Axis Bank Home Loan

Home Loan Rates 2017 311 views

Axis Bank, with its new home loan product- Shubh Aarambh Home Loans has once again given competition to other lenders. The bank has launched a scheme wherein the loan taken for the tenure of at least 20 years gives the 12 EMIs off. Axis Bank already offers affordable housing scheme called Asha home loan which is for the lower income group applicants of loans up to ₹25 lakhs. Asha home loan accounts for around 5 percent of its mortgage book and as of June, the home loans constituted a whopping 44 percent of the ₹1.68 trillion retail portfolios of the bank. Thus, if you also want to avail these benefits, read in detail about the home loan schemes and also the housing loan interest rate offered by Axis Bank.

Home Loan

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    Axis Bank Home Loan 12 EMI Offers

    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 Home Loan Rate

    ParticularsDetails
    Interest Rate

    8.35% - 8.75%

    Processing FeeSalaried: Up to ₹1 Crore – ₹10,000 + GST
    Above ₹1 Crore to ₹2 Crores - ₹15,000 + GST
    Above ₹2 Crores - ₹25,000 + GST
    Self-employed: 0.50% Or ₹10,000 + GST, Whichever Is Higher
    Loan AmountAbove ₹1 Lakh
    TenureUp to 30 Years
    Switching Fees1%-2% on the outstanding principal amount + GST
    Prepayment Charges for floating rate loan0%
    Prepayment Charges for fixed rate loan2% of the principal outstanding + GST

    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. Yes, knowing your EMIs that you need to pay each month towards your home loan gives you more clarity as how much amount goes out from your pocket each month to repay the same. If you don’t know how to calculate your home loan EMIs, nothing to worry because there is an EMI Calculator for you. 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. In order to know the same values, you just need to enter the loan amount, tenure and interest rate of your home loan, the rest will be taken care by this smart and time-saving tool. Here is an example for your reference.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

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

    Year Principal Interest Balance Amount

    Axis Bank Home Loan Eligibility

    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).

    Axis Bank Home Loan Documents

    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

    Axis Home Loans

    Below are all the home loan schemes offered by Axis Bank.

    Shubh Aarambh Home Loans

    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 will save up to ₹3.09 lakhs. The waiver is only applicable to 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.

    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.

    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.

    Benefits of Axis Bank Home Loan

    • Avail Competitive Interest Rates: Now you can make your home loan highly affordable by availing the lowest interest rates offered by Axis Bank. Yes, the various home loan schemes offered by the bank are lighter on your pocket, thus less burden will be on you every month.
    • Pick Your Interest Rate: The home loan borrowers can choose the rate of interest as per their preference. 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: If you want to reap the maximum benefits by making your existing home loan rates cheaper, with Axis Bank you can also go for balance transfer. By doing so, you can transfer your existing loan balance to Axis and get lower interest rates than your previous lender, and that too without any hassle.
    • Avail Doorstep Service: Axis Bank offers best services to all its esteemed customers and ensures that they have an enjoyable loan journey. Right from availing a loan or to repay the same, the bank gives doorstep service so that you can do the same either sitting at your home or workplace.
    • No Prepayment Charges: At Axis Bank, home loans availed on floating interest rates come to you with no prepayment charges. Yes, that’s absolutely right! If you pay off your loan before its due date, no prepayment charges for you.
    • Flexible Repayment of Loan: The bank gives you the flexibility, wherein you can repay your home loans by opting for longer tenures i.e. up to 30 years. Well, this also means your EMI burden will be reduced, hence it will be easy on your wallet each month.
    • Earn eDGE Loyalty Points: When you avail a home loan from Axis Bank, you can also earn loyalty points for the same. 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.

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