the outstanding principal.
  • Switching fees between floating rate to fixed rate of interest: 1% and cannot be greater than INR 10,000.
  • Fees while switching from higher fixed rate to lower fixed rate is 0.5% of the outstanding principal.

Super Saver Home Loans: Interest Rates, Fees & Charges

Rate of Interest

For loan amount INR 10 million and above:

  • Interest Rate: MCLR + 0.75% = 9.60%
  • Base Rate: 9.25%
  • Marginal Cost Based Lending Rate (MCLR) - 8.85%
  • The MCLR can change after every 6 months.

Fees & Charges

  • Fees while switching from higher floating rate to lower is 0.5% of the outstanding principal 
  • Switching fees from floating rate to fixed rate of interest: 1% and cannot be greater than INR 10,000
  • Fees while switching from higher fixed rate to lower fixed rate is 0.5% of the outstanding principal
  • Switching fees from fixed rate to floating rate of interest: 2%terest for salaried employees as well as for self employed professionals or non professionals: MCLR + 0.35% = 9.60%
  • Prepayment charges: Nil
  • Duplicate interest certificate charges: INR 250
  • Charges for Duplicate Amortization schedule: INR 250 per set
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Prepayment charges for floating rate of interest: NIL
  • Charges for mortgage: As applicable
  • Charges for issuance of Credit Bureau report issuance: INR 50
  • Charges for repayment: INR 500
  • Swap between cheque of instrument: INR 500 per change
  • CERSAI Charges: Up to INR 500,000: INR 50
    Above INR 500,000: INR 100
  • Default interest rate is 2% per month that is 24% per year
  • Prepayment charges if rate is fixed at base rate: 2% of outstanding principal

Axis Bank Loan Against Property: Interest Rates, Fees & Charges

The fees and charges are different for Loan against property, Loan Against Rent Receivables and Commercial OD against Property or Dropline Overdraft Against Property.

Fees and Charges for Loan against Property:

  • Processing charges of loan: 1% + applicable service tax will be levied
  • Foreclosure or pre-payment charges: If any borrower is not a person means if it is an organisation, then 2% fore-closure charges will be charged for paying a loan amount of 25% the value of the outstanding principal amount.
  • If all the borrowers are persons, then zero pre-payment charges will be levied
  • Prepayment is not allowed in the first quarter after the loan is availed
  • Charge for No dues certificate is not applicable
  • Charge for Solvency certificate is not applicable
  • Late payment charges: 2% per month that is 24% per year
  • Stamp Duty and other mandatory charges will be charged as applicable at the place and the time
  • Charges for every cheque bounced: INR 500
  • Charges for every cheque swapped: INR 500 and service tax will be additional
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Photocopy charges for the title document set by the bank: INR 250
  • Charges for the issuance of credit report: INR 50

Fees and Charges for Loan Against Commercial OD against Property or Dropline Overdraft Against Property

  • Processing charges of loan: 1% + applicable service tax will be levied
  • Foreclosure or pre-payment charges: 2% of the outstanding balance amount will be charged as per the limit set for that particular year
  • Charge for No dues certificate is not applicable
  • Charge for Solvency certificate is not applicable
  • Late payment charges: 2% per month that is 24% per year
  • Stamp Duty and other mandatory charges will be charged as applicable at the place and the time
  • Charges for every cheque bounced: INR 500
  • Charges for every cheque swapped: INR 500 and service tax will be additional
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Photocopy charges for the title document set by the bank: INR 250
  • Charges for the issuance of credit report: INR 50

Fees and Charges for Loan Against Rent Receivables:

  • Processing charges of loan: 1% + applicable service tax will be levied
  • Foreclosure or pre-payment charges: If any borrower is not a person means if it is an organisation, then 2% fore-closure charges will be charged for paying a loan amount of 25% the value of the outstanding principal amount.
  • If all the borrowers are persons, then zero pre-payment charges will be levied.
  • Prepayment is not allowed in the first quarter after the loan is availed
  • Charge for No dues certificate is not applicable
  • Charge for Solvency certificate is not applicable
  • Late payment charges: 2% per month that is 24% per year
  • Stamp Duty and other mandatory charges will be charged as applicable at the place and the time
  • Charges for every cheque bounced: INR 500
  • Charges for every cheque swapped: INR 500 and service tax will be additional
  • Charges for Duplicate Statement issuance: INR 250 per set
  • Photocopy charges for the title document set by the bank: INR 250
  • Charges for the issuance of credit report: INR 50

Interest Rates:

Type of Loan Applicable Pricing For PSL cases Applicable pricing for Non-PSL cases
LAP ( Income Based , GTP,GPR)  MCLR + 2.55%= 11.40% p.a. MCLR + 2.65% = 11.50% p.a.
LAP ( Surrogates- Banking, Repayment Based) MCLR + 2.80%= 11.65% p.a. MCLR + 2.90% = 11.75% p.a.
LAP Overdraft Against Property Loans-Residential & Commercial MCLR + 3.15% = 12.00% p.a. MCLR + 3.25% = 12.10% p.a.

 

Marginal Cost Based Lending Rate - 8.85%

MCLR Reset frequency for Loan against property - Half Yearly

Base Rate - 9.35%

Frequently Asked Questions

How much loan can I avail?

To calculate the borrowing limit, one can combine the earnings of oneself and the spouse or children. The combined income will then decide the borrowing limit. Minimum limit is INR 300,000 Maximum limit depends on the earnings combined For loan up to INR 2 Million - 15% of the property value in market For loan above INR 2 Million to up to INR 7.5 Million - 20% of the property value in market For loan higher than INR 7.5 Million - 25% of the property value in market

How can I apply for the Axis Bank Home Loan?

By applying online on Finance Buddha website. We will get in touch with you immediately to help you take your application forward.

What are the eligibility conditions to apply for the home loan other than the normal conditions?

Age of the applicants: The age specifically of the primary applicant. Dependents: Number of dependents in the family of the applicant Fixed Obligations: Assets and liabilities like existing loans, etc Income: Stability and income returns of the primary applicant's occupation.

Can I take a loan if I want to renovate my home or flat?

Yes, absolutely. You can avail the Axis Bank home loan for buying a home, constructing a home, repairs of your home, home improvement and its renovation.

Am I bound to pay only by the fixed rate of interest?

No, you get the opportunity to choose which kind of rate of interest you want to pay. You can pay through fixed rate of interest or you can pay by the floating rate of interest which depends on the MCLR and keeps changing.

What is the procedure of availing the home loan?

First of all, the applicant will fill in the details and with required documents, submit the application form. If the documents and all the eligibility criteria are met, the bank will sanction the loan and notify the customer about it within 30 days of the submission of the documents and the application form. The 30 day submission period starts from the day the customer gets the receipt of the application form. If the loan cannot be sanctioned, then that will be notified as well to the customer. Then, the legal proceedings shall follow. The Axis Bank representative will carry out the technical evaluation of the property.

Are there any fees to apply for the Axis bank home loan?

Yes, the application fees is charged in the form of processing fees which will be anyway be less than 1% of the loan amount to be availed along with the service tax that will be applicable.

How is an Equated Monthly Instalment (EMI) calculated?

It is calculated on the basis of the principal loan amount, the tenor of the loan and the interest (floating or fixed) that is charged. After part payment or interest rate changes, the EMI is also bound to change.

What is the due date of Equated Monthly Instalment (EMI)?

The due date will be fixed and told to you.

What do we mean by Pre-EMI interest?

It is the rate of interest levied on the part payment until the EMIs start to be paid.

What if my floating rate of interest increases? Does that mean I will have to pay bigger amount of EMI?

Whenever there will be an increase in the rate of interest floating, then Axis bank will try to increase the loan tenor. However, if this impacts the rate of interest, then EMI will have to be increased.

Can I get my EMI increased instead of getting my loan tenor increased?

It can happen in some cases. For this, the bank will have to check your loan paying capability. For this, the bank will need the below mentioned documents for verification: Salary slips for Last 6 months Bank statements indicating regular salary. Photo identity and address proof A letter for the change undersigned by you.

My EMI has been increased due to an increase in the rate of interest (flexible). Can the bank help me for lower EMI?

Whenever there will be an increase in the rate of interest floating, then Axis bank will try to increase the loan tenor. However, if this impacts the rate of interest, then EMI will have to be increased. If you want to get your EMI reduced in the latter case, you must make some part pre payment to Axis bank.

After I availed a home loan from the bank, the rate of interest that I opted for has increased. Can the bank help me in this case?

Yes, the bank will help you. You can switch your rate of interest as per the following switching amounts: Fees while switching from higher floating rate to lower is 0.5% of the outstanding principal Switching fees from floating rate to fixed rate of interest: 1% and cannot be greater than INR 10,000 Fees while switching from higher fixed rate to lower fixed rate is 0.5% of the outstanding principal Switching fees from fixed rate to floating rate of interest: 2%

Do I get tax benefit through Axis bank home loan?

The citizens of India can get home loan under the IT act of the Income tax of India.

How do I remain updated about my balance payments, repayment schedules and interest certificates?

You can get detailed information about the same through the below mentioned two options: You can call at the phone banking numbers 1800 233 5577 or 1800 209 5577 or 1800 103 5577 You can write a mail to Axis bank on the email address: loans@axisbank.com

Can my home loan be disbursed if the loan is partly disbursed?

Yes, it can be paid partly. Since the loan is disbursed partly, the interest will also be proportional to this. Therefore, you can pay the loan at lowered rate of interest.

What are the options through which I can pay my EMI?

The EMI can be paid through various modes: Post dated cheques: You can submit post dated cheques by your due date of the EMI at the nearest Axis bank loan centers. Electronic Clearing Service: By this option, non Axis bank account holders can pay their EMIs automatically at the end of the month. Standing Instruction: If you have a savings, salary, or current account with AXIS Bank then your EMI can be automatically deducted from your account at the end of your monthly cycle.

Where do I submit the set of post dated EMI cheques?

You can pay these cheques at the nearest Axis bank loan centers.

Can I do pre payment of the loan?

Yes, you can pre pay your loan. For this, there will be no pre payment charges on the floating rates of interests. However, charges will be applied on fixed rate of interest.

Reviews   4.7 stars, based on 10 reviews

I was very apprehensive about taking a home loan. Trust me, with Axis bank, it was very easy. You get loyalty points and they reward you for paying your instalments on time. The customer support is as pleasant. Thanks Finance Buddha, for helping me discover this home loan.

 5/5

Axis bank is one of the largest private sector banks and it proves the thing once again. They give you hassle free experience where availing a loan is cakewalk.

 4/5

I am pleased to have opted for Axis bank home loan again. I already had a personal loan from the bank which I could repay because of their easy terms and great offers. Highly recommended.

 5/5

Through Finance Buddha, I could apply for the loan and compare from other banks so easily. A fast and effective eligibility calculator which asked for minimal information. Great.

 5/5

I am happy about my Super Saver Home Loan. The loan helps you pay your loan with ease and gives you the opportunity to finish it on time and relax yourselves.

 4/5

I could not understand the tedious terms and conditions. The loan procedure is little complicated, but the customer support is really well.

 5/5

The Axis bank customer support is really nice and friendly. They are courteous and talk to you very politely, let it be the call support or branch support. The loan was disbursed easily.

 5/5

I came to know about Happy ending home loans by Axis bank through Finance Buddha. Earlier, I did not even know that such kind of home loan exists. It is great to reward loyal customers who repay their loan on time.

 4/5

I was concerned over the fact that the banks make it difficult for customers to avail part disbursal as they have very hectic norms and conditions. However, Axis bank was very helpful. They always help you if you are genuine

 5/5

The home loan helped me in the time of need. I needed a home loan urgently and the Axis bank offers the fastest services.

 5/5