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  • Axis Bank NRI Home Loan Singapore

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  • 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.

    Interest Rates for the Salaried and Self-employed

    Description Salaried Self-employed
    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.
    Floating rate- 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

    Additional Fees and Charges

    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

    Eligibility Criteria

    • Residential status: Non-Resident Indians, Overseas Citizen of India (OCI), Person of Indian Origin (PIO) (excluding China, Iran, Bhutan, Nepal, Afghanistan, Pakistan, or Bangladesh citizens).
    • Minimum age of the applicant: The applicants should be at least 24 years of age.
    • Maximum age of the applicant: The maximum age limit is 60 years or retirement age (whichever is earlier).
    • Total work experience: Applicants should have a total of 2 years of work experience with a minimum of 6 months of overseas experience.
    • Minimum income: The minimum income for Gulf Cooperation Council Countries is AED5,000 per month or equivalent. For other countries (including the USA), the minimum income must be $3,000 per month or equivalent. The minimum income for Merchant Navy is $2,000 per month (for the last 9 months).

    Documents Required for the Salaried and Self-employed

    Required proofs Acceptable documents
    Proof of identity (any one of the following):
    • Copy of Passport
    • PAN Card
    • Aadhaar Card
    • Driving License
    • Election ID
    • Government Employee ID Card
    Proof of residence (anyone of the following):
    • Aadhaar Card
    • Recent electricity bill
    • Gas bill
    • Driving License
    • Voter ID
    • Government issued ID Card
    • Property Tax Receipt
    • Landline telephone bill
    Age proof
    • PAN Card/Passport/Aadhaar Card/SSC Certificate/Birth Certificate
    Income proof documents for salaried applicants
    • Copy of Passport
    • POA details
    • 3 months’ salary slips
    • Job contract letter/appointment letter
    • Last 6 months domestic account statement for NRE/NRO
    • International salary account statement (last 6 months)
    • Overseas credit report
    Income proof documents for self-employed applicants
    • Last 2 years ITR/Profit and Loss Statement/Computation of Income/Balance Sheet with CA signature and seal.
    • CPC and tax paid challan required if ITR does not have a digital signature.
    • 6 months’ bank statement (personal and business accounts)
    • 3 years of business continuity proof
    Other Documents
    • Visa copy or OCI card
    • Duly-filed application form with passport size photographs
    • Cheques for Processing Fee and CERSAI Charges
    • Self-attestation of the borrower in all loan-related documents

    Features of Axis Bank Home Loan for Singapore NRIs

    • Interest rates starting from 8.90% p.a.
    • Transparent loan processing
    • Low processing fees
    • Flexible repayment tenures ranging from 1 year to 25 years
    • NRIs can apply for a housing loan online

    FAQ’s

    1. What is the down payment I would be required to pay to avail an Axis Bank NRI Home Loan?

    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:

    Loan amount Margin
    Up to Rs.30 lakh 10%
    Rs.30 lakh to Rs.75 lakh 20%
    Above Rs.75 lakh 25%
    2. What are the repayment options available for NRI home loan borrowers?

    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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