Making the Right Choice: Axis vs IDFC Home Loans – Which One is Right for You?

Last Updated : March 11, 2023, 6:07 p.m.

Axis Bank offers qualified customers Axis Bank Home Loan with interest rates beginning at 8.75% per annum on floating rate home loans and 12% per annum on fixed rate home loans. Axis Bank extends the term to 30 years for floating-rate home loans, while the bank can extend the term to 20 years for fixed-rate home loans. The processing charge applicable on the home loan can be one percent of the minimum loan amount, of which borrowers should pay more than Rs. 2500, including goods and services tax, during the home loan application process.

The interest rates on IDFC Home Loans begin at 8.85% per annum. With the help of the existing home loan schemes in IDFC bank, applicants can get a maximum of ten crores of Indian rupees. Due to flexible home loan terms of thirty years, you do not have to worry about your equated monthly installment. Everyone can take advantage of the financing facilities of IDFC Bank.

Kinds of Axis Bank Home Loan

A few kinds of Axis Bank Home Loans are:

• Axis Bank Housing Loan- To help Indian residents and non-resident Indians build new houses.
• Quick Pay Home Loan- Borrowers can repay a high principal loan amount during the initial term, and equated monthly installment decreases later, which helps borrowers to save some money.
• Super Saver Home Loan- Enables you to invest your unused funds to gain interest and withdraw whenever you want to.
• Power Advantage Home Loan- Home loans have fixed rates during the first two years of the loan term and floating rates later.

Kinds of IDFC Bank Home Loans

The kinds of IDFC Home Loans are:

• IDFC First Housing Loan- Regular home loan for constructing a new house or renovating the current house.
• IDFC First Suvidha Shakti- It is a micro-housing home loan offered to women who want to improve sanitation, water connection, etc., in their homes.
• IDFC Fast Track Balance Transfer Home Loan- It is a home loan scheme for other account holders of other banks, including HDFC.

Merits and Privileges of Applying for Home Loans in Axis Bank

The merits and privileges of Axis Bank Home Loans are:

• Fascinating floating and fixed home loan interest rates, depending on your choice.
• Minimum documentation
• Adjustable term option
• Less processing charges
• You can opt for availing services from your doorstep.
• In the case of a floating interest rate, you do not have to pay any prepayment charge.
• Effortless transfer of balance on home loans
• Easy application procedure
• The repayment term is based on your financial condition
• You can choose long duration with small equated monthly installments.

Merits and Privileges of Applying for Home Loans in IDFC Bank

The merits and privileges of an IDFC Home Loan are:

• Fewer interest rates on home loans
• Less processing charges on home loans
• Minimum documentation
• You do not need to pay prepayment fines.
• Zero hidden charges and administrative fees.
• You can transfer your home loan balance from any account.
• The loan term for salaried people is thirty years.
• The loan term for self-employed people is twenty years.
• Processing charges apply according to the terms and conditions
• Interest rates on home loans begin at 8.85% per annum.

What is the Eligibility for Applying for Home Loan in Axis Bank?

The eligibility criteria for applying for Axis Bank Home Loans are:

• The applicant must be 21 years of age while applying for the loan and 60-65 years when the loan term ends.
• Applicants must be employees of public and private limited companies.
• Self-employed professionals such as doctors, consultants, chartered accountants, engineers, etc., can apply.
• Self-employed working individuals filing income tax returns can apply.

What is the Eligibility for Applying for Home Loans in IDFC Bank?

The eligibility criteria for IDFC home loans are:

In the case of salaried individuals, non-resident Indians and Indian citizens can apply.

In the case of self-employed individuals, Indian citizens residing in India can apply.

The applicants’ age must be between 21 to 70 years of age.

Applicant’s annual income must be between one lac to 1.5 lacs.

Salaried individuals must have three years of work experience.

The business continuity of self-employed individuals must be approximately four years.

The term of the home loan varies between 12 to 360 months.

Documents Needed for Axis Bank Home Loan

The documents that you must submit for Axis Bank Home Loan are:

• Identity Proof
• Residence Proof
• Copy of Passbook or bank account statement
• Salaried individuals must submit income tax returns for the preceding two final years.
• Self-employed individuals must submit income tax returns for three financial years.
• Self-employed individuals must submit business residence proof.
• Property tax receipt
• Statement of personalised assets and liabilities
• 3 passport-size photographs
• Guarantors must submit signature verification from current bankers.

Documents Needed for IDFC Home Loans

The documents that you should submit while applying for IDFC Home Loan are:

• Proof of identity
• Proof of residence address
• Preceding three months’ salary slips
• Preceding two months’ income tax returns
• Preceding six months’ bank statement
• Copies of passport and visitors; international stay admission.

What is the application procedure for applying for home loans in Axis Bank?

The online application procedure for Axis Bank Home Loans is as follows:

• Go to the official website of Axis Bank and fill up the home loan application form.
• Submit the home loan application form with all the documents.
• Pay the processing charges applicable for the home loan process.
• After receiving your application, the bank will authenticate all the submitted documents and check your background, which might take some days.
• The bank will transfer the loan amount to your account after approval when it finds that the information you provided is accurate.

To apply for home loans in Axis Bank through the offline process, you must go to the bank branch with all the relevant documents. Fill up the application form and submit the filled form with all the documents. When the bank sanctions your application, the loan amount will get credited to your account.

What is the application procedure for a home loan in IDFC Bank?

To apply for a home loan in IDFC Bank through the online process, follow the steps below:

• Go to the official website of IDFC Bank.
• Fill up the home loan application form
• Submit the necessary documents.
• Pay the application charges
• Wait for the bank to approve your application.
• The loan amount will be credited to your account when the bank approves your application.

Conclusion

Choosing a bank between Axis Bank and IDFC Bank takes work. Both banks offer exclusive benefits to their customers. A few people might choose Axis Bank Home Loan because the offers and benefits are advantageous for them. Others might find IDFC Home Loan benefits advantageous. The home loans that Axis Bank and IDFC Bank offer come with fascinating terms. The multiple home loan products that both banks offer are good. It will be best if you carefully review each bank’s terms, conditions, regulations, and policies before choosing the advantageous option.