Axis Bank Home Loan

Highlights

  • Axis Bank home loan rates ranging from 8.80% - 9.05% for November 2018.
  • 12 EMIs off on home loans at Axis Bank.

Suppose, your current home loan is at 9.75% per annum rate, would you want to transfer it to a bank that can offer you much lower rate? Well, ofcourse you will do it, who doesn’t want to save money? Axis Bank home loan comes with low-interest rate and hence is a great saving option to those who want to buy a house but also don’t want their other finances to be affected. Read more to know how and why a home loan from Axis Bank is beneficial:

  • A lower rate of interest
  • Felxible tenure option
  • Edge points option
  • 12 EMI off on home loan

Home Loan

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

    Almost done, few more details required.

    Axis Bank Home Loan Interest Rate November 2018

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

    ParticularsSalariedSelf-employed
    Interest Rate8.70-8.95% p.a.8.75-9.05% p.a.
    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
    TenureUp to 30 YearsUp 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

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0008.40%1₹ 2,61,520₹ 1,38,245₹ 31,38,245
    ₹ 30,00,0008.40%2₹ 1,36,230₹ 2,69,516₹ 32,69,516
    ₹ 30,00,0008.40%3₹ 94,564₹ 4,04,292₹ 34,04,292
    ₹ 30,00,0008.40%4₹ 73,803₹ 5,42,561₹ 35,42,561
    ₹ 30,00,0008.40%5₹ 61,405₹ 6,84,306₹ 36,84,306
    ₹ 30,00,0008.40%6₹ 53,188₹ 8,29,506₹ 38,29,506
    ₹ 30,00,0008.40%7₹ 47,359₹ 9,78,134₹ 39,78,134
    ₹ 30,00,0008.40%8₹ 43,022₹ 11,30,159₹ 41,30,159
    ₹ 30,00,0008.40%9₹ 39,681₹ 12,85,545₹ 42,85,545
    ₹ 30,00,0008.40%10₹ 37,035₹ 14,44,254₹ 44,44,254
    ₹ 30,00,0008.40%11₹ 34,896₹ 16,06,242₹ 46,06,242
    ₹ 30,00,0008.40%12₹ 33,135₹ 17,71,462₹ 47,71,462
    ₹ 30,00,0008.40%13₹ 31,666₹ 19,39,863₹ 49,39,863
    ₹ 30,00,0008.40%14₹ 30,425₹ 21,11,390₹ 51,11,390
    ₹ 30,00,0008.40%15₹ 29,367₹ 22,85,988₹ 52,85,988
    ₹ 30,00,0008.40%16₹ 28,456₹ 24,63,595₹ 54,63,595
    ₹ 30,00,0008.40%17₹ 27,667₹ 26,44,149₹ 56,44,149
    ₹ 30,00,0008.40%18₹ 26,980₹ 28,27,585₹ 58,27,585
    ₹ 30,00,0008.40%19₹ 26,376₹ 30,13,836₹ 60,13,836
    ₹ 30,00,0008.40%20₹ 25,845₹ 32,02,832₹ 62,02,832

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

    YearPrincipalInterestBalance Amount
    1₹ 60,433₹ 2,49,708₹ 29,39,566
    2₹ 65,709₹ 2,44,432₹ 28,73,857
    3₹ 71,446₹ 2,38,695₹ 28,02,410
    4₹ 77,684₹ 2,32,457₹ 27,24,725
    5₹ 84,467₹ 2,25,674₹ 26,40,258
    6₹ 91,842₹ 2,18,299₹ 25,48,415
    7₹ 99,861₹ 2,10,280₹ 24,48,554
    8₹ 1,08,580₹ 2,01,561₹ 23,39,974
    9₹ 1,18,060₹ 1,92,081₹ 22,21,913
    10₹ 1,28,368₹ 1,81,773₹ 20,93,545
    11₹ 1,39,576₹ 1,70,565₹ 19,53,969
    12₹ 1,51,762₹ 1,58,379₹ 18,02,206
    13₹ 1,65,013₹ 1,45,128₹ 16,37,193
    14₹ 1,79,420₹ 1,30,721₹ 14,57,772
    15₹ 1,95,086₹ 1,15,056₹ 12,62,686
    16₹ 2,12,119₹ 98,023₹ 10,50,567
    17₹ 2,30,639₹ 79,502₹ 8,19,928
    18₹ 2,50,776₹ 59,365₹ 5,69,151
    19₹ 2,72,672₹ 37,469₹ 2,96,479
    20₹ 2,96,658₹ 13,662₹ 0

    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.

    Salaried Individuals:

    • 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:

    • 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.

    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 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.

    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 6 types of home loans namely-

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

    Axis Bank Regular Home Loan

    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

    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.

    Shubh Aarambh Home Loan

    Shubh Aarambh home loan is applicable to the loans taken 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 for the loan taken for the loan amount up to ₹30 lakhs and will be given in the form of a reduction in loan tenures. The 12 EMIs will be given for four EMIs 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

    Axis Super Saver home loan is an option to save interest on your home loan. The minimum amount you can take under this scheme is ₹50 lakhs which can be utilized to save on interest while parallerly using them whenever there is a need. The 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. The 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
    • doing expansion(incremental upgrade) in their existing house
    • Making improvement & Renovation of their existing house.

    Axis Bank Home Loan Application Status

    The borrower 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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