Axis Bank Home Loans 2023

Axis Bank Home Loans

design front elevation — Axis Bank Home Loans

Introduction to Axis Bank Home Loans

Axis Bank is one of the leading private sector banks in India that provides home loans to individual borrowers. An Axis Bank home loan helps you buy, build, extend or renovate your dream home. Axis Bank offers attractive interest rates and hassle-free processing on home loans. Read on to know more about Axis Bank home loans.

Types of Home Loans Offered by Axis Bank

Axis Bank provides various types of home loans to suit the diverse needs of home buyers. Some of the popular home loan variants offered by Axis Bank are:

Regular Home Loan – The typical home loan for buying or constructing a residential property. It offers financing of up to 75% of the property value.
Balance Transfer Home Loan – Enables you to transfer the balance outstanding on an existing home loan with another lender to Axis Bank at better terms.
Top Up Home Loan – Allows you to take a second loan over and above your current home loan within the overall eligibility.
Loan Against Property – Avail a loan against your existing residential or commercial property’s equity.
Axis Bank Smart Home Loan – A Home Loan crafted specifically for the salaried class working in top corporates and reputed SMEs.

Axis Bank Home Loan Interest Rates

Axis Bank offers very competitive interest rates on home loans starting at just 6.90% per annum. The interest rate offered will depend on your credit profile, income stability, loan amount and tenure. Axis Bank also periodically offers special discounted rates to select customer segments. women borrowers can avail a special 0.05% concession on home loan interest rates.

Axis Bank Home Loan Eligibility

To qualify for an Axis Bank home loan, the key eligibility criteria are:

Minimum age of applicant should be 21 years
Maximum age at loan maturity should be 65 years
Salaried applicants should have a minimum work experience of 2 years
Self-employed applicants should have been in business for at least 3 years

In addition, Axis Bank will evaluate factors like income, credit score, employer profile, property details, existing EMIs, stability in earnings etc. before sanctioning a home loan. Higher the loan eligibility, lower the rate of interest and minimum documentation.

Axis Bank Home Loan Documentation

Axis Bank aims to offer a smooth home loan experience with minimal documentation. The standard documents required are:

Duly filled home loan application form
Identity and address proof (Aadhaar, Voter ID, Passport etc.)
Last 6 months’ salary slips
Last 2 years’ ITRs and financial statements
Proof of property (registration papers, approved plan etc.)
Processing fee cheque

Salaried applicants may also need Form 16, bank statements and employer documents. Self-employed applicants need business proofs like GST returns. Additional documents can be sought by the bank on a case-to-case basis.

Axis Bank Home Loan Repayment Plans

Axis Bank offers the flexibility to design your own home loan repayment schedule within the maximum tenures allowed. You can choose from the following options:

Fixed or Variable Interest Rate – Repay either at a fixed rate of interest or a variable rate linked to MCLR.
Tenure – Repay the loan over a period between 3 to 30 years. Longer tenure means lower EMI.
EMI Dates – Fix your EMI payment on a suitable date every month.
Prepayment and Foreclosure – Prepay loan partly or fully without charges after first few years.

Discuss your unique needs with Axis Bank to create a customized repayment plan.

How to Apply for an Axis Bank Home Loan

Applying for a home loan from Axis Bank involves the following simple steps:

Online Application – Visit Axis Bank website and submit loan application form online by providing basic personal and employment details.
Documents Submission – Submit scanned copies of your KYC and income documents through the website or Axis Bank branch.
Property Evaluation – The bank evaluates the property details as per standard norms and regulatory guidelines.
Loan Sanction – If you satisfy the eligibility criteria, you will receive a loan sanction letter detailing the loan terms.
Legal Verification – The bank completes technical and legal verification of the property documents.
Disbursal – Finally, the loan amount gets disbursed into your linked Axis Bank account.

Charges and Fees on Axis Bank Home Loan

Like all banks, Axis Bank levies certain charges and fees to process and disburse home loans:

Processing Fee – 1% of loan amount + GST
Administrative Fees – Rs 5000 + GST
Technical Fee – Rs 5000 + GST
Prepayment Charges – Nil after 5 years of disbursal
Cheque Bounce/ECS Failure Charges – Rs 500 per instance
Document Retrieval Charges – Rs 500 per document

Apart from above, legal verification and technical assessment expenses are applicable as per actuals.

Benefits of Taking a Home Loan from Axis Bank

Some key benefits of availing a home loan from Axis Bank:

Competitive interest rates starting at just 6.90% p.a.
Nil prepayment charges after 5 years of disbursal.
Minimal documentation and fast, paperless processing.
Customized repayment plans to suit your needs.
Special lower rates for women borrowers.
Attractive interest rates for employees of select corporates.
Large maximum loan eligibility of up to Rs. 5 crores for salaried and Rs. 3.5 crores for self-employed.
Option for balance transfer from another lender.
Dedicated relationship manager for support.

FAQs on Axis Bank Home Loans

Q1. What is the maximum loan amount I can get on a Axis Bank home loan?

For salaried applicants, Axis Bank offers home loans up to Rs. 5 crores. For self-employed applicants, the maximum loan amount is Rs. 3.5 crores.

Q2. What is the minimum down payment required for a Axis Bank home loan?

The minimum down payment is 15% of the property value. You can finance up to 85% of the property value through an Axis Bank home loan.

Q3. What is the average home loan interest rate offered by Axis Bank currently?

Axis Bank currently offers average home loan interest rates starting at around 6.90% p.a. The final rate depends on the applicant’s credit and income profile.

Q4. Does Axis Bank charge a prepayment penalty on its home loans?

Axis Bank does not charge any prepayment penalty if you foreclose or prepay your home loan after 5 years from the date of disbursal.

Q5. How can I check my home loan eligibility with Axis Bank online?

You can check your preliminary home loan eligibility using the free online home loan eligibility calculator on the Axis Bank website. Provide basic personal, income and loan details to check eligibility.