® 
Axis Bank Home Loan
Max Tenure
30 yrs
Best Rate
8.65%
Processing Fee
Rs. 10,000/-*
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About Axis Bank
Axis Bank Private Ltd was founded in 1993 as UTI Bank in Mumbai. It is the third largest private sector bank in India, providing a wide range of financial services to its customers, covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The bank has 3300 branches and around 14,000 ATMs and nine international offices.
How to Apply for Axis Bank Home Loan?
What Is a Home Loan?
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
An Introduction to Axis Bank Home Loans
Axis Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Axis Bank Home Loans are tailor made, catering to the needs of various customers. With small EMIs for longer tenure, Axis Bank home loans are much easier to repay when compared to other home loans.
Advantages of Axis Bank Home Loans
- Attractive interest rates with floating and fixed type based on your preference
- Low processing fees
- Less paperwork
- No prepayment charges in floating interest rate type
- Easy home loan balance transfer
- Transparent application process
- eDGE Loyalty Points
Features of Axis Bank Home Loan
Key Highlights
| Eligibility Criteria | Salaried and Self-Employed |
|---|---|
| Loan Tenure | Up to 30 years |
| Loan Amount | 8.20% – 8.75% |
| Processing Fees | 1% of the loan amount |
| Prepayment Charges | No prepayment charges for floating interest type |
Objective:
Axis Bank home loan aims to help millions of people achieve their dream of owning a house.
Loan Amount:
Minimum of INR 3 Lakhs and maximum limit depends on the combined income
Loan Tenure:
Repayment period depends on your financial situation. You can opt for longer tenure with small EMIs.
Prepayment Charges:
No penalty is levied on prepayment for floating interest type. 2% of the outstanding loan amount is charged as prepayment fee for fixed interest type.
Processing Fees:
Up to 1% of the loan amount subject to minimum of INR 10,000
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Axis Bank at ease.
eDGE Loyalty Points:
Earn reward points on home loan transactions
Eligibility Criteria:
To avail the home loan from Axis Bank, you need to have the following eligibility criteria.
- You should be above 21 years of age and 65 or below at the time of loan maturity.
- Permanent government or reputed companies’ employees
Interest Rates
Following are the home loan interest rates and charges.
Housing interest rates & charges, are divided into salaried & self-employed individuals.
For salaried individuals
| Sr. No | Type | Loan amount (Rs.) | MCLR + Mark Up | Effective Rate of Interest |
|---|---|---|---|---|
| 1 | Floating Rate | Loan amount up to Rs 30 lacs | MCLR + 0.20% | 8.35% p.a. |
| Loan amount up to Rs 75 lacs | MCLR + 0.50% | 8.65% p.a. | ||
| Loan amount above Rs 75 lacs | MCLR + 0.55% | 8.70% p.a. | ||
| Top Up for existing customers | Up to 30%- Same rate at which the home loan is running. 30%-100%- LAP rate shall be applicable | |||
For Self Employed
| Sr. No | Type | Loan amount (Rs.) | MCLR + Mark Up | Effective Rate of Interest |
|---|---|---|---|---|
| 1 | Floating Rate | Loan amount up to Rs 30 lacs | MCLR + 0.25% | 8.40% p.a. |
| Loan amount up to Rs 75 lacs | MCLR + 0.55% | 8.70% p.a. | ||
| Loan amount above Rs 75 lacs | MCLR + 0.60% | 8.75% p.a. | ||
| Top Up for existing customers | Up to 30%- Same rate at which the home loan is running .30%-100%- LAP rate shall be applicable | |||
Features of Axis Bank Asha Home Loan
Objective:
Axis Bank Asha home loan can be used to construct a home or purchase a property that is under construction.
Loan Amount:
Up to 28 Lakhs or 85% value of the property
Loan Tenure:
Repayment period depends on your financial situation. You can opt for longer tenure with small EMIs. Generally, it is up to 30 years.
Prepayment Charges:
No penalty is levied on prepayment for floating interest type. 2% of the outstanding loan amount is charged as prepayment fee for fixed interest type.
Processing Fees:
Up to 1% of the loan amount subject to minimum of INR 10,000
Interest Type:
Floating and Fixed
Home Loan Transfer:
You can transfer your home loan from other bank to Axis Bank at ease.
eDGE Loyalty Points:
Earn reward points on home loan transactions
Eligibility Criteria:
To avail the home loan from Axis Bank, you need to have the following eligibility criteria.
- You should be above 21 years of age and 65 or below at the time of loan maturity.
- Minimum combined income of INR 8000 per month
Interest Rates
| Floating Rate of Interest | MCLR plus Mark-up | Effective Interest Rate (p.a) |
|---|---|---|
| Salaried customers (Vanilla Variant) | MCLR + 1.60% | 9.75% p.a |
| Self Employed customers Vanilla Variant) | MCLR + 1.80% | 9.95% p.a |
| Salaried customers (All other variant) | MCLR + 2.35% | 10.50% p.a. |
| Self-Employed (All other variant) | MCLR + 2.35% | 10.50% p.a. |
Documents Required to Apply for Axis Bank Home Loans
Important documents to be submitted while applying for home loans with Axis Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
- Property tax receipt
- Proof of business address for non-salaried individuals
- Personal assets and liabilities statement
For guarantor (wherever applicable):
- Personal Assets and Liabilities Statement
- 2 passport size photographs
- Proof of identification as above
- Proof of residence as above
- Proof of business address as above
- ignature identification from his/her present bankers
EMI Payment Methods
Your Axis Bank home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Axis Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
How to Apply for Axis Bank Home Loan?
You can either apply online or visit a nearby Axis Bank branch for the application. You can also download the home loan application form from the Axis Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
Summary of Axis Bank Home Loans
With attractive interest rates, the bank caters to the needs of various sections of people. With small EMIs and longer tenure, even the people having low income can benefit from Axis Bank Home Loans. Floating and fixed type of interest rate are available according to the preference of the customers.
Axis Bank Home Loan FAQs
1. What are processing fees on Axis Bank Home Loans?
1% of loan amount is charged as processing fees.
2. Is there penalty for prepaying the Axis Home Loan?
No penalty is levied for prepaying the Axis Bank Home Loan on floating interest rate type and 2% of the loan amount is charged for fixed interest rate type.
3. Can I get Axis Bank Home Loan without a Guarantor?
Axis Bank home loans require a guarantor.
4. What is the maximum loan repayment period for Axis Bank home loans?
The maximum repayment period is 30 years; however, some home loans have lesser repayment duration.
5. How Can I apply for an Axis home loan?
You can either apply online or visit a nearest Axis Bank branch and take the help of the bank’s representative.
6. Does Axis Bank facilitate balance home loan transfer?
Yes, you can transfer your existing home loan to Axis Bank.
7. Can I get tax benefits from Axis Home Loan?
As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.
Axis Bank Home Loan - Customer Reviews
Aman Narain
"Got Home Loan at low Interest rate I had applied for a home loan through CreditMantri. I would first of all thank CreditMantri for helping me get a home loan with such ease. Everybody knows how difficult and confusing it is to get home loans these days. I did not face an issue during the entire process. Axis Bank executives came to my place and collected all the required document to complete the process. I had some issues with my address proof, but got it resolved through CreditMantri. The whole process was done within two weeks. Kudos to Axis bank for support to their customers, and kudos to CreditMantri for coming up with such an innovation to help customers in need! It’s awesome"