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  • Axis Bank Home Loans for Singapore NRIs

    Buying a home in this day and age of constantly rising prices proves to be a challenge to many of us. There are now home finance options in the form of housing loans for those who need financial help to achieve their dream of owning a home. In India, while there are numerous options for resident Indians seeking to buy a home or a land to build a house on, there aren’t many housing loans given out to Non-Resident Indians and Persons of Indian Origin (PIO). Axis Bank has tried to fill this vacuum for NRI home loan options through its various offerings. The bank, which is a private commercial bank, prides itself on providing financial products and services to a wide customer base.

    Axis Bank has special housing loan offerings for its Indian customers currently residing in Singapore, with attractive rates of interest and special features.

    Features of Axis Bank NRI Home Loans - Singapore:

    Home Loan for Salaried Applicants:

    Axis Bank provides its customers with excellent service coupled with its unique understanding of local markets and demonstrated integrity in its dealings. The features of the bank’s home loan offerings for Singapore based salaried NRI’s and PIO’s are as follows:

    • Flexible loan tenures, making it easier for applicants to repay amounts.
    • Prompt service and transparent loan processing
    • Reasonable and attractive rates of interest
    • Long loan repayment tenure of up to 25 years

    Salaried NRI’s can apply for the following housing loans through Axis Bank’s Home Loan scheme:

    • To build or buy a home/apartment.
    • To purchase an existing apartment/home.
    • To make renovations or repairs to your existing home
    • To extend or expand your current home

    Axis NRI Home Loan for Self-Employed Applicants:

    Axis Bank also has home loan offerings for self-employed NRI’s and PIO’s living in Singapore. The bank understands that as a businessman/businesswoman, your needs would be different as compared to a salaried loan applicant. For this reason, there are a special range of home loan offerings with features such as:

    • Tailor-made loans with easy repayment tenure of up to 15 years
    • Home loans for a wide range of purposes- purchase/resale/construction or extension of residential properties in India.
    • Attractive loan to value of 60% of the cost of property for completed properties and 90% for those under construction. For other cases, 50% of property cost.

    Axis Bank Top Up Loan:

    This is a loan offering from Axis Bank which lets applicants borrow a sum of money against their existing home loan in case they require cash urgently. The maximum amount that can be availed is Rs. 50 lakh. An affidavit is taken from the applicant detailing what the loan amount will be used for. The loan can be used to:

    • Build a residential or commercial premises
    • Personal and business requirement, subject to conditions mentioned in the affidavit.

    There are certain conditions associated with this loan, which are:

    • The property has to be owned by the NRI applicant, or must be a joint ownership
    • This loan will be sanctioned only against a residential property that is complete without pending post disbursal documentation
    • Home loan customers can apply for this loan after a 6 month home loan repayment track.
    • If the top up loan is taken against a home loan takeover from another bank, a repayment track of 1 year is mandatory.

    Eligibility for Axis Bank NRI (Singapore) Home Loan:

    Applicants who wish to apply for an Axis Bank NRI Home Loan in Singapore have to fulfil certain criteria before the loan amount will be sanctioned. The bank has introduced an eligibility criteria to ensure there is no misuse of the loan amount and to ensure the applicant is able to repay the loan over the given time period. The eligibility criteria for the NRI Home Loans are mentioned below:

    • Non Resident Indians (NRI) or Person of Indian Origin (PIO) holding valid passport and Singapore work visa (excluding citizens from Pakistan, Bangladesh, Afghanistan, Sri Lanka, Iran, Nepal, Bhutan and China).
    • Applicants should be above 24 years on application and below 60 years on maturity of loan.
    • Applicant should have overseas work experience of at least 6 months and total work experience of at least 2 years. In case of self-employed applicants, minimum work experience should be 5 years (of which 3 or more years should be in a single country)
    • Applicant should be earning a minimum of S$ 2, 000 a month. In case of self-employed applicants, they should have an average quarterly balance of Rs. 2 lakh in NRE/NRO account for 1 year.

    Axis Bank Home Loan Interest Rate for Singapore NRIs:

    Axis Bank offers its customers attractive and reasonable interest rates. The bank offers its customers a fixed rate of interest or a floating interest rate, the details of which are given below:

    Fixed Rate of interest (for salaried and self-employed applicants) : 11.75 % per annum.

    Floating Rate of interest (for salaried applicants)

    Loan amount Base rate + mark up Effective interest rate
    Up to Rs. 28 lakhs 9.50% + 0.10% 9.60% per annum
    Above Rs. 28 lakhs 9.50% + 0.15% 9.65% per annum
    Top up 9.50% + 2.25% 11.75% per annum

    Floating Interest rate (for self-employed applicants)

    Loan amount Base rate + mark up Effective interest rate
    Up to Rs. 28 lakhs 9.50% + 0.20% 9.70% per annum
    Above Rs. 28 lakhs 9.50% + 0.25% 9.75% per annum
    Top up 9.50% + 2.25% 11.75% per annum

    Documentation Required for Axis Bank NRIs- Singapore:

    Once applicants have met the loan eligibility criteria, they are required to submit certain documentation regarding their financial history to the bank. The bank sanctions the loan amount after verifying the applicant’s loan repayment capacity based on his credit score, assets and liabilities, income, age, etc.

    The documentation required to apply for NRI Home Loans is mentioned below:

    • Copy of passport as well as work visa
    • Passport-sized photographs of applicant and co-applicant
    • Last three month’s salary slips
    • Letter of appointment or copy of contract
    • General Power of Attorney
    • Proof of overseas address, such as utility bills, card statements, bank statement, house rent/lease agreement.
    • Salary account and NRE account statements for the last 6 months.
    • For self-employed applicants, profit and loss statements and bank account statements for the past 3 years certified by a Chartered Accountant
    • Property documents such as sale deed, possession certificate, land tax receipt, title deed as applicable
    • Proof of business and business profile for self-employed applicants.
    • 5 year business continuity proof for self-employed applicants.

    Loan Security:

    The applicant has to mortgage the property for which the loan is being taken against as security. The bank may request additional security on a case-to-case basis.

    Axis Bank NRI Home Loan EMI Calculator:

    Home loan applicants have to consider their loan repayments and budget for these monthly payments. Making loan repayments on time is very important as defaulting would negatively impact an applicant’s credit score and future loan prospects. To help applicant calculate how much they would have to pay each month, Axis Bank has an EMI Calculator. Applicants have to just type in their loan amount, the rate of interest and the loan tenure, based on which the monthly payable amount will be generated.

    Loan Repayment:

    Housing loans can be repaid over a tenure ranging from 1 year to 25 years. The loans can be repaid in equated monthly instalments through any of the following methods:

    • By post-dated cheque from NRE/NRO account
    • By ECS (Electronic Clearance Scheme)
    • By means of Standing Instruction

    Axis Bank NRI Home Loan FAQ’s:

    1. How do I apply for an axis Bank NRI Home Loan?

      You can apply for an Axis Bank NRI Home Loan by visiting the bank’s official website and applying online.

      You could also call on the numbers provided and speak to a representative of the bank who will guide you through the process.

    2. What is the maximum loan amount I am eligible for as a self-employed applicant?

      As a self-employed applicant, you are eligible for a total loan amount of Rs. 30 lakhs, provided you meet the loan eligibility criteria.

    3. How will Axis Bank process my loan request?
      • Axis Bank will first check your eligibility based on the documents you submit and internal guidelines.
      • Your loan amount will be approved within 30 working days based on your repayment capability, the property value and your requirement.
    4. Can I convert my fixed interest rate to a floating rate and vice versa?

      Yes, you can convert your fixed interest rate to a floating rate and vice versa for a small fee. The charges associated with this switch are as follows:

    5. Fixed to floating interest rate Floating to fixed interest rate Higher fixed rate to lower fixed rate Higher floating rate to lower floating rate
      2 % on outstanding principal amount (minimum is Rs. 10, 000) 1 % on outstanding principal amount (minimum is Rs. 10, 000) 0.5% on outstanding principal amount (minimum is Rs. 10, 000) 0.5% on outstanding principal amount (minimum is Rs. 10, 000)

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