Axis Bank Home Loan

• Team Antworks

Buying a home at the time of a financial crunch is one of the biggest concerns of the Indian middle class. However, with different types of home loans available in the market, it has become quite easy for people to buy their dream home.

Axis Bank provides customers with a wide range of banking solutions of which housing loans are among one of the organization’s most popular and attractive products.

Some of the best features that lend to the popularity of Axis Bank Home Loans:

• Extremely affordable interest rates, keeping in mind the customer’s requirements and budget limitations.
• Flexibility of tenure.
• Fast and Easy processing for both self-employed and salaried individuals.

Features and Benefits of Axis Home Loans

Axis Bank Home Loans come 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 installment 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.

Axis Bank Home Loan Eligibility

Salaried Individuals	All individuals who are employed in Government service or with organizations of repute are eligible to apply for a home loan with Axis Bank The applicant is required to be a minimum of 24 years of age at the time of disbursal of the loan and a maximum of 60 years of age at the time of maturity of the loan
Professionals	The following professionals are eligible to apply for a home loan with Axis Bank Architects Company Secretaries Dentists Chartered Accountants Engineers Management Consultants Cost Accountants Doctors The applicant is required to be a minimum of 24 years of age at the time of disbursal of the loan and a maximum of 65 years of age at the time of maturity of the loan
Self-Employed Individuals	Any self-employed individual that files income tax is eligible to apply for a home loan with Axis Bank. The applicant is required to be a minimum of 24 years of age at the time of disbursal of the loan and a maximum of 65 years of age at the time of maturity of the loan.

Documentation Required for Axis Bank Home Loan

Applicants are required to submit the following documents to the bank at the time of applying for a home loan

Identity Proof	Passport Voter’s ID Driving license Aadhaar Card PAN Card Job Card issued by NREGA
Address Proof	Passport Voter’s ID Driving license Aadhaar Card Job Card issued by NREGA
Income Proof	For Salaried Employees: Previous 3 months salary statements Form 16 For Self-employed Individuals: Previous 2 years Income Tax returns Previous 2 years income computation with CA certification
Bank Statement	Last 6 months bank statements or the pass book into which the applicant’s salary is deposited
Gaurantor	A guarantor is not mandatory. However, the applicant has the option of submitting a guarantor form

Axis Bank Home Loan Interest Rate

Axis Bank offers customers some of the most attractive and competitive home loan interest rates in the country.Interest rates on home loansare given out depending on whether the customer opts for a floating rate loan or a fixed rate loan. Home loans with floating rates help in minimizing the risk involved due to interest rate fluctuations while home loans with fixed rates offer more structure when it comes to monthly repayments as the rates remain static for a fixed period of time.

Axis Bank offers interest rates on home loans as follows:

Axis Bank also offers interest rates of 8.35% – 8.75% per annum on Fixed Rate home loans.

Axis Bank MCLR Rate for Home Loans

As of April 1st 2016, Axis Bank has set its Marginal Cost Based Lending Rate (MCLR) at 8.15% with the MCLR reset frequency set at half yearly for home loans.

Axis Bank Home Loan Fees and Charges:

• Processing fee – Up to 1% of the loan amount on a minimum of Rs.10,000
• Penal interest rate – 24% p.a. or 2% per month
• Fees for switching – 0.5% of the outstanding principal on Rs.10,000
• Repayment instruction / Cheque return charges – Rs.500
• Cheque swap charges – Rs.500
• Duplicate statement issuance charges – Rs.250

Types of Axis Home Loans

Axis Bank offers customers a choice of four different types of home loans to choose from, which are specifically designed to meet certain needs and requirements of the customer. The different home loans on offer are as follows:

Axis Bank Happy Ending Home Loan:

Under this home loan, customers can use the loan amount for the following purposes:

• Purchase of a ready-made house
• Purchase of house that is under construction
• Purchase of a house that has been put up for resale
• Purchase of a plot
• Construction on the plot

Customers who pay their EMIs on a regular basis can get a waiver on their last twelve EMIs provided that their repayment history is satisfactory. The minimum loan amount disbursed under this scheme is Rs 3 Lakhs, while interest rates range from 9.45% to 9.60% depending on the loan amount availed as well as the profile of the customer.

Axis Bank Empower Home Loan:

This particular type of home loan can be utilized by customers for the following:

• Purchase of a ready-made house
• Purchase of house currently under construction
• Purchase of a self-constructed house
• Purchase of a plot plus construction on the plot
• House renovations, improvements and extensions

Under this scheme customers can procure a minimum loan amount of Rs 10 lakhs, with interest rates ranging from 10.30% per annum for loans upto Rs 28 lakhs and 10.35% per annum for loans above Rs 28 lakhs.

Axis Bank Asha Home Loan:

This home loan scheme can be used by customers for

• Purchase of a ready-made house
• Purchase of house currently under construction
• Purchase of a self-constructed house
• Purchase of a plot plus construction on the plot

Under this scheme customers can avail of loan tenures stretching up to 30 years. The minimum loan amount on offer is Rs 1 lakh, and salaried customers can avail of interest rates of 9.95% while self-employed customers are eligible for interest rates of 10.15%.

Axis Super Saver Home Loan:

Under this home loan scheme, customers can save on interest that they pay towards their loan by depositing any surplus amounts into their Super Saver Account. This helps in the reduction of the outstanding principal. The customer will then only be liable to pay interest on the remaining outstanding loan amount. These loans come with attractive rates of interest and high repayment periods of up to 20 years.

Axis Bank Home Loan Transfer Scheme

Axis Bank also offers customers the opportunity to transfer their outstanding home loan balances with other banks over to Axis Bank at low interest rates. 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

eDGE Loyalty Points on Axis Home Loan

Customers who have successfully procured a home loan from Axis Bank are eligible to earn eDGE loyalty points on their loans through the following ways:

On Approval of a Home Loan:

On Top-Up Home Loan:

On Completion of Every Year of Existing Home Loan: