Your dream of owning your home comes true with Axis Bank Home Loan. Several features, such as an easy application process, low interest rates, doorstep service, and small EMIs, are used to promote Axis Bank Home Loan. These allow you to spread your payments over a longer period, and there are no upfront charges. Check out HDFC Bank.
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Features & Benefits of Axis Bank Home Loan
| Versatile Home Loan Options | Offers financing for buying a new home, constructing a house, or refurbishing a current home. |
| High Quantum of Financing | Provides high-value loans, allowing you to finance your dream home without compromise. |
| Flexible Tenure | Offers repayment options with flexible tenures, making it easier to manage your finances over an extended period. |
| Competitive Interest Rates | Enjoy competitive rates, with the option to choose between fixed or floating rates for your home loan. |
| Balance Transfer Facility | Enables switching from another loan provider to Axis Bank, benefiting from better services and competitive rates. |
Eligibility Criteria for Axis Bank Home Loan
Axis Bank Home Loan can help you fulfill your dream of owning a home! Take a look at these helpful points to better understand the eligibility requirements and the variables that impact your application:
| Resident Status | Must be a Resident Indian or Non-Resident Indian (NRI). |
| Age | Applicant must be between 21 and 65 years of age. |
| Income Source | Applicant should have a regular source of income, whether self-employed or salaried. |
| Credit Score | A good credit score is crucial for home loan approval. |
| Property Valuation | Must meet the required property valuation criteria. |
Factors Affecting Your Axis Bank Home Loan Eligibility
| Income | A steady and high-income stream improves your ability to repay and increases chances of securing a loan with favorable terms. |
| Credit History | A good credit score and a clean record of timely payments enhance your chances of loan approval. |
| Age | Younger applicants may have longer loan tenures, which can increase loan eligibility. |
| Property Value | The market value and location of the property play a role in determining your loan eligibility; high-value properties increase eligibility. |
| Current Liabilities | Existing loans may reduce your loan eligibility, as they affect your overall debt-to-income ratio. |
Axis Bank Home Loan Fees & Charges
Applying for an Axis Bank Home Loan? Here are the fees you need to follow.
| Processing Fees | Up to 1% of the loan amount (minimum Rs. 10,000) |
| Prepayment Fees | Nil |
| Prepayment Fees | 2% of the principal outstanding |
| Penal Interest Rate | 24% per annum (2% per month) |
| Switching Fees | – No fees if the effective rate is unchanged – 0.5% on the outstanding principal (minimum Rs. 10,000) if the effective rate is revised |
| Switching Fees | 1% on the outstanding principal (minimum Rs. 10,000) |
| Switching Fees | 2% on the outstanding principal |
| Repayment Instruction/Cheque Return Charges | Rs. 500 per instance |
| Cheque/Instrument Swap Charges | Rs. 500 per instance |
| Duplicate Statement Issuance Charges | Rs. 250 per instance |
| Duplicate Amortization Schedule Charges | Rs. 250 per instance |
| Duplicate Interest Certificate Charges | Rs. 250 per instance (Provisional/Actual) |
| CERSAI Charges | – Rs. 50 for loans up to Rs. 5 lakh – Rs. 100 for loans above Rs. 5 lakh |
| Loan Cover/Insurance | Compulsory |
How does a house loan balance transfer from Axis Bank work?
First, inform your previous lender about your decision to move to Axis Bank. After their approval, they will provide a consent letter, a statement outlining the amount payable, and a no objection certificate (NOC).
After you send it to Axis Bank, they will check your application, do the necessary credit analysis, and authorize your loan if everything is found to be correct. Next, Axis Bank will settle the outstanding amount to your current lender. Once this is done, Axis Bank will get your house loan and your further EMI payments will be sent to them instead of your former lender. Also, check Axis Bank Business Loan 2024.
Documents Required for Axis Bank Home Loan
| Identity Proof | Aadhar Card PAN Card Passport Driving License |
| Address Proof | Electricity Bill Telephone Bill Ration Card |
| Income Proof (Salaried) | Last 3 months’ salary slips Form 16 bank statements for the last 6 months |
| Income Proof (Self-employed) | Income Tax Returns for the last 3 years bank statements for the last 6 months |
| Property Documents | Sale Deed Agreement to Sell NOC from builder or society property-related documents |
How is EMI calculated for a home loan from Axis Bank?
A fixed monthly payment applicable to your home loan repayment is known as the Equated Monthly Installment or EMI. It consists of both principal and interest. EMI is calculated using the following formula:
P x R x (1+R)^N = EMI / [(1+R)^N-1]
- P = loan principal
- R = monthly interest rate (calculated by dividing the annual rate first by 100 and then by 12).
- N is the loan term in months.
For example, if you borrow Rs 10,000,000 for 20 years (240 months) at an interest rate of 8%, your annual percentage rate (EMI) would be approximately Rs 8,364.
You may also check IDFC FIRST Bank Personal Loan 2024.
Axis Bank Home Loan Customer Care Number
| Toll-Free Number: | 1 – 860 – 419 – 5555 |
| Service Queries Number | 1 – 860 – 500- 5555 |
| Address | Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025 |
