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Axis Bank

Axis Bank provides many different types of home loans to meet your needs. ... You can also get a loan from the bank for home improvement, home construction, home extension and home repairs. Read More +

In addition to the basic Home Loan, the bank also has 5 specially designed products for people of different incomes and occupations. Some basic features of the Axis Bank loans are*: Loans are available on both fixed and floating rate basis.

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Pre-payment charges are not applicable on the loans which are availed on the floating rate of interest. The bank provides up to 90% of the property/project value for loans of up to Rs.30 Lakhs, 80% of the property/project value for loans between Rs.30 – 75 Lakhs and up to 75% of the property/project value for loans above Rs.75 Lakhs.

*Certain loans may have been designed differently. Exceptions to the features above are listed clearly in the details section of each loan.

Advantages of an Axis Bank Loan Axis Bank has a large number of branches and loan centers, so they are easy to approach in case of any issues. The Bank is also a partner to the central government under the Pradhan Mantri Awas Yojna (PMAY Scheme), and this credit linked subsidy scheme can bring you savings if you fulfill the eligibility criteria. To know more about this scheme, click here In addition, the bank also provides a good balance transfer scheme, with a top-up option of up to 100% of the loan amount at the time of transfer. The transfer scheme is income based, so if your income has grown since the time of taking the loan, you stand to benefit.

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Interest Rates

Loan Amount Interest Rate
Up to 30 Lakhs 8.9% (women) - 8.9% (others)
30 to 75 Lakhs 9.05% (women) - 9.05% (others)
75 Lakhs to 1 Cr 9.1% (women) - 9.1% (others)
1 Cr and Above 9.1% (women) - 9.1% (others)
Loan Amount Interest Rate
Up to 30 Lakhs 8.95% (women) - 8.95% (others)
30 to 75 Lakhs 9.1% (women) - 9.1% (others)
75 Lakhs to 1 Cr 9.15% (women) - 9.15% (others)
1 Cr and Above 9.15% (women) - 9.15% (others)

Product offerings

Axis Bank Home Loan (Basic)

The Axis Bank Home Loan is a basic loan product. The minimum loan amount is Rs.3 Lakhs, and both types of interest rates – fixed and floating – are available up to a tenure of 30 years. The basic home loan is available to everyone who fulfills the eligibility criteria.

Why should you take it?

The advantages provided by the Axis Bank Home Loan are:

  1. There is no pre-payment fee on loans availed under the floating rate of interest scheme
  2. The 30 year tenure ensures that your EMI’s will be lower, since they are spread over a longer period

What should you consider?

  1. If you avail of a Fixed Rate Loan, there is a pre-payment fee of 2% of outstanding principal/amount prepaid
  2. Remember, if you choose to take a longer tenure, the overall interest amount you end up paying to the bank will be higher!


Axis Bank Fast Forward Home Loan

The Axis Bank Fast Forward Home Loan is a specialized Home Loan product, the key benefit of which is that the last 12 EMI’s can be waived under certain conditions. The loan can be availed for a minimum amount of Rs.30 lakhs and with a minimum tenure (to go) of 20 years.This loan is perfect for those who have large loans, and have been, and will continue to steadily repay this loan over a long period.

Why should you take it?

This loan offers certain significant advantages, which are otherwise not available in the market:

  1. The final 12 EMI’s can be waived at no extra cost if your loan has been alive with the bank for the last 15 years, and if your repayment record is clean.
  2. The final 6 EMI’s can be waived at no extra cost if your loan has been alive with the bank for the last 10 years, and if your repayment record is clean.
  3. There are no pre-payment charges on this loan, under certain conditions

What should you consider?

  1. This loan is available ONLY under the floating rate scheme.
  2. The free pre/part payment facility is ONLY available if the revised tenure doesn’t fall below 10 years (or equivalent for the EMI amount). This effectively means that you cannot pre-pay or part pay your loan in the final 10 years of the loan tenure without incurring a fee. So, if you believe that you may be able to make a large part-payment to your loan (or want to pre-pay and foreclose your loan) somewhere along the tenure, this loan may not be for you
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Axis Bank Shubh Aarambh Home Loan

Like the name suggests, the Axis Bank Shubh Aarambh Home Loan has been designed for starter houses, and/or smaller loans, for Salaried and Self-Employed persons. The loan is available at a very minimal amount of Rs.1 Lakhs, and the key benefit of it is that 12 EMI’s can be waived under certain conditions. This loan is perfect for those who want or have a smaller loan, but intend to pay it off in small EMI’s over a long period.

Why should you take it?

This loan offers certain significant advantages, which are otherwise not available in the market.

  1. 12 EMI’s can be waived off at no cost - 4 EMI’s each at the end of the 4th, 8th and 12 year, if your EMI repayment record is clean
  2. You have the Option to avail government aided interest benefit on qualifying under Pradhan Mantri Awas Yojana criteria
  3. There are no pre-payment charges on this loan, under certain conditions
Also, this loan is offered at the lowest market rates even for smaller loans amounts such as Rs.1 Lakh.

What should you consider?

  1. This loan is available ONLY under the floating rate scheme
  2. The MINIMUM loan tenure is 20 years. If you believe that you can pay off your loan in a period shorter than 20 years, then you may want to explore other options.
  3. The free service is ONLY available if your loan tenure continues to remain over 4 years (or the EMI amount equivalent). This effectively means that you cannot pre-pay or part pay your loan in the final 4 years of the loan tenure without incurring a fee. If you believe you can partially pay off this loan, this loan may not be for you.

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Axis Bank Asha Home Loan

The Asha Home Loan from Axis Bank is a specialized product making loans available at lower monthly incomes, and with loan amounts of upto Rs.28 lakhs.The Asha Home Loan can be availed by those with lower combined monthly incomes – of upto Rs.8000/Rs.10000 (depending on location). Since you can take a loan of upto Rs.28 lakhs, and you can get a loan up to 90% of the property value, it is great for those who want to purchase or construct a property immediately, without having to pay a large amount as your own contribution towards your home right away.

Why should you take it?

This loan offers certain significant advantages to borrowers in this category of income levels, which are otherwise not available in the market.

  1. 12 EMI’s can be waived off at no cost - 4 EMI’s each at the end of the 4th, 8th and 12 year, if your EMI repayment record is clean
  2. You have the option to avail benefits under the Credit Linked subsidy scheme
  3. There are no pre-payment charges on this loan under the floating rate scheme
  4. There is no minimum tenure on this loan, so if you believe your income may go up in the near future, or that you may have bonuses or other financial windfalls, you can choose to pay off this loan in a shorter time frame.

What should you consider?

  1. The Asha Home loan usually comes at a HIGHER interest rate than other loan options from Axis Bank (for loans of a similar size). However, this loan gives you a higher ability to borrow, since you can get a larger percentage of the property value at a lower income.
  2. If you avail of a Fixed Rate Loan, there is a PRE-PAYMENT FEE of 2% of outstanding principal/amount prepaid.
  3. The free service is ONLY available if your loan tenure continues to remain over 4 years (or the EMI amount equivalent). This effectively means that you cannot pre-pay or part pay your loan in the final 4 years of the loan tenure without incurring a fee. If you believe you can partially pay off this loan, this loan may not be for you

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Axis Bank Empower Home Loan

The Empower Home Loan is a specially designed loan product for Self-employed persons or those with professional incomes. It rewards consistent and on-time payment of the EMI’s by reducing the interest rate over the course of the loan tenure. This loan is great option for non-salaried persons, who would normally get loans at a slightly higher rate than their salaried counterparts.

Why should you take it?

Its advantages are:

  1. The rate of interest on the loan is reduced thrice, once every 12th, 24th, and 36th month, basis your repayment behaviour. This means that while you may start out with a slightly higher rate of interest than your salaried counterparts, by the end of the 3rd year, your rate of interest is assuredly lower than what you started with.
  2. There are no pre-payment charges on this loan so if you have sudden financial gains during the tenure of the loan, you can choose to pre or part pay the loan without incurring a fee. This is especially useful for those in business or with professional incomes.
  3. With a minimum loan amount of Rs.10 Lakhs and a maximum of Rs.1.5 Cr, this loan is specifically designed to give you access to larger loans in a hassle-free fashion.

What should you consider?

  1. The MAXIMUM loan tenure for this loan is 15 years, which is also subject to the borrower’s age being less than 65 at the time of maturity. This means that the EMI’s will be significantly higher than if you opted for the basic home loans of most banks, since those can be availed with longer tenures. Hence, for larger loans, you may want to re-assess your capability of taking on a larger EMI.
  2. This loan is available ONLY under the floating interest rate scheme.
  3. The loan amount you can avail is CAPPED at the lower of – either 65% of the documented property value, or 65% the market value as ascertained by the bank. Hence the remaining amount of 35% of the property value or market value will need to be funded by you personally.

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Axis Bank Super Saver Home Loan

The Super Saver Home loan from Axis Bank is a financial solution that gives the borrower a great deal of flexibility and control over the loan amount and EMI’s without compromising liquidity. With this loan, you also get access to a Super Saver Account linked to the loan, and any amount you keep in the account will be deducted from the outstanding loan principal amount while calculating interest applicable. This financial solution is great for people with large loans, and who want to reduce the principal amount while not compromising on their personal liquidity.

Why should you take it?

  1. This loan is great option for both salaried and non-salaried individuals, since when you have some excess funds, you can take advantage of a reduced principal amount while still having access to the money you would have otherwise used to part-pay your loan.
  2. There are no pre-payment charges on this loan so if you have sudden financial gains during the tenure of the loan, you can still choose to pre or part pay the loan without incurring a fee.

What should you consider?

  1. The MINIMUM loan amount for this loan is Rs.50 lakhs, so if you want to part-pay the loan to below this amount, you will lose the benefits of the Super Saver.
  2. This loan is available ONLY under the floating interest rate scheme.
  3. This loan, while flexible, has a certain amount of COMPLEXITY when it comes to the calculation of the EMI/Tenure period.



The interest rate options for you depends on your loan amount

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Eligibility

Income

Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.

Property

Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required


kyc proof
Identity Proof
  1. Valid passport
  2. Voter’s ID
  3. Valid Driving license with photograph
  4. Pan card
  5. Aadhar card
income proof
Income Proof
Salaried
  1. Latest 3 months salary slip
  2. Certificate for fixed salary
  3. Latest Form 16
  4. Last 6 months bank statement
  5. Passbook of the salary account
Non Salaried
  1. IT returns for the last 2 years along with computation of income certified by CA
  2. Last 6 months Bank statement for operative account both personal and business
property documents
Residence Proof
  1. Latest Electricity Bill
  2. Utility bill
  3. Piped gas bill
  4. Telephone bill (Not more than 2 months old)
  5. Passport
  6. Aadhar card
  7. Voter ID
  8. Driving License

How to Apply

Once you’ve shortlisted Axis Bank as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.



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Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from Axis Bank is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to Axis Bank

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that Axis Bank offers you a lower rate of interest. Axis Bank is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to Axis Bank with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and Axis Bank, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.