The Power Advantage Home Loan from Axis Bank offers a fixed interest rate package for the first two years of the loan tenure followed by floating interest rates for the remainder of the tenure. You can also get an interest subsidy on the loan if you qualify for the Pradhan Mantri Awas Yojna scheme (PMAY).
Axis Bank Power Advantage Home Loan Interest Rates
The current fixed interest rate offered for the first two years is 8.40% p.a. The floating interest rates for salaried employees start from 8% p.a. and for self-employed individuals start from 8.05% p.a.
Eligibility Criteria
You have to meet certain criteria if you wish to apply for the Axis Bank Power Advantage Home Loan.
- Employment type: Salaried employees, self-employed individuals, and professionals.
- Age:
- Minimum age - 21 years.
- Maximum age - 60 years for salaried employees; 65 years for self-employed individuals and professionals.
- Minimum loan amount: Rs.3 lakh.
Features and Benefits
Here are the features and benefits offered under this home loan scheme:
- This home loan can be used to purchase a ready house, under-construction house, resale house, self-construction house, and a plot to construct a house.
- No change in the EMI (equated monthly instalments) or interest rate for the first two years of the loan tenure.
- Interest subsidy offered if you qualify for the PMAY scheme under this home loan.
- Refinancing of your current home loan to this Axis Bank home loan is available.
- You can apply for this home loan conveniently from the comfort of your home.
- The bank offers quick and transparent processing of your home loan application.
Documents Required
To successfully apply for this home loan, here are the documents that you need to submit:
Mandatory documents to be submitted by all applicants:
- PAN card.
- Application form filled and signed with most recent passport size photos of all applicants.
- Aadhaar card if you’re applying for the PMAY benefit under this home loan.
- All documents submitted to be self-attested by all applicants.
Identity proof document (any one):
- Aadhaar card.
- Driving License.
- Passport.
- Government Employee ID card.
- Government of India issued photo ID card.
- Voter’s ID card.
Address proof document (any one):
- Driving License.
- Voter’s ID card.
- Aadhaar card.
- Government of India issued photo ID card.
- Government Employee ID card.
Date of birth (DOB) proof document (any one):
- PAN card.
- Passport.
- Banker’s verification.
- Non-financial applicants – Notarised affidavit + ID and Address proof document.
Income documents for salaried employees:
- Latest 3 months’ salary slips.
- Variable pay employees – Latest 6 months’ salary slips or 2 years’ bonus proof.
- Bank statements for the last 6 months reflecting salary credits.
- Last 2 years Form 16 to show continuity of employment.
Income documents for salaried NRIs (Non-Resident Indians):
- Passport copy.
- OCI card or valid Visa.
- POA details.
- Latest 3 months’ salary slips.
- Contract letter or appointment letter.
- Overseas credit report.
- For shipping cases – Continuous Discharge Certificate.
- Domestic NRE/NRO account statement for the last 6 months.
- International salary account statement for the last 6 months.
Income documents for self-employed individuals:
- Last 2 years’ income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
- If gross turnover crosses Rs.1 crore/gross receipts crosses Rs.25 lakh – Tax Audit Report.
- Last 6 months banks statements for all personal and business accounts.
- In case income tax return has been filed without a digital signature – CPC + tax paid challan to be submitted.
- Business continuity proof for the last 3 years.
Documents for balance transfer/loan takeover from another lender:
- Loan account statement for the last 12 months + latest outstanding letter.
- Current loan details + bank statement for the last 6 months from where the EMIs are deducted.
Documents for lease rental discounting:
- Bank statements for the last 6 months where the rent is credited.
- Registered lease agreements (must be valid).
- 1 year’s 26 AS.
- Last 2 years’ income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
- For partnership firms – Partnership deed, partnership authority letter, last 2 years’ audited financials, KYC, and operative account.
Documents for partners in a firm:
- List of partners.
- Partnership deed.
- NOC (No Objection Certificate) according to the bank’s format.
- Audited income tax return of the firm along with all financials.
- If firm stands as a guarantor - Partnership authority letter printed on the firm’s letterhead with signature of all partners.
Documents for directors of a company:
- Last 2 years’ income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
- Tax Audit Report if gross turnover crosses Rs.1 crore/gross receipts crosses Rs.25 lakh.
- If company is the applicant – Board resolution as per the bank’s format.
- MOA, AOA, and Certificate of Incorporation.
- DIN of all the directors.
- Latest share holding pattern with signature from the company’s secretary or list of directors.
FAQs
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What is the maximum loan tenure offered for the Axis Bank Power Advantage Home Loan?
The maximum loan tenure offered under this home loan scheme by Axis Bank is 30 years.
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Are part-prepayments allowed under this home loan?
Yes. You can make part prepayments under this home loan. However, note that if you make such payments during the first two years of the loan tenure under fixed interest rates, then you will be charged a prepayment fee of 2% + GST on your principal outstanding amount. Such charges will not be applicable when the interest rate switches to floating rates.
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After completing the first two years of fixed interest rates, can I extend the fixed rate?
No. Upon completion of the fixed rate for the first two years of the loan tenure, your rates will switch to floating rates without the possibility of extension or continuation of fixed rates.
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If I am applying for the PMAY scheme under this home loan, do I have to submit any additional documents?
Yes. All applicants applying for the PMAY scheme under the Power Advantage Home Loan must submit a self-declaration affidavit as per Axis Bank’s format. This format is available at Axis Bank offices.
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After my loan has been approved, can I decrease my EMI and increase my loan tenure?
This is possible only if you make part prepayments on your principal outstanding amount. Otherwise, you will not be allowed to make changes to the terms of your loan after its approval.
