| INTEREST RATE | 6.90% - 8.55% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | Up to 0.50% of the loan amount subject to maximum Rs.10,000 |
| GUARANTOR REQUIRED | No |
| PRE CLOSURE CHARGES | Nil |
Calculate Axis Bank Home Loan EMI Calculate EMI Now
About Axis Bank
Axis Bank is a private sector bank in india with total assets 7475 crore. It has headquarter in Mumbai.
Axis Bank was founded on 1994.
It has 2589 branches and total assets 747512922 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Axis Bank which includes Axis Bank Official Website, Axis Bank ATMs accross the India, Axis Bank Branches accross the India, Axis Bank Contact Numbers, Axis Bank official EmailID, Axis Bank Headquarter and Axis Bank Headquarter Address. Find Axis Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Other Products of Axis Bank:
About Axis Bank Home Loan
| Particulars | Description |
|---|
| Type | Private Sector Bank |
| Industry | Banking & Financial Services |
| Founded in | 1993 |
| Headquarter | Mumbai, Maharashtra, India |
| Website | https://www.axisbank.com/ |
| Products | Retail Banking, Corporate Banking, Finance, Credit Cards, Insurance, Asset Management, Wealth Management, Loans & Private Equity |
Axis Bank is one of the largest private sector lenders in India. It has a brand image with rich 25 years of performance having millions satisfied customers. It has 3589 Branches spreads across 1946 cities & towns, 13977 ATMs, and 9 International Offices. It offers a wide range of Home Loan Schemes to different classes of customers to fulfil their dream of owning a home.
Axis Bank provides home loan for different needs and purposes such as for purchase, construction, and extension of dwelling unit, repairs/ renovation of home, for purchase of house which is under construction, for purchase of plot, etc. Axis Bank offers customised Home Loan solutions, best-in-class services and simplified loan process. It offers competitive, attractive and affordable home loan interest rates.
Axis Bank Home Loan Interest Rates Updated on 19 Nov 2021
| Particulars | Details |
|---|
| Interest Rate | 6.90% onwards |
| Processing Fee | 0.50% of Loan Amount (Max. Rs 10,000) |
| Loan Amount | Customised |
| Loan Tenure | Up to 30 Years or upto the age of 70 years, whichever is earlier |
| Margin | 10% to 25% of the loan amount |
| Pre-closure Charges | Nil prepayment charges under floating rate option |
| Partial prepayment charges | Nil Partial prepayment charges under floating rate option |
| Security | Equitable | Registered Mortgage of the Property in question |
Why Axis Bank Home Loan?
- Axis Bank provides a range of Home Loan Schemes designed for different needs of customers
- Home loan interest is calculated on a daily reducing basis
- It has PAN India branch network provides easy access to the customers
- Pre Approved loan offers and preferential home loan interest rate for existing home loan borrowers
- It provides Flexible Repayment Options to the borrowers
- Quick & Hassle-free processing
- Easy and fast approval & disbursal of home loans
- Free & safe document Storage
- Special lower interest rate offer for women
- It provides rebate in Income Tax
- Has dedicated team of well-experienced employees
- Transparent process with no hidden charges
- Offers loan upto 90% of property value
- 24/7 helpline of Axis Bank offers timely assistance to the customers
- Axis Bank wins the Best Rewards Program for the 4th consecutive year at the Customer Loyalty Awards 2018
- Moreover, Axis Bank is the third largest Private Sector bank in India hence strong trust factor of people is involved
Purpose of Axis Bank Home Loan
- Purchase a Plot for construction of a House
- Purchase | construct house | flat
- Home Extension
- for renovation | repair | alteration | addition to house | flat
- Take over from other Banks/ HFCs/ NBFCs/ FIs, etc.
Margin or Loan to Value Ratio (LTV) Ratio: For New Home Loan
| Loan Amount | Margin | LTV Ratio |
|---|
| Up to Rs 30 lakhs | 10% | 90% |
| Up to Rs 30 lakhs & upto Rs. 75 lakhs | 20% | 80% |
| Above Rs. 75 lakhs | 25% | 75% |
Eligibility Criteria of Axis Bank Home Loan
| Basis | Salaried Customers | Non Salaried Customers |
|---|
| Age | Minimum 21 years & Maximum 60 Years | Minimum 21 years & Maximum 65 Years |
| Income | Regular source of income is needed | Regular source of income is needed |
| Job/ Business Experience | 1 Year | 2 Years |
| Age of Co-applicant | Minimum 18 years | Minimum 18 years |
Documents Required for Axis Bank Home Loan
| Documents Required | Salaried | Self Employed |
|---|
| Proof of identity | Valid Passport/ Voter's ID/ Valid Driving License with photograph / PAN Card / Aadhaar Card | Valid Passport/ Voter's ID/ Valid Driving License with photograph / PAN Card / Aadhaar Card |
| Proof of Income | - Latest 3 months salary slip/ certificate for fixed salary/ Latest Form 16
- Last 6 months bank statement/ Passbook of the salary account
| - IT returns for the last 2 years along with computation of income certified by CA
- Last 6 months Bank statement for operative account both personal and business
|
| Proof of Residence | Latest Electricity Bill/ utility bill/ piped gas bill/ telephone bill (Not more than 2 months old)/ Passport/ Aadhaar card/ Voter ID/ Driving License | Latest Electricity Bill/ utility bill/ piped gas bill/ telephone bill (Not more than 2 months old)/ Passport/ Aadhaar card/ Voter ID/ Driving License |
Fees & Charges on Axis Bank Home Loan
| Category | Fee & Charges |
|---|
| Loan Processing Charges | 0.50% of loan amount Max. Rs.10,000 plus taxes |
| Bounced cheque/ECS or SI dishonours charges | Rs. 500 on each such transaction |
| Stamping Charges | Applicable as per the respective State's Stamp Act |
| Prepayment Charges | Nil |
| Penal Interest | 2% per month |
| Part Pre Payment Charges | Nil |
| No Due Certificate | NIL |
| Lawyer's fees | To be borne by the borrower on the basis of actual cost |
| Valuation fees | To be borne by the borrower on the basis of actual cost |
Axis Bank Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 18.10.2021
| Tenor | Revised MCLR (In %) |
|---|
| Overnight | 7.15 |
| 1 Month | 7.15 |
| 3 Months | 7.25 |
| 6 Months | 7.30 |
| 1 Year | 7.35 |
| 2 Years | 7.45 |
| 3 Years | 7.50 |
Loan Amount of Axis Bank Home Loan
Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. The value of loan depends upon applicant's income, repaying capacity, age, assets and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit history.
Margin of Axis Bank Home Loan
Margin for Axis Bank Home loan ranges from 10% to 25% of the loan amount. It depends upon the scheme and loan amount availed by the borrower.
Repayment of Axis Bank Home Loan
The repayment of Axis Bank Home Loan can be done in Maximum 30 years or upto 70 years of the age of borrower, whichever is earlier.
Security of Axis Bank Home Loan
Being it a secured loan, the borrower is required to do Equitable | Registered Mortgage of the Property in question in favour of the bank. However, the bank may ask for other security also based on the case.
Axis Bank Home Loan Schemes
(1) Axis Bank Home Loan: This is a regular and most demanding home loan scheme that offers Housing Loan at attractive rates and ensure a house for all.
Important Features:
- Purpose: To purchase a Plot for construction of a House, to purchase/ construct house/ flat, as well as for renovation/ repair/ alteration/ addition to house/ flat, etc.
- Eligibility: Salaried, professional or self employed having regular income in the age group of 21 years to 60/65 years
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 3 lakhs
- Maximum Loan Amount: Customised Up to Rs. 5 Crore
- Margin:10% to 25%
- Maximum Tenure: Max. 30 years
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 6.90% to 8.40% |
| Non-salaried | 7.00% to 8.55% |
- Interest Rate (Fixed):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 12% |
| Non-salaried | 12% |
(2) Axis Bank Fast Forward Home Loan: This is home loan scheme where you can get 12 EMIs waived off upon regular EMI payment.
Important Features:
- 6 months waived on completion of 10 years, and another 6 months on completion of 15 years from 1st disbursement
- Minimum loan tenure of 20 years
- Loan should be live for the minimum stipulated period of 120 months from 1st disbursement
- Purpose: To purchase a Plot for construction of a House, to purchase/ construct house/ flat, as well as for renovation/ repair/ alteration/ addition to house/ flat, etc.
- Eligibility: Salaried, professional or self employed having regular income in the age group of 21 years to 60/65 years.
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 30 lakhs
- Maximum Loan Amount: Rs. 5 crores
- Margin:10% to 25%
- Maximum Tenure: Max. 30 years
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 6.90% to 8.40% |
| Non-salaried | 7.00% to 8.55% |
- Interest Rate (Fixed):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 12% |
| Non-salaried | 12% |
(3) Axis Bank Shubh Aarambh Home Loan: This scheme offers 4 EMIs are waived every 4 years. Hence total 12 EMIs are waived.
Important Features:
- Purpose: Home loans can be used to purchase an under construction / ready / resale house, self-construction, plot plus construction or home extension and improvement.
- Close the loan early without any prepayment .To avail waiver benefit the tenure should not fall below 4 years.
- Eligibility: Salaried, professional or self employed having regular income in the age group of 21 years to 60/65 years. Minimum loan tenure should be of 20 years at the time of disbursement. Maximum loan is upto Rs.30 Lakhs. Loan should be live for the minimum stipulated period of 48 months from the date of disbursement to avail waiver benefit.
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 1 lakh
- Maximum Loan Amount: Rs. 30 lakhs
- Margin:10% to 25%
- Maximum Tenure: Max. 30 years
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 6.90% to 8.40% |
| Non-salaried | 7.00% to 8.55% |
- Interest Rate (Fixed):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 12% |
| Non-salaried | 12% |
(4) Axis Bank Asha Home Loan: This scheme offers the facility of availing home loans with a low monthly income of Rs. 8,000 to Rs. 10,000. On loans upto Rs. 28,00,000, you can avail of a loan equal to 90% of the property value.
Important Features:
- Purpose: Home loans can be used to purchase an under construction / ready / resale house, self-construction, plot plus construction or home extension and improvement.
- Close the loan early without any prepayment .To avail waiver benefit the tenure should not fall below 4 years.
- Eligibility: Salaried, professional or self employed having regular income in the age group of 21 years to 60/65 years. Minimum loan tenure should be of 20 years at the time of disbursement. Maximum loan is upto Rs.30 Lakhs. Loan should be live for the minimum stipulated period of 48 months from the date of disbursement to avail waiver benefit.
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 1 lakh
- Maximum Loan Amount: Loans upto Rs. 28 lakhs for locations with population above 10 lakhs and loans upto Rs. 20 lakhs for locations with population upto 10 lakhs.
- Margin:10% to 25%
- Maximum Tenure: Max. 30 years
- Nil penalty for pre-closure of home loan on floating interest rate Home Loans.
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 10.05% to 11% |
| Non-salaried | 10.30% to 11.50% |
(5) Axis Bank Pradhan Mantri Awas Yojana (PMAY)- EWS/ LIG & MIG-I/ MIG-II: This scheme offers Housing Loan to Individuals from Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) I and II category at attractive rates.
Important Features:
- Purpose: To extend home loan for purchase, new construction and addition of home, to existing dwelling units as incremental housing, for construction of house/ flat
- Eligibility: Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible. Beneficiary family should not own an all weather dwelling unit either in his/ her name or in the name of any member of his/ her family in any part of India. NRIs are also eligible in this.
- EWS households - households having an annual income up to Rs.3,00,000 and house size with carpet area upto 30 square meter.
- LIG households - households having an annual income above Rs.3,00,000 and up to Rs.6,00,000 and house size with carpet area upto 60 square meter.
- MIG I households - households having an annual income above Rs. 6,00,000 and up to Rs.12,00,000 and house size with carpet area upto 120 square meter.
- MIG II households - households having an annual income above Rs. 12,00,000 and up to Rs. 18,00,000 and house size with carpet area upto 150 square meter.
- Subsidy
- EWS/ LIG Borrowers will get Credit Linked Subsidy at 6.50% for upto Rs. 6 lakhs for max. 20 years. Maximum subsidy amount will be Rs 2,67,280 only.
- MIG-I Borrowers will get Credit Linked Subsidy at 4% upto 9 lakhs for max. 20 years. Maximum subsidy amount will be Rs 2,35,068 only.
- MIG-II Borrowers will get Credit Linked Subsidy at 3% upto Rs 12 lakhs for max. 20 years. Maximum subsidy amount will be Rs 2,30,156 only.
- Table for detailed subsidy scheme
| Particulars | EWS | LIG | MIG-I | MIG-II |
|---|
| Interest Subsidy (% p.a.) | 6.5% | 6.5% | 4% | 3% |
| Maximum loan tenure (in years) | 20 | 20 | 20 | 20 |
| Eligible Housing Loan Amount for Interest Subsidy (Rs.) | 6 lakhs | 6 lakhs | 9 lakhs | 12 lakhs |
| Max. Dwelling Unit Carpet Area | 30 Sq. m. | 60 Sq. m. | 120 Sq. m. | 150 Sq. m. |
| Maximum Subsidy Amount(Rs.) | 2,67,280 | 2,67,280 | 2,35,068 | 2,30,156 |
- Margin: 10% to 25%
- Maximum Tenure: Max.30 years or up to borrower's age of 70 years, whichever is lower
- Security: Equitable| registered mortgage of the property
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 6.90% to 8.40% |
| Non-salaried | 7.00% to 8.55% |
- Interest Rate (Fixed):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 12% |
| Non-salaried | 12% |
How to apply home loan from Axis Bank under Pradhan Mantri Awas Yojana (PMAY)?
First of all, you apply for home loan from Axis Bank and along with your loan application, you need to fill the Pradhan Mantri Awas Yojana (PMAY) Form and submit it with your loan application form with the bank. Bank will take care of its processing. Bank will check your eligibility and if you are eligible in the category you have applied for like EWS/ LIG/ MIG-I/ MIG-II, then accordingly the interest subsidy would be credited in your bank account.
(6) Axis Bank Top-Up Home Loan: Axis Bank offers customers to borrow certain amount over and above their home loan amount.
Important Features:
- Customer should already have a Axis Bank Home Loan Account. Existing Home Loan customers are eligible for a Top-Up Loan after six months' clear repayment.
- For an existing Home Loan borrower, clear repayment history is important. There should not be more than 1 EMI bounce in the last one year and the same should have been cleared before the next EMI date
- Loan Amount: Upto 30% of original sanction amount of original home loan, subject to maximum Rs. 50 Lakhs
- Loan Tenure: Same as outstanding home loan tenure
- It can be availed for any personal purpose and business purpose but purchase of another residential/ commercial premises is not permitted
- The interest rates are much lower than usual personal loan interest rates.
- Processing Charges: Upto 1% of the loan amount subject to minimum of Rs 10,000/-
- Interest Rate (Floating):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 6.90% to 8.40% |
| Non-salaried | 7.00% to 8.55% |
- Interest Rate (Fixed):
| Customer Type | Interest Rate (p.a.) |
|---|
| Salaried | 12% |
| Non-salaried | 12% |
(7) Axis Bank Empower Home Loan: This scheme offers 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.
Important Features:
- Purpose: To purchase a Plot for construction of a House, to purchase/ construct house/ flat, as well as for renovation/ repair/ alteration/ addition to house/ flat, etc.
- Eligibility: Resident self-employed customers (professionals and non-professionals) having regular income in the age group of 21 years to 60/65 years
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 10 lakhs
- Maximum Loan Amount: Rs. 1.50 Crores
- Margin:10% to 25%
- Maximum Tenure: Max. 30 years
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (for salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.55% |
| Loan amount above Rs 30 lakhs | 9.20% |
- Interest Rate (for non-salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.65% |
| Loan amount above Rs 30 lakhs | 9.40% |
(8) Axis Bank Super Saver Home Loan: Super Saver home loan is a unique financing solution that helps you save on the total interest payable on your home loan with us. Any surplus funds at your disposal can now be effectively utilized to save on interest while still being able to use them whenever needed.
Important Features:
- After the loan is disbursed, any amount deposited in the Super Saver account by you shall reduce the principal outstanding and you will be charged interest on net principal outstanding i.e. loan amount outstanding minus any excess funds parked in the account.
- The excess funds parked can also be withdrawn on requirement.
- Unlike a standard home loan, Super Saver gives you an option to park additional funds which will reduce the interest obligation on your home loan to the extent of the funds parked, with the flexibility to withdraw them anytime. To help you make the most out of your Super Saver account you will be issued with an ATM card, cheque book, internet and phone banking facility.
- Purpose: To purchase a Plot for construction of a House, to purchase/ construct house/ flat, as well as for renovation/ repair/ alteration/ addition to house/ flat, etc.
- Eligibility: Salaried, professional or self employed having regular income in the age group of 21 years to 60/65 years
- Processing Fee: Up to 1% of the Loan amount subject to minimum of Rs.10,000
- Minimum Loan Amount: Rs. 50 lakhs
- Maximum Loan Amount: Customised
- Margin:10% to 25%
- Maximum Tenure: Loan repayment tenure up to 20 years for Fully disbursed case and upto 22 years for partly disbursed case to make sure you enjoy the benefits for a longer term.
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (for salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.55% |
| Loan amount above Rs 30 lakhs | 9.20% |
- Interest Rate (for non-salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.65% |
| Loan amount above Rs 30 lakhs | 9.40% |
(9) Axis Bank Balance Transfer of Home Loan: This scheme enables a customer to transfer home loan from any other institution to HDFC Bank.
Important Features:
- Customer should satisfy the eligibility criteria for availing Home Loan as per HDFC Bank 's instruction
- Customer has serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction
- Customer should have valid documents evidencing the title to the house/ flat
- Security: Equitable| registered mortgage of the property. If mortgage is not feasible, bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.
- Interest Rate (for salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.55% |
| Loan amount above Rs 30 lakhs | 9.20% |
- Interest Rate (for non-salaried customers):
| Loan Amount | Interest Rate (p.a.) |
|---|
| Loan amount upto Rs 30 lakhs | 8.65% |
| Loan amount above Rs 30 lakhs | 9.40% |
- Interest Rate: Fixed Interest Rate: 12.00% p.a.
Tax Benefits of availing Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
What is the Impact of MCLR on EMI of Axis Bank Home Loan Borrowers?
After April 1, 2016, all bank loans (including home loans) are linked to the bank's MCLR with or without a mark-up or spread (bank margin). Earlier, they were linked to the bank's base rate. All banks are required to disclose their MCLR each month.
Banks generally hike MCLR, whenever there is a hike in Repo Rate by the RBI. Banks may increase MCLR due to surging bond yields and higher provisioning requirements, even when the RBI has not hiked Repo Rate.
Home Loan Interest Rate can be equal to the MCLR or have a 'margin' or 'mark-up' or 'spread' but can never be lower than MCLR.
"Home Loan Interest Rate is linked to the bank's MCLR. If MCLR goes up, the home loan rates will also go up. Home Loan Interest Rate will not be impacted by hike in MCLR only if banks reduce the mark-up (margin) in the home loan. If MCLR goes down, the home loan rates will also go down."
For MCLR-linked home loans, the rate is reset after 6 or 12 months according to the agreement between the borrower and the bank. The interest rate applicable on the reset date will become the new rate on which the future EMI's will be calculated.
What should Base Rate Home Loan Borrowers do?
Home Loan Interest Rate of old home loan borrowers (who had taken home loans before April 1, 2016) are linked to the base rates of the banks. Hence the EMI which they are paying is also linked to base rate. Banks have always remained very sluggish for passing on the benefits of RBI rate cuts to the borrowers.
Now after April 1, 2016, Home Loan Interest Rate is linked to MCLR (Marginal Cost of funds based Lending Rate) for home loan borrowers in order to resolve the problems of the Base Rate regime.
It will be beneficial for them to switch to MCLR linked rate if the difference between what they are paying (under base rate) and what the bank is offering (under MCLR) is significant.
So they must switch to MCLR linked rates, if outstanding loan is high and the remaining tenure is also long.
In that situation, Base Rate Borrowers have following two options:
(1) Switch to MCLR linked home loan with the same bank: It is beneficial, in case the bank is charging a nominal switching fee such as 0.50% or less on outstanding amount.
(2) Transfer the loan to another bank on MCLR: It is feasible, if new bank has waived off processing fee (which they generally do in order to attract the customer and increase their business) or is charging very less processing fee and legal and transfer costs.
The borrower must compare both the above-mentioned options and opt for the one which is more beneficial to them in terms of money saved. It will result not only in reduction of future EMIs but also a huge amount of interest will be saved during remaining tenure.
One may as well continue the loan on base-rate especially if the maturity is near and need not go through the process of conversion.
Further, the Reserve Bank (RBI) is going to link the base rate for loans given by banks to the MCLR from April 1, 2018. Once it happens, the base rate will automatically increase or decrease along with the MCLR without any specific action required for adjustment. This will be very beneficial for the home loan borrowers whose rates (EMIs) are still linked to the base rate.
EMI Payment Methods of Axis Bank Home Loan
You can repay Axis Bank home loan in any of the following methods:
(1) Electronic Clearing Service (ECS): Electronic Clearing System is preferred for faster payments and collections. If you have an account with other bank than Axis Bank then you can use ECS for loan repayment. You will have to fill up a form and submit the same with your bank for debiting EMI every month from your account. In this case, your EMI will be automatically debited every month from your bank account and credited to Axis Bank towards loan repayment instalment.
(2) Standing Instruction (SI): If you maintain your account with Axis Bank, then you can use this method. Under this method, you will have to issue a Standing Instruction to Axis Bank to debit your EMI amount on a due date every month from your Axis Bank account and credit to Axis Bank loan account towards loan repayment instalment. You save a lot of time and energy by giving standing instructions to the bank to carry out the transaction on your behalf each time.
(3) Post-Dated Cheques (PDCs): In this method, you need to submit post-dated EMI cheques to Axis Bank for a certain period of time, which are deposited by the Axis Bank on the due date. This alternative is cumbersome and time-consuming and involve a manual procedure of visiting the Axis Bank in a timely manner.
Points to Note Regarding EMI Payment Methods
- A fresh set of PDCs need to be submitted in a timely manner.
- Post Dated Cheques are accepted only for non-ECS locations.
- It is good to pay your EMIs either through the Standing Instruction or ECS for faster and timely remittance of your loan instalments.
In case of Prepayment of Axis Bank Home Loan, will EMI change?
One can pre-pay Axis Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
Ways to Reduce your Axis Bank Home Loan EMI
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Latest News on Axis Bank Home Loan
Aug 18, 2021: Axis Bank has cut MCLR rates by 5 basis points across all maturities i.e. by 0.05%
- April 27, 2021: Axis Bank receives Rs 3,004 crore worth loan recast requests under COVID framework
- April 17, 2021: Axis Bank revises MCLR across all tenors
- January 22, 2020: Axis Bank reports strong loan growth in Q3 wherein its loan book grew by almost Rs 28,500 crore on a quarterly basis
- January 22, 2020: Axis Bank posted 4.53% year-on-year (YoY) rise in profit at Rs 1,757 crore for the quarter ended December 2019 (Q3FY20)
- December 3, 2019: Axis Bank has set its one-year MCLR at 8.25%
- August 18, 2019: Axis Bank cuts MCLR across all tenors
January 3, 2019: Axis Bank hikes base rate for loans by 30 bps to 9.50%
- June 18, 2018: Axis Bank has raised lending rates by 10 basis points across all maturities i.e. by 0.10%
- June 1, 2018: Axis bank reduces home loan balance transfer rate
- May 18, 2018: Axis Bank has raised lending rates by 15 basis points across all maturities i.e. by 0.15%
- April 28, 2018: Axis Bank Board approves an increase in its borrowing limit up to Rs 2 Lakh Crores
Axis Bank Home Loan FAQ
- Can I give standing instructions to repay my Home Loan EMIs directly from my Axis Bank Savings Account?
Axis, you can opt for Automated Repayment and your EMIs will be directly repaid from your Axis Bank Savings Account, thus saving you the trouble of procuring, signing and tracking post-dated cheques.
- What is Pre-EMI Option?
Pre-EMI is an option in which the borrower has to pay only interest on loan amount during the progress on the construction of the project. The actual EMI payment will be started only after his/ her possessing the house.
- What are the various interest rates offered on home loans?
Interest rates offered vary for women borrowers and others. Women borrowers are offered home loan at lower interest rate in Axis Bank.
- What is the eligibility criteria for getting Axis Bank home loan?
The eligibility criteria for Axis Bank Home Loan is as follows:
| Basis | Salaried Customers | Non Salaried Customers |
|---|
| Age | Minimum 18 years & Maximum 70 Years | Minimum 18 years & Maximum 70 Years |
| Income | Regular source of income is needed | Regular source of income is needed |
| Job/ Business Experience | 1 Year | 2 Years |
| Age of Co-applicant | Minimum 18 years | Minimum 18 years |
- Can joint-applications be made for Axis Bank Home Loans?
Axis. Joint applicants can be made for Axis Bank Home Loans.
- Do I have the option to structure my loan as partly fixed or partly floating?
Axis, you can structure your Axis Ltd. Home Loan as Partly Fixed or Partly Floating as per your needs.
- What are the maximum number of properties that I can own?
You can own as many properties as you want.
- What is a down payment?
Down payment is the amount that is paid by the borrower on an up-front basis. Banks usually pay around 75% to 85% of the cost of the property, hence the rest amount the borrower needs to pay as down payment.
- What is the average tenure of a home loan?
Home loans average tenure ranges generally between 3 and 25 years.
- Can I pre-pay my Axis Bank home loan? Is there any penalty?
Axis. You can pre-pay your Axis Bank home loan with nil penalty for floating rate home loan.
- What security do I need to furnish for Axis Bank home loan?
The property purchased out of the loan is taken by Axis Bank as the security. However, if Axis Bank feels then it can ask for additional securities too.
- Who is an NRI?
NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.
- What is the mode of payment for NRI home loans?
Generally, payments are made through NRI Account like NRO, NRE, NRNR and FCNR accounts. NRI home loan can be paid by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI.
- What kind of job makes me eligible for Axis Bank home loan?
You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.
- What is the tax benfits available on Axis Bank home loan?
As per Section 80C of the Income Tax Act, in case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs.
- Are long-term home loans beneficial or short-term loans?
It dependes on the financial status of the borrower. If he wants lower EMIs then Long-term loans, if not, then he can go with short-term loans with higher EMIs with the benefit of lesser interest.
- Do I have to pay only fixed rate of interest or floating rate is also there in Axis Bank Home Loan?
No, you have the option to choose any kind of rate of interest you want to pay. You can pay floating rate of interest which is linked with the MCLR and keeps changing from time to time.
- My EMI is increased due to an increase in the rate of interest being it flexible. What do I do for lower EMI?
EMI increases with the increase in the rate of interest if you have opted for floating rate. You may ask your bank for increasing the loan tenure, if you want to get your EMI reduced or you can make some part pre-payment to your bank for reduction in EMI.
- What are different modes of payment of EMI of Axis Bank Home Loan?
The EMI can be paid through various modes such as Post dated cheques, Electronic Clearing Service (ECS), Standing Instruction (SI), etc.
- Can I apply for a home loan to renovate my home or flat?
Axis, you can apply for home loan for any purpose such as buying a home, constructing a home, repairing of your home, home improvement, balance transfer and home renovation.
- What is the difference between EMI and Pre-EMI?
You repay your home loan through Equated Monthly Instalments (EMI), which includes principal and interest component. EMI repayment starts from the month subsequent to the month of final disbursement. Pre-EMI is only a simple interest, which you are required to pay every month till the loan is not fully disbursed.
- How to get my Income Tax certificate from Axis Bank?
Income Tax certificate will be despatched to your after the end of financial year by Axis Bank. You may also contact your nearest Axis Bank branch or your can also send a request through its website for the same.
Contact details of Axis Bank, Axis Bank SMS balance check number SMS banking, Axis Bank mobile banking, Axis Bank toll free number,Axis Bank toll free number 24*7, Axis Bank miss call number.
- MISSED CALL NUMBERS - 18004195959, 18004195858
- CUSTOMER CARE NUMBERS - 18002335577, 18002095577, 18001035577
- CONTACT NUMBERS - 18002095577, 18001035577, 022-24252525
Axis Bank Contact Details
- BANK OFFICIAL WEBSITE - www.axisbank.com
- CONTACT NUMBERS - 18002095577, 18001035577, 022-24252525
- EMAIL ID - customer.services@axisbank.com
- MISSED CALL NO. - 18004195959, 18004195858
- CUSTOMER CARE NO. - 18002335577, 18002095577, 18001035577
- TOTAL BRANCHES - 2589
- TOTAL ATMS - 12922
- HEADQUARTER - Mumbai
- BANK ADDRESS - Axis Bank Limited,Corporate Office,Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,Mumbai - 400025
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