Axis Bank Home Loans

Buying a home for your family with limited resources you have, has always been a concern in India . However, with so many home loan providers available in India, it has become very easy for people to buy their dream home.

Axis Bank Axis Bank is the third largest private sector bank in India. The bank has a large network of 3,304 domestic branches (including extension counters) and 14,163 ATMs across the country as on 31st March 2017. It provides customers with a wide range of banking services. Housing loans are one of the most popular and attractive products offered by Axis Bank.

Some of the salient features that lend popularity to Axis Bank Home Loans are:

  • Attractive interest rates, which make the home loans affordable.
  • Flexibility of tenure by extending loans upto 30 years to reduce your EMI burden.
  • Option to choose from floating or fixed rate of interest.
  • Quick and convenient processing for both self-employed and salaried individuals.
  • Avail a loan with doorstep services.
  • No-prepayment charges.
  • Balance Transfer facility- Customers can transfer their existing higher rate of interest home loan to Axis bank at lower rates.

Axis Bank Home Loan Eligibility

Salaried Individuals

  • Any employee of Government sector or private organizations of repute is eligible to apply for a home loan with Axis Bank
  • The applicant should be at least 21 years of age at the time of applying for the loan and a maximum of 60 years of age at the time of maturity of the loan

Self-employed Professionals

The following professionals can apply for a home loan with Axis Bank

  • Architects
  • Company Secretaries
  • Dentists
  • Chartered Accountants
  • Engineers
  • Management Consultants
  • Cost Accountants
  • Doctors

The applicant should be at least 21 years of age at the time of applying for the loan and a maximum of 65 years of age at the time of maturity of the loan.

Self-employed Non-professionals(Businessmen)

  • Any individual doing business and files income tax return(ITR) can apply for a home loan with Axis Bank.
  • The applicant should be at least 21 years of age at the time of applying for the loan and a maximum of 65 years of age at the time of maturity of the loan.

Borrower’s Margin

  • For loan upto Rs. 30 lakhs – 10%
  • For loan above Rs. 30 lakhs to upto Rs. 75 lakhs – 20%
  • For loan above Rs. 75 lakhs – 25%

Documentation Required for Axis Bank Home Loan

Applicants have to submit the following documents to Axis bank at the time of applying for a home loan

Purpose Document Required
Identity Proof
  • Passport
  • Voter’s ID
  • Driving license
  • Aadhaar Card
  • PAN Card
Address Proof
  • Passport
  • Voter’s ID
  • Driving license
  • Aadhaar Card
  • Latest Electricity Bill/utility bill/ piped gas bill
telephone bill (Not more than 2 months old)
Income Proof For Salaried Employees:
  • Previous 3 months salary statements
  • Form 16
For Self-employed Individuals(CA Certified):
  • Previous 2 years Income Tax returns
  • Previous 2 years income computation
Bank Statement Last 6 months bank statements or the pass book in which the applicant’s salary is deposited
Gaurantor A guarantor is not mandatory. However, the applicant has the option of submitting a guarantor form

Axis Bank offers one of the most attractive home loan interest rates in the India .Interest rates on home loans are dependent on the type of interest rate option opted by a borrower like floating rate or a fixed rate. Home loans with floating rates help in minimizing the risk involved due to interest rate fluctuations while home loans with fixed rates offer more structure when it comes to monthly repayments as the rates remain static for a fixed period of time.

Types of Axis Bank Home Loans

Axis Bank offers a choice of four different types of home loans, which are designed specially to meet your specific home loan requirements. The types of home loans on offer are as follows:

Axis Bank Fast Forward Home Loan

Under this home loan scheme, customers can use the loan amount for the following purposes:

  • Purchase of a ready-to-move-in house
  • Purchase of house that is under construction
  • Purchase of a house in resale
  • Purchase of a plot
  • Construction on a plot

Under this home loan scheme 12 EMIs are waived off* at no extra cost for customers who are regular in payment of EMIs. 6 months EMIs waived on completion of 10 years, and another 6 months EMIs on completion of 15 years from the date of 1st disbursement.
*Repayment track record should be clear, i.e., only 3 instances where dues are pending for 30 days and above but never over over 90 days during the entire tenure of the loan. The minimum tenure at the time of disbursement should be 20 years. Loan can also be part paid, as long as the loan tenure does not fall below 10 years, to avail waiver.

Axis Bank Fast Forward Interest Rates for Salaried Borrowers

Type Loan amount (Rs.) MCLR + Mark Up Effective Rate Of Interest
Floating Rate Loan amount upto Rs 30 lacs MCLR + 0.25% 8.40% p.a.
Loan amount upto Rs 75 lacs MCLR + 0.55% 8.70% p.a.
Loan amount above Rs 75 lacs MCLR + 0.60% 8.75% p.a.
Top Up for existing customers Upto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable

Marginal Cost Based Lending Rate (MCLR) – 8.15%
MCLR Reset frequency for Home Loans - Half Yearly

Axis Bank Empower Home Loan

Under this home loan scheme, customers can use the loan amount for the following purposes:

  • Purchase of a ready-to-move-in house
  • Purchase of house currently under construction
  • Purchase of a self-constructed house
  • Purchase of a plot plus construction on the plot
  • Home renovations, improvements and extensions

You get 3 assured rate reductions, on maintaining a good repayment track for 24, 36 and 60 months from the date of first disbursement to avail the 1st, 2nd and 3rd rate reduction respectively.

Axis Bank Empower Home Loan Interest Rates(Salaried or Self-employed borrowers)

Loan amount (Rs.) MCLR + Mark Up Effective Rate of Interest
All Loan Amounts MCLR + 1.10% 9.25%

Marginal Cost Based Lending Rate (MCLR) – 8.15%
MCLR Reset frequency for Home Loans - Half Yearly

Axis Bank Asha Home Loan

Under this home loan scheme, customers can use the loan amount for the following purposes:

  • Purchase of a ready-to-move-in house
  • Purchase of house under construction being developed by a builder or society
  • Purchase of a house in re-sale
  • Purchase of a plot plus construction loan on the plot

Salient features of Axis Bank Asha Home Loan

  • Minimum combined monthly income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on location
  • Minimum Loan Amount Rs.1lakh and Maximum Rs.28Lakh
  • On loans upto Rs. 28,00,000, avail of a loan equal to 85% of the property value
  • Upto 30 years, allowing for higher eligibility
  • Eligibility based on banking behaviour, providing better eligibility
  • Properties starting from 300 (saleable) sq. ft. area
  • Loans upto Rs. 28 lakhs for locations with population above 10 lakhs and loans upto Rs. 20 lakhs for locations with population upto Rs. 10 lakhs
  • Under this home loan scheme 12 EMIs are waived off* at no extra cost for customers who are regular in payment of EMIs. 6 months EMIs waived on completion of 10 years, and another 6 months EMIs on completion of 15 years from the date of 1st disbursement.
    *Repayment track record should be clear, i.e., only 3 instances where dues are pending for 30 days and above but never over over 90 days during the entire tenure of the loan. The minimum tenure at the time of disbursement should be 20 years. Loan can also be part paid, as long as the loan tenure does not fall below 10 years, to avail waiver.

Axis Bank Asha Home Loan Interest Rate

Floating Rate of Interest MCLR plus Mark-up Effective Interest Rate (p.a)
Salaried customers (Vanilla Variant) MCLR + 1.60% 9.75% p.a
Self Employed customers (Vanilla Variant) MCLR + 1.80% 9.95% p.a
Salaried customers (All other variant) MCLR + 2.35% 10.50% p.a.
Self-Employed (All other variant ) MCLR + 2.35% 10.50% p.a.

Marginal Cost Based Lending Rate (MCLR) – 8.15%
MCLR Reset frequency for Home Loans - Half Yearly

Axis Bank Super Saver Home Loan

Under this home loan scheme, customers can can deposit any surplus amounts into their Super Saver Account, and save on interest that they pay towards their home loan. The surplus funds are at your disposal can be utilized to save on interest while still being able to withdraw them whenever needed.
After the loan is disbursed, any amount of money deposited in the SuperSaver account by you shall be deducted from the principal outstanding and you will be charged interest on net principal outstanding.

Salient Features of Axis Bank Super Saver Home Loan

  • Loan repayment tenure of up to 20 years for fully disbursed cases and 22 years for partially disbursed cases
  • Minimum Loan Amount is Rs. 50Lakh
  • Balance Transfer facility available
  • Nil prepayment charges
  • Doorstep facilitation of loan application
  • Quick and hassle-free processing
Loan amount All Customers
Rs 50 Lakhs & above MCLR + 1.10 = 9.25%

Marginal Cost Based Lending Rate (MCLR) – 8.15%
MCLR Reset frequency for Home Loans - Half Yearly

Axis Bank Home Loan Transfer Scheme

If you are running a home loan at higher rate from any bank or housing finance company, you can get it transferred to Axis Bank at low interest rates. The main features of this transfer scheme are:

  • Low interest rates
  • No prepayment fees or charges
  • Top up loan can also be availed, wherein you can get a top up loan up to 30% of your existing loan outstanding
  • It's quick, simple and hassle-free
  • To be eligible for Axis Bank balance transfer scheme you should have a clean loan repayment track record with no delay in EMI payment for the last 18 months in your existing home loan.

Other Charges on Axis bank Home Loan

Description of charges Amount (Rs.)
Processing Fee Charges Up to 1% of the Loan amount subject to minimum of Rs.10,000/-
Penal Interest Rate @24 % per annum, 2% per month
Switching Fees (Base Rate/BPLR to MCLR)#
  • When effective rate is to be kept the same - No fees
  • When effective rate is to be revised - 0.5% on outstanding principal with minimum of Rs 10000/-
Switching Fees (Floating Rate to Fixed Rate)# 1% on the outstanding principal with a minimum of 10,000/-
Switching Fees (Fixed Rate to Floating Rate)# 2% on the outstanding principal amount
Switching Fees (Higher Floating Rate to Lower Floating Rate )# Switching Fees (Higher Floating Rate to Lower Floating Rate )#
Switching Fees (Higher Floating Rate to Lower Floating Rate )# 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only
Repayment Instruction/Cheque Return charges 500/- Per Instance
Cheque/Instrument Swap Charges 500/- Per Instance
Duplicate Statement Issuance Charges 250/- Per Instance
Duplicate Amortization Schedule Issuance Charges 250/- Per Instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges 250/- Per Instance
Issuance Charges of Credit Report 50/- Per Instance
Issuance Charges for Photocopy of title documents 250/- Per document set
Charges on customer initiated requests for copies of documents 250/- Per document set
Prepayment Charges including part prepayment for floating rate loan NIL
Prepayment Charges for fixed rate loan 2% of the principal outstanding
Equitable Mortgage Creation Charges As applicable in the As applicable in the state
CERSAI charges Rs 50/- For Loans up to 5 Lakhs
Rs 100/- For Loans above 5 Lakhs

# For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed portion of sanctioned amount.
** Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).