Established in 1993, Axis Bank is India’s third largest private sector bank. Its comprehensive product line and competitive rates make this the go-to bank for millions of customers in the nation. Very well recognised for their home loan products, an Axis bank home loan can be availed easily and effortlessly either by visiting one of their numerous branches across the nation or by applying online.
|Interest Rate||8.80% to 11.75%
Super Saver Scheme - 9.25%
|Processing Fees||0.5 of Loan amount minimum of Rs.10,000|
|Loan Tenure||1 year to 30 years
Super Saver Scheme - 1 year to 20 years
|Partial pre-payment Charges||Nil|
|Guarantor Requirement||No Guarantor Required|
Home Loan By Top Banks
Buying a home at the time of a financial crunch is one of the biggest concerns of the Indian middle class. However, with different types of home loans available in the market, it has become quite easy for people to buy their dream home.
Axis Bank provides customers with a wide range of banking solutions of which housing loans are among one of the organization’s most popular and attractive products.
Some of the best features that lend to the popularity of Axis Bank Home Loans:
Axis Bank Home Loans come with a number of attractive features and benefits such as:
Applicants are required to submit the following documents to the bank at the time of applying for a home loan
|Income Proof||For Salaried Employees:
|Bank Statement||Last 6 months bank statements or the pass book into which the applicant’s salary is deposited|
|Gaurantor||A guarantor is not mandatory. However, the applicant has the option of submitting a guarantor form|
Axis Bank offers customers some of the most attractive and competitive home loan interest rates in the country.Interest rates on home loansare given out depending on whether the customer opts for a floating rate loan or a fixed rate loan. Home loans with floating rates help in minimizing the risk involved due to interest rate fluctuations while home loans with fixed rates offer more structure when it comes to monthly repayments as the rates remain static for a fixed period of time.
Axis Bank offers interest rates on home loans as follows:
|Home Loan Amount||ROI - Salaried||ROI - Self Employed|
|Upto 30 Lakhs||8.50%||8.55%|
|Above 30 Lakhs to 75 Lakhs||8.65%||8.70%|
|Above 75 Lakhs||8.70%||8.75%|
Axis Bank also offers interest rates of 8.35% - 8.75% per annum on Fixed Rate home loans.
Axis Bank has set its Marginal Cost Based Lending Rate (MCLR) at 8.50% with the MCLR reset frequency set at half yearly for home loans.
Customers can ascertain the amount of monthly installments they will need to make on a monthly basis towards their home loan by accessing the EMI calculator available on BankBazaar. The EMI calculator is an easy-to-use tool, which helps in determining the amount of loan a customer really requires and doubles up as a budgeting tool by assisting customers in managing their loan repayments.
By visiting the BankBazaar homepage, one can locate the Home Loan EMI Calculator in the Finance Tools section. After entering relevant information such as the loan amount, loan tenure and rate of interest, the EMI calculator will compute the EMI amount that you will be required to pay every month along with other information such as the amortisation schedule among other things.
Credit Linked Subsidy Scheme or CLSS under PMAY (Pradhan Mantri Awas Yojana) offers interest subsidy on the home loans to the beneficiaries who are eligible and come under the MIG (Middle Income Group), LIG (Lower Income Group) or EWS (Economically Weaker Sections) segments.
Eligibility criteria for applying PMAY scheme:
EWS and LIG:
Axis Bank offers customers a choice of four different types of home loans to choose from, which are specifically designed to meet certain needs and requirements of the customer. The different home loans on offer are as follows:
Under this home loan, customers can use the loan amount for the following purposes:
Customers who pay their EMIs on a regular basis can get a waiver on their last twelve EMIs provided that their repayment history is satisfactory. The minimum loan amount disbursed under this scheme is Rs 3 Lakhs, while interest rates range from 9.45% to 9.60% depending on the loan amount availed as well as the profile of the customer.
This particular type of home loan can be utilized by customers for the following:
Under this scheme customers can procure a minimum loan amount of Rs 10 lakhs, with interest rates ranging from 10.30% per annum for loans upto Rs 28 lakhs and 10.35% per annum for loans above Rs 28 lakhs.
This home loan scheme can be used by customers for
Under this scheme customers can avail of loan tenures stretching up to 30 years. The minimum loan amount on offer is Rs 1 lakh, and salaried customers can avail of interest rates of 9.95% while self-employed customers are eligible for interest rates of 10.15%.
Under this home loan scheme, customers can save on interest that they pay towards their loan by depositing any surplus amounts into their Super Saver Account. This helps in the reduction of the outstanding principal. The customer will then only be liable to pay interest on the remaining outstanding loan amount. These loans come with attractive rates of interest and high repayment periods of up to 20 years.
Axis Bank also offers customers the opportunity to transfer their outstanding home loan balances with other banks over to Axis Bank at low interest rates. The main features of this transfer scheme are:
Customers who have successfully procured a home loan from Axis Bank are eligible to earn eDGE loyalty points on their loans through the following ways:
On Approval of a Home Loan:
|Loan Amount Disbursed||Loyalty Points Earned|
|Rs 25 lakhs or lower||500|
|More than Rs 25 lakhs but not more than Rs 75 lakhs||1000|
|More than Rs 75 lakhs||2000|
On Top-Up Home Loan:
|Loan Amount Disbursed||Loyalty Points Earned|
|Rs 25 lakhs or lower||250|
|More than Rs 25 lakhs but not more than Rs 75 lakhs||500|
|More than Rs 75 lakhs||1000|
On Completion of Every Year of Existing Home Loan:
|Loan Year Completed||Loyalty Points Earned|
|5th Year and every complete year henceforth||500|
Customers looking to apply for an Axis Bank home loan through BankBazaar can experience a range of advantages and benefits such as:
Prepayment charges are applicable only on fixed interest rate home loans. Floating interest rate home loans do not attract any prepayment fees or charges.
Yes. Axis Bank home loans can be used for any of the following:
Some of the main fees or charges that may be levied are as follows:
People who already have a home loan will agree that one of the key factors that makes repaying home loan difficult is the frequently changing interest rates. From time to time, banks keep changing their interest rate as they charge floating interest rate on most of their home loans. There are a very few banks that offer fixed interest rate on home loans. Axis Bank is one of the banks that offer fixed interest rate home loans. For more details: Click Here
Paying your home loan EMIs on time definitely has its own benefits. Apart from helping you maintain your financial health, being a prompt payer can get your last 12 home loan EMIs free. Yes, that's true! Axis Bank now offers “Happy Ending Home Loans” under which the bank waives the last 12 EMIs on home loans if the borrower has paid all the other EMIs promptly. Isn’t that interesting? To know about the unique features of Axis Bank Happy Ending Home Loans: Click Here
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