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  • Asha Home Loan

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Home Loan BYTES FROM OUR KITCHEN

    Asha Home Loan

    “A home is never small” ~ Axis Bank”

    One of the key hurdles to purchasing a home of your own is amassing the pile of cash required for a down payment. By some guesstimates, it can take at least a few years to get your hands on a decent 10 to 15 percent. As the Reserve Bank of India introduced several new guidelines like lowering of interest rates and EMIs for housing loans, potential home buyers with less bucks in their account to put down for that hefty first payment, are now spoilt for reasonable choices.

    Asha Home loan is a customized financial product explicitly made for Axis bank clients to fulfil their dream of owning a house. With a bunch of tailored options including the ambitious Asha Home Loan Scheme, it didn’t take the bank long to become one of the biggest players in the House Loan Business. And the reason why this scheme hit off with customers is that it plays to the tune of your career and monthly income purely based on your banking history and credit score.

    Features & Benefits:

    • Purpose of Asha Home Loan: Asha home loan is your ticket to purchase a ready home or construct your own house. You can use it to buy a property under construction or a one put up for resale. Loan is also offered for plot purchasing and renovation of your current house.
    • Loan Term: 30 years with a higher eligibility.
    • Loan Sum: Minimum loan amount granted by Axis bank as per the Asha home loan scheme is one lakh. But you can avail up to ninety percent of the property price for loans up to twenty lakhs. You can apply for a maximum of 28 lakhs.
    • Affordable Interest Rates: Asha Scheme doesn’t believe in draining the borrower to the point of ‘peace of mind vs owning a house’.
    • Transfer your balance without stress: If you had already taken another house loan from another financier, you can easily consolidate it with the Asha home loan if you have an impeccable repayment track record.
    • Security: Rightful mortgage of the house or land to be bankrolled by way of depositing the title deeds.
    • Payout Procedure: The entire loan amount will be paid either in one go or partially, considering the requirement of funds for construction or purchase, as evaluated by Axis Bank. The money will be transferred directly to builder, seller (of house, materials etc.) or local development authority.

    Asha Home Loan Eligibility & Documentation:

    To avail Asha Home Loan, your joint family income need be only INR 8000 per month based on where you live. This is really nominal when compared to schemes offered by other banks.

    Purpose Salaried Self-employed/ Freelance Professional
    Identity Proof Passport/ Driving License/ Employment Id Card (NREGA)/ Voters Id/ Adhaar Card/ PAN Card Passport/ Driving License/ Employment Id Card (NREGA)/ Voters Id/ Adhaar Card/ PAN Card
    Address Proof Passport/ Driving License/ Employment Id Card (NREGA)/ Voters Id/ Adhaar Card/ Rental Agreement Passport/ Driving License/ Employment Id Card (NREGA)/ Voters Id/ Adhaar Card/ Rental Agreement
    Income Proof Salary Slips, Income Tax Return Papers IT Returns, P & L accounts & B/S, Bank Statements for the last 6 months

    Asha Home Loan Rate of Interests:

    Fixed Rate of Interest for Asha Housing Loan is at 11.75 percent per annum.

    Floating Interest Rate Base Rate + Mark-up Effective Rate of Interest Per Annum
    Salaried Base Rate + 0.60% 10.45%
    Entrepreneurs/ Freelance Professionals Base Rate + 0.85% 10.70%

    Fees & Charges:

    Charge Description Sum (INR)
    Processing Charges or Admission Fee One percent of the loan amount, not less than INR 10,000
    Repayment Instruction/Instrument Return charges INR 500 per case
    Cheque/Instrument Substitution charges INR 500 per case
    CERSAI Charges INR 500
    Charges for issuing Copy of Statement INR 250 per case
    Charges for issuing Copy of Amortization Schedule INR 250 per case
    Charges for issuing Copy of Interest Certificate (Provisional/Actual) INR 250 per case
    Charges to get copy of title documents INR 250 per document set
    Charges levied for requests for copies of documents by the client INR 250 per document set
    Charges to issue Credit Bureau Report INR 50 per case
    Advance Payment Penalty for Fixed Rate Loan Two percent of remaining principal sum that is prepaid
    Fine for Late EMI Payment INR 500 per cheque bounce and a punitive interest at the rate 24% annually i.e. 2% per month on the unpaid installment/s
    Converting Fees (Floating to Fixed Rate) 1% on the remaining principal (not less than INR 10,000)
    Converting Fees (Fixed to Floating Rate) 2% on the due principal sum
    Converting Fees (Higher Fixed rate to Lower Fixed Rate) 0.5% on due principal with minimum INR 10,000
    Converting Fees (Higher Floating Rate to Lower Floating Rate) 0.5% on due principal with a minimum of INR 10,000

    Asha Home Loan New MCLR:

    Fixed Rate of Interest for Asha Housing Loan by Axis Bank is at 11.75% per annum. Floating rate of interest is dependent on the Marginal Cost of Funds-based Lending Rate (MCLR) from April 1, 2016. The 6-month MCLR, which is the rate on which Axis Bank home loans are based, is 9.3% currently. The spread above MCLR on home loans is as below:

    Customer type Floating interest rate
    Salaried 9.95% (MCLR + 0.65%)
    Entrepreneurs/Freelance Professionals 10.15% (MCLR + 0.90%)

    FAQs:

    1. Can I apply for a Home Loan at fixed rate with term of 25 years?

      Under this scheme, fixed rate loans are usually offered only if the loan is taken for a term period that does not exceed 20 years.

    2. I work at a private company and I get my salary in cash. Am I eligible to apply for Asha?

      Certainly. Axis bank is liberal in its outlook and does not hesitate to extend Home Loans to salaried people who receive their payment in cash.

    3. How can I get my next pay out?

      You can get your next pay out by submitting a duly filled and signed Disbursal Request Form (DRF), letter from the builder and other building-related bills.

    4. How long will Axis Bank take to make the disbursement?

      Properties (plot, under-construction houses, resalable house etc.) are categorized into two- Approved Project Facility or APF and Non APF. It will take 5 working days if the project is approved and 7 working days if it is not.

    5. How can I know if the property I want to avail loan for comes under Approved Project Facility or not?

      You can check the bank’s Home Loan Page under which you will find the list of all Approved Projects.

    Asha Home Loan Reviews

    • Axis Bank Home Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      The experience with them had been very good so far with them. The customer support has not been up to the mark. It will not be recommendable to any of my friends. It has been taken more time than the usual. The rate of interest has been good with them. But the loan amount which they had provided had been not satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 08, 2018
    • Axis Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost 9-10 years back. It has been an easy process in taking this loan amount. The rate of interest which they had been charging had been very less compared with the market. Their customer support also had been good, and i am satisfied with the loan amount which they had provided with and it has been as per the requirement.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 05, 2018
    • Axis Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience has been very good with them so far and the rate of interest which they had been offering also had been very good as well. It took nearly a week in receiving the loan amount and everything went well and there has not been any issues faced so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 30, 2018
    • Axis Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan was taken with AXIS BANK 1.5 years back. The loan amount was 20 lakhs and the interest rate was 8.8% which is bit high and the tnrue period was 25 years . The process was very smooth and the loan was approved on time .I had a very good experience here overall.
      Was this review helpful? 0
      , chennai
      Reviewed on May 30, 2018
    • Axis Bank Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a home loan from the Axis bank. It was tedious process, loan process was very slow.The application and the documentation was also not so fast. The communication part was also not prompt. Overall it was not a smooth experience at all if you compare with other banks in the market.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • Axis Bank Home Loan
      "Average Home Loan"
      0.5 2.5/5 "Just OK"
      Each and everything they want money only. I have applied a home loan of Rs.21 lakhs. They charged me a processing fee of Rs.12000. Interest rate they provided is quite high which is 11.75%. I used to pay the EMI of Rs, 19000. I have to pay the EMI for 7 years. It is not much easy to get the Home loan. They have agent to approve the loan quickly. Within 15 days i got my Home loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2018
    • Axis Bank Home Loan
      "Satsified Service"
      0.5 4.0/5 "Great!"
      I am overall satisfied with the services of AXIS bank for home loan, the process was very lengthy and it took more than 1 month to receive the loan. The rate of interest was nominal when compared to other banks. Customer service is up to the mark and their response was delayed.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • Axis Bank Home Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have applied my HOME LOAN from this bank and i have got it very easily. When i applied for the loan i have got my lolan with in 1 month. The rate of interest what they provided to me is little high and the percentage is that 9.5%. I have chosen for the floating interest, i have to pay it for 20 years and i paying from last 2 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 10, 2018
    • Axis Bank Home Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have my home loan with AXIS Bank which was taken 2.5 years back. The loan amount was 23 lakhs and the interest rate was 8.5% which is average . The tenure period was 15 years . The process was really good and the documentation process was really easy but The fees and charges are very high.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
    • Axis Bank Home Loan
      "Process is good"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Axis Bank and the process to get the loan was good. They have been on time to contact me and collect my paper work. The interest rate and processing charges are also good. The after loan services are also good and smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 11, 2018
    • Axis Bank Home Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      I had taken a Home loan from the Private sector bank AXIS BANK. They sanctioned my promised principle loan amount with in short period. The principle loan amount is 17 lakhs. The customer support is good and well responsive. I can say the process is very fast.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 10, 2018
    • Axis Bank Home Loan
      "It's a fraud bank"
      0.5 0.5/5 "Unacceptable"
      I have a home loan from axis bank. Be aware of these frauds from axis bank. What they commit and what do was totally different, And later bank refused to help. It was a balance transfer and they had committed that tenure will be 30 years with ROI 8.35 with certain top up amount. Later processed my loan for 20 year tenure while my loan in previous bank was for 30 year. Later they refused to disburse complete top amount and also increased ROI. When I contacted their customer care, there regional head nothing happened. They simply refused to help. Guys beware of these frauds.
      Was this review helpful? 0
      , indore
      Reviewed on Apr 04, 2018
    • Axis Bank Home Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have got good service from Axis on my home loan application. They have disbursed the loan amount within 10 to 15 days of time. The customer support service is good with the Axis bank. The rate of interest and the charges were average with the axis bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 27, 2018
    • Axis Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have got the home loan from the AXIS BANK around 5 years ago. The customer support was good with the AXIS BANK and they gave good support in getting the home loan from the AXIS BANK, The rate of interest and the charges are average with the AXIS BANK and I have got the floating interest rate from the AXIS BANK.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 15, 2018
    • Axis Bank Home Loan
      "Home Loan with AXIS bank"
      0.5 4.0/5 "Great!"
      I have taken a Home loan from AXIS bank and the approved loan amount is 64 lakhs. The monthly EMI comes around 55700 with a rate of interest of 9.6% at the starting and now it has been changed to 8.4%. The total tenure was for 30 years. There was some processing fee .The customer service and response is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 08, 2018
    • Axis Bank Home Loan
      "Good. Can work more fast in the process"
      0.5 4.0/5 "Great!"
      My home loan is with Axis Bank and the process was not quick, it took me three months. The documentation was also not collected at one go. I had to keep submitting my paper on and off in the process. The rate of interest is around 8.35%. The processing charges was around 5K.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 27, 2018
    • Axis Bank Home Loan
      "Home Loan with AXIS"
      0.5 5.0/5 "Blown Away!"
      From AXIS i have taken a home loan. The approved loan amount was 25 lakhs. The monthly EMI comes around 23000 with a rate of interest of 8.35%. The total tenure was for 15 years. The experience was good with AXIS. The documentation process was also good.
      Was this review helpful? 0
      , surat
      Reviewed on Feb 17, 2018
    • Axis Bank Home Loan
      "Good. Can be more lesser in ROI"
      0.5 4.0/5 "Great!"
      I have taken my home loan from Axis Bank initially and there are no hassles for the approval. It was a pre approved loan and they always have offers for me. The rate of interest and processing charges are high. So I had to transfer the loan to another bank. The services and response is good overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • Axis Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It took around a month time to disburse the loan amount from the Axis bank. The Axisd bank executives came to my place to collect the documents. The required loan amount has been given and I am satisfied with it. The rate of interest is average as per the market rate.
      Was this review helpful? 0
      , vadodara
      Reviewed on Feb 14, 2018
    • Axis Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I taken home loan from axis bank and they offered me 32 lakhs. They charged 8.9 percent interest rate for my loan and they gave a loan for the period of 5 years and I am very much happy for taken loan in axis bank because other banks are not providing me this much of loan amount with less amount of interest rate.
      Was this review helpful? 0
      , indore
      Reviewed on Feb 05, 2018
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