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Axis Bank home loan rates ranging from 7.75% - 8.55% for August 2020
12 EMIs off on home loans at Axis Bank
Axis Bank QuickPay home loan with higher principal repayment component
In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.
Table of Contents
- 1 About Axis Bank Home Loan
- 2 Axis Bank Home Loan Interest Rates August 2020
- 3 Axis Bank Home Loan Calculator
- 4 Eligibility Criteria for Axis Bank Home Loan
- 5 Benefits of Axis Bank Housing Loan
- 6 Documents Required to Apply for Axis Bank Home Loan
- 7 Different Schemes of Axis Bank Home Loans
- 8 Axis Bank Home Loan Application Status
About Axis Bank Home Loan
Axis Bank home loan gives you 12 EMIs off and a chance to win Edge points. Read more to know how and why a home loan from Axis Bank is beneficial:
- Interest rate as low as 7.75%
- Flexible tenure option
- Edge points option
- 12 EMI off on home loans
- QuickPay home loan
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Axis Bank Home Loan Interest Rates August 2020
Below is the table showing the home loan interest rate, maximum loan amount, tenure and processing fee applicable to Axis Bank home loans.
|Particulars||For Salaried||For Self-employed|
|Home Loan Interest Rates||7.75% - 8.40%||7.95% - 8.55%|
|Processing Fee||Up to 1% of the Loan amount subject to minimum of INR 10,000|
Upfront processing fee of INR 2,500 plus GST
|Up to 1% of the Loan amount subject to minimum of INR 10,000|
Upfront processing fee of INR 2500 plus GST
|Loan Amount||Above INR 1 Lakh||Above INR 1 Lakh|
|Loan Tenure||Up to 30 Years||Up to 30 Years|
Axis Bank Home Loan Calculator
You can calculate the EMI with the help of a home loan EMI calculator. You can use Axis Bank home loan EMI calculator.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 30,00,000||8.25%||1||₹ 2,61,312||₹ 1,35,746||₹ 31,35,746|
|₹ 30,00,000||8.25%||2||₹ 1,36,024||₹ 2,64,581||₹ 32,64,581|
|₹ 30,00,000||8.25%||3||₹ 94,355||₹ 3,96,797||₹ 33,96,797|
|₹ 30,00,000||8.25%||4||₹ 73,591||₹ 5,32,384||₹ 35,32,384|
|₹ 30,00,000||8.25%||5||₹ 61,189||₹ 6,71,325||₹ 36,71,325|
|₹ 30,00,000||8.25%||6||₹ 52,967||₹ 8,13,601||₹ 38,13,601|
|₹ 30,00,000||8.25%||7||₹ 47,133||₹ 9,59,187||₹ 39,59,187|
|₹ 30,00,000||8.25%||8||₹ 42,792||₹ 11,08,054||₹ 41,08,054|
|₹ 30,00,000||8.25%||9||₹ 39,446||₹ 12,60,168||₹ 42,60,168|
|₹ 30,00,000||8.25%||10||₹ 36,796||₹ 14,15,495||₹ 44,15,495|
|₹ 30,00,000||8.25%||11||₹ 34,651||₹ 15,73,992||₹ 45,73,992|
|₹ 30,00,000||8.25%||12||₹ 32,886||₹ 17,35,615||₹ 47,35,615|
|₹ 30,00,000||8.25%||13||₹ 31,412||₹ 19,00,319||₹ 49,00,319|
|₹ 30,00,000||8.25%||14||₹ 30,167||₹ 20,68,051||₹ 50,68,051|
|₹ 30,00,000||8.25%||15||₹ 29,104||₹ 22,38,758||₹ 52,38,758|
|₹ 30,00,000||8.25%||16||₹ 28,190||₹ 24,12,384||₹ 54,12,384|
|₹ 30,00,000||8.25%||17||₹ 27,396||₹ 25,88,871||₹ 55,88,871|
|₹ 30,00,000||8.25%||18||₹ 26,704||₹ 27,68,157||₹ 57,68,157|
|₹ 30,00,000||8.25%||19||₹ 26,097||₹ 29,50,179||₹ 59,50,179|
|₹ 30,00,000||8.25%||20||₹ 25,562||₹ 31,34,873||₹ 61,34,873|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 61,535||₹ 2,45,208||₹ 29,38,464|
|2||₹ 66,809||₹ 2,39,935||₹ 28,71,655|
|3||₹ 72,534||₹ 2,34,210||₹ 27,99,120|
|4||₹ 78,749||₹ 2,27,994||₹ 27,20,371|
|5||₹ 85,497||₹ 2,21,246||₹ 26,34,873|
|6||₹ 92,824||₹ 2,13,919||₹ 25,42,048|
|7||₹ 1,00,778||₹ 2,05,965||₹ 24,41,270|
|8||₹ 1,09,414||₹ 1,97,329||₹ 23,31,855|
|9||₹ 1,18,790||₹ 1,87,953||₹ 22,13,064|
|10||₹ 1,28,970||₹ 1,77,774||₹ 20,84,094|
|11||₹ 1,40,021||₹ 1,66,722||₹ 19,44,072|
|12||₹ 1,52,020||₹ 1,54,723||₹ 17,92,052|
|13||₹ 1,65,047||₹ 1,41,696||₹ 16,27,004|
|14||₹ 1,79,190||₹ 1,27,553||₹ 14,47,813|
|15||₹ 1,94,546||₹ 1,12,198||₹ 12,53,267|
|16||₹ 2,11,217||₹ 95,527||₹ 10,42,050|
|17||₹ 2,29,316||₹ 77,427||₹ 8,12,733|
|18||₹ 2,48,967||₹ 57,776||₹ 5,63,766|
|19||₹ 2,70,301||₹ 36,442||₹ 2,93,464|
|20||₹ 2,93,639||₹ 13,279||₹ 0|
Eligibility Criteria for Axis Bank Home Loan
- If you are a permanent employee of public or private companies, you are eligible to avail the loan.
- The age of the applicant should be a minimum of 21 years at the time of loan commencement and a maximum of upto 60 years at the time of loan maturity.
- Self-employed professionals, such as doctors, engineers, dentists, architects, CA, management consultant, cost accountants and company secretary, can apply
- The applicant should be a minimum of 21 years of age at the time of loan commencement and a maximum of upto 65 years at the time of loan maturity.
- Your minimum age should be 21 years at the time of loan commencement and upto 65 years or less at the time of loan maturity.
- Self-employed individuals filing income tax return (ITR).
Benefits of Axis Bank Housing Loan
Low Interest Rates
The interest rate is the most important thing that an individual looks for in a home loan facility. Axis Bank Home Loan Interest Rates range from 7.75% - 8.55% per annum. Lower interest rates help you in decreasing the EMI amount.
Go for Balance Transfer with Ease
Struggling with an existing high-interest Home Loan and finding ways to get out of it? Well, you can easily transfer your existing loan balance to Axis Bank Home Loan at affordable interest rates without any hassle. You will only need to pay the Balance Transfer Fee to opt for this facility which will depend on your overall loan amount.
Avail Doorstep Services
Want the convenience of applying for the home loan from your doorstep only? The bank offers the best services to its customers so that you can apply this from your residing space or office. You just need to apply for it and the representatives of Axis Bank will visit you and tell you about all the related details. You can also submit the application form and other required documents to the representatives.
No Prepayment Charges
Axis Bank doesn’t charge any prepayment charges if you want to repay your loan amount before the original loan tenure. By prepaying the loan amount, you can reduce your interest amount considerably. The Nil prepayment charges will only be on the loan facility at floating rates of interests.
Flexible Repayment of Loan
With the repayment tenure up to 30 years, Axis Bank ensures that you can choose the repayment schedule which can fit your budget. You can choose the tenure according to your repayment capacity and monthly income. A longer repayment tenure will also help you in paying smaller EMIs but will increase your interest burden. Whereas, shorter tenures reduce the interest outgo but can raise the EMI. So, choose a tenure that keeps your interest obligations in check while also ensuring the EMI is affordable at the same time.
Earn eDGE Loyalty Points
A borrower can gain 500 to 2000 points from the time of loan disbursal to the completion, The points vary according to the disbursed loan amount. You can utilize these reward points for various purposes such as recharge, hotel bookings, flight bookings, online shopping, and many others.
Documents Required to Apply for Axis Bank Home Loan
Read below to know the documents required for a home loan.
|Identity Proof||Valid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with Photograph||Valid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with Photograph|
|Income Proof||Latest 3 months salary slips/Certificate for fixed salary/Latest Form 16|
Last 6 months Bank Statement/Passbook of the Salary Account
|IT returns for the last 2 years and computation of income for the last 2 years certified by a CA|
Last 6 months Bank Statement for operative account both personal and business
|Residence Proof||Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlord||Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlord|
Different Schemes of Axis Bank Home Loans
Axis Bank is presently offering 7 types of home loans namely-
- Regular Home Loan
- QuickPay Home Loan
- Asha Home Loan
- Empower Home Loan
- Shubh Aarambh
- Super Saver Home Loan
- Fast Forward Home Loan
Axis Bank Regular Home Loan
Applicants must be above 21 years of age at the time of loan commencement and upto 65 years or less at the time of maturity. While you can avail a minimum loan of INR 3 lakh, the maximum quantum will depend on your income and repayment capacity. The loan can be granted for a maximum of 30 years.
Axis Bank QuickPay Home Loan
With this loan scheme from Axis Bank, an individual can repay the higher principal loan amount in the early part of your tenure. While repaying the loan amount, the principal portion in your EMI amount will be more than the interest portion earlier in your tenure. Your monthly installments will reduce over time and this also helps you in saving a huge amount on interest. Other than this, there are also no prepayment charges if you decide to pay the loan amount before the fixed tenure. This Loan can be taken for under-construction/resale/ready/self-construction/plot plus construction/home extension or improvement. An individual can also avail balance transfer facility.
- Repay higher principal
- Interest savings with reducing monthly installments
- No prepayment charges
- Balance transfer available
- Loan can be taken for under construction/resale/ready/self-construction/plot plus construction/home extension or improvement.
- Minimum loan amount is INR 3 lakh and maximum is INR 5 crore.
- Interest rate ranges from 9.05% to 9.25% per annum.
Asha Home Loan
Salaried, professionals and self-employed individuals can avail this loan with a combined monthly income of INR 8,000 – INR 10,000 for upto 30 years. The loan amount offered under this scheme ranges between INR 1,00,000 – INR 28,00,000. It comes to you with ZERO prepayment charges on floating rate and 2% of outstanding principal on fixed rate loans respectively. Not only this, in fact, under this scheme, you can avail upto 85% property value loan, isn’t it amazing?
Empower Home Loan
The loan amount offered to the borrowers ranges from INR 10,00,000 – INR 1,50,00,000 at a floating interest rate for 15 years. The uniqueness of this scheme is its 3 guaranteed rate reductions if you maintain a good repayment record for 24, 36 and 60 months on your home loan EMIs.
Shubh Aarambh Home Loan
Shubh Aarambh home loan is for the tenure of 20 years or above. The borrower gets 12 EMIs off which saves up to INR 3.09 lakhs on a INR 30 lakh home loan. The waiver is only applicable to the loan amount up to INR 30 lakhs and will be given in the form of a reduction in loan tenures. 12 EMIs off will be given for four years each at the end of the 4th, 8th and 12th year of a twenty-year loan. However, this is only for the borrowers who pay the EMIs regularly and those who will miss even a single EMI will be disqualified from it.
Super Saver Home Loan
The minimum amount you can take under this scheme is INR 50 lakh which can be utilized to save on interest while parallerly using them whenever there is a need. Borrowers get a cheque book, ATM card, Internet Banking and Phone Banking facilities. There is no prepayment fee for this service but a minimal processing fee is applicable. You can use this account for a maximum of 20 years. Super Saver account will reduce the principal outstanding and you will be charged interest on the net principal outstanding i.e. loan amount outstanding minus any excess funds parked in the account. The excess funds parked can also be withdrawn on requirement. The interest rate applicable to this scheme is 6M – MCLR + 0.50% to 6M – MCLR + 0.65% per annum.
Axis Bank Fast Forward Home Loan – 12 EMIs Off
Axis Bank has recently introduced its new home loan product under which the borrower gets the chance to pay 12 EMIs less on a home loan for a tenure of 20 years. The name of the scheme is Shubh Aarambh Home Loan at the interest rate similar to the regular home loan. EMI will be waived off after 4 years, 8 years and 12 years for the loan of at least 20 years.
- Purchasing a new house
- Constructing a new house on an acquired plot
- Extension in their existing house
- Making improvement & Renovation of their existing house.
Axis Bank Home Loan Application Status
You can check the status of your loan application online. When you apply through Wishfin, you are free to ask any question related to your home loan application. The executives will make sure you are aware of the application status and get the approval as soon as possible.