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Axis Bank Home Loan Types, Interest Rates, and Much More

If you are thinking of fulfilling your lifelong dream of owning a home lately, it must have occurred to you to gather some information about Axis Bank Home Loan. For, it is one of the leading banks to offer a variety of Home Loans in India at attractive rate of interest. However,  the effective interest rate would vary with the amount of loan and your credit profile.

The following chart shows the basic interest rate offered by the bank for various loan amounts.

Loan amount Interest rate
Up to Rs.30 Lac 8.90 %
Rs.30 Lac to Rs.75 Lac 9.05 %
Above Rs.75 Lac 9.10 %

Other than the loan amount, the interest rate is calculated based on the salary of the borrower, type of the Home Loan product, and if you are an existing member of Axis Bank or not.

Axis Bank provides loans for construction or extension of a home or a flat as well. The home or a flat is considered as a security to the loan. The borrower enjoys various benefits along with the Home Loans from Axis Bank which are given following.

• The borrower enjoys a specially designed scheme with 12 EMIs waiver

• The process of the approval of Home Loan is carried out quickly

• The EMIs are calculated according to the loan tenure and the tenure can be selected up to 30 years. The EMI could be as low as Rs.797 per Lac

• Low Pf on the new loan and BT

• Salaried individuals between the ages of 24 and 60 and self-employed individuals between the ages of 24 and 65 can Apply for Axis Bank Home Loan.

Required Documents

Axis Bank Home Loan application requires certain documents. The salaried individuals are required to submit 2 passport size photos, ITR of last 2 years, ID or Passport copies, proof for the correct residential address, salary slips for the last 6 months, and the copy of property documents along with the application form.

Self-employed individuals are also required to submit all these documents along with the application form except for the salary slip. Instead of the salary slips, self-employed individuals are required to submit the proof of business, business details of Profit and Loss, and the tax registration.

There are different types of Home Loan options available from Axis Bank. The borrower can choose a best-suited Home Loan option by fulfilling the eligibility criteria.

Happy Ending Home Loan

Happy Ending Home Loan from Axis Bank enables the borrower to purchase a ready-made home. The borrowers can also achieve a reward in the form of the last 12 EMIs with no extra cost because of the regular EMI payments. Seamless processing of the loan and no prepayment charges are the great features of this loan. Home loan Balance Transfer facility is also available.

Empower Home Loan

Empower Home Loan from Axis Bank allows the borrower to buy, construct, or extend a house or a flat. The loan money can also be used by the borrower to renew the house. The best interest rates, facility of a hassle-free Home Loan Balance Transfer, and no prepayment charges are the highlight of Empower Home Loan. This loan can be acquired for a maximum period of 20 years.

Asha Home Loan

Asha Home Loan can be used by the borrower to buy a ready-made house or an under construction house. The borrower can also buy the house which is being resold. The loan can be acquired up to 85 % of the value of the property. The maximum limit for this loan is Rs.28 Lakh. The loan can also be achieved on a customized base. The options of customized loan settlement, good interest rates, and Home Loan Balance Transfer are a great catch for a housing loan.

Axis Bank Home Loan Top Up

Axis bank Home Loan Top-Up allows the borrowers to use the loan money for the residential or commercial construction purpose for personal or business use. This Home Loan is provided for a maximum of 30 years of tenure and the maximum limit for the loan is Rs.50 Lakh. This Home Loan is available to both salaried and self-employed individuals. The existing borrowers of the Axis Bank can avail Home Loan Top Up after clearing the repayments of 6 months. Moreover, there should be at least 1 EMI bounce in the past 1 year. The facility of Balance Transfer from other banks is also available for the borrower which is approved after the clear repayments for 1 year and 1 EMI bounce in the past 1 year. The borrowers must at least be 24 years old to Apply for Home Loan Top Up and the upper age limit is 65.

Super Saver

Super Saver Scheme is available for the borrowers who want to reduce their burden of interest. This loan allows the borrower to deposit additional amount to their Super Saver Account and because of the additional amount the interest rates are reduced. This loan can be taken for a maximum of 30 years of loan tenure and the loan amount ranges from Rs.15 Lac to Rs.5 Crore. The borrower must at least be 24 years old to apply for Super Saver and the upper age limit is 60.

There are a few more Home Loan Schemes form Axis Bank including Axis QuickPay Home Loan and Fast Forward Home Loan.

Charges

Other than the interest rate, there are some charges and fees you should know. The processing fee is charged for the processing of the Home Loan application. This fee ranges from Rs.1000 to Rs.5000. Technical and Legal charges are also charged by the Axis Bank. According to the RBI rules, the Axis Bank does not charge the prepayment charges so the borrower can prepay the Home Loan without any extra or hidden charges.

In light of all this information and interest rates, you can easily decide about your requirements and apply for Axis Bank Home Loan.