Axis Bank NRI Home Loan Africa

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.

Types of NRI Home Loans Offered by Axis Bank:

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. 

Features & Benefits of Axis Bank NRI Home Loan:

NRI Home Loan:

• Purpose of Loan – With real estate becoming one of the most prized investment, Axis Bank NRI Home Loans have been tailor made to allow NRIs residing in Africa to purchase a house in India and reap the benefits thereafter.
• Loan Margin – Axis Bank offers a loan margin of 15% on NRI Home Loans up to the value of Rs 20 lakh and a loan margin of 20% for loans which are above Rs 20 lakhs.
• Repayment Options – To make the whole experience of taking a loan easier, Axis Bank offers its NRI customers two different options to choose from when it comes loan repayment. Customers can chose between making the EMI payment either via ECS (Electronic Clearing System, via Standing Instructions (SI) or via Post Dated Cheques (PDCs) drawn on an NRE or NRO Account.
• Term of Loan – You can avail an Axis Bank NRI Home Loan for a term ranging between 1 year up to 25 years. The duration of the tenure can actually help reduce the amount of EMIs, hence bringing down the EMI burden.
• Interest Rate Options – One of the primary benefits of Axis Bank NRI Home Loans are the interest rate options which are available to you. As a home loan applicant, you can choose between a fixed interest rate plan or a floating interest rate plan, as per your requirement.
• Balance Transfer Facility – If you are not satisfied with your current home loan provider and wish to switch to another provider, Axis Bank allows you the facility of balance transfer, which means that you can easily transfer the remainder amount on your existing home loan to Axis Bank and avail the benefits and terms applicable.
• Zero Prepayment Charges – Usually, loan providers require applicants to pay a certain amount if they wish to prepay their loan before the expiry of its tenure. However, another great advantage of taking a home loan with Axis Bank is that there are no loan prepayment charges applicable. Prepay your loan and get rid of EMIs without having to pay any prepayment charges.
• Quick and Transparent Loan Processing – There is no need to wait while the bank takes its own sweet time to process your loan. With Axis Bank, you know exactly what is taking place in the process of the approval of your loan. The entire process has been designed to be quick and minimize any time loss so you can purchase your dream house as soon as possible.
• Chance to Earn eDGE Points – With Axis Bank, you get a chance to earn eDGE Loyalty points as a home loan holder.

Axis NRI Home Loans for Self-employed:

• Purpose of Loan – This home loan is designed for NRIs who are self-employed and can be taken for the purpose of purchasing a house in India, for resale of a house in India, construction of a new house in India, for renovation or improvement to be made to an existing house in India or even to take over an existing home loan taken with another provider.
• Amount of Loan – Applicants can avail this loan to take care of all their home financing needs. This NRI Home Loan is available between the range of Rs 20 lakh and up to Rs 50 lakh.
• Term of Loan – In order to reduce their EMI burden, this loan can be availed for a maximum duration of 15 years.
• Loan To Value – This NRI Home Loan carries a high loan to value proportion, with the objective of providing the maximum finance needed by the applicant. This loan is available for 60% of the property cost of all completed properties or properties which are up to 90% complete but under construction. For all other kinds of properties, loans will be provided for 50% of the cost of property.

Interest Rate for Axis Bank NRI Home Loans:

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:

1. Floating Interest Rate (Base Rate @ 9.50%)

   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%

2. Fixed Rate of Interest – The fixed rate of interest is set at 11.75%.

Axis Bank NRI Home Loans for Self-employed:

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%.

Fees & Charges for Axis Bank NRI Home Loans:

Eligibility for Axis Bank NRI Home Loan:

NRI Home Loan:

The following applicants are eligible to apply for an NRI Home Loan.

1. Profile - Applicant must be a Non-resident Indian (NRI) / Person of Indian Origin (PIO) / Overseas Citizen of India (OCI). This loan is not available for citizens of Bhutan, Nepal, Iran, Afghanistan, China, Bangladesh, Sri Lanka, and Pakistan.
2. Age – The applicant must be a minimum of 24 years of age at the time of applying for the loan. The applicant must not be over 60 years or beyond the age of retirement, whichever occurs earlier, at the time of the end of the loan term.
3. Work Experience – All NRI Home Loan applicants must have a minimum work experience of 6 months overseas, and a total overseas work experience of not less than 2 years.
4. Minimum Income – All NRI Home Loan applicants must adhere to the minimum income criteria in order to avail this home loan. Those residing in GCC countries must have a minimum income of AED 5000/- per month (or equivalent), for those residing in the U.S and other countries, they must have a minimum income of USD 3000 per month (or equivalent). For Home Loan applicant who are employed in the Merchant Navy, they must have a minimum monthly income of USD 2000 for at least 9 months.

Axis bank NRIs Home Loans for Self-employed:

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.

1. Age – Any self-employed NRI between the ages of 24 years to 60 years can apply for this loan. Applicant must not be above 60 years of age at the time of loan maturity.
2. Loan Margin Money – The loan margin amount must be paid by the applicant via a banking channel.
3. Income – The applicant must have at least one active and operative Overseas Account and one NRO or NRE Account for a minimum of one year. Overseas Account statement for a minimum of one year must be submitted.

FAQs:  

• 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.