Axis Bank Home Loan

Axis Bank offers home loan interest rates that begin from 8.75% per annum. These rates vary based on factors such as the type of home loan scheme, whether the interest rate is floating or fixed, the amount of the loan, and the occupation profile of the applicant.

Purpose: Axis Bank offers its regular home loan scheme to both Resident Indians and Non-Resident Indians (NRIs), enabling them to finance the purchase, construction, or renovation of houses.

Loan Amount: Rs 3 lakh-Rs 5 crore

Tenure: Up to 30 years

LTV Ratio:

• Loan amount Up to Rs 30 lakh - Up to 90% of property cost
• Loan amount above Rs 30 lakh-75 lakh - Up to 80% of property cost
• Loan amount above Rs 75 lakh - Up to 75% of property cost

Purpose: Axis Bank QuikPay Home Loan enables borrowers to repay higher principal amounts earlier in the loan tenure. As a result, the EMIs decrease every month, leading to significant savings on interest payments for the borrowers.

Loan Amount: Up to Rs 5 crore

Tenure: Up to 30 years

LTV Ratio:

• Loan amount Up to Rs 30 lakh - Up to 90% of property cost
• Loan amount above Rs 30 lakh-75 lakh - Up to 80% of property cost
• Loan amount above Rs 75 lakh - Up to 75% of property cost

Purpose: Consumers can opt for the Shubh Aarambh Home Loan from Axis Bank for various purposes, including purchasing under-construction, ready, or resale homes. This loan facility also covers purchasing a plot with construction, self-construction on an owned plot, and home extensions/improvements. Borrowers with a clean repayment history are eligible for 12 EMI waivers, with 4 EMIs waived off at the end of the 4th, 8th, and 12th years of the loan tenure. Additionally, borrowers can make part prepayments on their Shubh Aarambh home loans, provided the tenure doesn't fall below 4 years. Existing home loan borrowers from other lenders can opt for a home loan balance transfer to avail the Shubh Aarambh Home Loan scheme.

Loan Amount: Up to Rs 30 lakh

Tenure:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

Purpose: Prospective home loan borrowers can opt for the Axis Bank Fast Forward Home Loan for various purposes, including purchasing under-construction, ready, or resale homes, as well as plots with construction, self-construction, and home extension/improvement. The Axis Fast Forward Home Loan offers 12 EMI waivers, with 6 EMIs waived off at the end of 10 years and another 6 waived off on completion of 15 years, provided the borrower maintains a clean repayment track record. Borrowers can also make part prepayments on their home loans as long as the tenure doesn't fall below 10 years. This loan facility is also open to existing home loan borrowers from other lenders who wish to avail the home loan balance transfer facility.

Loan Amount: Rs 30 lakh – Rs 5 crore

Tenure:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

LTV Ratio:

• Loan amount Up to Rs 30 lakh - Up to 90% of property cost
• Loan amount above Rs 30 lakh-75 lakh - Up to 80% of property cost
• Loan amount above Rs 75 lakh - Up to 75% of property cost

Purpose:  Axis Bank offers a Top-up Home Loan option to existing home loan customers as well as to those who have transferred their home loan from another lender. This loan option provides additional funds for various purposes, including personal or business needs, or for constructing residential or commercial properties.

Loan Amount: Up to Rs. 50 lakh

Tenure: Same as the outstanding home loan tenure

Purpose: Axis Bank Super Saver Home Loan is like a special account for your home loan. You can put extra money into this account, and whenever you need it, you can take it out again, as long as you don't go over the limit you've been given.

Loan Amount: Rs 10 lakh – Rs 5 crore

Tenure: Up to 20 years

LTV Ratio:

• Loan amount Up to Rs 30 lakh - Up to 90% of property cost
• Loan amount above Rs 30 lakh-75 lakh - Up to 80% of property cost
• Loan amount above Rs 75 lakh - Up to 75% of property cost

Purpose: Axis Bank provides Power Advantage Home Loans with fixed interest rates for the initial 2 years of the loan term. After this fixed period, the interest rate switches to a floating rate for the remaining tenure of the loan.

Loan Amount: Up to Rs. 5 crore

Tenure: Up to 30 years

LTV Ratio:

• Loan amount Up to Rs 30 lakh - Up to 90% of property cost
• Loan amount above Rs 30 lakh-75 lakh - Up to 80% of property cost
• Loan amount above Rs 75 lakh - Up to 75% of property cost

Purpose: Axis Bank offers an affordable home loan scheme called Asha Home Loans, which is designed for applicants with a minimum combined family income of Rs 8,000 per month. This loan scheme can be used to finance various purposes, including purchasing ready, under-construction, or resale homes, as well as for repairing/extending existing properties, self-construction of homes, and purchasing plots for home construction. The Axis Bank Asha Home Loan also includes a waiver of 12 EMIs, with 4 EMIs waived off at the end of the 4th, 8th, and 12th years of the loan tenure. However, borrowers must maintain a clear repayment history to avail of the EMI waiver benefits. Additionally, borrowers can make part prepayments on their home loans as long as the tenure doesn't fall below 4 years.

Loan Amount: Rs 1 lakh – Rs 35 lakh

Tenure:

• Minimum Tenure: 20 years at the time of loan disbursement
• Maximum Tenure: Up to 30 years

LTV Ratio: Up to 90% of property cost (on loan amount up to Rs 30 lakh)

Also Read : Best Home Loan EMI Calculator

Also read: Best Home Loan Fees and Charges

• Axis Bank Home Loans are available for both salaried and self-employed individuals.
• Applicants need to maintain a clean repayment track record throughout the loan tenure. This means:
• No pending dues for 90 days or more.
• Not more than three instances of pending dues for 30 days or more.
• Borrowers should not have any outstanding penal charges or other fees.

For Salaried

• The applicant must be at least 21 years old when the loan starts.
• The maximum age of the applicant should not exceed 60 years or the age of superannuation, whichever comes first, at the time of loan maturity.
• Applicants should have a permanent position in either a government organization or a well-regarded private sector company.

For Professionals

• The applicant must be at least 21 years old when the loan starts.
• The maximum age of the applicant should not exceed 65 years at the time of loan maturity.
• Professionals including doctors, dentists, architects, engineers, cost accountants, company secretaries, chartered accountants, and management consultants can apply for a home loan.

For Self-employed

• The applicant must be at least 21 years old when the loan starts.
• The maximum age of the applicant at the time of loan maturity should not exceed 65 years.
• Any individual who files income tax returns is eligible to apply for Axis Bank Home Loans.

Also Read : Best Home Loan Eligibility

To apply for a loan, you'll need:

• A duly filled application form.
• For ID proof, you can use documents like Aadhaar card, passport, government employee ID, voter ID, driving license, or any photo ID issued by the Government of India.
• For address proof, you can use documents like Aadhaar card, passport, government employee ID, voter ID, driving license, or any photo ID issued by the Government of India. Additionally, utility bills such as electricity, telephone, or gas bills, and property tax receipts are also accepted.
• For proof of date of birth, you can use documents like a passport, PAN Card, Aadhaar card, birth certificate, or SSC Marksheet.
• For signature proof, you can use documents like a passport, PAN Card, banker’s verification, or a notarized affidavit with address and ID proof.

For Salaried:

• Form 16 for 2 years
• Pay slip for 3 months
• 2 years bonus proof or pay slip for 6 months
• Bank statement for 6 month reflecting salary credits

For NRI (Salaried):

• Passport Copy
• Valid VISA copy
• Pay slip for 3 months
• Overseas credit report
• Contract letter/appointment letter
• International salary account statement for 6 months
• Domestic/NRE/NRO account statement for 6 months
• Continuous Discharge Certificate for shipping cases

For Self-Employed:

• Tax Audit Report if the gross turnover exceeds Rs 1 crore or gross receipts exceed Rs 25 lakh.
• Income tax returns (ITR), income computation, profit and loss (P&L), and balance sheet documents with a Chartered Accountant's seal and signature for the past 2 years. (For Asha Home Loan, documents for 1 year are required.)
• Bank statements for personal and business accounts covering the last 6 months.
• Proof of business continuity for the past 3 years.
• Tax paid challan and Centralized Processing Center (CPC) document if the ITR is filed without digital signatures.

For Balance Transfer/Loan Takeover from Other Bank/Financial Institution-

• Loan account statements for the past 12 months along with a recent outstanding letter.
• Details of any current loans you have, including bank statements for the last 6 months showing EMI deduction details.

Also Read : Best Home Loan Documents Required

Yes, you can prepay your Axis Bank Home Loan. However, there are prepayment charges of 2% on the outstanding principal amount if you have a fixed interest rate. No prepayment charges are applicable if you have a floating interest rate on your home loan.

If you have a home loan from Axis Bank with a higher fixed interest rate, you can lower your interest rates by switching to a lower fixed rate. You'll need to pay a switching fee of 2% on the outstanding loan amount for this. For floating rate home loans, you can also switch from higher to lower interest rates by paying a switching fee ranging from Rs 1,000 to Rs 5,000, depending on your loan amount.

If Axis Bank doesn't reduce your interest rates, you have the option to transfer your existing home loan to another lender offering lower rates through a process called home loan balance transfer.

Axis Bank offers home loan interest rates starting from 8.75% per annum onwards.

Also read: Best Home Loan Balance Transfer

Axis Bank provides home loans with both floating and fixed interest rate options.

Yes, you can convert your Axis Bank Home Loan interest rates from fixed to floating rates, or vice versa, by mutually agreeing with the bank. However, there's a conversion fee of 2% of the outstanding loan amount that the bank will levy for this service.

Yes, you have the option to convert your Axis Bank Home Loan interest rates from floating to fixed rates. However, please note that the bank will charge a conversion fee of 1% of the outstanding loan amount for this service.

Axis Bank provides home loans with both fixed and floating rates of interest, allowing applicants to choose the option that suits them best.