Axis Bank Home Loan Balance Transfer
Designed to empower borrowers with greater flexibility and savings in managing their housing loans, the Axis Bank Home Loan Balance Transfer offers significant advantages like reduced EMIs and lower rates of interest. Axis BT home loan starts with a minimum loan amount of Rs. 3 lakh at an interest rate starting 8.75% p.a. The maximum tenure for repayment for an Axis Bank Balance Transfer Home Loan is similar to or more than the tenure offered by the previous lender.
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Axis Bank Home Loan Balance Transfer Interest Rates
With competitive interest rates, flexible repayment options, and transparent fee structures, Axis Bank enables borrowers to manage their home loans effectively to save on overall interest costs. The Axis Bank home loan balance transfer interest rate begins at 8.75% per annum both for floater and fixed rate basis plans.
Feel free to understand Axis Bank home loan interest rate for balance transfer by looking at the table below:
| Rate Package | Rate of Interest |
|---|---|
| For All Loan Amounts | 8.75% p.a. - 13.30% p.a. |
Disclaimer : The Axis Bank Balance Transfer Home Loan Rate of Interest is subject to change at the bank's discretion, so kindly verify the same before proceeding with the application procedure.
Axis Bank Home Loan Balance Transfer Eligibility Criteria
Setting eligibility criteria helps Axis Bank maintain consistency in its lending standards, aligning with regulatory guidelines, and internal risk management policies. For this, the bank asks for general factors like age, credit score, nationality, and minimum income earned by the applicant.
The Axis Bank home loan balance transfer eligibility factors that are applicable for salaried and self-employed people applying for a BT scheme:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 3 lakh per annum | Rs. 3 lakh per annum |
| Credit Score | 700 and above (preferred) | 700 and above (preferred) |
Axis Bank Home Loan Balance Transfer Processing Fee and Charges
The Axis home loan transfer charges are charged to ensure smooth and efficient handling of the balance transfer process, including the assessment of the borrower’s creditworthiness, verification of property documents, and other legal processes.
The table below will acquaint you with the Axis Bank home loan balance transfer charges and processing fees:
| Processing Fee | Up to 1% of the loan amount (Minimum of Rs. 10,000) |
|---|---|
| Prepayment Charges |
|
| Switching Fee |
|
| Cheque Return Charges | Rs. 500 per instance |
| Penal Interest Rate | 24% per annum/ 2% per month |
| CERSAI Charges |
|
| Stamp Duty | As per actuals |
| Duplicate Statement Issuance Charges | Rs. 250 per instance |
| Duplicate Amortization Schedule Charges | Rs. 250 per instance |
| Duplicate Interest Certificate Issuance Charges | Rs. 250 per instance |
| Loan Insurance | Mandatory |
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Axis Bank Home Loan Balance Transfer comparison with other Top Banks
Axis Bank offers competitive interest rates, often tailored to market conditions to help lower the monthly repayments for the borrowers. Still, we feel before finalizing the Axis Bank Home Loan Balance Transfer you must do a comparison with other competitors:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Axis Bank | 8.75% p.a. - 13.30% p.a. | Up to 1% of the loan amount (Minimum of Rs. 10,000) |
| SBI | 8.50% p.a. onwards | Nil |
| HDFC Bank | 8.70% p.a. onwards | Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable) |
| ICICI Bank | 8.75% p.a. onwards | Up to 2.00% of the principal loan amount |
| Kotak Mahindra Bank | 8.75% p.a. onwards | Up to 1% of the principal loan amount + taxes |
| Cholamandalam Housing Finance | 9.00% p.a. onwards | Rs. 5,000 (including GST) |
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Documents Required For Axis Bank Home Loan Balance Transfer
Submitting Know Your Customer (KYC) documents is crucial when applying for a balance transfer scheme for several important reasons. It helps the bank to verify the borrower’s identity, address, age, and financial stability, and also ensures the regulatory standards to prevent fraudulent activities.
We urge you to proceed further to understand in-depth the Axis Bank home loan balance transfer document required list shared below:
1. For Salaried Loan Applicants
- Processing fee cheque in favour of Axis Bank
- Latest Passport Size Photographs
- Duly-filled Application Form
- Proof of Income (Salary Slip for the last 3 months, Bank Statements for the last 6 months)
- Proof of Identity (Voter ID Card, PAN Card, Driving License)
- Proof of Address (Voter ID Card, Latest Electricity Bill)
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
2. For Self-Employed Loan Applicants
- Processing fee cheque in favour of Axis Bank
- Latest Passport Size Photographs
- Duly-filled Application Form
- Proof of Income (Latest ITR, Balance Sheet, P&L Account Statement of the last 3 years)
- Proof of Identity (Voter ID Card, PAN Card, Driving License)
- Proof of Address (Voter ID Card, Latest Electricity Bill)
- Business Profile
- Latest Form 26AS
- Partnership Deed (for partnership firm)
- Articles of Association and Memorandum of the Company
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
FAQs
Currently, the interest rates on Axis Bank Home Loan and Balance Transfer Scheme is same. However, we still suggest you to verify the same from the bank at the time of applying for the same.
It is advisable to opt for a balance transfer of your home loan when you find a lender who is offering a lower rate of interest and better loan terms.
All the tax benefits as in the case of a basic home loan are applicable with an Axis Balance Transfer Home Loan.
The time required for an Axis Bank Home Loan Balance Transfer typically ranges from 10 to 15 days. It may vary depending on the accuracy of the documents submitted by the borrower and other legal verifications.
No, there is no impact on the credit score if you choose for an Axis Home Loan Balance Transfer.