Axis Bank offers home loans with great features and benefits like: attractive housing finance rates, balance transfer facility, doorstep service, nil prepayment charges and quick and transparent processing. You can find your eligibility for an Axis Bank home loan by filling in a short form. Axis Bank also offers eligible customers instant e-approval on home loan applications on BankBazaar.com. View details below.
You’re probably eligible for an Axis Bank Home Loan if you are
At least 24 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Earn more than the minimum
Your Axis Bank Home Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped @ 85% of property value
EMIs of other loans lower
Increase your eligible Axis Bank Home Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 30 years
Alternatively add your parents
Documentation needed to apply for an Axis Bank Home Loan
- 1. Signed application form with photograph
- 2. ID and residence proof
- 3. Processing fee cheque
- 4. Last 6 months bank statements
- 5. Documentation for salaried applicants:
- Last 3 months salary-slips
- Form 16 along with recent salary certificate
- 6. Documentation for self-employed applicants:
- Last 2 years Income Tax Returns
- Last 2 years computation of income
Axis Bank Home Loan Interest RatesUpdated on 01 Sep 2015
|Interest Rate||9.85% to 11.75% (Floating Rate)|
|Processing Fees||0.50% of the loan amount or Rs.10,000 whichever is maximum|
|Loan Tenure||1 year to 30 years|
|Partial pre-payment Charges||Nil|
|Guarantor Requirement||No Guarantor Required|
Buying a home at the time of a financial crunch is one of the biggest concerns of the Indian middle class. However, with different types of home loans available in the market, it has become quite easy for people to buy their dream home.
Home Loans from Axis Bank
Axis Bank has always been known for its commitment to its customers. Hence, the home loan provided by Axis Bank is also known for its feasibility and different benefits. The maximum repayment period for an Axis bank home loan is 30 years.
The limits on the loan amount are as follows:
|1.||Minimum - Rs.3 Lakhs||-|
|2.||For Loan up to Rs. 20 Lakhs||15%|
|3.||For Loan above Rs. 20 Lakhs to up to Rs. 75 Lakhs||20%|
|4.||For Loan above Rs.75 Lakhs||25%|
The documents required for applying for the loan are:
- Properly filled application form with photograph.
- ID proof, address and residence proof.
- Income proof (for self employed copy of ITR for last 2 years and CA certification of last 2 years income and if salaried then Form 16 with a recent salary certificate or last salary slip, showing all deductions done).
- Last 6 months bank statement.
Although a guarantor is not required for home loans, in some cases the bank may need a guarantor form to be signed.
The disbursement of the loan is done in installments after judging the amount of funds needed along with the progress of the construction. The disbursement can be done to the supplier of materials or builder or seller of property or local development authority.
Why apply for an Axis Bank home loan through BankBazaar?
Any customer can apply for an Axis bank home loan through BankBazaar. Being one the leading websites, BankBazaar is associated with the major players in the banking sector. The customer can easily compare the interest rates and different schemes available while looking for an Axis bank home loan on BankBazaar. Apart from this, it also saves a lot of time for the customer as he/she is able to get the required information with the click of a few buttons. Prospective home loan customers can easily check their eligibility and monthly EMI through the home loan EMI calculator on BankBazaar.
New Axis Home Loan Interest Rate:
If the axiom that ‘no home loans are created equal’ holds right, then Axis Bank Home Loan is definitely one of the privileged leaders of the pack, offering interest rate starting from 9.95% to 12.05% (floating rate), a definite cost-conscious option, and commanding massive homegrown interest.
Features of Axis Bank Home Loan
- Balance Transfer: For any existing home loan customer, Axis bank provides the facility of balance transfer. Be it any bank, Axis bank will readily accept the transfer after the necessary formalities have been completed.
- Attractive Interest Rates: The interest rate on Axis bank home loans is comparatively low in the market. This ensures that the customer has more to save even after paying the monthly EMIs. Depending on the loan amount, the rate varies from 10.25% to 10.75% p.a.
- Service on the Doorstep: Most of the times, the working class does not have time to visit the branch to inquire about a home loan. Understanding this issue, Axis Bank provides the facility of doorstep service, wherein a loan executive will visit your house at a convenient time given by you.
- Flexibility Interest Rates: For any person who understands the financial market, Axis Bank provides the facility of choosing between floating and fixing rates. The customer can easily choose any one, depending on the movement of the interest rates in the market.
- Hassle free Documentation: The biggest fear among any loan applicant is the documentation involved in the procedure. However, this is one of the easiest parts of availing an Axis Bank home loan as there is very less documentation involved. The processing of the loan also does not take much time, which ensures better satisfaction.
The eligibility criterion for Axis bank home loan is based on income and age. For salaried persons, they should be working in a reputed firm or government organization. In the case of self employed, any person filing ITRs for the past 2 years can apply. The age for all individual applying should be above 24 years and less than 60 years for salaried and 65 years for professionals (doctors, CAs, management consultants) and self employed.
News About Axis Bank Home Loan
Axis Bank, Lakshmi Vilas Bank Follow Suit, Trim Base Rates
The recent directive by the RBI instructing banks to lower base rates has been met with almost instant compliance. Soon after the regulator issued its monetary policy statement for the ongoing fiscal year, major banks like SBI, HDFC and ICICI slashed their interest rates with immediate effect. Next to follow suit was Axis Bank, who snipped its base rates by 20 bps and is currently offering a revised interest rate of 9.95%. Lakshmi Vilas Bank too trimmed its base rate by 15 basis points and will bring a new rate of 11.10% into effect by April 14, 2015.
Given that deposit growth is currently at an all-time low, at 11.4%, and with small savings offering an interest rate of 8.75%, attracting deposits has already become a challenge for banks. Considering this reason, analysts are predicting further rate cuts to be highly improbable in the near future.
28th April 2015
Axis Bank aims at Affordable Housing Segment with Fixed Home Loans
Axis Bank, the third largest private sector lender in India, has introduced a fixed interest rate home loan scheme in a view to increase its focus on the affordable housing segment. This fixed home loans plan can be availed for loans up to Rs.65 lakhs in metros and Rs.50 lakhs in other locations. This is for a tenure of 20 years at 10.4% interest. Axis Bank also has another comprehensive home loan product that can be accessed for amount more than Rs.50 lakhs with 11.75% interest.
After recently raising Rs.5700 crores by selling infrastructure bonds, Axis bank has planned to concentrate on affordable housing segment. Because interest rates can unpredictably swing upwards in coming years, locking in to fixed rate loan schemes would give a great financial edge to the borrower.
27th February 2015
Axis Bank Home Loan interest rate at 10.50 for next 20 years
Axis Bank home loan is now available at an unbelievable offer of 10.50 percent interest rate for home loan of twenty 20 years tenure. The offer is only for a limited period of time and is looking to shake up the affordable home loan segment which is applicable for all home loans up to 50 lakhs. The dhamaka offer is just a shade of 25 bps, or 0.25 per cent above its current lending rates.
Axis Bank President for Retail Lending Jairam Sridharan said the decision behind the offer was taken in consideration with principles. Yes, the company had to choose between bearing the cost on its own or passing it on to the customer.
The one of a kind loan offers also has the flexibility of switching from fixed to floating rate of interest for a nominal fee and also has foreclosure benefits at the cost of 2 percent of the balance loan amount. Axis bank also clarified that the RBI mandate for zero pre-closure charges is only applicable for floating rate home loans and not fixed rate home loans.
10th December 2014