Axis Bank QuikPay Home Loan
The Axis Bank QuikPay Home Loan has been specially designed to help you repay a larger portion of your principal loan amount in the earlier part of your loan tenure. This will reduce your monthly instalment payments and allow you to maximise savings on interest payments.
Axis Bank QuikPay Home Loan Interest Rates
Effective interest rates for salaried employees start from 7.95% p.a. and for self-employed individuals start from 8.20% p.a.
Eligibility Criteria
If you wish to apply for this home loan from Axis Bank, you need to meet the following criteria for application:
- Minimum age - 21 years.
- Maximum age - 65 years.
- Employment type - Salaried employees, professionals, and self-employed individuals are eligible.
- Minimum loan amount - Rs.3 lakh.
Features and Benefits
Here are the features and benefits that Axis Bank offers for this home loan scheme:
- This home loan can be used to purchase ready/under construction/self-construction/resale house/plot + construction or home.
- Higher principal amount paid in the earlier part of the tenure, thereby reducing monthly instalments.
- Lower payments compared to regular home loans.
- Your can transfer your existing home loan to this Axis Bank home loan for enhanced benefits.
- There are no prepayment charges imposed on closing your home loan early.
Documents Required
In order to successfully apply for this home loan, all applicants are required to submit certain documents which are mentioned below:
Mandatory documents:
- PAN card.
- Completed application form.
Identity proof documents (one of the following):
- Aadhaar card.
- Passport.
- Voter ID.
- Driving License.
- Government Employee ID card.
- GOI issued photo ID card.
Address proof documents (one of the following):
- Driving License.
- Aadhaar card.
- Voter ID.
- GOI issued photo ID card.
- Government Employee ID card.
- Gas bill.
- Electricity bill.
- Property Tax receipt.
- Telephone bill (landline only).
Date of Birth (DOB) proof (one of the following):
- Birth Certificate.
- PAN card.
- Aadhaar card with DOB.
- Passport.
- SSC Marksheet.
- Driving License.
Signature proof (one of the following):
- PAN card.
- Passport.
- Banker's verification.
*Notarised affidavit along with the ID and Address proof (not required for financial applicants).
Income proof documents for salaried employees (one of the following):
- Payslips for the last 3 months; For variable pay employees - Payslips for the last 6 months or bonus proof for the last 2 years.
- Last 6 months bank account statement showing salary credits.
- Form 16 for the last 2 years or an employment continuity proof document.
Documents for NRI salaried employees:
- Passport copy
- Valid OCI card or Visa copy.
- POA details.
- Payslips for the last 3 months.
- Contract Letter or Appointment Letter.
- In case of shipping cases - Continuous Discharge Certificate.
- Domestic NRE/NRO account statements for the last 6 months.
- International salary account statements for the last 6 months.
- Overseas credit report.
Income proof documents for self-employed individuals (one of the following):
- Income Tax Return (ITR) for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
- For Asha Home Loan - Income Tax Return for the last year, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
- If Gross Receipts exceed Rs.25 lakh/Gross Turnover exceeds Rs.1 crore - Tax Audit Report.
- Personal and business accounts' bank statements for the last 6 months.
- If Income Tax Returns are filed without a digital sign - CPA along with the tax paid challan.
- 3 years' business continuity proof for home loan and 5 years' proof for LAP (loan against property).
Documents for balance transfer/home loan takeover from another bank or financial institution:
- Existing loan details.
- Loan account statement for the past 12 months and the current outstanding letter.
- Bank statement for the last 6 months from the account where the EMIs are deducted.
Documents for lease rental discounting:
- Bank statement for the past 6 months where the rent is credited.
- Registered lease agreements (valid).
- 1 year's 26 AS.
- Income Tax Return for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
- For partnership firms - Partnership Deed, audited financial for 2 years, operative account, partnership authority letter, and KYC.
Documents for partners in a firm:
- List of partners, Partnership Deed, and No Objection Certificate according to Axis Bank's format.
- Audited ITR of the firm along with complete financials.
- If the firm acts as the guarantor - Partnership authority letter on the firm's letterhead with signatures from all partners.
Documents for directors of a company:
- ITR for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
- If Gross Receipts exceed Rs.25 lakh/Gross Turnover exceeds Rs.1 crore - Tax Audit Report.
- If company is the applicant - Board Resolution according to Axis Bank's format.
- Certificate of Incorporation, AOA, and MOA.
- Most recent Share Holding Pattern with signatures from List of Directors/Company Secretary.
Other documents to be submitted:
- Completed application form with signature and passport size photographs of all applicants.
- For Credit Linked Subsidy Scheme (PMAY) - Aadhaar card.
- PAN card to be mandatorily submitted by all financial applicants.
- All documents to be self-attested by borrowers.
FAQs on Axis Bank QuikPay Home Loan
1.Is the maximum age of 65 years applicable to all applicants applying for the Axis Bank QuikPay Home Loan?
No. The maximum age for employees in permanent service of the government and reputed companies is 60 years or superannuation, earlier of the two at loan maturity.
The maximum age for professionals such as doctors, Chartered Accountants, dentists, engineers, etc. is 65 years at the time of loan maturity. The same age is also applicable to self-employed individuals.
2.What is the maximum funding I can get under this home loan scheme?
The maximum funding you are eligible for depends on your loan amount:
- Loan quantum up to Rs.30 lakh - Maximum funding of 90% with a margin of 10%.
- Loan quantum above Rs.30 lakh to Rs.70 lakh - Maximum funding of 80% with a margin of 20%.
- Loan quantum above Rs.70 lakh - Maximum funding of 75% with a margin of 25%.
3.Can use the QuikPay Loan for home renovations?
Yes. You can use this home loan for home repairs, improvements, and extensions.
4.Does this home loan offer fixed interest rate packages?
No. The QuikPay loan charges a floating interest rate pegged to the bank's MCLR.
5.What are the eligibility parameters that the bank will consider to approve or reject my loan application?
The most important parameters that the bank will consider while processing your application are:
- Your age.
- Your income.
- The number of dependants you support.
- Your assets and liabilities.
- Your stability and continuity in your occupation.
6.Is a co-applicant necessary to apply for this home loan?
Yes. If you are the co-owner of the property, then the other co-owner must also jointly apply for this home loan with you. If you are the sole owner of the property for which you need the home loan, then any immediate family member can be your co-applicant.
7.How can I know my eligibility for this home loan offered by Axis Bank?
If you are uncertain of meeting all the eligibility criteria of the bank, you can use the Home Loan Eligibility Calculator available on Axis Bank's website.
8.Do I have to pay a processing fee when applying for this Axis Bank home loan?
Yes. The bank charges a processing fee of 1% of the loan amount or Rs.10,000, whichever is higher.
9.Can I make changes to the terms of the loan (monthly instalment amount/loan tenure) after the loan has been disbursed?
No. Once the loan has been disbursed, no further changes are allowed with respect to the monthly instalment amount or loan tenure. However, if you make part prepayments on your home loan, your monthly instalment amount and your loan tenure will decrease.
10.Can I avail tax benefits on the EMIs paid toward this home loan?
Yes. If you are resident Indian, then you are eligible for tax benefits for the principal and interest amounts paid towards this home loan, under the Income Tax Act.
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