- Axis Bank Home Loan
- Axis Bank Home Loan Schemes
- Axis Bank Home Loan Eligibility Calculator
- Axis Bank Home Loan Eligibility Criteria
- How to Use Fincity’s Axis Bank Home Loan EMI Calculator?
- Factors That Affect the EMI of Home Loan
- Home Loan Fees and Additional Charges
- How to Apply for Home Loan on Axis Bank Portal?
- How to Apply for Axis Bank Home Loan with Fincity?
- How to Check Your Axis Home Loan Application Status on Fincity?
- How to Check Your Axis Home Loan Application Status on the Axis Portal?
Axis Bank Home Loan
A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house, etc. But as they get older, they realize that to make this dream of theirs come true, they need money, which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that Axis Bank offers home loans.
A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide before hand how much an amount of loan you would want, what interest rate you are comfortable paying and also the tenure of the loan.
Axis bank provides home loans for amounts up to Rs. 5 crores, with really flexible and relaxing tenures of up to 30 years (360 months). Axis bank home loan interest rate is offered at a minimal 6.9% p.a. at floating interest rate and 12% p.a. at 6.90% p.a. You can get an Axis bank home loan for any home-related purpose! Be it buying, constructing, or renovating an existing residential property.
Axis Bank Home Loan Interest Rates
The interest rates for a Home Loan through Axis Bank depend on whether you’re a salaried employee or self-employed individual and what type of interest rate package and the scheme you have chosen.
| Axis Home Loan Schemes | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Axis Home Loan | 6.90% p.a. – 8.40% p.a. | 7.95% p.a. – 8.55% p.a. |
| Axis QuikPay Home Loan | 7.95% p.a. to 8.45% p.a. | 9.15% p.a. – 9.35% p.a. |
| Axis Power Advantage Home Loan | 8% p.a. – 8.35% p.a. | 9% p.a. to 9.20% p.a. |
| Axis Shubh Aarambh Home Loan | 7.75% – 8.25% p.a. | Fixed 8.95% p.a. |
| Axis Fast Forward Loan | 7.75% to 8.25% p.a. | 8.95% p.a. – 9.15% p.a. |
| Axis Asha Home Loan | 10.05% p.a. to 11% p.a. | 10.30% p.a. – 11.50% p.a. |
| Axis Super Saver Home Loan | 8.15% p.a. – 8.30% p.a. | 9.20% p.a. – 9.35% p.a. |
| Axis Top Up Home Loan | At the bank’s discretion | From 8.90% p.a. onwards. |
Axis Bank Home Loan Schemes
Axis Bank offers home loan schemes for salaried as well as self-employed individuals. Affordable interest rates and flexible tenures are some of the major highlights of Axis Bank home financing schemes.
- Axis Bank Shubh Aarambh Home Loan
- Interest subsidy under Pradhan Mantri Awas Yojana (PMAY) scheme available
- EMI waived for 12 EMI’s, provided you possess a clean repayment record
- Loans of up to Rs.30 lakhs
- Option of Balance Transfer (B.T) available.
| Interest Rate for Salaried | Interest Rate for Self-Employed |
|---|---|
| 6.90% p.a. onwards (floating rate) 7.95% p.a. (fixed rate for 20 years) | 8% p.a. onwards (floating rate) 12% p.a. (fixed rate for 20 years) |
- Axis Bank Fast Forward Home Loan
- 12 EMIs waived upon regular repayments.
- 0 prepayment charges
- Minimum home financing of Rs. 30 lakhs
- Up to 30 years tenure.
| Interest Rate – Salaried | Interest Rate for Self-Employed |
|---|---|
| 6.90% p.a. onwards (floating rate) 7.95% p.a. | 8% p.a. onwards (floating rate) 12% p.a. |
- Axis Bank Asha Home Loan
- Maximum loan amount of Rs. 28 lakhs.
- 12 EMIs waived on the basis of your banking history
- Financing of up to 90% of the total property cost
| Interest Rate for Salaried | Interest Rate for Self-Employed |
|---|---|
| 10.05% p.a. onwards (floating rate of interest) 12 to 12.50% p.a. (fixed rate for 20 years) | 10.30% p.a. onwards 12 to 12.50% p.a. (fixed rate for 20 years) |
- Axis Bank NRI Home Loan
- Minimal processing fee
- Flexible tenures
- Easy and Hassle-free process
| Interest Rate for Salaried | Interest Rate for Self-Employed |
|---|---|
| 6.90% p.a. onwards (floating rate) 7.95% p.a. (fixed rate) | 8.55% p.a. onwards (floating rate) 12% p.a. (fixed rate) |
- Axis Bank Super Saver Home Loan
- Rs. 50 lakhs – minimum loan amount
- No prepayment charges
- Maximum savings on the total interest payable
- Tenure of up to 22 years.
| Interest Rate | Processing Fee |
|---|---|
| 8.15% p.a. onwards | Up to 1% of the amount of loan + GST |
- Axis Bank QuikPay Home Loan
- Save more on the interest part
- Pay a higher amount of principal earlier in the tenure
- Zero prepayment charges
- Option to avail balance transfer facility
| Interest Rate for Salaried | Interest Rate for Self-Employed |
|---|---|
| 7.95% p.a. onwards (floating rate) | 8.20% p.a. onwards (floating rate) |
- Axis Bank Power Advantage Home Loan
- Fixed interest rate for the first two years.
- Balance transfer facility available
- Hassle-free documentation and quick loan disbursal
| Interest Rate for Salaried | Interest Rate for Self-Employed |
|---|---|
| 8% p.a. onwards (fixed + floating rate) | 8.05% p.a. onwards (fixed + floating rate) |
- Axis Bank Pradhan Mantri Awas Yojana
You can also make the most of the Pradhan Mantri Awas Yojana (PMAY) scheme through Shubh Aarambh and Power Advantage schemes. The various advantages of PMAY include:
- Subsidy of Interest Rate on loans
- Benefits for Indians as well as NRIs
- Subsidy for tenures up to 20 years
Axis Bank Home Loan Eligibility Calculator
Axis Bank offers Home Loans to its customers at interest rates starting as low as 6.90% per annum. A borrower can pick from a range of Axis Bank home loan schemes for a loan tenure stretching up to 30 years. In this article, we help you understand the importance of using the Axis Bank Home Loan Eligibility calculator to know how much home loan you are likely to qualify for.
Axis Bank Home Loan Eligibility Criteria
| Particulars | Criteria |
|---|---|
| Age Limit | 21 – 60 Years |
| Work Experience (Salaried | Minimum 2 Years (Salaried) Minimum 5 Years (Self-Employed) |
| Processing Fee | A maximum of 1% of total loan amount with Minimum being Rs.10,000 |
| Tenure | Maximum 30 Years |
| Interest Rate | Starting from 6.90% |
| Pre-payment Charges | Zero for floating, Maximum of 2% for fixed on outstanding principal |
| Employment Type | Professionals, Salaried and Self-Employed individuals |
Note: The details mentioned above are subject to change at the discretion of the lender.
How to Use Fincity’s Axis Bank Home Loan EMI Calculator?
You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results.
Here’s an easy guide on how to use the home loan EMI calculator:
Step 1: Use the slider or just enter the number to input the loan amount you wish to borrow.
Step 2: Input the applicable interest rate for the home loan.
Step 3: Input the tenure over which you will be able to repay your home loan.
As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable.
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
- Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
- Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
- Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.
How to Apply for Home Loan on Axis Bank Portal?
Here are the steps to follow to apply for an Axis Home Loan on the bank website:
1) Visit Axis Bank’s official website.
2) Click on the ‘Apply Now’ button on the page.
3) Enter your personal, professional, property-related other details required to sign up. Check the authorization box and then click the Submit button.
4) A bank representative will get back to you with the next steps.
How to Apply for Axis Bank Home Loan with Fincity?
You can apply for an Axis Bank Home Loan on Fincity by following the steps below:
1) Click https://app.fincity.com and sign up.
2) Click ‘Home Loan’ under Loan Type.
3) Enter the required personal, professional, income, property-related details, and upload necessary documents.
4) Click Submit.
How to Check Your Axis Home Loan Application Status on Fincity?
Checking you Axis Bank Home Loan application status on Fincity is easy. Just follow these steps:
- First, click https://app.fincity.com and sign in.
- You can see your active applications on the Fincity dashboard.
- Click ‘View Application’ below the one whose status you wish to check.
- You can see the application status on the top-right section of the page.
How to Check Your Axis Home Loan Application Status on the Axis Portal?
Here’s how you can check the status of your Home Loan application on the Axis website.
- Visit Axis Bank’s official website for Loan Status Enquiry.
- Enter the application ID, Date of Birth, Enter Captcha displayed and hit Enquiry.
- You can view/track all information related to your Home Loan including the application status.