Axis Home Loan is one of the most popular and attractive housing loans products available in the market today. Axis Bank offers its customer a wide variety of home loans, be it general Home Loan, Top-Up Loan on existing Home Loan and Balance Transfer.
Why Choose Axis Bank?
Axis Bank is one of the preferred financial services providers in the country. Axis Bank is also one of the largest players in the Home Loan industry. Over the years Axis Bank have developed a bouquet of product offerings in order to cater to the home loan requirements across all customer segments. We have our presence across the country and customers can choose from our large base of approved projects. The attractive interest rates and minimal processing fees make our home finance products a first choice. In addition, features such as flexible tenures, transparent processing and quick service have made our products stand out among the best home loans in India.
Features –
- If you are seeking Axis Bank Home Loan, then loan quantum you can avail is as high as Rs. 15 Crore. In case you are applying for a higher loan amount, your EMIs will also be higher.
- Availing Axis Bank Home Loan gives you the options to choose between Fixed and Floating rate of interest as per your preferences. If you are opting for floating rate of interest, you can easily safeguard yourself from the ever-rising home loan interest rates. On the other hand, if you opt for fixed rate of interest rates, you get to lock the interest rate for a fixed time period.
- If you pay off your loans before the due date, you don’t have to pay any prepayment charges (applicable only for floating rate loans).
- You get to earn reward points for the transactions made on availed home loan.
What you’re in need of?
- An amount you borrow from the bank or financial institutions to purchase / construct
- An amount that you borrow from the bank or financial institutions over an existing home loan.
- a house or to purchase a plot of land to build a house thereafter.
Salaried Individuals
- If you are employed in the government sector or a reputed private company, you are eligible to apply for a home loan with Axis Bank.
- Your age should be at least 21 years at the time of disbursal of the loan and a maximum age of 60 at the time of maturity of the loan.
- In order to avail Axis Bank Home Loan, your monthly income should be at least Rs. 8,000.
Documents
- In order to avail Axis Bank Home Loan, the documents you need to submit as a Proof of Identity are – Copy of Valid Passport, Voter’s ID Card, Valid Driving License with Passport Size Photograph, and Pan Card or Aadhaar Card.
- To avail Axis Bank Home Loan, you need to submit following documents as a Proof of Income – Copy of Latest 3 months’ salary slips, certificate for fixed salary, or Latest Form 16 along with Last 6 months’ bank statement or Passbook of the salary account.
- In order to avail Axis Bank Home Loan, you need to submit following documents as a Proof of Residence – Copy of Latest Electricity Bill, Utility bill, piped gas bill, Telephone bill not more than 2 months old, Passport, Aadhaar card, Voter ID, or Driving License.
- In addition to above-mentioned documents, you also need to submit Processing Fee Cheque.
Self-Employed
- Self-Employed Professionals – Doctors, Engineers, Dentists, Architects, Chartered Accountants, Cost Accountants, Company Secretary, Management Consultants are eligible to apply.
- If you are Self-Employed Non-professionals (SENP) such as – Traders, Commission Agents, Contractors, etc. you can avail Axis Bank Home Loan.
- Whether you are self-employed professional or self-employed non-professional, you should be filing income tax returns.
- You should be above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.
- Being a self-employed individual, it is imperative to have a co-applicant.
- Your monthly Income should be at least Rs. 8,000 in order to qualify for Axis Bank Home Loan.
Documents
- For Identity Proof you need to submit – Copy of Valid Passport, Voter’s ID Card, Valid Driving License with Passport Size Photograph, Pan card or Aadhaar card.
- As a Proof of Income, the documents you need to submit are – Copy of Latest 3 months’ salary slip, certificate for fixed salary, or Latest Form 16 along with Last 6 months’ bank statement or Passbook of the salary account.
- For availing Axis Bank Home Loan, the documents you need to submit for Proof of Residence are – Copy of Latest Electricity Bill, Utility bill, Piped gas bill, Telephone bill not more than 2 months old, Passport, Aadhaar card, Voter ID, or Driving License.
- Having a co-applicant is mandatory in order to avail a home loan with Axis Bank. Adding one increases your loan eligibility or if in case the co-applicant is also a co-owner in the property. A co-applicant can be a spouse or father/son, mother/daughter, etc.
- You will have to pay a non-refundable processing fee for your home loan application. You can pay it through a cheque.
Axis Bank Home Loan Products
- Want to get home loan of Rs. 3 Lacs to Maximum Rs. 1 Crore? Apply for Axis Bank Home Loan
- Tired of paying your home loan over a long tenure and want to get some EMI waiver? Apply for Axis Bank Fast Forward Loan
- Want to get home loan of Rs. 3 Lacs to Maximum Rs. 1 Crore? Apply for Shubh Aarambh Home Loan
- Tired of paying your home loan over a long tenure and want to get some EMI waiver? Apply for Asha Home Loan
- Want to get home loan of Rs. 3 Lacs to Maximum Rs. 1 Crore? Apply for Empower Home Loan
- Tired of paying your home loan over a long tenure and want to get some EMI waiver? Apply for Super Saver Home Loan
- Check if you’re eligible for subsidy scheme on home loans offered by Indian Government named Pradhan Mantri Awas Yojna
PMAY
Get interest subsidy of up to Rs 2.67 Lacs on housing loans by applying for Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana in urban areas only, if you’re an eligible beneficiary belonging to the EWS/LIG & MIG segment. Axis Bank is a partner with the Government of India in this scheme for all the borrowers who are availing their housing loans.
The subsidy can be availed for construction or purchase of a house as per the below eligibility criteria –
| CRITERIA | EWS-LIG | MIG-I | MIG-II |
| Maximum Household income per annum | Up to 6 lakhs. | 6 – 12 Lakhs | 12-18 Lakhs |
| Maximum Property Area ( carpet area) | No restriction | 90sq.m | 110sq.m |
| Maximum Loan amount for subsidy calculation | 6 lakhs | 9 lakhs | 12 lakhs |
| Maximum tenure for subsidy calculation | 20 years | ||
| Interest Subsidy (% p.a.) | 6.50% | 4% | 3% |
| Subsidy amount | Rs.2.67 lakhs | Rs.2.35lakhs | Rs.2.30 lakhs |
| Women ownership on property | Yes | Not applicable | Not applicable |
| The beneficiary family should not own a pucca house in India | Applicable | Applicable | Applicable |
| Housing loan sanction date to be eligible for subsidy | After 17.06.2015 | After 01.01.2017 | After 01.01.2017 |
Eligibility for Credit Linked Subsidy Scheme –
- A beneficiary family, not owning a house in any part of India, is eligible for Credit Linked Subsidy Scheme subject to income criteria as defined for the family.
- Household definition EWS-LIG: A beneficiary family will comprise of husband, wife and unmarried children.
- Household definition MIG-I & II: A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
- The applicants should have a copy of Aadhaar Card to be eligible for benefit under MIG scheme.
- Home extension /Repair is included only under EWS-LIG scheme, the area limit will be 30sq.m./323 sq.ft and 60sq.m./646 sq.ft of built up area for EWS and LIG category respectively.
- EWS/LIG households are defined as households having an annual income of up to Rs. 3 lacs/ between Rs.3 lacs to Rs.6 lacs respectively.
- Self declaration of not owning a pucca house is mandatory in the format as available in Axis Bank offices.
- You can have a home loan whether you are a resident of India or an NRI.
For PMAY EWG/LIG/MIG I/MIG II schemes, the interest subsidy on the home loan is calculated at applicable rates. The calculation is done for a term of 20 years or the loan term, whichever is lower.
Government of India reserves the right to accept or reject the subsidy and the bank is not responsible for any decision taken by the Government.
According to Axis Bank credit norms, beneficiary can avail a longer tenure beyond 20 years, however the subsidy will be limited to a maximum tenure of 20 years. In the event where the beneficiary has availed a house loan and interest subsidy (under the scheme) but later on decides to change the lending institution for balance transfer, such beneficiaries won’t be able to claim the benefits under this scheme in the future.
Axis Bank Home Loan – A general home loan scheme offered by Axis Bank assists its customers to purchase an under construction / ready / resale house, construct a house on a self-owned land, purchase a plot and then construct a house thereafter. This home loan can also be used for home extension and home improvement.
The minimum loan amount you can borrow is Rs. 3 Lacs and the maximum is Rs. 1 Crore. The loan amount will depend on your joint income i.e. the income of the co-applicant will be considered as well.
You can repay you home loan over up to 30 Years tenure, where minimum loan tenure is 3 Year.
Axis Bank allows you to repay your home loan over up to 30 years tenure, where the minimum loan tenure is 3 Years.
Loan to Value Ratio – When you apply Axis Bank Home Loan, you will have to pay a certain amount known as ‘Margin Money’ to the bank. This will speak for your competency to repay the loan all by yourself. Higher the margin money you can pay, higher the loan you can apply for.
| Loan Amount | Value of the Property | Margin Money |
| Up to Rs. 30 Lacs | 90% | 10% |
| Above Rs. 30 Lacs to Upto Rs. 75 Lacs | 80% | 20% |
| Above Rs. 75 Lacs | 75% | 25% |
Interest Rates –
As a loan borrower, you have the choice of choosing either a Floating Rate of Interest or Fixed Rate of Interest as per your convenience.
The bank will charge a floating rate of interest from a borrower where interest rate will be change by the time depending on the Marginal Cost Lending Rate (MCLR) of Axis Bank. In this case, the interest rate will not fall below the MCLR rate, which is currently 8.15%.
For all those customers who have availed disbursement or received a sanction prior to March 31, 2016 they can carry on operating on base rate. Existing customers can get in touch with the bank’s customer care department, if they are interested in moving to MCLR.
The interest rate slab for Salaried is as follow –
- If the borrower is availing a loan amount of up to Rs. 30 Lacs, then the borrower will be charged an interest rate of 8.35% p.a. (MCLR + 0.20%).
- The borrower will be charged an interest rate of 8.65% p.a. (MCLR + 0.50%) if the home loan amount is from Rs. 30 Lacs to up to Rs. 75 Lacs.
- An interest rate of 8.70% p.a. (MCLR + 0.55%) will be charged from the borrower for a loan amount of Rs. 75 Lacs to a maximum up to Rs. 1 Crore.
The interest rate charged from the salaried borrower will be 50 basis points lower than the self-employed borrower.
Processing Fee – The borrower will have to pay processing fee of up to 1% of the Loan amount subject to minimum of Rs. 10,000.
Prepayment – For floating rate loans, there are no prepayment charges. Prepayment charge of 2% of outstanding principal/amount prepaid, applicable on Fixed rate loans.
Late Payment – @24 % per annum, 2% per month
| Switching Fees (Base Rate/BPLR to MCLR) | When effective rate is to be kept the same – No feesWhen effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/- |
| Switching Fees (Floating Rate to Fixed Rate)# | 1% on the outstanding principal with a minimum of 10,000/- |
| Switching Fees (Fixed Rate to Floating Rate) | 2% on the outstanding principal amount |
| Switching Fees (Higher Fixed Rate to Lower Fixed Rate ) | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
| Switching Fees (Higher Floating Rate to Lower Floating Rate ) | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
Co-Applicant – If you are the co-owner of the property in question, then it is imperative that you should also be the co-applicant for the home loan. In the event where you are the only owner of the property, any family member can be your co-applicant.
Balance Transfer – You get to transfer your Home Loan to Axis Bank on the basis of your income. The eligibility for the balance transfer will be decided on the basis of the seasoning and your past track record of existing loan. You can avail 100% top up at home loan rates.
Earn Reward Points – You get to earn eDGE Loyalty Rewards points for transactions and 500+ rewards and offers to redeem points.
Earn points for following transactions –
When you take a home loan.
If disbursal is less than or equal to 25 lakhs, you will earn 500 points.
If disbursal is greater than 25 lakhs but less than or equal to 75 lakhs
2000 points if disbursal is greater than 75 lakhs, you earn 1000 points.
When you take a top-up home loan
In case the disbursal is less than or equal to 25 lakhs, you stand a chance to earn 250 points.
If your disbursal is greater than 25 lakhs but less than or equal to 75 lakhs, then you win 500 points.
Earn 1000 points in the event where disbursal is greater than 75 lakhs.
On every anniversary year of your Home Loan
100 points on completion of the 1st year
200 points on completion of the 2nd year
300 points on completion of the 3rd year
400 points on completion of the 4th year
500 points on completion of the 5th year, 6th year, 7th year and so on until the closure of the loan
Axis Bank Home Loan Application Process
Loan Application – Submit a duly filled application form along with all the necessary documents.
Loan Sanction – Once the credit checks, on the basis of financial eligibility is done, an approve a particular loan amount will be given.
Legal & technical appraisal – Both legal and technical evaluation of the property will be done.
Part Disbursement – Loan disbursement linked to the stage of construction for under construction property.
Disbursement – The last stage comprises of full Loan disbursal for the completed properties.
Fast Forward Home Loan – Axis Bank Fast Forward Home Loan lets to pay off your home loan debt faster than any other home loan. The best thing about this loan is that your 12 EMIs will be waived off without any additional cost on regular EMI payments, as 6 months will be waived off when you complete 10 years and 6 months when you complete 15 years from your first disbursement.
At the time of loan disbursement, minimum loan tenure will be 20 years.
Under this scheme, you enjoy the convenience of making part payments as well. However, in order to be eligible under this scheme, it is important that your loan should be live for a minimum of 10 years from the date of first disbursal and there are possibilities that the part payments may lead to reduction in the loan term if you choose the same than EMI reduction.
As per this scheme, the maximum term is of 30 years for the salaried individuals and for self-employed individuals it is 60 or 65 years at loan maturity.
You cannot club Fast Forward Home Loans with subvention scheme or any other scheme of the bank. You can purchase an under construction/ready/resale house, self-construction, plot plus construction. You can also use the loan amount for home extension and improvement.
Entirely depending upon the mutual income i.e. income of the co-applicant, you are allowed to borrow a minimum of Rs. 30 Lacs to a maximum of up to Rs. 15 crore or above.
For loans more than Rs. 30 Lacs and up to Rs. 75 Lacs, you can avail up to 85% of the documented cost or 80% of the market value, whichever is lower. For loans above Rs. 75 lacs, LTV up to 85% of the documented cost or 75% of the market value, whichever is lower.
You can avail this scheme only under floating rate option. As far as the EMI cycle is concerned, it will remain 5th of every month.
In case your income increases substantially, you are allowed to increase your EMIs as well. However, this will lead to the disqualification of your loan from the EMI waiver benefit.
In the event of part disbursement, you will need to visit your nearest Axis Bank branch along with the builder demand letter and other related documents such as – disbursement request form.
Eligibility –
Your repayment track should be clean. This means there should be only 3 instances where the dues are pending for a period of 30 days and above but make sure not more than 90 days during the tenure of the loan.
The tenure at the time of disbursement should be at least 20 years.
You should be a resident of India.
To receive the benefits of the scheme, your home loan should be continue for a minimum tenure of 10 Years as calculated from the 1st disbursement.
When applying for the scheme, make sure that there’s no late payment or any other charges left to be paid. All balance should clear to avail the waiver as per the scheme.
Loan to Value Ratio
| Loan Amount | Value of the Property | Margin Money |
| Rs. 30 Lacs to Upto Rs. 75 Lacs | 80% | 20% |
| Above Rs. 75 Lacs | 75% | 25% |
Interest Rates
The applicable interest rates for the salaried individuals are as following –
In order to avail a loan amount of Rs. 30 Lacs, you will be charged an interest rate of 8.35% p.a. (MCLR + 0.20%).
If you are looking to avail a home loan from Rs. 30 Lacs to up to Rs. 75 Lacs, then you will be charged an interest rate of 8.65% p.a. (MCLR + 0.50%).
If you are looking to borrow Rs. 75 Lacs to a maximum of up to Rs. 15 crores, then an interest rate of 8.70% p.a. (MCLR + 0.55%) will be charged.
The interest rate charged from the salaried borrower will be 50 basis points lower than the self-employed borrower.
For all those customers who have availed disbursement or received a sanction prior to March 31, 2016 they can carry on operating on base rate. All the existing customers who are looking to move to MCLR, they get in touch with the customer care team.
Processing Fee – There is a processing fee of up to 1% of the Loan amount subject to minimum of Rs. 10,000.
Prepayment – For floating rate loans, there no prepayment charges.
Late Payment Charges – @24 % per annum, 2% per month
| Switching Fees (Base Rate/BPLR to MCLR)# | When effective rate is to be kept the same – No feesWhen effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/- |
| Switching Fees (Higher Floating Rate to Lower Floating Rate )# | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
Shubh Aarambh Home Loan – This particular scheme is applicable for a home loan of a minimum of Rs. 1 Lakh to a maximum of up to Rs. 30 Lacs. This scheme is exclusively offered only under ‘floating rate’ option.
For a loan amount up to Rs. 30 Lacs, you can avail up to 90% of the documented cost or the market value, whichever is lower.
Your 12 EMIs will be exempted, at no cost, on regular EMI payments as 4 EMIs will be exempted towards the end of 4th, 8th, 12th year.
Loan can be part paid and there are no charges involved here as long as the loan term does not fall below 48 months i.e. 4 years and part prepayments may lead to a decrease in the loan tenure if you make a choice for the same than EMI reduction.
Optional benefit of interest subsidy benefit on qualifying under eligibility criteria of Pradhan Mantri Awas Yojana Scheme.
You can use the home loans to buy an under-construction/ready/resale house. You can also use the loan for self-construction, expansion, and improving the house.
This scheme is offered exclusively under floating rate option. As per this scheme, there will be no changes in the EMI cycle i.e. 5th of every month. No deviations will be permitted.
If you are eligible under Pradhan Mantri Awas Yojana scheme (optional), then you need to submit self-declaration affidavit.
For part disbursement, you will have to visit you nearest Axis Bank Loan Centre along with builder demand letter and other related documents such as disbursement request form for every disbursement request. The disbursal of the funds by the bank will depend on the stage of construction of the property.
According to Axis Bank credit norms, beneficiary can avail a longer tenure beyond 20 years under Pradhan Mantri Awas Yojana, however the subsidy will be limited to a maximum tenure of 20 years.
Balance Transfer facility – You have the provision of transferring your existing home loan to Axis Bank, pay lower monthly instalments, and enjoy significant savings. You have the provision of Income Based Balance Transfer Loans as well.
Eligibility
- You should be a resident of India.
- The tenure at the time of disbursement should be at least 20 years.
- For the salaried individuals, the maximum tenure is 30 years and for self-employed individuals, it is 60 or 65 years at the maturity of the loan.
- It is important that there is no late payment or any other due charges at your end. The waiver will be initiated once all the additional dues have been cleared.
- Your repayment track should be clean. This means there should be only 3 instances where the dues are pending for a period of 30 days and above but make sure not more than 90 days during the tenure of the loan.
- In order to avail waiver benefit, the loan should be live for a minimum period of 48 months from the actual date of disbursement.
Interest Rates –
Interest rates for Salaried individuals are as following –
If you are eyeing to avail a loan amount of Rs. 30 Lacs, then you will be charged an interest rate of 8.35% p.a. (MCLR + 0.20%).
If you are a self-employed individual, then the interest rate will be 50 basis point more as compared to the salaried individual.
If you have availed disbursement or received an approval before March 31st, 2016, you can carry on operating on base rate. If you are an existing customer, if you want to move to MCLR, then you can get in touch with the bank’s customer care department.
There are no prepayment charges for floating rate loans.
There is a processing fee of up to 1% of the loan amount subject to minimum of Rs. 10, 000.
Late Payment Charges- @24 % per annum, 2% per month
| Switching Fees (Base Rate/BPLR to MCLR)# | When effective rate is to be kept the same – No feesWhen effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/- |
| Switching Fees (Higher Floating Rate to Lower Floating Rate )# | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
Asha Home Loan – As per this scheme, the minimum income standard varies from as low as Rs. 8,000 p.m. to Rs. 10,000 p.m. entirely depending on the location. As far as the maximum loan amount is concerned, loans up to Rs. 28 Lakh is offered for all those locations with a population of more than 10 Lakhs and up to Rs. 20 Lakhs for all those locations with a population of up to 10 Lakhs.
Home Loans can be put into use for purchasing an under-construction/ready/resale house. The loan can also be used to repair/extend, and self-construction.
On making regular EMI payments, you get to enjoy waiver of 12 EMIs. In addition, your 4 EMIs will be waived off at the end of 4th, 8th, and 12th year.
You can also opt for part payment of the loan as long as the term does not fall below 4 years.
In addition, avail benefits under Credit Linked Subsidy Scheme under PMAY.
For the loans up to Rs. 20 Lacs, you get to avail up to 90% of the documented cost or market value, whichever is lower. For the loans more than Rs. 20 Lacs and up to Rs. 25 Lacs, 85% of the documented cost subject to 80% of the market value.
For all small spaces/properties beginning at 300 sq. ft. area, you can avail a loan.
An equitable mortgage of the property should be financed by depositing the title deeds in order to secure the loan.
The loan will be disbursed in full or in appropriate instalments, considering the need of funds & the progress of the construction, straightway to the seller or builder or supplier of materials or local development, etc.
Approval Time – The decision will be delivered by the bank within 30 days from the date of receipt of the application, provided the application is duly filled along with all the required documents mentioned in the checklist. The computation of 30 days will begin from the day on which all the required documents, for the apt appraisal of the application, is being provided by the borrower to the bank.
You have the choice of opting for a large base of approved projects of Axis Bank across India.
Loan to Value Ratio
| Loan Amount | Value of the Property | Margin Money |
| Rs. 1 Lac to Upto Rs. 28 Lacs | 85% | 15% |
Eligibility –
- Your repayment track should be clean. This means there should be only 3 instances where the dues are pending for a period of 30 days and above but make sure not more than 90 days during the tenure of the loan.
- The repayment term should not go beyond 30 years.
Balance Transfer – Avail higher loan amount and also make significant savings on interest rates by transferring your existing home loans to Axis Bank. You get to save more by reducing your EMI and interest rates.
Interest Rates –
The interest rate slab is as follows –
- If you are a salaried borrower, for Vanilla variant, you will be charged an interest rate of 9.75% p.a. (MCLR + 1.60%).
- If you are a self-employed borrower, for Vanilla variant, you will be charged an interest rate of 9.95% p.a. (MCLR + 1.80%).
- Being a salaried borrower, for other variant, you will be charged an interest rate of 10.50% p.a. (MCLR + 2.35%).
- Being a self-employed borrower, for other variant, you will be charged an interest rate of 10.50% p.a. (MCLR + 2.35%).
If you have availed disbursement or received an approval before March 31st, 2016, you can carry on operating on base rate. Being an existing customer, if you want to move to MCLR, then you can get in touch with the bank’s customer care department.
Prepayment – For the floating rate loans, there is 0 prepayment charge. However, there will be 2% of the outstanding principal/amount repaid, applicable on Fixed rate loans.
Processing Fee – The processing fee for Asha Home Loan is up to 1% of the loan amount subject to minimum of Rs.10,000.
Late Payment Charges – @24 % per annum, 2% per month
| Switching Fees (Base Rate/BPLR to MCLR) | When effective rate is to be kept the same – No feesWhen effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/- |
| Switching Fees (Floating Rate to Fixed Rate) | 1% on the outstanding principal with a minimum of 10,000/- |
| Switching Fees (Fixed Rate to Floating Rate) | 2% on the outstanding principal amount |
| Switching Fees (Higher Fixed Rate to Lower Fixed Rate ) | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
| Switching Fees (Higher Floating Rate to Lower Floating Rate ) | 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only |
Empower Home Loan – As per this scheme, you get to avail a minimum of Rs. 10 Lacs to a maximum of Rs. 1.50 crore. These loan amounts will be available on floating rate of interest. Maximum of Rs. 1.50 crore in Tier I and Tier II cities, Rs. 50-75 lacs in Tier III cities and Rs. 50 Lakhs in other cities.
Repayment period – The repayment period for Empower Home Loan is 20 years’ subject to the borrower’s age, ideally it should not exceed 65 years at loan maturity.
When you successfully maintain a good repayment record for 24, 36, 60 months from the date of first disbursement to avail 1st, 2nd, and 3rd rate deduction, rest assured you will get three assured rate reductions.
You can use home loans to purchase an under-construction / ready / resale house. In addition, you can also use home loans for self-construction, plot plus construction, home extension & improvement.
You don’t have to pay any charges for early closure.
If you have a part disbursement request, you will have to come to the nearest loan centre of the bank along with the builder demand letter and various other supporting documents such as – disbursement request form.
The disbursal of the funds by the bank will depend on the stage of construction of the property.
You cannot acquire more than one residential property under this scheme. For the second loan, apply under Vanilla Home Product of the bank.
As per this product, the EMI cycle will remain the same i.e. 10th of every month.
Eligibility –
This loan is eligible for all the resident self-employed customers (both professionals and non-professionals).
Cash/credit/overdraft accounts won’t be considered under this product, only current and saving bank accounts will be accepted.
It is important that the bank account is operational for a minimum of 12 months.
Company’s current accounts, where you are a partner, will be accepted along with your personal savings bank accounts. In addition, provided that the property should not be purchased in the name of the company and the company is the guarantor to the loan.
This particular scheme cannot be clubbed with any other scheme.
Interest Rates –
- You will be charged an interest rate of 9.25% p.a. (MCLR + 1.10%)
If you have availed disbursement or received an approval before March 31st, 2016, you can carry on operating on base rate. If you are an existing customer and want to move to MCLR, then you can get in touch with the bank’s customer care department.
Prepayment – For the floating rate loans, there is 0 prepayment charge.
Processing Fee – The processing fee is up to 1% of the loan amount subject to minimum of Rs.10,000.
Late Payment Charges – @24 % per annum, 2% per month
| Switching Fees (Base Rate/BPLR to MCLR)# | When effective rate is to be kept the same – No feesWhen effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/- |
Super Saver Home Loan – As per this scheme, you get to enjoy lucrative savings on the total interest rate payable on the home loan. If you have any surplus funds, you can use it to save on interest while still having the provision of using them whenever you want.
You can avail a home loan amount of Rs. 50 Lacs and above and it is available in Floating Interest Rates only.
For the fully disbursed case, the maximum tenure is 20 years (e.g. Ready for Possession/Resale etc.) and for the partly disbursed case, it is 22 years (Where disbursement to be released in tranches e.g. Under construction properties).
If you avail Axis Bank Super Saver Home Loan, you get to enjoy the following services –
- ATM Card.
- Phone Banking.
- Cheque Book.
- Internet Banking.
How it functions – If you deposit any amount in your Super Saver account once the loan is disbursed, it shall reduce the principal outstanding. In addition, you will only be charged interest on net principal outstanding i.e. loan amount minus any additional funds parked in the account. In case, there are any additional funds parked, you have the facility to withdraw them as per your needs.
Balance Transfer facility
As there are no prepayment charges, you can pay your home loan without making any prepayment charges. If you opt to keep some extra funds in your Super Saver account, it will only help you to make the most of the benefits of prepayment along with a provision of withdrawing them whenever you wish. It is only valid on floating interest rates.
As per this product, the cycle for both principal repayment and interest will remain the same i.e. 10th of every month.
There is two limit reduction option available – EMI Based Reduction and Equated Principal Amortization. As per Equated Principal Amortization, the principal outstanding will reduce by an equal sum on each repayment cycle date. When you divide the total loan amount by number of instalments over the period of the loan, you will have the reduction in the principal amount.
As per EMI based reduction, the sum of the principal and interest component payable on the repayment cycle is equal throughout the loan term. Therefore, the principal component which is repayable by you on a monthly basis is according to the amortization schedule drawn at the start of the loan. The interest component, for both the limit reduction, gets calculated on the net utilized drawing power (i.e. drawing power set in the Super Saver account minus End of Day (EoD) balance of additional funds parked). You cannot shift, between EMI based reduction to Equated Amortization reduction or vice-versa.
Repaying the loan – Make sure you have maintained sufficient amount of funds in your Super Saver account. This will help you to repay the monthly principal and interest repayments. You even have the provision of transferring your funds electronically or deposit a cheque into your account at one of the branches of Axis Bank.
You can optimize your savings on your Super Saver Home Loan account, all you need to do is to park short-term excess funds you have in this account. You should make your Super Saver Home Loan account your key/operative account.
If you have maintained a balance over and above the drawing limit, then in that case, you will not be offered any interest.
If you have issued a cheque, which is due for clearance, on the repayment cycle due date, make sure you maintain a minimum balance for total repayment (both principal & interest) due and cheque amount to ensure that both the transactions get honored.
In case, there is no apt balance in Super Saver account for the repayment, then the account will be charged penal interest @ 24% p.a. or 2% p.m.
You cannot use the ATM Card, provided to you with Super Saver Home Loan account, at merchant outlets.
The amount of time taken by the bank for part disbursement will entirely depend on the category of your property. The bank mainly categorizes a property into APF and non-APF (Approved Project Facility). The time taken by the bank for processing will be –
| Category | Time Taken |
Property part of Approved Project Facility | 3 Day |
| Property not part of Approved Project Facility | 5 Day |
If you want to know more about the approved projects, you can explore the website of Axis Bank under Home Loan page. In case of any clarification, you can use the bank’s phone banking number or you can also write at loans@axisbank.com. You will be intimated on your registered mobile number by the bank.
If the loan is disbursed partly, then in that case the moratorium period of 24 months gets extended. During this period, you don’t have to make any payment towards principal repayment. You only have to pay the interest on the portion of the loan disbursed.
In case the construction progress is not according to the original plan, then in that case, the bank has the right to disburse a lower amount than what was request or may not disburse at all.
You can apply for a Top-Up Loan; you won’t be able to extend the advantages of Super Saver to the Top-Up portion of the loan. Top-Up facility will be offered alongside your Super Saver Home Loan. As far as repayment on your Top-Up Loan is concerned, it has to be regular EMI payments as under a standard Home Loan.
There is no provision of reducing or increasing the monthly limit reduction amount.
You can switch your existing Axis Bank Home Loan to Super Saver only if the loan sanction amount is greater than or equal to Rs. 1 Crore.
Once your loan account is closed, you can have your property documents after 2 weeks from your nearest branch of Axis Bank.
Eligibility –
You should be a resident of India.
It is important to have a co-applicant. In case you are the co-owner of the property in question, then it is important that you should be the co-applicant for the Home Loan. In case you are the only property owner, then in that case, any member of your family can become your co-applicant.
The minimum loan amount should be Rs. 50 lacs.
You cannot use other than Savings or Current account for Super Saver Scheme.
Interest Rate –
- You will be charged an interest rate of 9.25% p.a. (MCLR + 1.10%)
How interest gets calculated?
Interest calculations on the Super Saver account will be made on End of Day (EoD) drawing power set for your Super Saver account minus any additional funds parked in the account. This will lead to savings on the home loan equivalent to the funds parked.
For e.g. You have availed of a loan of Rs. 100 Lacs and you have parked Rs. 2 lacs on an average in the Super Saver account.
The utilized drawing limit in this case will be Rs. 100 lacs minus Rs. 2 lacs i.e. Rs. 98 Lacs. Interest payable at the end of the repayment cycle will be calculated on Rs. 98 Lacs resulting in savings on interest payable on the loan.
Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.
Prepayment – zero prepayment charge for floating rate loans.
Late Payment – @24 % per annum, 2% per month
Switching Fees
- Floating Rate to Fixed Rate – 1% on the Drawing Power with a min of Rs.10,000/-
- Fixed Rate to Floating Rate – 2% on the Drawing Power
- Higher Fixed rate to Lower Fixed rate – 0.50% on the Drawing Power with a min of Rs.10,000/-
- Higher Floating rate to Lower Floating Rate – 0.50% on the Drawing Power with a min of Rs.10,000/-
Top-Up Loan – Get additional finance of upto Rs. 50,00,000, where loan tenure same as the outstanding home loan tenure.
You can avail a Top-up Loan for the following requirements:
- For construction of residential/commercial premises – Permitted
- For personal requirement and business purposes – Permitted subject to condition as mentioned in the affidavit
You cannot avail a Top-up Loan for the following requirements:
- For purchase of another residential/commercial premises – Not permitted
An undertaking cum affidavit to be collected from the borrower specifying the end use of the loan and that the loan shall not be used for any speculation, illegal activities, litigation or any other notorious activities
Eligibility
NRI/Resident Indian can avail of Top-Up Loans based on the following conditions:
- The property is to be owned by an NRI only or in joint ownership (Applicable only for NRI customers)
- Top-up loans can only be extended against complete residential property with no pending post disbursal documentation
- For an existing Home Loan borrower, clear repayment history is important. There should not be more than 1 EMI bounce in the last one year and the same should have been cleared before the next EMI date
- Existing Home Loan customers are eligible for a Top-Up Loan after six months’ clear repayment.
- For a Top-Up loan with takeover of a Home Loan from other bank, one year clear repayment track will be required.
Interest Rate
| Upto 30% of original sanction amount of home loan | Same rate as Home Loan |
| More than 30% of original sanction amount of home loan | LAP rate applicable |
Switching from the floating rate scheme to the fixed rate scheme and vice versa is permissible. If a fixed rate customer wants to reschedule a loan to the present fixed interest rate applicable to the new customers, the same is also permissible. The existing customers can also switch over to the new rate of interest applicable for the new customer. For all of the above changes, a nominal switching fee is applicable.
| Loan Processing Charges | Prepayment Charges for Floating Rate | Prepayment Charges for Fixed Rate | No Due Certificate | Solvency Certificate | Charges for Late Payment of EMI |
| Upto 1% of the loan amount subject to minimum of Rs 10,000/- | Nil | 2% of outstanding principal/amount prepaid | NA | NA | Rs 500 per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s |
Switching Charges
| Charges for changing from fixed to floating rates of interest | Charges for changing from floating to fixed rates of interest | Charges for Higher Fixed Rate to Lower Fixed Rate | Charges for Higher Floating Rate to Lower Floating Rate |
| 2% of the outstanding Loan amount | 1% on the outstanding principal with a minimum of Rs.10,000/- | 0.5% on outstanding principal with minimum Rs.10,000/- | 0.5% on outstanding principal with a minimum of Rs.10,000/- |