Home Loan Rates 2018 4132 views
Suppose, you already have a home loan for ₹30 lakhs loan amount and tenure 20 years. Your current loan is running a 8.75% per annum rate, why not transfer it to a lower rate? If you transfer your home loan after 5 years, you can save up to ₹19 lakhs. So, know more about Axis Bank home loan eligibility criteria, documentation and be ready to experience a cheaper home loan.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 Axis Bank Home Loan Interest Rate
- 2 Axis Bank Home Loan Calculator
- 3 What eligibility does Axis Bank asks for Home Loans?
- 4 What are the different schemes for Axis Home Loans?
Axis Bank Home Loan Interest Rate
Below is the table showing the rate of interest, maximum loan amount, tenure and processing fee applicable to Axis Bank home loans.
|Interest Rate||8.40-8.70% p.a.||8.45-8.75% p.a.|
|Processing Fee||Up to ₹1 Crore – ₹10,000 + GST|
Above ₹1 Crore to ₹2 Crores - ₹15,000 + GST
Above ₹2 Crores - ₹25,000 + GST
|0.50% Or ₹10,000 + GST, Whichever Is Higher|
|Loan Amount||Above ₹1 Lakh||Above ₹1 Lakh|
|Tenure||Up to 30 Years||Up to 30 Years|
Axis Bank Home Loan Calculator
Before availing the home loan, it is important to know the EMIs of the same as it helps you in planning the monthly budget accordingly. You can calculate the EMI on the loan till the time you get the perfect EMI as per your budget. It gives you the exact calculations of your EMIs, interest outgo and total amount payable from your pocket towards your loan. Here is an example for your reference.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
What eligibility does Axis Bank asks for Home Loans?
If you are salaried, self-employed individual and self-employed professional, Axis Bank home loan is for you. To know the eligibility of the same, kindly read below.
- If you are into permanent services in any Government or renowned company, you are eligible to avail the loan.
- The age of the applicant should be 21 years at the time of loan commencement and 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.
- The applicant should be 21 years of age at the time of loan commencement and upto 65 years or less 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).
What are the benefits of Axis Bank Housing Loan?
- Low-Interest Rates: The applicants can either go for fixed or floating rates, as bank offers home loan on both these applicable rates.
- Go for Balance Transfer with Ease: You can transfer your existing loan balance to Axis at lower interest rates than your previous lender, and that too without any hassle.
- Avail Doorstep Service: Best services to all its customers and ensures that they have a relaxed loan journey.
- No Prepayment Charges: There are no prepayment charges.
- Flexible Repayment of Loan: You can choose the tenure up to 30 years.
- Earn eDGE Loyalty Points: Starting from 500 points to a maximum of upto 2000 points can be availed by a borrower, starting from loan disbursal to completion. The points vary according to the disbursed loan amount.
What documents are required to apply for Axis Bank Home Loans?
To avail a home loan with this bank, you need to keep your documents ready along with your loan application. Read below to know about the required documentation for the 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|
What are the different schemes for Axis Home Loans?
Axis Bank is presently offering 4 types of home loans – Regular home loan, Asha home loan, Empower home loan and Fast Forward home loan.
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. The EMI will be waived off after 4 years, 8 years and 12 years for the loan of at least 20 years.
Axis Bank Regular Home Loan
For all salaried, self-employed individuals and professional, Axis Bank offers special home loan scheme, where they can get maximum benefits without much of a duo. The applicants need to be above 21 years of age at the time of loan commencement and upto 65 years or less at the time of maturity. This loan comes to you for a maximum tenure of 30 years, thus reducing your EMI burden each month. The borrowers can avail the minimum loan of ₹3 Lakh and maximum depending upon the combined income of the applicants.
Asha Home Loan
If you are falling short of eligibility, this home loan scheme is for you. 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 Nil 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
This home loan scheme offers you many unmatched benefits and privileges such as it comes to you with no prepayment charges on early closure of loan. That’s right! The loan amount offered to the borrowers ranges between ₹10,00,000-1,50,00,000 at a floating interest rate for 15 years. The USP 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.
- Purchasing a new house
- Constructing a new house on an acquired plot
- doing expansion(incremental upgrade) in their existing house
- Making improvement & Renovation of their existing house.