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Having a home of one’s own is a dream for almost all of us. While for those who live in India, this dream is relatively easy to achieve than for those Indians who reside overseas. The emotional bond one has with their motherland is a special one. However, to buy a house in India might be an especially difficult task for an NRI, given that they don’t reside in the country. The various tasks involved in the process of purchasing a house like finding the ideal location, ascertaining the credibility of the builder/architect, documentation and paperwork, fulfillment of legal requirements, gathering the necessary finances can be extremely challenging for an NRI looking to purchase a house in India. To help you give wings to your dream of owning a house, Axis Bank presents special NRI Home Loans, designed specially for NRI applicants who reside in Africa. With an insight into the challenges faced by the NRI population, when it comes to purchasing property in India, Axis Bank presents home loans which have been tailor made to help you overcome the challenges mentioned above and many such more. These loans offer multiple benefits like attractive interest rates, quick loan processing, minimal documentation, flexible tenures, and many more such features.
Axis Bank offers flexible and affordable home loans to its NRI customers residing in Africa. The first type is a basic home loan which can be availed by NRIs in general. The second type of home loans offered by Axis Bank is the Home Loan designed specially for self-employed NRIs. Both these loans carry special benefits designed to provide maximum comfort and advantages to NRIs looking to purchase a property or house in India.
NRI Home Loan:
|Loan Disbursal Amount Less than Rs 25 lakhs||500 Points|
|Loan Disbursal more than 25 lakhs but below Rs 75 lakhs||1000 Points|
|Loan Disbursal Above Rs 75 lakhs||2000 Points|
|Points on every loan anniversary i.e. 1st, 2nd, 3rd, 4th, etc.||100, 200, 300, 400, 500 and so on, respectively|
Axis Bank offers Fixed and Floating rate of interest on their NRI Home Loans so customers can benefit from the favorable market conditions. Following are the fixed and floating interest rates applicable on the NRI Home Loans.
NRI Home Loan:
|Loan Amount||Base Rate + Mark Up||Effective Rate of Interest|
|Up to Rs 28 lakhs||Base Rate + 0.10%||9.60%|
|Loans Above Rs 28 lakhs||Base Rate + 0.15%||9.65%|
Self-employed NRIs can avail this home loan on a floating interest rate plan. The Base Rate (BR) applicable on the floating interest rate plan is fixed at 9.50%. For loans up to Rs 28 lakhs, interest will be applicable at the rate of BR + 0.95%, which is 1.45%. For loans above Rs 28 lakhs and up to Rs 50 lakhs, interest will be applicable at the rate of BR + 1.00%, i.e. 10.50%.
|Change from Fixed Rate to Floating Interest Rate||2% of Outstanding Loan Amount|
|Charges for changing from Floating to Fixed Interest Rate Plan||Min. Rs 5000 or .5% of outstanding loan amount, whichever is higher.|
|Loan Processing Charge||Up to 1% of approved loan amount (minimum Rs 10,000).|
|Repayment Instruction Return||Rs 500 per instance|
|Cheque / instrument return||Rs 500 per instance|
|Duplicate Statement Issuance||Rs 250|
|Duplicate Amortization Schedule Issuance Charges||Rs 250|
|Duplicate Interest Certificate Issuance||Rs 250 / per instance|
|Credit Report Issuance||Rs 50 + GST/ per instance|
|Issuance of Title Documents copy||Rs 250 / per instance|
NRI Home Loan:
The following applicants are eligible to apply for an NRI Home Loan.
Work experience – All self-employed NRI Home Loan applicants must have a minimum work experience of 5 years, out of which they must have a minimum work experience of 3 years in one country. They must provide documentary proof for this experience.
Are there any prepayment charges applicable on Axis Bank NRI Home Loans?
Yes, the Axis Bank NRI Home Loan charges loan prepayment fees only on home loans which are taken with the fixed interest rate plan. A prepayment fee will be charged at the rate of 2% + GST. There are no prepayment charges levied on NRI Home Loans taken with the Floating Interest Rate Plan.