Buying a home is everyone’s dream, and Axis Bank helps its customers fulfill this dream by offering home loan facilities. Axis Bank is a trusted private bank that provides home loans with competitive interest rates, flexible repayment options, and an easy application process. If you’re thinking of taking a home loan from Axis Bank, this article will guide you through the entire process, eligibility criteria, required documents, and useful tips.
What is an Axis Bank Home Loan?
An Axis Bank home loan is a loan provided to help you buy, build, or renovate your home. The loan starts at ₹3 lakh and can go up to ₹5 crore, depending on your financial needs and eligibility. The tenure ranges from 5 to 30 years, and you can choose between fixed or floating interest rates.
Features of Axis Bank Home Loan
- Loan Amount: ₹3 lakh to ₹5 crore.
- Interest Rate: Starting from 8.75% p.a. (floating rate) and up to 14% p.a. (fixed rate).
- Tenure: 5 to 30 years.
- Processing Fee: 1% of the loan amount (minimum ₹10,000 + GST).
- Prepayment Charges: No charges for floating rate loans; up to 2% for fixed rate loans.
- Quick Processing: Easy process through both online and offline modes.
- Doorstep Service: Bank representatives visit your home to simplify the process.
Eligibility for Axis Bank Home Loan
To avail of a home loan from Axis Bank, you need to meet the following criteria:
- Age: Minimum 21 years at the time of application and maximum 65 years at loan maturity.
- Employment: Salaried or self-employed individuals (working in government or reputed companies).
- Income: Minimum ₹25,000/month for salaried individuals; stable income with proof for self-employed individuals.
- Credit Score: A score of 750 or higher is beneficial for securing a better interest rate.
- Nationality: Both resident Indians and NRIs can apply.
Required Documents
You’ll need to submit the following documents for a home loan:
- Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
- Address Proof: Utility bill, Aadhaar, or Passport.
- Income Proof:
- Salaried: Salary slips for the last 3 months, 6 months’ bank statement, Form 16.
- Self-employed: ITR for the last 2 years, profit/loss statement.
- Property Documents: Sale agreement, NOC, title deed, etc.
- Passport Size Photo: One or two photographs.
Process to Take a Home Loan from Axis Bank (Step-by-Step)
Taking a home loan from Axis Bank is a systematic process. Follow these steps:
Step 1: Check Your Needs and Eligibility
- Decide your budget and required loan amount.
- Use the Home Loan Eligibility Calculator on Axis Bank’s website to check your eligibility.
Step 2: Submit Application
- Online: Visit the official website (www.axisbank.com), go to the “Home Loan” section, click “Apply Now,” fill out the form, and upload documents.
- Offline: Visit the nearest Axis Bank branch and submit the form.
- Net Banking: Existing Axis Bank customers can apply through net banking.
Step 3: Submit Documents
- Provide all required documents to the bank. For online applications, upload scanned copies.
Step 4: Verification and Discussion
- The bank will verify your documents and may discuss details with you over the phone or in person.
- Legal and technical verification of the property will also be conducted.
Step 5: Loan Approval and Disbursement
- After document verification, the bank will approve the loan.
- The loan amount will be transferred to your account within 15-20 days if all documents are in order.
Step 6: Repayment via EMI
- Once the loan is approved, start repaying it through EMI via ECS or auto-debit.
Axis Bank Home Loan Interest Rates and Charges
- Interest Rate:
- Floating: Starting from 8.75% p.a.
- Fixed: Up to 14% p.a.
- Processing Fee: 1% of the loan amount or minimum ₹10,000 + GST.
- Prepayment Charges: Zero for floating rate loans; 2% for fixed rate loans.
- Late Payment Penalty: Additional charges or interest may apply.
How to Calculate EMI?
Use the EMI Calculator on Axis Bank’s website. Example:
- Loan Amount: ₹30 lakh
- Interest Rate: 8.75% p.a.
- Tenure: 20 years
- EMI: Approximately ₹26,500/month
Benefits of Axis Bank Home Loan
- Affordable EMI with competitive interest rates.
- Long tenure and low EMI options.
- Balance transfer facility to shift loans from other banks.
- Time-saving online application and doorstep service.
- Tax benefits under Section 80C (up to ₹1.5 lakh on principal repayment) and Section 24 (up to ₹2 lakh on interest).
Things to Keep in Mind
- Maintain your credit score, as it affects the interest rate.
- Assess your EMI repayment capacity.
- Understand prepayment rules and hidden charges beforehand.
- Carefully check and submit property documents.
How to Contact Axis Bank?
- Customer Care: 1860-419-5555 / 1860-500-5555 (toll-free).
- Website: Log in or apply at www.axisbank.com.
- Branch: Visit your nearest Axis Bank branch.