Axis Bank Home Loan

Home Loan Apply22278 views

Highlights

  • Axis Bank home loan rates ranging from 8.55% - 9.40% for April 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.

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 8.55%
  • Flexible tenure option
  • Edge points option
  • 12 EMI off on home loans
  • QuickPay home loan

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    Axis Bank Home Loan Interest Rate April 2020

    Below is the table showing the home loan interest rate, maximum loan amount, tenure and processing fee applicable to Axis Bank home loans.

    ParticularsFor SalariedFor Self-employed
    Interest Rate8.55% - 9.20%8.65% - 9.40%
    Processing FeeUp to 1% of the Loan amount subject to minimum of ₹10,000

    Upfront processing fee of ₹2500 plus GST
    Up to 1% of the Loan amount subject to minimum of ₹10,000

    Upfront processing fee of ₹2500 plus GST
    Loan AmountAbove ₹1 LakhAbove ₹1 Lakh
    Loan TenureUp to 30 YearsUp 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0008.25%1₹ 2,61,312₹ 1,35,746₹ 31,35,746
    ₹ 30,00,0008.25%2₹ 1,36,024₹ 2,64,581₹ 32,64,581
    ₹ 30,00,0008.25%3₹ 94,355₹ 3,96,797₹ 33,96,797
    ₹ 30,00,0008.25%4₹ 73,591₹ 5,32,384₹ 35,32,384
    ₹ 30,00,0008.25%5₹ 61,189₹ 6,71,325₹ 36,71,325
    ₹ 30,00,0008.25%6₹ 52,967₹ 8,13,601₹ 38,13,601
    ₹ 30,00,0008.25%7₹ 47,133₹ 9,59,187₹ 39,59,187
    ₹ 30,00,0008.25%8₹ 42,792₹ 11,08,054₹ 41,08,054
    ₹ 30,00,0008.25%9₹ 39,446₹ 12,60,168₹ 42,60,168
    ₹ 30,00,0008.25%10₹ 36,796₹ 14,15,495₹ 44,15,495
    ₹ 30,00,0008.25%11₹ 34,651₹ 15,73,992₹ 45,73,992
    ₹ 30,00,0008.25%12₹ 32,886₹ 17,35,615₹ 47,35,615
    ₹ 30,00,0008.25%13₹ 31,412₹ 19,00,319₹ 49,00,319
    ₹ 30,00,0008.25%14₹ 30,167₹ 20,68,051₹ 50,68,051
    ₹ 30,00,0008.25%15₹ 29,104₹ 22,38,758₹ 52,38,758
    ₹ 30,00,0008.25%16₹ 28,190₹ 24,12,384₹ 54,12,384
    ₹ 30,00,0008.25%17₹ 27,396₹ 25,88,871₹ 55,88,871
    ₹ 30,00,0008.25%18₹ 26,704₹ 27,68,157₹ 57,68,157
    ₹ 30,00,0008.25%19₹ 26,097₹ 29,50,179₹ 59,50,179
    ₹ 30,00,0008.25%20₹ 25,562₹ 31,34,873₹ 61,34,873

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    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

    What eligibility does Axis Bank asks for Home Loans?

    Salaried Individuals:

    • 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:

    • 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.

    Self-employed Individuals:

    • 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).

    What are the benefits of Axis Bank Housing Loan?

    • Low-Interest Rates: The bank offers home loan home loans at 8.55% - 9.40% applicable rates which give you the option of a lower home loan EMI.
    • Go for Balance Transfer with Ease: You can transfer your existing loan balance to Axis Bank home loan interest rates without any hassle.
    • Avail Doorstep Service: The bank offers best services to its customers and ensures  they have a comfortable loan journey.
    • No Prepayment Charges: There are no charges on closing the loan before the original loan tenure
    • Flexible Repayment of Loan: You can choose the tenure up to 30 years, thereby ensuring a repayment schedule that fits your budget.
    • 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.

    What documents are required to apply for Axis Bank Home Loans?

    Read below to know the documents required for a home loan.

    Documents RequiredSalariedSelf-employed
    Identity ProofValid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with PhotographValid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with Photograph
    Income ProofLatest 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 ProofLatest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlordLatest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlord

    What are the different schemes for Axis Home Loans?

    Axis Bank is presently offering 7 types of home loans namely-

    1. Regular home loan
    2. QuickPay
    3. Asha home loan
    4. Empower home loan
    5. Shubh Aarambh
    6. Super Saver home loan
    7. 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 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

    • Repay higher principal
    • Interest savings with reducing monthly installments
    • No prepayment charges
    • Balance transfer available
    • Loan can be taken for underconstruction/resale/ready/self-construction/plot plus construction/home extension or improvement.
    • Minimum loan amount is ₹3 lakh and maximum is ₹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 ₹8,000-10,000 for upto 30 years. The loan amount offered under this scheme ranges between ₹1,00,000-28,00,000. 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 ₹10,00,000-1,50,00,000 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 ₹3.09 lakhs on a ₹30 lakh home loan. The waiver is only applicable to the loan amount up to ₹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 ₹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.

    Purposes

    • 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.

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    Axis Bank8.90% - 9.15%
    Bank of Baroda8.15% - 9.15%
    Citibank9.00% - 9.85%
    HDFC8.00% - 8.85%
    ICICI Bank8.10% - 9.20%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.90% - 8.75%
    LIC Housing8.10% - 8.95%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance9.25% - 12.00%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI7.15% - 7.80%
    Tata Capital9.20% - 9.35%