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Axis Bank Home Loan Interest Rate
Axis Bank helps individuals make their dream of owning a home, a reality. With competitive interest rates, Axis Bank home loan helps individuals fund their new home or construct it. Whether you are salaried or self-employed, Axis Bank has the perfect home loan to suit your budget.
About Axis Bank Home Loan Interest Rate
- Axis Bank Current Home Loan Interest Rates
- Axis Bank Home Loan Charges
- Factors That Affect Interest Rate on Your Home Loan
- Axis Bank Home Loan Eligibility
- Documents required for availing a Home Loan from Axis Bank
- Axis Bank Home Loan Status
- How to Apply for Axis Bank Home Loan
- Axis Bank Home Loan Interest Rate : FAQs
Axis Bank Current Home Loan Interest Rates
Axis Bank offers excellent interest rates on home loans for salaried individuals. Following are the interest rates for salaried individuals on home loans
| Type of Loan | Amount | MCLR + Mark-up | Effective interest Rate |
|---|---|---|---|
| Floating Rate | Loan up to 30 lakhs | MCLR +0.15% | 8.90 p.a. |
| Loan up to 75 lakhs | MCLR + 0.30% | 9.05 p.a. | |
| Loan above75 lakhs | MCLR + 0.35% | 9.10 p.a. | |
| Top-up for existing customers | Up to 30% same rate of present home loan 30% - 100%. LAP will be applicable | ||
| Fixed Rate (20 years) | All amounts of Loan | 12% |
Customers who have got disbursement before the 31st March 2016 will continue to operate on base rate. Customers who want to change to MCLR should get in touch with customer care. The marginal cost based lending rate is 8.75%. MCLR reset frequency for home loans is half-yearly. Base rate is 9.50%, MRR is 14.25% and BPLR is 17.25%.
Axis Bank Home Loan Charges
Axis Bank home loan comes with a lot of advantages such as attractive rates of interest, floating and fixed rate of interest, and low EMIs. Axis Bank charges on home loans are minimal and fully transparent.
| Description of charges | Amount |
|---|---|
| Processing fee charges | Upto 1% of the loan amount subject to a minimum of Rs10,000/- |
| Upfront processing of Rs2500/- + GST will be collected at the time of application which will not be refunded even if the loan is not disbursed. | |
| Penal interest rate | @2% per month, 24% p.a. |
| Changing fees ( from base rate to BPLR/MCLR) | When effective rate is to be kept same no fees When effective rate is to be revised 0.5% on outstanding principal minimum of Rs 10,000/- |
| Swapping fees ( from Floating rate to fixed rate) | 1% on the outstanding principal with a minimum of Rs.10,000/- |
| Swapping fees (from Fixed rate to floating rate) | 2% on the outstanding principal amount |
| Swapping fees higher(from floating rate to lower floating rate) | 0.5% on outstanding principal with a minimum of Rs 10,000/- The lower rate will be applicable to the carded interest rate only. |
| Repayment instruction/cheque return charges | Rs 500 per instance |
| Cheque/ instrument swap charges | Rs 500/- per instance |
| Charges for issuance of duplicate statement | Rs 250/- per instance |
| Charges for issuance of Amortization Schedule duplicate | Rs 250/- per instance |
| Issuance charges for duplicate interest certificate (provisional/actual) | Rs 250 per instance |
| Charges for issuing credit report | Rs 50/- per instance |
| Charges issued on photocopy of title documents | Rs 250/- per document set |
| Charges on documents copies which are initiated by customer | Rs 250/- per document set |
| Fixed rate loan prepayment charges | 2% of the principal outstanding |
| Floating rate loan on prepayment charges including part prepayment | Nil |
| Charges on CERSAI | Rs 50/- for loans up to 5 lakhs Rs100/- for loans above 5 lakhs |
| Issuance of duplicate NOC charges | Rs 500 per instance + GST as applicable |
| Loan cover/insurance | Insurance of property is a mandatory requirement to safeguard your home in case of damage caused by unforeseen circumstances like fire and other natural disasters. |
In case of partly disbursed loan, charges would be calculated on outstanding principal + disbursed part of sanctioned amount.
Factors That Affect Interest Rate on Your Home Loan
Factors that affect the interest rate on home loan include the amount of loan, salary received by an individual and the credit score among others.
Credit Score
Credit score reflects an individual’s creditworthiness. To get a home loan from Axis Bank, the credit score should be good. The bank checks the credit score before disbursing any loans. Better the credit score, better is the interest rate on the home loan.
Loan Amount
The home loan interest also depends on the amount of loan applied. The higher the loan amount, the lesser will be the rate of interest. Existing customers of Axis Bank can get a home loan at the lowest rate of interest. An applicant may opt for a floating rate of interest or fixed rate of interest.
Down Payment
A certain percentage of the property value must be paid as down payment when you take a home loan. If you make a down payment, the loan amount required will be less. The risk of the lender will also be less. Consequently, you will pay lower EMI on the home loan.
Type of Interest
There are two types of interest, one is fixed that remains constant during the tenure of the loan and the other is floating which fluctuates according to the market performance. There are no prepayment and part payment charges on floating interest.
Axis Bank Home Loan Eligibility
- Applicants should be 21 years at the commencement of the loan and up to 60 or superannuation whichever is earlier at the time of maturity.
- Salaried individuals working for government or private companies may apply for an Axis Bank home loan. Professionals like doctors, engineers, architects, chartered accountants, management consultants, cost accountants, dentists can also apply for a home loan with Axis Bank. Self- employed individuals filing income tax returns can also avail of Axis Bank home loan.
- Other eligibility factors include credit score, net salary after deduction of all dues, and past loan repayment history.
Margins on Home Loan:
- For home loan up to 30 lakhs, the margin is 10%
- Above 30 lakhs and up to 75 lakhs, the margin is 20%
- Above 75 lakhs the margin is 25%
Documents required for availing a Home Loan from Axis Bank:
| Document needed | Salaried | Self-employed |
|---|---|---|
| Identity Proof | Valid passport/voter’s ID/valid driving license with photograph/Pan card/Aadhar card | Valid passport/voter’s ID/valid driving license with photograph/Pan card/Aadhar card |
| Proof of income | Last 3 months salary slip/certificate for fixed salary/latest Form 16/last six months statement/Passbook of the salary account | IT returns for the last 2 years with computation of income certified by CA and last six months bank statement for operative account both personal and business |
| Residence proof | Latest bills of electricity / piped gas bill/ utility bill/ telephone bill (not more than 2 months old)/Passport/Aadhar Card/Voter ID/ Driving license | Latest electricity bill/ utility bill/piped gas bill/telephone bill (not more than 2 months old)/Passport/Aadhar Card/ Voter ID/ Driving license |
Axis Bank Home Loan Status
When you submit your home loan application to Axis Bank, you can leave your contact number and address with them. The bank will let you know your eligibility and sanction details via SMS. You can also visit the bank website to track your application.
How to Apply for Axis Bank Home Loan
In order to apply for an Axis Bank home loan, you can –
- Visit the website and fill out the online application form
- Visit a bank branch and fill out a paper form
In both cases, you will have to submit the filled out form along with all the required documents to the nearest branch office. Axis Bank provides doorstep service, which means their representative will visit your home or office and help you with the loan application process.
Axis Bank Home Loan Interest Rate : FAQs
1. Can I get tax benefit on home loan from Axis Bank?
According to the Indian Income Tax Act of 1961, Indian residents are eligible for tax benefits on the principal amount and interest components of a home loan.
2. How to enhance my eligibility on Axis Bank home loan?
To enhance your eligibility for Axis Bank home loan, you can add another working member in the family like your husband as co-applicant.
3. What is the maximum tenure I can opt for under Axis Bank home loan?
The maximum tenure of Axis Bank home loan is 30 years.
Axis Bank Home Loan Interest Rate - Customer Reviews
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