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  • Axis Bank Home Loans Processing Fees & Charges

    Axis Bank is one of the leading private-sector banks in the country and is known for its comprehensive financial products such as home loans, personal loans, credit cards, et cetera. Each of these loans and products have their very own set of fees which are to be understood carefully before applying.

    There are various types of Axis Bank home loans, spanning across different categories like the maximum quantum of loan, to the interest rates applicable. For every type of loan, there are certain Axis Bank home loan processing fees and charges that you need to pay to the bank in order to avail the service.

    Axis Bank Home Loan Charges

    Customers who are interested in applying for the Axis Bank Home Loan need to keep the following charges in mind.

    Description Amount, in Rupees
    Processing Fee 1% of the loan amount or a minimum of Rs. 10,000/-, whichever is greater
    Penalty Interest Rate 2% per month, 24% per annum
    Switching Fee - Base Rate to Marginal Cost of funds based Lending Rate, MCLR No fees to be paid when effective rate is the same; otherwise, 0.5% of the outstanding principal with a minimum sum of Rs. 10,000/-
    Switching Fee - Floating Rate to Fixed Rate 1% of the outstanding principal; Minimum Rs. 10,000/-
    Switching Fee - Fixed Rate to Floating Rate 2% of the outstanding principal sum
    Switching Fee - Higher Floating Rate to Lower Floating Rate 0.5% of the outstanding principal with a minimum sum of Rs. 10,000/-
    Prepayment charges for Floating Rate Loan Nil
    Prepayment charges for Fixed Rate Loan 2% of the outstanding principal
    Mortgage Creation Charges As relevant in the state
    CERSAI Charges Rs. 50/- for loans up to Rs. 5 lakh For loans more than Rs. 5 lakh, Rs. 100/-

    In addition to this, you will also have to pay in case you misplace a crucial document or are in need of a duplicate one. The following table illustrates it:

    Description Amount, in Rupees
    Cheque Return Charges/Repayment Instruction/Cheque Swap Charges Rs. 500/- for every instance
    Duplicate Statement Issuance Fee/Duplicate Amortization Schedule Issuance Fee Rs. 250/- per instance
    Issuance Charges for duplicate Interest Certificate Rs. 250/-
    Charges for Issuance of photocopy of title documents/Customer initiated requests for copies of documents Rs. 250/- per set
    Credit Report Issuance Charges Rs. 50/-

    Apart from these charges, you also need to remember that Goods & Services Tax (GST) will be charged extra, on all fees and charges, wherever applicable. In case of any further clarifications, you can visit the official website or get in touch with the customer executives at the nearest branch.

    Axis Bank Fast Forward Home Loan Charges

    Fast Forward Home Loan is quite similar to the usual Home Loan product offered by the Axis Bank. Except for the minimum loan amount and the benefits offered here, everything else is similar, including the fees and charges applicable.

    For instance, the processing fee here is the same as that of the Axis Bank Home Loan - up to 1% of the loan amount, or a minimum of Rs. 10,000/-, whichever is greater.

    However, when it comes to switching fee for shifting from floating rate to fixed rate and vice-versa, there is no fee applicable here.

    Description Amount, in Rupees
    Switching Fee - Floating Rate to Fixed Rate Not Applicable
    Switching Fee - Fixed Rate to Floating Rate Not Applicable
    Switching Fee - Higher Floating Rate to Lower Floating Rate 0.5% of the outstanding principal with a minimum sum of Rs. 10,000/-

    *Once again, GST will be charged, wherever applicable.

    Axis Bank Shubh Aarambh Home Loan Charges

    The processing fees and charges are similar to that of the Fast Forward Home Loan. The processing fee is the same as above, while the penalty interest rate is 24% per annum, at 2% per month. For the other rates, you can refer to the table mentioned under the Axis Bank Home Loan Charges.

    Additionally, these loans come with the balance transfer facility. This means that you can transfer an existing home loan to Axis Bank, without any difficulties. The processing fee and charges for the same can be found out by speaking to the customer executive at the nearest branch.  

    In case you are looking to foreclose your home loan, you need to ensure that all the dues are cleared. Once your dues are cleared, you can submit a foreclosure request at your Axis Bank Loan Center and the corresponding Axis Bank foreclosure charges will be communicated to you.

    Axis Bank Asha Home Loan Processing Fees and Other Charges

    Asha Home Loan is suitable for those applicants who have a low monthly income. The processing charges here is the same as Axis Bank Home Loan processing fee and charges, which can be found in the tables above.

    Prepayment charges are applicable here as well, with the amount being 2% of the outstanding principal for the fixed rate loan. If the loan is availed under floating rate of interest, prepayment charges are not applicable.

    Axis Bank Empower Home Loan Processing Fees and Other Charges

    Empower Home Loan is quite different from the other types of Axis Bank Home Loans. While the home loan processing fee charges and penalty interest rate remain the same as above, the switching fees here are not applicable. The same has been illustrated in the table below.

    Description Amount, in Rupees
    Switching Fee - Floating Rate to Fixed Rate Not Applicable
    Switching Fee - Fixed Rate to Floating Rate Not Applicable
    Switching Fee - Higher Floating Rate to Lower Floating Rate Not Applicable
    Switching Fee - Higher Fixed Rate to Lower Fixed Rate Not Applicable

    Moreover, you don’t have to pay extra if you decide on an early closure. The same holds good for prepayments as well, provided it is a floating rate loan.

    Axis Bank Super Saver Home Loan Fees and Charges

    Super Saver Home Loan offers a unique solution to paying your home loan. You can lower your interest payments and hence, the tenure by making additional deposits in your Super Saver Account. These deposits reduce the outstanding principal amount and as a result, the interest is levied only on the net principal sum.

    Since a separate account is involved here, it is subject to certain charges just like any other standard account. These charges cover a wide spectrum, ranging from NEFT, RTGS and cheque/demand draft-related issues to duplicate ATM card issuance charges.

    Apart from this, all other processing charges are the same as the charges and fees mentioned under the Axis Bank Home Loan.

    Axis Bank Top Up Home Loan Fees and Charges

    As the name suggests, you can apply for this loan if you are looking for an additional sum to finance the building of residential/commercial premises. Alternately, you can use this loan for personal use or business purposes.

    The processing fees and charges are the same as those under the Axis Bank Home Loan.

    As for the switching costs, the following table explains the charges that are to be paid while switching between rates of interest.

    Description Amount, in Rupees
    Switching Fee - Floating Rate to Fixed Rate 1% of the outstanding principal; Minimum Rs. 10,000/-
    Switching Fee - Fixed Rate to Floating Rate 2% of the outstanding principal sum
    Switching Fee - Higher Floating Rate to Lower Floating Rate 0.5% of the outstanding principal with a minimum sum of Rs. 10,000/-
    Switching Fee - Higher Fixed Rate to Lower Fixed Rate 0.5% of the outstanding principal with a minimum sum of Rs. 10,000/-

    Axis Bank has also partnered up with the Government of India under the Pradhan Mantri Awas Yojana (Urban). As per this plan, credit linked subsidy schemes are offered to eligible beneficiaries belonging to the Economically Weaker Section, Low Income Groups, and Middle Income Groups.

    These subsidy schemes can help you save up to Rs. 2.67 lakh on interest payment, provided you meet the required eligibility criteria.

    Before availing any Axis Bank Home Loan, ensure that you have read the documents carefully. It is always good to research thoroughly and understand the different types of processing fees and charges that you will have to pay while applying for a home loan with Axis Bank.

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