A "low interest" loan shouldn't mean you have very little interest in paying it back!
If you have an existing home loan from Axis Bank, you can avail up to Rs.50 lakh through the Axis Bank Top-Up Loan. This is a multi-purpose loan that can be used or personal or business reasons, or even to construct a residential or commercial property. The bank charges a processing fee up to 1% of the loan amount with interest rates from 8.95% p.a.
The bank offers floating interest rates on this home loan pegged to their Marginal Cost of funds-based Lending Rate or MCLR. The current MCLR is 8.50%. You also have the option of choosing a fixed interest rate.
The rates are also based on the home loan amount.
The interest rates for a top-up loan of up to 30% of your original home loan sanctioned amount will be the same as rates of a Home Loan:
| Interest Rates | Salaried Employees | Self-Employed |
|---|---|---|
| Floating rates | 8.90% - 9.10% p.a. | 8.95% - 9.15% p.a. |
| Fixed rates | 12% p.a. | 12% p.a. |
The interest rates for a top-up loan amount above 30% of your original home loan sanctioned amount will be the same as rates of a Loan Against Property (LAP):
| LAP Type | Rates for PSL Cases | Rates for Non-PSL Cases |
|---|---|---|
| Income based, GPR, GTP | 11.35% p.a. | 11.60% p.a. |
| Surrogates – repayment based, banking | 11.60% p.a. | 11.85% p.a. |
| Overdraft against property loans (commercial/residential) | 12.35% p.a. | 12.45% p.a. |
*The rates mentioned above are floating rates pegged to
Here are the features and benefits that this loan has to offer:
Existing Axis Bank Home Loan borrowers are eligible to apply for the Top-Up Loan.
The bank already has some of your documents from your home loan application. Contact the bank to know if any additional documents are to be submitted along with your application form for the Top-Up Loan.
No. You cannot use the loan amount to buy a residential or commercial premise. However, you are permitted to use the amount for construction of residential or commercial premise.
You will be charged a processing of up to 1% of your sanctioned loan amount or Rs.10,000, whichever is higher.
Yes. You can prepay your loan before the end of your loan tenure. For floating-rate loans, you will not be charged a prepayment fee. For fixed-rate loans, you will be charged 2% of the outstanding principal as prepayment fee.
Yes. You will be charged Rs.500 for every bounced cheque and a penal interest rate of 24% p.a. (2% per month) on the overdue amount.
Yes. You can your interest rate package. However, you will be charged a fee for the same as listed below:
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