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Features & Benefits of Axis Bank Home Loan:
✓ Flexible Interest Rates – You have option to choose Floating or fixed rate
✓ Special Balance Transfer Schemes Available
✓ Doorstep Service which makes your loan process Easy and convenient
✓ Nil Pre Payment charges means you can pre pay loan at any time without Penalty. (valid only in floating rate option)
✓ Longer Repayment Period of 30 Years.
✓ eDGE Loyalty Points on Home Loans.
Special Schemes of Axis Bank Are:
Axis Bank Home Loan Interest Rates 2019
Marginal Cost Based Lending Rate (MCLR) – 8.80%
Base Rate = 9.50%
BPLR = 17.25%
|Loan Amount / Product||Interest Rates|
|Salaried Home Loan upto 30 Lakh||8.90%|
|Salaried Home Loan upto 35 Lakh – 75 Lakh||9.05%|
|Salaried Home Loan above 75 Lakh||9.10%|
|Self Employed Upto 30 Lakh||8.95%|
|Self Employed upto 35 Lakh – 75 Lakh||9.10%|
|Self Employed Loans above 75 Lakh||9.15%|
|Processing Fee Charges||Upto 1.00% or minimum Rs.10000|
|Fixed Interest Rates||12.00% p.a|
1) For BT, Upto 3 Cr, MCLR without any markup
2) Top up loan upto 100% is being offered at MCLR without any markup
3) No PF on BT and for upto 30% top up. 4) LAP PSL loan @10%
5) No EM Charges on pre-qualified BT loans.
Super Saver Home Loans
Only for major cities:-
- Delhi NCR, Mumbai (incl Thane & Navi Mumbai), Bangalore, Pune, Kolkata, Chennai & Hyderabad.
Super Saver gives the customer an option to park additional funds which will reduce the interest obligation on the home loan to the extent of the funds parked, with the flexibility to withdraw the funds anytime. In order to provide the customers with the flexibility to redraw excess funds parked by him, Super Saver account comes with an ATM card, cheque book, internet and phone banking facility.
Features & Norms:
|Loan Amount||Rs 1 crore & above|
|Current Location||Delhi & Mumbai (shall be extended to other locations subsequently|
|Tenure||Upto 20 years (additionally upto 24 months moratorium for under construction properties)|
|Customer Type||Resident Indians Only- Salaried & Self-Employed|
|Product Variants||Vanilla Home Loan & Balance Transfer – Income Based Program|
|Principal reduction options||a) EMI based: Works similar to a Standard Home Loan (Term loan). EMI is calculated (comprising of Principal & Interest) which is the maximum outflow. However, the actual outflow may be lesser than the EMI depending on the utilisation of principal (excess funds parked in the account) resulting in lower than the projected interest. b) Equated Principal Amortisation: The Principal repayment is distributed equally over the loan tenure & interest is payable on the actual utilisation of the principal.|
|Repayment||No separate repayment mode is required to be collected. Customer needs to ensure that the funds equal to principal repayment & interest are available on the cycle date in Super Saver account.|
|FOIR||70% (10% lower FOIR under Equated Principal Amortisation)|
|Facilities to be issued||Cheque Book, ATM card, Internet Banking & Phone Banking|
List of Home Loan documents required
The following documents are required along with your loan application:
|Proof of Identity and Address||Passport or Voter’s ID card or Driving License or Job Card issued by NREGA or Adhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank|
|Proof of income||Latest 3 Months salary slip showing all deductions and Form 16||IT returns for the last 2 years and computation of income for the last 2 years certified by a CA|
|Bank statement or Pass Book where salary or income is credited||Last 6 months||Last 6 months|
Axis Bank Home Loan Eligibility Criteria
A) – Salaried Individuals
- Individuals in permanent service in the Government or reputed companies
- Applicants should be above 24 years and between 60 years at the time maturity
B) – Professionals
- Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) can apply.
- Applicants above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.
C) – Self Employed Individuals
- Any individual filing income tax returns can apply
- Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
What criteria will AXIS Bank look at to decide my eligibility for a Home Loan?
Among the multiple factors that AXIS Bank considers in determining Home Loan eligibility are:
✓ Income of all applicants.
✓ Age of the primary applicant.
✓ Number of dependents that the applicants have to support.
✓ Assets and liabilities of the applicants.
✓ Stability and continuity of the primary applicant’s occupation.
Axis bank home loan procedure?
Once bank receive a completed application form along with the necessary supporting documents two things happen:
Determination of your eligibility for the Home Loan: For this bank consider internal policy guidelines and also examine all the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.
Legal and Technical verification: Lawyers and property valuers empanelled by the Bank will verify your title documents conduct a technical evaluation of the property.
Once both these are complete, the Bank will process the disbursement of your Home Loan.