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  • Axis Bank Fast Forward Home Loan Scheme

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  • With the help of the Fast Forward Home Loan, individuals will be able to combine various income to avail the loan. Equated Monthly Instalment (EMI) waivers are also provided for individuals who have been under the loan scheme for 10 years. Apart from EMI waivers, various other benefits such as doorstep service, transparent and quick processing, etc. are provided under the loan scheme.

    Fast Forward Home Loan Interest Rates

    The interest rates of the Fast Forward Home Loan provided by Axis Bank for salaried and self-employed individuals are mentioned below:

    • Salaried employees: (Floating Rate)
      Loan Amount Mark up plus MCLR Effective interest rates (per annum)
      Up to Rs.30 lakh 0.30% plus MCLR 8.90%
      Up to Rs.75 lakh 0.45% plus MCLR 9.05%
      Above Rs.75 lakh 0.50% plus MCLR 9.10%
      Top up that is provided for existing customers The interest rates could be up to 30%. The interest rate will be the same as that of the home loan. However, Loan Against Property (LAP) interest rates will be applicable.  
    • Self-employed individuals: (Floating Rate)
      Loan Amount Mark up plus MCLR Effective interest rates (per annum)
      Up to Rs.30 lakh 0.35% plus MCLR 8.95%
      Up to Rs.75 lakh 0.50% plus MCLR 9.10%
      Above Rs.75 lakh 0.55% plus MCLR 9.15%
      Top up that is provided for existing customers The interest rates could be up to 30%. The interest rate will be the same as that of the home loan. However, Loan Against Property (LAP) interest rates will be applicable.  

      The Marginal Cost Based Lending Rate (MCLR) is 8.60%. The MCLR is reset for home loans on a half-yearly basis.

    Eligibility criteria

    The eligibility criteria to avail a Fast Forward Home Loan are mentioned below:

    • Professional, self-employed, and salaried individuals are eligible to apply for a Fast Forward Home Loan.
    • The minimum duration of the loan is 20 years from the time the funds have been disbursed.
    • No foreclosure is allowed for a minimum period of 10 years from the time the first instalment is disbursed.
    • At the time of EMI waiver, the penalty charges must be due.
    • The minimum amount of loan that can be availed is Rs.30 lakh.
    • The maximum amount of loan that can be availed depends on the combined income of the individual.
    • In case of any loans between Rs.30 lakh and Rs.75 lakh, the margin will be 20%.
    • In case of any loans above Rs.75 lakh, the margin will be 25%.
    • Salaried individuals who work for a reputed company or the government on a permanent basis can apply for a loan. Individuals must at least 21 years old at the time of applying and can be a maximum of 60 years or superannuation, whichever is lower, at the time of maturity of the loan.
    • Professionals such as management consultants, company secretaries, cost accountant, chartered accountants, architects, dentists, engineers, and doctors can apply. However, they must meet the eligibility criteria of Axis Bank Home Loan. Professionals who are availing the loan must be at least 21 years at the time of commencement and a maximum of 65 years at the time of maturity.
    • Self-employed individuals who file their Income Tax Returns (ITR) can avail a loan. Individuals must be at least 21 years at the time of commencement and a maximum of 65 years at the maturity of the loan.

    Features and benefits

    The main benefits and features of the Fast Forward Home Loan are mentioned below:

    • In case payments are made on a regular basis, 12 EMIs will be waived off. No extra charges are levied for waiving the EMIs. Individuals are eligible for 6 EMI waivers after the completion of 10 years and another 6 EMIs after the completion of 15 years.
    • No hidden charges are levied, and the interest rates will be standard.
    • The home loan can be availed at the comfort of an individual’s office or home.
    • The process for loan approval is quick.
    • The loan can be used to purchase already constructed house, to build a house, for self-construction, for the purchase of a plot and construction of the house, and the improvement of the house.
    • Existing home loans can be transferred to Axis Bank without any hassles.
    • No charges are levied in case of prepayment or foreclosure of the loan before the maturity period. However, foreclosure is not allowed before the completion of 10 years from the time of the first disbursement.

    Documents

    The documents that must be submitted in order to avail the Fast Forward Home loan are mentioned below:

    • Application form
    • Permanent Account Number (PAN) Card
    • Address Proof: Any of the below-mentioned documents can be submitted as a proof of address:
      • Aadhaar Card
      • Voter ID
      • Government Employee ID
      • Gas Bill
      • Property Tax Receipt
      • Driving License
      • Any Photo ID that has been issued by the government.
      • Electricity Bill
      • Telephone Bill (landline)
    • Signature proof: Any of the documents that are mentioned below must be provided as a proof of signature:
      • Passport
      • PAN Card
      • Verification is done by bank
      • Any ID or Address proof that has been notarised.
    • Identity proof: Any of the documents that are mentioned below can be submitted as proof of identity:
      • Passport
      • Driving License
      • Any Photo ID that has been issued by the government.
      • Aadhaar Card
      • Voter ID
      • Government Employee ID
    • Proof of date of birth: Any of the given below documents can be submitted as date of birth proof:
      • Passport
      • Aadhaar card with the date of birth mentioned on it.
      • Birth certificate
      • Permanent Account Number (PAN) Card
      • Driving License
      • SSC Marksheet
    • Income proof: The income proof that must be submitted is different for salaried employees and self-employed individuals.

    Salaried employees: The documents that must be submitted by salaried employees are mentioned below:

      • 3 months salary slip
      • Bank statement for the last six months showing that the salary has been credited.
      • In the case of variable pay, 2 years bonus proof and 6 months payslip.
      • Last 2 years Form 16

    Self-employed individuals: The documents that must be submitted by self-employed individuals are mentioned below:

      • 2 years Income Tax Returns, Balance Sheet, Computation with a Chartered Accountant’s seal and sign.
      • 6 months bank statement of the business and personal accounts.
      • In the case of Loan Against Property, the business continuity proof must be submitted.
      • In case the gross turnover is more than Rs.1 crore or if the gross receipts are more than Rs.25 lakh, the Tax Audit Report must be submitted.
      • In case the Income Tax Returns are filed without the digital sign, the tax paid challan and the CPC must be submitted.

    Fees and Charges

    The different fees and charges of the Fast Forward Home Loan are mentioned below:

    Description of charges Charges (Rs.)
    Processing charges 1% of the loan amount that has been availed up to a maximum of Rs.10,000.
    Penal Interest Rate 2% on a monthly basis
    Issuing a duplicate statement Rs.250 for every instance
    Charges for cheque return Rs.500 for every instance
    Issuing of credit report Rs.50 for every instance
    Prepayment charges Nil
    Issuing a photocopy of the title documents Rs.250 for a set of documents
    Charges in case customer requests for a copy of the documents Rs.250 for a set of documents
    Instrument or cheque swap charges Rs.500
    Equitable Mortgage Creation Charges Charges that are applicable in the state
    Issuance of duplicate NOC For every instance of NOC, Rs.500 plus GST is charged
    FAQs
    1. Is it possible for an individual to avail a Fast Forward Home Loan under a ‘fixed rate’?

      No, the Fast Forward Home Loan is only available under a floating rate option.

    2. Is it possible to change the EMI date to the tenth of every month?

      No, it is not possible to change the EMI date. Under this scheme, the EMI will be due on the fifth of every month.

    3. Is it possible for Non-Resident Indians to avail a home loan under this scheme?

      No, Non-Resident Indians cannot avail a loan under this scheme.

    4. When can an individual get the final and provisional interest certificate?

      The Final Interest Certificate will be sent via post to the borrower’s address on a yearly basis by the bank. Individuals can download the provisional interest certificate on Axis Bank’s official website under the Home Loan section. Individuals can also apply for a provisional interest certificate by submitting the relevant application form at the Axis Bank branch.

    5. Is it possible to reduce the tenure and decrease the EMI without completing a part prepayment?

      No, it is not possible to increase the tenure and decrease the EMI without making a part prepayment.

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