Axis Bank

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
Action

Rate of Interest

  • Floating rate of Interest : 8.65% p.a. to 11% p.a.
  • Fixed Rate of Interest : 11% p.a. 
  • Home Saver plan : 9.25% p.a.

Eligibility Criteria

  • Minimum 23 years of age and maximum 65 years
  • Loan period from 3 years to 30 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fees - upto 1% of loan amount
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about Axis Bank

 

Axis Bank one of the largest private bank offers home loans with very attractive features like best rate of interest in industry, Balance Transfer along with top up facility with same rate of interest, door step services, zero prepayment charges and quick processing. You can check  your eligibility by just filling  short form, Axis bank also offers e approvals to its eligible customers.

 

Your Eligibility depends on following


You should be minimum 23 years old

You should be maximum 65 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Make your spouse as co applicant , her/his income will also be added in eligibility
Choose longer tenure of loan period maximum upto 30 years
Add more than one co applicant if required to enhance your eligibility
Close short term loans, this will also increase your eligibility

Rate of Interest and Other Charges for Home Loan are following

From April 1st 2016, Axis Bank has   linked all its fresh sanction  of home loan with its Marginal Cost Based Lending Rate (MCLR) which is at present at 8.15% with the MCLR reset frequency set at half yearly for home loans.

Home Loan Rate of Interest

Happy Ending Home Loan

1-For Salaried applicants

Sno

Type

Loan amount ( Rs)

MCLR + Mark up

Effective Rate of Interest

1

Floating Rate

Loan amount upto 75 lacs

MCRL+.50%

8.65% p.a.

Loan amount above Rs 75 lacs

MCRL+.55%

8.70% p.a.

Top Up for existing customers

Upto 30%- Same rate at which the home loan is running 
30%-100%- LAP rate shall be applicable

2

Fixed Rate

All Loan amounts

MCLR+ 2.85%

11% p.a.

2- For Self employed

Sno

Type

Loan amount ( Rs)

MCLR + Mark up

Effective Rate of Interest

1

Floating Rate

Loan amount upto 75 lacs

MCRL+.55%

8.70% p.a.

Loan amount above Rs 75 lacs

MCRL+.60%

8.75% p.a.

Top Up for existing customers

Upto 30%- Same rate at which the home loan is running 
30%-100%- LAP rate shall be applicable

2

Fixed Rate

All Loan amounts

MCLR+ 2.85%

11% p.a.

Other Charges :

     

Sno

Description  of charges

Amount

1

Processing Fee Charges

Up to 1% of the Loan amount subject to minimum of Rs.10,000/-

2

Default Interest Rate

@24 % per annum, 2% per month

3

Switching Fees (Floating Rate to Fixed Rate)#

1% on the outstanding principal with a minimum of 10,000/-

4

Switching Fees (Fixed Rate to Floating Rate)#

2% on the outstanding principal amount

5

Switching Fees (Higher Floating Rate to Lower Floating Rate )#

Switching Fees (Higher Floating Rate to Lower Floating Rate )#

6

Switching Fees (Higher Floating Rate to Lower Floating Rate )#

0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only

7

Repayment Instruction/Cheque Return charges

500/- Per Instance

8

Cheque/Instrument Swap Charges

500/- Per Instance

9

Duplicate Statement Issuance Charges

250/- Per Instance

10

Duplicate Amortization Schedule Issuance Charges

250/- Per Instance

11

Duplicate Interest Certificate (Provisional/Actual) Issuance Charges

250/- Per Instance

12

Issuance Charges of Credit Report

50/- Per Instance

13

Issuance Charges for Photocopy of title documents

250/- Per document set

14

Charges on customer initiated requests for copies of documents

250/- Per document set

15

Prepayment Charges including part prepayment for floating rate loan

NIL

16

Prepayment Charges for fixed rate loan

2% of the principal outstanding

17

Equitable Mortgage Creation Charges As applicable in the

As applicable in the state

18

CERSAI charges

Rs 50/- For Loans up to 5 Lakhs
Rs 100/- For Loans above 5 Lakhs

# For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed portion of sanctioned amount.

** Service Tax as applicable will be levied

Existing Loan take over or New Loan

Axis Bank offers customers  both type of loans i.e. for buying new property and also to transfer their  outstanding home loan balance with other banks over to Axis Bank at low interest rate. The main features of this transfer scheme are:

  • Low and affordable rates of interest
  • Customers can pay out their loan as per their convenience with no prepayment fees or charges
  • Top up facility is available under this scheme, wherein customers can top up their loan to more than 30% of their existing loan
  • Transfer of outstanding balance is quick, simple and hassle-free
  • To avail of this scheme customers are required to have a good loan repayment record with no missed payments for the previous 18 months on their existing loan

Features of Loan

Axis Bank Home Loan comes with a number of attractive features and benefits such as:

  • Affordable rates of interest- Axis Bank offers customers attractive and affordable rates of interest, which make it convenient for the customer to make instalment payments towards their home loans.
  • Interest Rate Flexibility- Customers have the option to choose from either fixed rate of interest or floating rate of interest as per their convenience. Customers can make an informed decision based on interest rate trends and choose accordingly.
  • Balance Transfer- Customers also have the opportunity to transfer their home loan balances from other banks to Axis Bank in a hassle free manner.
  • Personalised Service- Axis Bank makes it easier for customers to apply for home loans by providing assistance right at the customer’s doorstep. This significantly reduces the time and effort that a customer will invest in by applying for a home loan at one of the bank’s branches.
  • No Prepayment Fees- Customer who wish to pay out their home loans in advance have the option to do so without being charged any prepayment fees.
  • Simple and Easy Processing- Applying for a home loan with Axis Bank is a quick and simple process, wherein the customer is aware of the status of his or her application at all times. The bank ensures that there is complete transparency during the processing of home loans.
  • Substantial Tenure Periods- Customers can avail of home loans with tenures of up to 30 years, which greatly reduces the amount of EMIs they would have to make every month.

Documents Required for applying  Home Loan  with Axis Bank

  1. Signed application form with photograph
  2. Pan Card for all applicant and co applicants
  3. ID proof and residence proof for all applicant and co applicant
  4. ITRs with computation for latest 3 years
  5. Copies of Sanction letter/ Statement of account of all existing loans
  6. Other Documents required for Salaried person
    1. Salary Slip for last 6 months
    2. Bank Statement for last 6 Months
    3. Form 16 for last 2 years
    4. Relationship proof with co applicant
  7. Other Documents required for Self Employed – Proprietorship
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Business registration certificate
    4. Office address proof
    5. Bank Statement for last 12 months
    6. Relationship proof with co applicant
  8. Other Documents required for Self Employed – Partnership Firm
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Partnership deed
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  9. Other Documents required for Company
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. MOA/AOA/COI
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  10. Additional Documents required for Balance Transfer case
    1. Statement of account of existing loan
    2. List of Documents given to existing bank
    3. Foreclosure letter
  11. Property papers
    1. Complete chain of property papers along with sanctioned plan