Axis Bank Home Loan
Counted as one of India’s leading private sector banks, Axis Bank is known for its customer-centric approach and easy loan procedures. Axis Bank home loans are popular among borrowers across the country because they come with flexible loan tenures, easy repayment options, and hassle-free approval processes. Axis home loan interest rate starts at 9.0% and 14% per annum, for floating and fixed rate packages, respectively. The bank charges a nominal charge of up to 1% + GST as a processing fee from applicants trying to get home loans. Axis Bank housing loan offers many benefits to the borrowers, such as easy EMIs, balance transfer facility, subsidies on certain home loan schemes, and doorstep service.
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Axis Bank Home Loans Highlights
Get the lowest interest rates with Axis Bank
| Loan Amount | Up to 5 crores |
|---|---|
| Rate of Interest | Starts at 8.75% – 9.40% per annum (Floating) and 14% per annum (Fixed) |
| RPLR | |
| Processing Fee |
Up to 1% of the total loan amount + GST (Minimum of Rs. 10,000) |
| Maximum Tenure for Repayment | 30 years (Floater) and 20 years (Fixed) |
| Penal Rate of Interest | 24% per annum |
| Rate Packages | Fixed/Floater |
| Charges for Prepayment/Foreclosure | Nil |
Axis Bank Home Loan Interest Rates in 2024
Borrowers have to pay interest on home loans, which is often calculated on the basis of the rate package. Axis Bank home loans are offered at an interest rate starting at 8.75%. The table below enlists the Axis home loan interest rate 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| On Fixed Rate of Interest (Salaried) | 14% per annum |
| On Fixed Rate of Interest (Self Employed) | 14% per annum |
| On Floating Rate of Interest (Salaried) | 9.00% - 9.40% |
| On Floating Rate of Interest (Self Employed) | 9.10% - 9.40% |
| Repo Rate + Spread (Salaried) | Repo Rate + 2.6% to Repo Rate + 2.9% |
| Repo Rate + Spread (Self Employed) | Repo Rate + 2.5% to Repo Rate + 2.9% |
Interest rates were last updated on 1st December 2024
Axis Bank Home Loan Eligibility Criteria
Every bank and NBFC has different eligibility criteria for applicants keen to apply for a home loan. Some of the general Axis Bank home loan eligibility criteria include age, type of employment, nationality, and loan repayment capability of the applicant. The table below enlists the Axis Bank housing loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 years – 60 years | 21 years – 65 years |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned |
Axis Bank Home Loan Processing Fee and Charges
Usually, all banks and NBFCs charge some fees to cover the costs and risks associated with a home loan application and processing procedure. Axis Bank home loan processing fee is up to 1% + GST, subject to a minimum amount of Rs. 10,000. The table below enlists other fees and charges levied by Axis Bank to those applying for home loans:
| Processing Fee | Up to 1% of the total loan amount + GST (Minimum of Rs. 10,000) |
|---|---|
| Charges of Cheque Bounce | Rs. 399 per instance |
| Re-Pricing Charges |
(Note: Not applicable for Axis Fast Forward and Shubh Aarambh Ho |
| Duplicate Statement Issuance Charges | Rs. 250 per instance |
| Issuance of Copy of Title Documents | Rs. 500 per document set |
| Stamp Duty and Statutory Charges | As applicable |
| Customer Initiated Requests for Document Copies | Rs. 500 per document set |
| Repayment Instruction or Instrument Return | Rs. 339 per instance |
| CERSAI Charges |
|
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Axis Bank Home Loan Schemes and Top Plans
Axis Bank understands that different borrowers have different home loan needs. So, it has charted out a variety of home loan schemes for applicants to choose from. Check out the most popular Axis Bank home loan plans:
1. Axis Bank Shubh Aarambh Home Loan
- Maximum loan amount of up to Rs. 30 lakhs
- Borrowers with a clean repayment record can get an EMI waiver for 12 EMIs
- Enjoy interest subsidy under the PMAY scheme
- Easy balance transfer facility available
2. Axis Bank QuickPay Home Loan
- Enables the borrower to save more on loan interest
- Pay a higher principal amount in the early years of the loan tenure
- Easy balance transfer facility available
- No charges on prepayment or foreclosure
3. Axis Bank Fast Forward Home Loan
- Borrowers with a clean repayment record can get an EMI waiver for 12 EMIs
- Minimum loan amount of Rs. 30 lakhs
- Maximum loan repayment tenure of up to 30 years
- No charges on prepayment or foreclosure
4. Axis Bank Asha Home Loan
- Loan amount of up to 90% of the property value
- Minimum loan amount Rs. 1 lakh
- Maximum loan amount up to Rs. 28 lakhs
- Smart option to get 12 EMIs waived based on the banking history
5. Axis Bank Power Advantage Home Loan
- Easy balance transfer facility available
- Hassle-free documentation procedure for quick loan disbursal
- The initial 2 years of the tenure will have a fixed rate of interest
- Enjoy interest subsidy under Pradhan Mantri Awas Yojana (PMAY)
6. Axis Bank Super Saver Home Loan
- Loan amount starts from Rs. 50 lakhs
- Easy savings on the total payable loan interest
- No need to pay any prepayment or foreclosure charges
- Maximum loan repayment tenure of up to 22 years
7. Axis Bank Pradhan Mantri Awas Yojana Scheme (PMAY)
- Offers interest subsidy on home loans
- Subsidy offered on home loans of tenure up to 20 years
- Maximum loan amount eligible to avail subsidy Rs. 9 lakhs (MIG-1), and Rs. 6 lakhs (LIG and EWS)
- Amazing benefits available for NRIs
Note: All of the above home loan plans are made available to applicants solely at the discretion of Axis bank, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Axis Bank Home Loan
Have a look at the Axis Bank home loan documents required list below, and arrange for the same to get a home loan sanctioned within 5 days in an utterly trouble free process:
Documents Required for Salaried Applicants
- Salary slips for the last 3 months
- Certified Letter from the employer
- Salary slip of bonus proof of 2 years (in case of variable pay)
- Bank Statements showing salary credits for the last 6 months
- Form 16 for the last 2 years
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of Axis Bank.
Documents Required for Self-Employed Applicants
- ITR for the last 2 years (If ITR was filed without a digital sign then Tax Paid Challan and CPC required)
- Balance Sheet with a CA seal and signature
- Computation of Income
- Bank Statements for the last 6 months
- Business Continuity Proof (5 years for LAP/ 3 years for HL)
- Tax Audit Report (In case Gross Turnover > Rs. 1 crore or Gross Receipts > Rs. 25 lakhs)
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favour of Axis Bank
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find Axis Bank Home Loan Offices Near You
If you are planning to visit one of the offices of Axis Bank Home Loan near you to understand the Axis Bank Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The latest Axis Bank home loan interest rates updated in July 2023 start from 9.0% - 14% per annum, varying in terms of floater and fixed rate packages. However, please cross-check the same through the official website of Axis Bank home loan.
You can easily get the Axis Bank home loan interest certificate offline by visiting the nearest branch office and filling out a home loan statement request form. Follow the following steps to get an Axis Bank home loan interest certificate online:
- Visit the official website of Axis Bank
- Enter the online banking account User ID and password on the login page
- Choose “Enquires”
- Choose “Home Loan Provisional Certificate”
- Fill in the home loan details
- You will be displayed the Axis Bank home loan statement or interest certificate
- Feel free to print, download, or view the Axis Bank house loan interest statement
Axis Bank offers home loans at floater and fixed interest rate packages. A borrower can also switch from floater to fixed and vice versa by paying additional charges for the same, and accordingly, the interest rate will change.
Yes, salaried individuals can easily get home loans from Axis Bank after meeting the eligibility criteria set by the bank, like age, nationality, profession, and repayment capacity.
A borrower can reduce the Axis Bank home loan EMI by increasing the loan repayment tenure.
Different types of applicants may need different document sets to apply for an Axis Bank home loan. Some of the general documents required are:
- Proof of identity
- Proof of age
- Proof of address
- Passport-size photographs
- Duly filled application form
- Salary slips/ proof of income
- Bank statements
- Property papers
Yes, Axis Bank allows a borrower to switch from a fixed-rate home loan to a floater rate and vice versa. However, do check the additional charges levied by the bank for the same before taking any final decision.
Borrowers who have opted for an Axis QuickPay Home Loan can avail the facility to pay a larger loan amount in the initial loan tenure. This benefit is not available for other Axis Bank home loans.
An individual who chooses to close the EMI account post 30 days of the 1st EMI debit will be charged 3% on the outstanding principal as the foreclosure fee by Axis Bank. However, if it is closed before the 1st EMI debit, no foreclosure fee will be charged.