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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Axis Bank offers balance transfer of home loans that enables a customer to transfer home loans from one bank to another. Women get interest concession. Home loan also available as overdraft. Interest charges on daily reducing balance. Apply now.
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Processing Fee
Nil*
Max Tenure
NA
Best Rate
8.35%
Buying a home is one of the biggest decision a person makes in their life. It continues to be a costly affair which one cannot pay with a single down payment due to the cost of houses being very high. It is for this purpose people opt for home loans using which they can get their dream home and repay the money borrowed in the form of monthly instalments or EMIs.
Now if an individual had done their due diligence and research before applying for the loan they would have the best home loan deal and will pay the loan according to the plan and will not think twice about it. But what if a person had not done proper due diligence or research before applying for a home loan and later come to know of better loan offers like what Axis Bank offer, what can they do? This is where home loan balance transfer comes in handy.
If a person feels that they can get better terms from another bank on their home loan which they had previously availed, they can transfer the home loan from existing bank to the new bank.
The new bank will settle the balance amount to be paid to the existing bank in full and take up the loan based on the terms finalized with the borrower.
The reasons one might go for home loan balance transfer are as follows
1. If you are paying higher interest rate compared to other banks in the industry, then one will go for balance transfer.
2. If your current bank’s loan tenure is low while another bank can provide a higher tenure. The added advantage is that with longer tenure you will have lesser EMI each month.
3. Service related issues with the bank
Axis Bank offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat.
The eligibility criteria for both salaried and self-employed is the same
| Age | Salaried: Minimum 21 years Maximum 60 years |
| Self Employed: Minimum 21 years Maximum 65 years | |
| Resident type | Indian National |
| Loan Tenure | The same as with previous bank or can be extended at banks discretion |
| Loan Amount | Minimum Rs.3 lakhs Maximum depends on the paying capability of borrower/s |
| Processing Fee | Up to 1% of the Loan amount subject to minimum of Rs. 10,000/- |
| Penal Fee | 24 % per annum, 2% per month |
| Prepayment Charges and part prepayment for floating rate loan | NIL |
| Prepayment Charges for fixed rate loan | 2% of the principal outstanding |
| Type | Loan amount (Rs.) | MCLR + Mark Up | Effective Rate of Interest |
|---|---|---|---|
| Floating Rate | Loan amount up to Rs 30 lacs | MCLR + 0.05% | 8.35% p.a. |
| Loan amount up to Rs 75 lacs | MCLR + 0.35% | 8.65% p.a. | |
| Loan amount above Rs 75 lacs | MCLR + 0.40% | 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 | ||
| Fixed rate (for 20 years) | All Loan Amounts | - | 11.75% |
| Type | Loan amount (Rs.) | MCLR + Mark Up | Effective Rate of Interest |
|---|---|---|---|
| Floating Rate | Loan amount up to Rs 30 lacs | MCLR + 0.10% | 8.40% p.a. |
| Loan amount up to Rs 75 lacs | MCLR + 0.40% | 8.70% p.a. | |
| Loan amount above Rs 75 lacs | MCLR + 0.45% | 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 | ||
| Fixed rate (for 20 years) | All Loan Amounts | - | 11.75% |
List of papers/ documents applicable to all applicants:
Property Papers:
Account Statement:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
The process for Axis Bank process for Home Loan Balance takeover is as follows
Your Axis Bank home loan can be repaid in following three ways.
Standing Instruction (SI) is the best way to repay your home loans if you are an existing account holder with Axis Bank. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify. Then there is the option of Electronic Clearing Service (ECS) which 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. Lastly there is the Post-Dated Cheques (PDCs) using which 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.
Before a person applies for an Axis Bank Home loan balance transfer it is best to do an eligibility check which is available on the Axis Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
To make life easy for customers and know exactly how much they need to pay every month customers can make use of the Axis Bank Home loan balance transfer calculator.
The importance of this is that customers will know how much EMI is remaining and how much they will have to pay for the rest of the home loan if they transfer to Axis Bank. This helps them to decide if they should do balance transfer.
1. How to apply for Axis Bank home loan balance transfer?
You can apply for the home loan balance transfer by visiting the Axis Bank website or by visiting the nearest branch.
2. How can I check the status of my Axis Bank home loan balance transfer?
You can check the home loan balance transfer online by providing the application number or by contacting Axis Bank home loan customer care number.
3. Are there any special Axis Bank home loan balance transfer offers?
All banks provide offers to customers who are bringing their business from another bank. Axis Bank might also provide special offers. You will need to contact Axis Bank representatives for more details
4. How to Transfer Axis Bank Home Loan Balance?
You need to apply for a home loan balance transfer with Axis Bank. Once your application is approved, you need to provide the existing bank with a letter stating that you want to close the loan and transfer it to Axis Bank. Once the existing bank accepts, Axis Bank will pay your current lender bank the outstanding home loan amount and the balance to be paid with Axis Bank.
5. What are the benefits of taking an Axis Bank home loan balance transfer?
The benefits are as follows
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application