Axis Bank offers home loans at attractive interest rates and flexible tenures. However, just like any other loan, you need to pay an upfront processing fee if you are availing Axis Bank Home Loan. The bank charges a processing fee of 1% of the loan amount subject to a minimum of Rs.10,000 plus applicable taxes.
|Processing Fees||1% of the loan amount (minimum of Rs.10,000)|
|Interest Rate||6.90% p.a. onwards|
|Maximum Tenure||30 years|
|Axis Bank Home Loans||Processing Fees|
|Axis Bank Home Loan||1% of loan amount (minimum of Rs.10,000) Rs.5,000 + GST will be charged upfront at the time of application login.|
|Axis Bank QuikPay Home Loan|
|Axis Bank Asha Home Loan|
|Axis Bank Power Advantage Home Loan|
|Axis Bank Shubh Aarambh Home Loan|
|Axis Bank Fast Forward Loan|
|Axis Bank Empower Home Loan|
|Axis Bank Super Saver Home Loan|
|Axis Bank Top-Up Home Loan|
* This fee will not be refunded in case the loan is rejected. The balance processing fee will be charged at the time of loan disbursement.
|Penal Interest Rate||24% p.a.; 2% per month|
|Switching Fees (Floating to Fixed Rate of Interest)||1% on the outstanding principal, subject to a minimum of Rs.10,000.|
|Switching Fees (Fixed to Floating Rate of Interest)||2% on the outstanding principal amount.|
|Switching Fees (Higher Floating to Lower Floating Rate of Interest)||0.5% on the outstanding principal, subject to a minimum of Rs.10,000.|
|Cheque Return/Repayment Instruction||Rs.500 per instance.|
|Instrument/Cheque Swap||Rs.500 per instance.|
|Duplicate Statement Issuance||Rs.250 per instance.|
|Duplicate Amortisation Schedule Issuance||Rs.250 per instance.|
|Duplicate Interest Certificate Issuance (Provisional/Actual)||Rs.250 per instance.|
|Credit Report Issuance||Rs.50 per instance.|
|Photocopy of Title Documents||Rs.500 per set of documents.|
|Customer Initiated Photocopies of Documents||Rs.500 per set of documents.|
|Prepayment including Part-Prepayment for Floating Rate of Interest||Nil|
|Prepayment Charges for Fixed Rate of Interest||2% of the outstanding principal amount.|
|Equitable Mortgage Creation||As applicable in the respective State.|
|CERSAI||Rs.50 for loans up to Rs.5 lakh Rs.100 for loans above Rs.5 lakh|
|Duplicate No-Objection Certificate Issuance||Rs.500 per instance + GST|
|Insurance/Loan Cover||Property insurance is mandatory.|
Yes. You can prepay the Axis Bank home loan. As for the charges, if you’re Axis Bank home loan is on a floating rate of interest, the bank does not charge any prepayment fee; however, if the loan is under the fixed rate of interest, the bank levies 2% on the outstanding principal amount as prepayment charges.
Yes, you can foreclose the home loan availed from Axis Bank; however, the bank will process the foreclosure upon clearing all outstanding dues. Upon clearance of all dues, you’ll have to submit a request at the Axis Bank Loan Centre, and they’ll start processing your request. As for the foreclosure charges, it’s the same as the charges towards prepayment. That is, 2% of the outstanding loan amount plus applicable taxes.
Axis Bank offers home loan application through online or you call their customer care or walk into one of the bank’s branches to apply for a home loan.
Below are the criteria to be eligible for an Axis Bank home loan:
Axis Bank offers housing loans with a floating or fixed rate of interest. While a fixed rate of interest remains static throughout the tenure of the loan, a floating rate of interest changes when Axis Bank revises its Base rate/MCLR.
The floating rate of interest on Axis Bank home loan changes when any one of the rates listed below changes:
Axis Bank revisits the MRR and BR on a regular basis by considering factors such as cost of funds, prevailing rate of interest, cost of operation, and provisioning needs.
Yes, you can apply for an Axis Bank home loan along with a co-applicant, especially if the co-applicant is also the co-owner of the property. If you’re the sole owner of the property, then any immediate family member can become your co-applicant.
Residents of India are eligible for tax benefits on both the interest and the principal amount of the housing loan under the Income Tax Act.
The Marginal Cost of Lending Rate (MCLR) is tenure linked and Axis Bank revisits the rate and publishes it every month on a pre-determined date. The current Axis Bank MCLR is 8.75% and the frequency of the reset of home loans is half-yearly.
Pre-EMI is the interest component of your EMI which also includes the principal amount. This is payable every month from the time the loan is disbursed until the start of the EMI.
Yes, you can. The EMI includes interest and principal components. Since only a partial loan amount has been disbursed, the interest component of the EMI will be much lower than the actual EMI.
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