Housing Loan in AXIS Bank -2022

If you are among those who are looking for an affordable housing loan, then you are at the right place. In this article, we will be providing detailed information about different housing plans by Axis Bank. Axis Bank is one of the largest private sector banks in India providing affordable housing facilities. Hence, when looking for a home loan Axis Bank Home Loan should be on top of your priority. Let’s explore more about it.

With Axis Bank Home Loan you get the ease of paying smaller EMIs over a longer tenure. This makes you less burdened as you have to pay a small amount towards your EMI comparatively. The interest rate charged is totally dependent on the applicant’s profile and on the loan amount and the tenure period. The maximum loan amount offered by the bank totally depends on the applicant’s income or the combined income of the co-borrower.

As regards the prepayment charges, there are no prepayment charges on the floating interest rate and it is 2% of the outstanding principal amount for the fixed rate.

The bank has a user-friendly website which makes it even easier for the applicants to get all the information regarding the home loan.

The process of a home loan with Axis Bank starts with applying for the same from the online portal, afterward the process is followed by meeting an Axis Bank representative who will come to your house. You need to submit the documents required including the property documents. It will take around five to six days for them to verify and cross-check all your documents and eligibility criteria. and within 10 to 15 days your home loan application will be approved and sanctioned.

Overview of Axis Bank Home Loan

Interest Rate – 8.80% to 11.75% per annum (also depends on the borrower’s profile)
Processing Fees – 0.5% of the Loan amount (or a Minimum of ₹ 10,000 )
Loan Tenure – 1 year to 30 years
Partial pre-payment Charges – Nil
Pre-closure Charges – Nil
Guarantor Requirement – No

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The Highlighting Features and Benefits of Axis Bank Home Loans

Affordable Interest Rate: Axis Bank offers affordable interest rate to its customers. This feature makes it convenient for the borrowers as they have to pay low EMI comparatively.
No Prepayment Charges: There are no prepayment charges for the customer who wish to repay their home loans early from the time mentioned in the loan agreement.
Flexibility: With the Axis bank, home loan customers have the flexibility to choose from the fixed rate and floating rate. The borrower can choose any according to their convenience.
Balance Transfer: Customers can easily opt for a balance transfer for their existing home loan with other bank to Axis bank.
Long & flexible Tenure Period: One can avail Axis bank home loans for a tenure period of up to 30 years, it can also reduce as per the borrower’s choice.
Simple Processing: When you apply for a home loan with Axis Bank, you will experience easy and simple loan processing. There is complete transparency during the processing of home loans and it’s a completely a hassle-free process.
Personalized Service: Axis Bank offers personalized service to its customers along with the doorstep service.

Different Home Loan Solutions offered by the Axis Bank

Axis Bank Home Loan

Loan Amount: The loan amount ranges from ₹300,000 to the maximum loan amount depending on the individual or combined income in case of co-borrower.
Interest Rate: Both floating interest & fixed interest rate available.
Maximum Tenure: 30 years.

Asha Home Loan

Loan Amount: The loan amount ranges from a minimum of ₹100,000 to a maximum of ₹2,800,000.
Interest Rate: Both floating interest & fixed interest rate available.
Maximum Tenure: 30 years.

Empower Home Loan

Loan Amount: The loan amount ranges from a minimum of ₹1,000,000 to a maximum of ₹15,000,000.
Interest Rate: Only floating interest available.
Maximum Tenure: 15 years.

Shubh Aarambh Home Loan

Loan Amount: The loan amount ranges from a minimum of ₹1,000,000 to a maximum of ₹3,000,000.
Interest Rate: Only floating interest available.
Maximum Tenure: 30 years.

Power Advantage Home Loans

Loan Amount: The loan amount ranges from ₹300,000 to the maximum loan amount depending on the individual or combined income in case of co-borrower.
Interest Rate: Both floating interest & fixed interest rate available.

Pradhan Mantri Awas Yojana

Loan Amount: Subsidy on home loan amount depending on the different category.
Interest Rate: Both floating interest & fixed interest rate available.
Maximum Tenure: 20 years.

Fast Forward Home Loan

Loan Amount: The loan amount ranges from ₹3,000,000 to the maximum loan amount depending on the individual or combined income in case of co-borrower.
Interest Rate: Only floating interest available.
Maximum Tenure: 20 years.

Quick Pay Home Loans

Loan Amount: The loan amount ranges from ₹300,000 to the maximum loan amount depending on the individual or combined income in case of co-borrower.
Interest Rate: Only floating interest available.
Maximum Tenure: 30 years in case of fully disbursal and 22 years in case of partial disbursal.

Top Up Home Loan

Loan Amount: Maximum loan amount up to ₹ 50 Lakhs or up to 30% of the original sanction amount.
Interest Rate: Same as home loan rate.
Maximum Tenure: Same as that of the outstanding Home Loan tenure.

Home Loan Top-ups – Are there Better Options?

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Super Saver Home Loan

Loan Amount: The loan amount ranges from ₹10,000,000 to the maximum loan amount depending on the individual or combined income in case of co-borrower.
Interest Rate: Only floating interest available.
Maximum Tenure: 20 years for the fully disbursed loan amount and 22 years for the partly disbursed loan amount.

Who Can avail Axis Bank Home Loan?

The bank has the simplest of the eligibility criteria for the willing applicants. Anyone who can satisfy the following eligibility criteria can avail of a home loan from Axis Bank.

Eligibility criteria to be fulfilled by Salaried Employees:

The applicant should be a government or private sector employee with a particular income.
The minimum age required to avail this loan is 24 years.
The age of the applicant at the loan tenure ends can be a maximum of 60 years.

Eligibility criteria to be fulfilled by Self- employed Professionals:

The applicant should be – an engineer, CA, doctor, accountant, architect, company secretary or a consultant.
The minimum age required to avail this loan should be 24 years.
The age of a borrower at the time loan tenure ends can be a maximum of 65 years.