All you need to know about availing an Axis Bank Home Loan

Owning a house, does not mean just shelter to live under. It also enables you to live life under your own rules. Through studies, it is found that one of the biggest concerns of the Indian middle class is buying a house of their own. Several organizations have come up with options of home loans that have made owning a house easier in recent times. However, it is important to choose one that will not be a financial burden for you to carry years down the line.

Are you looking to buy a house of your own? Axis Bank loans are in plenty, and their housing loans are amongst the most sought-after product of the organization. Axis Bank home loan interest rates are affordable and convenient ensuring a feeling of security amongst its borrowers. In order to make their customer experience more comfortable and smooth, they have incorporated the Axis bank home loan calculator online where the borrowers can calculate their monthly instalments and plan their finances accordingly. The Axis bank home loan EMI calculator is also accessible on online platforms to track your Axis bank home loan status. These features of Axis bank home loans make the Axis bank home loan customer care top-notch and reliable.

  • Axis Bank home loan interest rate 2018

The Axis bank home loan interest rates may change each year. Following is a table of the Axis bank housing loan interest rate for the year of 2018. Please note that the Axis bank home loan interest rate is illustrative and is subject to vary year on year.

Interest Rate 8.35% onwards – until 11.75%

9.25% for the Super Saver Scheme

Processing rate Up to 1% of the loan amount
Loan term Up to 30 years

The super save Scheme offers from 1 to 20 years

Pre-payment charges If floating – Nil, If fixed rate – 2%
Charges if cheque bounces Rs.500 each time
Charges for Cheque Swap Rs. 500 each time
Total Loan amount Rs. 10 Crores
Guarantor requirement No guarantor required

The axis bank home loan interest rate today can be checked anytime on online portals. Also, the axis bank home loan interest rate calculator allows you to estimate your payments and plan accordingly. An axis bank home loan interest certificate can also be requested for online and a soft copy will be delivered to your e-mail.

  • Features and Benefits of Axis Home Loans

Known to be one of the most reliable housing loans, Axis bank home loans come with numerous features and benefits. Here are a few key ones that stand out:

  1. Affordable Interest rates: Allowing borrowers to pay their instalments in spaced out intervals, Axis bank offers attractive interest rates that are within ones means.
  2. Interest Rate flexibility: There are different types of interest rates that borrowers can choose from, either fixed or floating, as per their individual capability and convenience. Borrowers will be well-informed about the choices and can make an erudite decision.
  3. Personalised Service: Axis’s Banks customer service is top-notch by heeding to each customer individually. They provide door-step service, making it convenient for their customers by saving time and effort that they would otherwise spend in the bank.
  4. Balance transfer: Axis bank allows transfers of home loan from another bank to their axis bank account without much hassle.
  5. No pre-payment fees: Borrowers who are able to pay their home loans in advance are free to do so, without any additional charges.
  6. Simple and hassle-free processing: The process of working with a home loan with Axis bank is an easy process right from application until the last payment. The borrowers are well-informed throughout the journey and all details between the bank and them are kept transparent.
  7. Substantial tenure period: With a maximum of 30 years as payback period, the EMI’s are well spaced out making the burden of instalments almost minimum.
  • Axis Bank Home Loan Eligibility

The Axis bank home loan eligibility varies from the type of employment of the borrower. It can divided into three categories namely; salaried individuals, professionals and self employed individuals. Following are the features of Axis bank home loan eligibility for each type of borrower:

  1. Salaried individuals – Any individual who has a permanent employment in government service or a recognized organization is eligible for a home loan. The borrower needs to be of minimum 24 years of age to apply for this loan and 60 years at maximum of the time of maturity of the loan.
  2. Professionals – Professionals such as doctors, dentists, engineers, Chartered accountants, architects, etc. are eligible to apply for a housing loan with Axis bank. The borrower has to be of minimum 24 years of age to apply for this loan and a maximum of 65 years at the time of maturity of the loan.
  3. Self-employed individuals – similar to professionals, self employed individuals may be doctors, dentists, architects, free lancers, etc. They are all eligible to apply for a home loan as long as they file their income taxes regularly. In line with the previous plans, this category also requires the borrower to be a minimum age of 24 and maximum age of 65 of the maturity of the loan to be able to avail this loan.

You can find an axis bank home loan eligibility calculator that allows you to calculate your eligibility to avail the home loan based on your income and capability of repaying.

  • Documentation Required for Axis Bank Home Loan

The axis bank home loan documents that are required to be submitted during the loan application processes are as follows:

  1. Identification proof – this could be your Aadhar card, PAN card, driving license, voter’s ID or job card issued by NREGA.
  2. Address Proof – The address proof could be submitting a copy of your passport, Aadhar card, Voter’s ID or driving license.
  3. Proof of Income – This varies between salaried employees and self-employed professionals. Salaried employees should produce a copy of their salary statements of the past 3 months and their form 16. Self-employed borrowers are required to submit copies of their 2 years income tax return files and 2 years income computation with CA certification.
  4. Bank statement – The bank statement or the pass book of the borrower’s salary account of the past 6 months.
  5. Guarantor – Although a guarantor is not mandatory, an option of submitting a guarantors form is available.

All the Axis bank home loan documents need to be valid and submitted on time to avail the housing loan.

  • Axis Bank Home Loan Interest Rate

Axis Home loan interest rates are amongst the most competitive interest rates available in the country. The axis bank home loan interest are given out in contingent upon whether the borrower opts for a floating rate or fixed interest rate. As the economy sees a fluctuating interest rate from time to time, a floating interest rate reduces risk of involved in these fluctuations. On the other hand, fixed interest rates is more structured and offers more stability in financial planning as the rates remain unchanged over a set period of time.

The standard format for floating interest rates for axis bank housing loan interest rate is as follows:

Home loan Amount ROI for salaried employees ROI for self employed individuals
Up to Rs. 30 Lakhs 8.35% 8.40%
Between Rs. 30 Lakhs to Rs.75 Lakhs 8.65% 8.70%
Rs.75 Lakhs above 8.70% 8.75%

For fixed interest rates, Axis Bank Home Loan Interest Rate is 8.35% to 8.75% per annum.

Borrowers can calculate their payments using the axis bank home loan interest calculator to estimate their payments and instalments.

  • Axis Bank Home Loan Fees and Charges

The axis bank home loan processing fee is dependent on different features. They are noted down below:

  1. Processing fee – On a minimum amount of Rs. 10,000, there is a 1% charge levied on the loan.
  2. Penal Interest Rate – 2% each month or 24% per annum, this is subject to the borrowers choice of home loan
  3. Fees for switching the home loan – a 0.5% charge will be levied on the principle amount of Rs.10,000
  4. Charges if cheque bounces back or repayment instructions – a flat Rs.500 will be charged per instance
  5. Charges if the check needs to be swapped – a flat Rs.500 will be charged per instance
  6. Duplicate statement insurance charges – Rs.250 per instance
  • Axis Bank Home Loan EMI Calculator

The axis bank home loan EMI calculator is made accessible to one and all on online platforms. This enables borrowers and potential borrowers to ascertain their monthly instalment payments and finance their budgets towards their home loan accordingly. The Axis bank housing loan EMI calculator is an easy to use tool by even amateurs on the internet. Not only does it help the customers determine the amount of loan they require, but it also helps them in managing their loan payments by integrated features of a budgeting tool.

By accessing the particular website, one can find the Axis bank home loan EMI calculator easily. Certain information such as loan amount, loan tenure and Rate of interest is required in computing your results of EMI instalments and your amortisation schedule.

  • Types of Axis Home Loans

Axis bank offers 4 different types of home loans to its customers. Each home loan is designed specifically to meet different sorts of borrowers depending on their needs and requirements. The four different types are as follows:

  1. Axis Bank Happy ending home loan – The purpose of this home loan may include: purchase a house that is already ready (furnished, etc.), purchasing of a house under construction, purchasing a piece of land or plot, construction on a plot or purchase of house that is on resale. The minimum loan amount that can be availed under this scheme is Rs.3 Lakhs. Borrowers with a satisfactory repayment history on their EMI’s have the benefit of wavering a certain amount off their final 12 instalments. The interest rates for this loan scheme are between 9.45% to 9.60% depending on the borrowers profile.
  2. Axis Bank empower home loan – The purpose of this home loan are similar to the previous scheme and may include: Purchase of a ready-made house, purchase of a house under construction or a self-constructed house, purchase of a plot as well as construction of house on the plot and House renovations. A minimum loan amount of Rs.10 lakhs can be availed under this scheme. The interest rates for this scheme vary for loans up to Rs.28 Lakhs of 10.30% and above Rs.28 Lakhs of 10.35%
  3. Axis Bank Asha Home Loan – the home loan scheme is almost similar to the Axis Bank empower home loan, except that it does not include house renovations purposes. The tenure of this home loan can be stretched up to 30 years with a minimum loan amount of Rs.1 Lakh. Salaried employees can avail this loan at an interest rate of 9.95% and self employed individuals can avail this loan at 10.15%
  4. Axis Super Saver Home Loan – The home loan allows borrowers to save o their interests that they pay for their loan by depositing the requited amount into this super saver account. The customer is only liable to pay the amount on their outstanding loan. The most attractive feature of this home loan is that it has long repayment periods and affordable rate of interests.
  • Axis Bank Home Loan Transfer Scheme

This is a special scheme directed towards customers who would like to transfer their outstanding home loan balances from other bank accounts to their Axis Bank. This scheme is provided at a lower interest rate that is beneficial to the borrower. The main features of the axis bank home loan transfer are:

  1. They are offered at a very low and affordable rate of interest
  2. There are no pre-payment charges of fees levied and thus customers can pay their loan at their convenience
  3. Customers are given the option to top-up the their loan to more than 30% of their existing loan plan with the top-up option under this scheme
  4. The transfer of the balance from other banks to Axis bank is simple and hassle free
  5. The eligibility to avail this option requires the customer to have a satisfactory repayment history of the last 18 months on their existing plan

FAQ’s

  1. Does floating as well as fixed interest rate home loans have an applicable prepayment charge?

Floating interest rates do not levy any pre-payment charges, while fixed interest rate attract certain amount of interest rates.

  1. Are axis bank home loans applicable to be used for property renovations or extensions?

Yes, axis bank home loans can be used for property renovations and extensions along with other purchases such as plot, fully constructed home, self constructed home, etc.

  1. Are there any charges levied when applying for a home loan from Axis Bank?

Yes, there are certain charges levied when applying for a Axis Bank Home loan. Some of the main charges are:

  • Duplicate statements – Rs.250 for each copy
  • Duplicate certificate of Interest – Rs.250 for each copy
  • Charges related to cheque – Rs. 500 per instance
  • Late payment fee for EMI – 2% per month of monthly outstanding instalment payment