Axis Bank Home Loan |

Axis Bank Home Loan By Estabizz Fintech

The third largest private sector bank in India, Axis Bank offers a minimum loan of Rs. 3 Lakhs and a maximum depending on the combined income of the applicants. The Axis Bank Home Loan comes with no prepayment charge for floating and charges 2% of the outstanding principal amount prepaid on fixed interest rate housing finance. The application process is easy and you can even transfer your existing Best Home Loan from another lender to Axis Bank without hassles through Home Loan Balance Transfer facility.

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Eligibility

Eligibility for salaried individuals

Individuals must be in permanent service under the Government/ reputed companies

Applicants must be of minimum 21 years of age when applying for the loan and maximum 60 years or superannuation, whichever is earlier (65 years for self-employed) at loan maturity.

Eligibility for professionals

Individuals must be professionals like doctors, architects, dentists, engineers, chartered accountants, cost accountants, management consultants, and company secretary

Applicants must be of minimum 21 years of age when applying for the loan and maximum 65 years at loan maturity.

Eligibility for self-employed individuals

Individuals must be filing ITR

Applicants must be of minimum 21 years of age when applying for the loan and maximum 65 years at loan maturity.

Interest Rate, Processing Fee and Other Charges

The current Axis Bank Home Loans interest rates are

For salaried individuals: 7.35% to 8.40% (floating interest rate) and 12% (for 20 years fixed interest rate)

For self-employed individuals: 7.95% to 8.55% (floating interest rate) and 12% (for 20 years fixed interest rate)

Processing fees

Up to 1% of the sanctioned loan amount (or minimum Rs. 10,000).

5000 + GST will be collected as non-refundable upfront processing fee at the time of application login and balance amount will be collected at loan disbursement.

Other charges

Prepayment charges: NIL for floating interest rate; 2% of the principal outstanding for fixed interest rate.

Penal interest rate: 24% p.a., 2% p.m.

Fees for switching from floating to fixed rate): 1% of the principal outstanding (minimum Rs. 10,000)

Fees for switching from fixed to floating rate): 2% of the principal outstanding

Fees for switching from BPLR or Base Rate to MCLR: No fees if effective rate kept unchanged; 0.5% of the principal outstanding (minimum Rs. 10,000) if effective rate is revised.

Fees for switching from higher floating rate to lower floating rate: 0.5% of the principal outstanding (minimum Rs. 10,000).

Charges for Cheque return or repayment instruction: Rs. 500/instance

Charges for Cheque or instrument swap: Rs. 500/instance

Charges for issuance of duplicate statement/ amortisation schedule/ interest certificate (actual/provisional): Rs. 250 per instance

Credit report issuance fee: Rs. 50/instance

Charges for issuance of Title document photocopy / customer requests for documents copy: Rs. 250/document set

CERSAI charges: Rs. 50 for loans up to Rs. 5 Lakhs and Rs. 100 for loans above Rs. 5 Lakhs

Charges for duplicate NOC issuance: Rs 500/instance + GST

Documents Required

Common documents for all applicants

Duly filled application form

2 recent passport-sized photographs

Identity Proof

Address Proof

Date of Birth Proof

Poof of Signature

Income documents for salaried applicants (Indian Residents)

Last 3 months salary slip

Last 6 months pay slip/ 2 years bonus proof (for variable pay)

Bank statement for the last 6 months showing salary credited

Form 16 of last 2 years/ job continuity proof

Income documents for salaried applicants (NRIs)

Last 3 months salary slip

Appointment letter/ contract letter

Continuous Discharge Certificate (needed for Shipping cases)

6 months international salary account statement

6 months Domestic NRE or NRO account statement

Valid copy of Visa or OCI card

Passport copy

Overseas credit report

POA details

Income documents for self-employed applicants

Last 2 years ITR, computation of income, P&L, and balance sheet with CA’s seal & sign

Last 6 months bank statements (of personal & business accounts)

CPC & tax paid challan (if ITR filed without a digital sign)

Last 3 years business continuity proof

1 year’s ITR, computation of income, P&L, balance sheet with CA’s seal & sign (for Asha Home Loan)

Tax Audit Report: If Gross Turnover exceeds Rs. 1 Crore or gross receipts exceed Rs. 25 Lakhs

Documents for Home Loan Balance Transfer

12 months loan account statement with latest outstanding letter

Details of existing loans (if any) & bank statement for the last 6 months from where EMI is being deducted.

Documents for Lease Rental Discounting

Last 6 months bank statement of the account where rent is credited

Registered valid lease agreement

2 years ITRs, P&L, balance sheet, computation of income, with CA’s seal & sign

1 year 26 AS

2 years audited financials, operative account, KYC, partnership authority letter, and partnership deed (for partnership firm).

Documents for Partner(s) of a Firm

Partnership deed, list of partners, and NOC in Axis Bank format

Audited ITRs for partnership firm and complete financials

Partnership authority letter on the letterhead of the Firm signed by all partners (if Firm is guarantor).

Documents for Directors in a Company

For the company: Last 2 years ITRs, P&L, balance sheet, computation of income, with CA’s seal & sign.

Tax Audit Report if Gross Turnover exceeds Rs. 1 Crore or gross receipts exceed Rs. 25 Lakhs

Board Resolution in Axis bank format (if Company is applicant)

AOA, MOA, and Certificate of Incorporation

DIN of all Directors

Board Resolution of Company (in Axis bank format)

Latest Share Holding Pattern (must be signed by the Company secretary or List of Directors)

Other documents:

Aadhaar Card

PAN Card

Processing fee

CERSAI cheques

Why to Choose Axis Bank Home Loan?

Attractive interest rates

Ability to choose your interest rate type

Quick and easy application process

Ease of transferring your existing loan balance to Axis Bank

No prepayment charges

Smaller EMIs

FAQs

What is the minimum Home Loan amount that I can borrow from Axis Bank?

You can avail Home Loan amount starting at Rs. 3 Lakhs from Axis Bank

What is the maximum top-up amount I can get on my existing Axis Bank Home Loan?

The maximum top-up amount on the existing Axis Bank Home Loan is Rs. 50 Lakhs

What is the maximum loan amount offered under Asha Home Loan?

The maximum loan amount offered under Asha Home Loan is Rs. 28 Lakhs

What is the maximum repayment tenure for Empower Home Loan?

The maximum repayment tenure for Empower Home Loan is up to 15 years

What is the lowest EMI per Lakh for Axis Bank Home Loan?

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Types of Axis Bank Home Loans Eligibility Eligibility for self-employed individuals The current Axis Bank Home Loans interest rates are Processing fees Other charges Documents Required Income documents for salaried applicants (NRIs)Income documents for self-employed applicants Documents for Home Loan Balance Transfer Documents for Lease Rental Discounting Why to Choose Axis Bank Home Loan?FAQs Blog