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