Axis Bank Home Loan Interest Rates

Highlights

  • Axis Bank home loan interest rates are among the lowest rates in August 2020 available.
  • Simplify your search by calculating EMIs based on the rates ranging from 7.75% - 8.55%.

Axis Bank has one of the best offers for those looking for a home loan. The bank offers housing loan with low-interest rates, processing fees and special balance transfer scheme. Axis Bank home loan interest rates are one of the lowest and most suitable options. Be it the transfer or new home loan application, you get equally unbeatable service at Axis Bank. Below are the facilities you get if you balance transfer your home loan:

  • Income Based Balance Transfer Loans
  • The eligibility of the transfer will be based on the seasoning and track-record of existing loan only
  • Up to 100% top up at regular home loan rates

Apply Home Loan @ 6.85%* Rate

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Axis Bank Home Loan Interest Rates August 2020

Checkout the table below showing the interest rate, processing fee, tenure and maximum loan amount available for Axis Bank home loan.

ParticularsDetails
Interest Rate7.75% - 8.55%
Loan AmountAbove INR 1 lakh
TenureUp to 30 years
Processing FeesUp to 1% of the Loan amount subject to minimum of INR 10,000
Upfront processing fee of INR 2,500 plus GST
Prepayment Charges0% for floating rate

Axis Bank Home Loan Balance Transfer Interest Rates

Axis Bank provides an amazing balance transfer facility with which you can end the financial struggle that you are facing due to higher interest rates. With this facility, you can reduce your EMI burden by transferring your existing home loan outstanding balance to Axis. However, you will need to pay a small processing fee for this facility but as the Axis Bank Home Loan interest rates are so low, you will be repaying the loan amount in a hassle-free manner.

The balance transfer fees will directly depend on the outstanding loan amount. Other than this, there are mainly two things a lender will check before sanctioning your balance transfer application. These two things are your repayment behavior and the CIBIL score. On finding these satisfactory, your application will be processed further, and your existing loan amount will be transferred to Axis Bank Home Loan.

Other than this, the most important thing that you can do with the Axis Bank Home Loan Balance Transfer facility is the saving on EMI and interest outgo. You can understand this thing better with the help of the following example.

Suppose an applicant has a home loan of INR 30 lakh for 15 years at 10.75% per annum. According to this loan amount, the EMI must be INR 33,628. Now, after paying EMIs for 7 years without any delay, the applicant wants to avail Axis Bank Home Loan Balance Transfer Facility at an interest rate of 7.75% per annum and get the same at Axis Bank.

Loan AspectDetails
Existing Loan AmountINR 30,00,000
Interest Rate10.75%
Tenure15 years
EMI at the current interest rate of 10.50% per annumINR 33,628
Estimated Interest Outgo at 10.50% per annumINR 30,53,119
Interest Paid till now ( 7 Years )INR 17,84,070
Outstanding Balance at the end of 7 yearsINR 21,59,281
EMI at the new interest rate of 7.75% per annumINR 30,251
Interest Outgo at the new interest rate of 7.75% per annumINR 7,44,854
Interest Paid till now + Interest for the remaining 8 yearsINR 25,28,924
Estimated EMI SavingINR 2,377 per month
Estimated Interest SavingsINR 1,75,805

So, you can see how choosing the Axis Bank Home Loan Balance Transfer facility can help you in saving INR 2,377 per month in terms of the EMI amount and INR 1,75,805 when it comes to the interest outgo.

Axis Bank Home Loan Conversion for Existing Customers

After a notification from the Reserve Bank of India asking banks to link their floating loan rates to the external benchmark of Repo Rate, Axis Bank joined the list of lenders that are offering floating rate loans based on repo rate from October 1, 2019. The external benchmark is introduced to ensure lending rates move in tandem with the market rates which was not ensured with both the Marginal Cost of Lending Rate (MCLR) and base rate, which are older benchmarks. All the existing customers of Axis Bank who have their existing home loan portfolio linked to the base rate and MCLR can get their loan portfolio switched to a repo-linked lending rate (RLLR).

By switching to the RLLR, all the existing customers can ensure more savings on interest. The reason being the RLLR-based home loan rates are lower than loans benchmarked to either MCLR or base rate. There is one thing that you need to remember that in order to make a switch, existing borrowers will have to pay a certain fee fixed by the Axis Bank.

Axis Bank charges a spread over the Repo Rate (benchmark rate), and the number that comes, is the rate of interest for you. With the Repo-rate linked lending rate, the interest rates on your home loan can increase or decrease over your tenure based on the changes made by the RBI on the repo rate. As of now, repo rate is getting lowered and thus it is the right time to switch to a RLLR-based home loan of Axis Bank and make gains.

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    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 7.85%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank6.95% - 8.05%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.35% - 9.70%
    LIC Housing6.90% - 7.90%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%