Axis Bank Home Loan Apply Online, Check Interest Rates, Eligibility, and Other Details

Axis Bank Home Loan is one of the top home loans provided in India. Axis Bank Home Loan provides its customer a number of loan options and lowest interest rates which makes Axis Bank Home Loans more reliable. More details on Axis Bank Home Loans are given in the article, check and be benefited.

Updated: May 25,2020 12:59 IST

Hari Aditya

Axis Bank Home Loan Apply Online, Check Interest Rates, Eligibility, and Other Details

Introduction of Axis Bank Home Loan 

Axis Bank is rated as the third largest bank in India with services extended in the field of banking and finances. Along with other services, its one of the major financial service is Axis Bank Home Loans. Axis Bank provide Home Loans in both urban and rural sectors and has best offers of home loans based on the customer needs. Check various types of Axis Bank Home Loans, Eligibility, Interest Rates and more details in the content below. Some of the key details of Axis bank home loan are given in the below table.
 

Interest rate

8.35%-11.75%

Processing fees

0.5% of loan amount

Minimum Rs.10000

Loan amount

Rs.3 lakhs to Rs.150 lakhs (Depends upon the income)

Loan tenure

Upto 30 years

Pre-payment charges

Nil

Guarantor requirement

Not Required

What is Axis Bank Home Loan Interest Rate?

Axis Bank provides best interest rates on it’s Home Loans based on the type of loan and the interest rates are decided based on two categories i.e. (i) Salaried Individual and (ii) Self Employed Individual. Apart from the above mentioned categories home loan interest rates are fixed and floating. Check below the Axis Bank Home Loan Interest Rates given the table below.
 

For Salaried Individuals

 

Loan Amount

Effective Interest Rate

Floating Rate

Loan amount upto Rs. 30 lacs

8.40% p.a.

Loan amount upto Rs. 75 lacs

8.65% p.a.

Loan amount above Rs. 75 lacs

8.70% p.a.

Fixed Rate (20 yrs)

All loan amounts

11.75%

For Self Employed

Floating Rate

Loan amount upto Rs. 30 lacs

8.45% p.a.

Loan amount upto Rs. 75 lacs

8.70% p.a.

Loan amount above Rs. 75 lacs

8.75% p.a.

Fixed Rate (20 yrs)

All loan amounts

11.75%

What are the Processing Fees and Other Charges Related to Axis Bank Home Loan?

While going for a home loan apart from choosing the right interest rate, one should also check on other charges related to the home loan. Sometimes lower interest rates are associated with higher related charges. Check the table below for other charges related to Axis Bank Home Loans.
 

Processing Fees

Up to 1% of the loan amount/minimum of Rs. 10,000/-

Penal Interest Rate

@ 24% p.a., 2% per month

Repayment Instruction/Cheque Return charges

500/- per instance

Cheque/Instrument Swap Charges

500/- per instance

Duplicate Statement Issuance charges

250/- per instance

Duplicate Interest Certificate

250/- per instance

Issuance charges of credit report

50/- per instance

Charges for photocopy of title documents

250/- per document

Prepayment charges including part prepayment for floating rate loan

NIL

Prepayment charges for fixed rate loan

2% of the principal outstanding

What are the Different Types of Axis Bank Home Loans? 

Your dream home is not far away. Axis Bank provides various types of home loans with affordable interest which best suits your needs and budget. Axis Bank also provides customisation of your home loans. Find below the different types of Home Loans provided by Axis Bank.
  • Fast Forward Home Loan
  • Shubh Aarambh Home Loans
  • Asha Home Loan
  • Axis Bank Home Loan
  • Empower Home Loan
  • Super Saver Home Loan
  • Top Up Home Loan
  • Pradhan Mantri Awas Yojna

Key Details of Axis Bank Home Loans

Axis bank provides different types of home loans for their customers to choose according to their needs. Interest rates, loan amount limit and maximum loan tenure varies according to the type of home loan and other influencing factors like the income of the applicant. A detailed overview on different type of home loans provided by Axis Bank is provided in the table below.
 

Home Loan Name

Loan Amount

Interest Rate

Maximum Tenure

Fast Forward Home Loan

Minumum: Rs. 30 Lac
Maximum: Depends on combined income

Floating

30 yrs

Shubh Aarambh Home Loans

Minumum: Rs. 1 Lac
Maximum: Up to Rs. 30 lacs

Floating

Up to 30 yrs

Asha Home Loan

Minumum: Rs. 1 Lac
Maximum: Up to Rs. 28 lacs

Floating and Fixed

30 yrs

Axis Bank Home Loan

Minumum: Rs. 3 Lac
Maximum: Depends on combined income

Floating and Fixed

30 yrs

Empower Home Loan

Minumum: Rs. 50 Lac
Maximum: Up to Rs. 150 lacs

Floating

15 yrs

Super Saver Home Loan

Minumum: Rs. 50 Lac
Maximum: Depending on the combined income

Floating

20 yrs - for full disbursed
22 yrs - partly disbursed

Top Up Home Loan

Maximum: Rs. 50 lacs

Up to 30% of original sanction amount of home loan

Same as outstanding home loan tenure

Pradhan Mantri Awas Yojna

Subsidy given on loan amount against each category

Floating and Fixed

Up to 20 years of loan

What are the Documents Required to Obtain Axis Bank Home Loan?

The documentation works is one of the major part of applying for a home loan. All necessary documents should be submitted by the applicant for the approval of the home loan. The documents to be submitted are is slightly different for Salaried and Self-Employed applicant.

Documents needed for Salaried Applicant

  • Proof of identity - Valid passport, Voter’s ID, Valid Driving License with photograph, PAN Card, Aadhar Card
  • Proof of Income
    • Latest 3 months salary slip/certificate for fixed salary/Latest Form 16
    • Last 6 months bank statement/Passbook of the salary account
  • Proof of Residence - Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill (Not more than 2 months old)/Passport/Aadhar card/Voter ID/Driving  License 

Documents needed for Self-Employed Applicant

  • Proof of identity - Valid passport, Voter’s ID, Valid Driving License with photograph, PAN Card, Aadhar Card
  • Proof of Income
    • IT-returns for the last 2 years along with computation of income certified by CA 
    • Last 6 months Bank statement for operative account both personal and business
  • Proof of Residence - Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill (Not more than 2 months old)/Passport/Aadhar card/Voter ID/Driving  License

What is the Eligibility Criteria to Obtain Axis Bank Home Loan?

There are certain eligibility criteria fixed by Axis bank to approve the home loan amount applied by the customer. Factors upon which banks consider the eligibility are:
  • Income of the applicants
  • Age of the primary applicant
  • Number of dependants
  • Assets and liabilities of the applicant
  • Stability of the applicant’s occupation
  • Credit Score of the applicant

What are the Features of Axis Bank Home Loan?

Axis Bank renders complete banking solutions to the people and provides home loans at attractive interest rates. Axis Bank has set up many branches all over the country and ensures easy accessibility. The special features and advantages of Axis Bank Home Loan are listed below.
  • Smaller EMIs - You can space out your payments and can avail smaller EMIs paid over longer loan tenure
  • Loan Amount - Minimum of Rs. 3 lakhs to Maximum amount based on the combined income being approved
  • Prepayment Charges - Floating Rate Loan: Nil; Fixed Rate Loan: 2% of outstanding principal amount prepaid.
  • Interest rate can be choose between fixed and floating.
  • Resident Indians are eligible for tax benefits on both principal and interest of a Home Loan under Income Tax Act.

What are the Different Ways to Apply for Axis Bank Home Loan?

With proper documents and fulfilment of eligibility criteria of Axis Bank Home Loan, one can easily apply for home loan given by Axis Bank. One can apply for Axis Bank Home Loans in any of the ways given below.

What are the Reasons for Axis Bank Home Loan Getting Rejected?

When an application for Axis Bank Home Loan is submitted, there are certain chances for rejection of loans due to any of the below listed reasons. 
  • A low credit score is the first major reason for Axis Bank Home Loan rejection
  • Based on the repayment capacity - lower repayment capacity leads to rejection
  • Improper document submission
  • When there is no modes of income/losing job/loss in business/etc
  • If you have existing loan and your liability is higher than your income or repayment capacity
  • When applied loan on a particular house or plot or land does not fit company policies

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Axis Bank Home Loan - FAQ

1.

How does Axis Home Loans work?

Axis Bank Home loans allow you to buy your preferred property with a lump-sum advance of money, the balance would be repayable with interest. However, you can re-pay the advanced sum through EMIs (Equated Monthly Installments), helping you to comfortably and structurally approach the fulfillment of your home vision.

2.

How to apply for a home loan in Axis Bank?

Applications for home loans typically follow a process such as:

Application: You will have to apply for a home loan, this can be done online or at bank branches/credit centres.

Loan Sanction: The bank shall approve your loan sum after submission of your application and examination of the requisite KYC and financial stability documents.

Review: Once the loan has been sanctioned, the documents relating to the property to which your loan is sought will have to be submitted for technical and legal review.
Approval & Disbursal: The bank will approve and disburse your loan upon validation of your loan amount and the property being sought. You could have your Axis Bank Home Loan Approved in 15 days with the proper documents and prompt follow-up!

3.

What are the tax benefits on Axis Bank home loans?

The provision of a house loan can give you the following tax benefits

  • Pursuant to section 80C of the Income Tax Act 1961, repayments (EMIs) to the principal loan sum used are liable for a tax deduction up to Rs 1.5 lakh. While Article 24(b) of the Income Tax Act 1961 provides for a deduction up to Rs. 2 lakh per annum on the interest portion of home loan EMIs. However if the purchased house is a "let out property" i.e. is rented out. The deductions can refer to all interest due.
  • In addition, first-time homebuyers will be liable for additional deductions under Section 80EE, up to Rs.50,000/- a year after the interest cap has been reached under Section 24(b)
  • For loans made for the redevelopment, reconstruction, or renovation of the property, the amount eligible for tax deduction shall be set at Rs.30000 regardless of whether it is used to stay or to let out.

 

4.

Can I even take advantage of Home Loan improvements or Home Extension?

Yes! You can avail of an Axis Bank Home Loan from for any of the following:

  • Purchase of a home.
  • Construction of a home.
  • Home repairs.
  • Home improvements.
  • Home extension
5.

What conditions would Axis Bank accept when deciding on my eligibility for a Home Loan?

Among the various considerations considered by Axis Bank when assessing eligibility for Home Loans are:

  • The income of all applicants.
  • Age of the primary applicant.
  • Number of dependents that the applicants have to support.
  • Assets and liabilities of the applicants.
  • Stability and continuity of the primary applicant's occupation.

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