Non-Resident Indians (NRIs) living in Singapore can apply for the Axis Bank NRI Home Loan to purchase a home in India. Choose from floating and fixed interest rate packages starting from 8.90% p.a. Fixed rate loans are currently charged 12% p.a. as interest. Processing fees are up to 1% of the loan amount, out of which Rs.2,500 will have to be upfront and is not refundable.
|NRI Home Loan Interest Rates||Floating rate-
Up to Rs.30 lakh- 8.90% p.a.
Rs.30 lakh to Rs.75 lakh- 9.05% p.a
Above Rs.75 lakh- 9.10% p.a.
Fixed rate (20 years)- 12% p.a.
Up to Rs.30 lakh- 8.95% p.a.
Rs.30 lakh to Rs.75 lakh- 9.10% p.a.
Above Rs.75 lakh- 9.15% p.a.
Fixed rate (20 years)- 12% p.a.
|Loan Tenure||1 year to 25 years||1 year to 25 years|
|Loan Amount||Based on your eligibility||Based on your eligibility|
|Processing Fees||Up to 1% of the loan amount (Min.Rs.10,000) Upfront non-refundable processing fee of Rs.2,500||Up to 1% of the loan amount (Min.Rs.10,000) Upfront non-refundable processing fee of Rs.2,500|
*Plus GST payable at application login
|Description of Charges||Amount|
|Switching Fees||Floating to Fixed- 1% of the outstanding amount (Min.Rs.10,000)
Fixed to Floating- 2% of the outstanding principal balance
|Cheque Return Charges||Rs.500 per cheque return|
|Duplicate Amortisation Schedule Issuance Charges||Rs.250 per issuance|
|Credit Report Issuance Charges||Rs.50 per report|
|Prepayment Charges||Floating rate loan- Nil Fixed rate loan- 2% of the total principal outstanding amount|
|CERSAI Charges||Loans up to Rs.5 lakh- Rs.50 Loans above Rs.5 lakh- Rs.100|
|Duplicate NOC Issuance Charges||Rs.500 per issuance + GST|
|Required proofs||Acceptable documents|
|Proof of identity (any one of the following):||
|Proof of residence (anyone of the following):||
|Income proof documents for salaried applicants||
|Income proof documents for self-employed applicants||
The down payment you will be required to pay depends on the loan amount and the cost of the property. Axis Bank has set margins for their NRI home loan borrowers. This margin refers to the percentage of the value of the property that you will be required to pay as a down payment. The margins are as follows:
|Up to Rs.30 lakh||10%|
|Rs.30 lakh to Rs.75 lakh||20%|
|Above Rs.75 lakh||25%|
You can choose to pay through the National Automated Clearing House Mandate (NACH), Standing Instruction (SI), or PDC from your NRE/NRO account.3. How do I calculate my home loan EMI amount?
You can use the Home Loan EMI Calculator available on the Axis Bank website to ascertain your future EMI amount. To calculate the EMI amount, you will be required to enter certain parameters such as the loan amount, the tenure of the loan, the rate of interest, etc. Once you enter these parameters, the EMI amount will be calculated instantly.4. I do not have a PAN Card. Can I still apply for an Axis Bank NRI Home Loan?
No. PAN Card is mandatory for all home loan applicants. You will not be able to avail any loan from Axis Bank without a valid PAN Card.5. How do I apply for an Axis Bank NRI Home Loan?
You can apply for an Axis Bank Home Loan online by visiting the bank’s official website. Alternatively, you can download the application form and send it with all supporting documents to the bank’s Asset Sales Centre.6. How long will the bank take to sanction my home loan after I apply?
The bank usually takes 5 days to sanction home loans and loans against property if you have provided all the documents requested to process your application.
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