Axis Bank - Different Home Loan Products

Axis Bank offers affordable and flexible housing loans that can turn your dream of owning a home into reality.

If rising real estate prices have pushed the house you coveted beyond your budget, Axis Bank’s unmatched home loans will put it within reach. The attractive interest rates and minimal processing fees make the home finance products a first choice for savvy buyers.In addition, features such as flexible tenures, transparent processing and quick service have made the products stand out among the best home loans in India.

Axis Bank has products to suit every budget, taste and need. Whether you are self-employed or salaried, want a floating or fixed rate, Axis Bank will offer a loan that is just right for you.

Stages involved in the process of Home Loan :

• Loan Application – Submit a completely filled application along with necessary documents
• Loan Sanction – An approval for specific loan amount post necessary credit checks
• Legal & technical appraisal – Study of the property for its legal and technical soundness
• Part Disbursement – Get finance as per construction stage (in under construction project)
• Disbursement – Get finance for your property

Home Loan Eligibility Criteria :

A) - Salaried Individuals

• Individuals in permanent service in the Government or reputed companies meet the Home Loan eligibility criteria
• Applicants should be above 24 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.

B) - Professionals

• Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply.
• Applicants above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.

C) - Self Employed Individuals

• Any individual filing income tax returns can apply
• Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

Documents Needed to Submit :

Proof of Identity and Address

•  Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Adhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank

Proof of income

• Latest 3 Months salary slip showing all deductions and Form 16
• IT returns for the last 2 years and computation of income for the last 2 years certified by a CABank statement or Pass Book where salary or income is creditedLast 6 monthsLast 6 months (For Self-employed)

Guarantor form 

• Optional

Home Loan Rates :

For Salaried:

Sr. No	Type	Loan amount (Rs.)	MCLR + Mark Up	Effective Rate Of Interest
1	Floating Rate	Loan amount  Upto 28 lacs Loan Amount above 28 lacs	MCLR + 0.15% MCLR + 0.20%	9.45% p.a. 9.50% p.a.
		Top Up	MCLR + 2.30%	11.60% p.a.

For Self Employed:

Sr. No	Type	Loan amount (Rs.)	MCLR + Mark Up	Effective Rate Of Interest
1	Floating Rate	Loans upto Rs. 75 Lacs	MCLR + 0.25%	9.55% p.a.
		Loans above Rs. 75 Lacs	MCLR + 0.30%	9.60% p.a.
		Top Up	MCLR + 2.30%	11.60% p.a.

Marginal Cost Based Lending Rate (MCLR) – 9.30%
MCLR Reset frequency for Home Loans - Half Yearly

Rates applicable only for Vanilla (Standard) Home Loan product

Home Loan with Fixed Rate of Interest

Type	Effective Rate Of Interest
Fixed Rate	11.75% p.a.

Other Charges :

Sr. No	Type	Charges
1	Repayment Instruction/Instrument Return charges	Rs.500/- per instance
2	Cheque/Instrument Swap charges	Rs.500/- per instance
3	CERSAI Charges	Rs.50/- - Rs. 100/-
4	Duplicate Statement issuance charges	Rs. 250/- per instance
5	Duplicate Amortization schedule issuance charges	Rs. 250/- per instance
6	Duplicate Interest Certifcate (Provisional/Actual) issuance charges	Rs. 250/- per instance
7	Issuance charges for Photocopy of title documents	Rs.250/- per document set
8	Charges on customer initiated requests for copies of documents	Rs. 250 per document set
9	Equitable mortgage creation charges	As applicable in the state
10	Credit Bureau report issuance charges	Rs.50/- Per Instance
11	Prepayment Charges for Floating Rate Loan	Nil
12	Prepayment Charges for Fixed Rate Loan	2% of outstanding principal/amount prepaid
13	No Due Certificate	NA
14	Solvency Certificate	NA
15	Charges for Late Payment of EMI	Rs 500 per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the

Switching Cost :

Charges for changing from fixed to floating rates of interest	Charges for changing from floating to fixed rates of interest	Charges for Higher Fixed Rate to Lower Fixed Rate	Charges for Higher Floating Rate to Lower Floating Rate
2% of the outstanding Loan amount	1% on the outstanding principal with a minimum of Rs.10,000/-	0.5% on outstanding principal with minimum Rs.10,000/-	0.5% on outstanding principal with a minimum of Rs.10,000/-

* Service Tax as applicable will be levied

* For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed portion of sanctioned amount.

Axis Bank Offers the following types of Home Loans :

1. Happy Ending Home Loans
2. Empower Home Loans
3. Asha Home Loans
4. Super Saver Home Loans

1. Happy Ending Home Loans :

Get your last 12 EMIs waived off at no extra cost by paying your EMIs regularly! You can now make your home your own sooner.

Features and Benefits :

• Under this scheme, you can avail a Home Loan for purchasing an under construction/ ready/ resale house self-construction, plot plus construction loans. Other advantages include:
• Last 12 EMIs waived off*: Now get your last 12 EMIs waived off* at no extra cost by paying your EMIs regularly. Just make sure that your repayment track record is clean, i.e., only 3 instances where dues are pending for 30 days and above but never over 90 days during the life of the loan. The minimum tenure at the time of disbursement needs to be 20 years. You can also part pay your loan, as long as the loan tenure does not fall below 180 months.
• No hidden charges
• Standard interest rates apply
• Balance transfer facility
• Doorstep service
• Nil prepayment charges
• Quick and transparent processing

Borrowing Limit :

You can borrow a minimum of Rs. 3 Lakhs under this scheme.

Sr. No	Loan amount (Rs.)	Margin
1	For Loan up to Rs. 20 Lakhs	15%
2	For Loan Rs. 20 Lakhs to up to Rs. 75 Lakhs	20%
3	For Loan above Rs.75 Lakhs	25%

2. Empower Home Loans :

Empower Home Loans for Self-employed wherein you get instant loans on the basis of your good banking track. In addition, you get 3 assured rate reductions on maintaining a good repayment track with us for 24, 36 and 60 months from the date of first disbursement for availing the 1st, 2nd and 3rd rate reduction respectively.

Features and Benefits :

• Under this Product, you can avail a Home Loan for purchasing an under construction/ready/resale house/self-construction, plot plus construction or Home extension & improvement loans.
• 3 Assured rate reductions upon maintaining a good repayment track.
• Attractive housing finance rates: It offers attractive interest rates to make your housing loans affordable and easier on your pocket every month.
• Balance transfer facility
• Doorstep service
• Nil prepayment charges
• Quick and transparent processing

Borrowing Limit :

You can borrow a minimum of Rs. 10 lacs under this scheme.

Sr. No	Loan amount (Rs.)	Margin
1	For Housing Loan upto Rs. 150 lacs	35%

If you think to stay with the same bank through out the home loan, both these schemes are the best to opt. The documents needed and the rates for both the schemes are similar as mentioned above.

3. Asha Home Loans :

Buying your first home is always special. This is a tailor made home loan product specifically to fulfill the dream of owning a home.

Features and Benefits : 

• Home loans for constructing your own house, purchasing a ready or resale property, purchasing a plot and constructing a house thereon or constructing a house on a plot already owned by you.
• Loan tenure up to 30 years.
• Loans for smaller homes too starting from 300(saleable) sqft area.
• Lower interest rates.
• Minimum combined income of Rs. 8000/- per month.

Borrowing Limit : 

You can borrow a minimum of Rs. 1 lacs under this scheme and a maximum of Rs. 28 lacs

Sr. No	Loan amount (Rs.)	Margin
1	For Housing Loan upto Rs. 20 lacs For 20 loacs to 28 lacs	10% 20%

4. Super Saver Home Loans :

Super Saver Home loans is a unique financing solution that helps you save on the total interest payable on your home loan.

How does it work?
After a loan is disbursed, any amount deposited in the SuperSaver account by you shall reduce the principal outstanding and you will be charged interest on the 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. 

Features and Benefits:

• Attractive interest rates
• Loan tenure upto 20 years.
• Nil prepayment charges.
• Doorstep service available.
• Quick and transparent processing.

Interest Rates: 

Loan Amount	Salaried	Self-employed
Rs. 1 Cr & Above	MCLR + 0.45% =  9.75%	MCLR + 0.95% = 10.25%

Axis Bank with its numerous branches, can provide quick and fast service.

One can reach it through its toll-free number - 1-800-103-5577

Also visit their website for more details : www.axisbank.com

You can also contact them at 

Corporate Office :

Axis Bank Limited, 

Corporate Office, 

Bombay Dyeing Mills Compound, 

Pandurang Budhkar Marg, 

Worli,

Mumbai - 400 025

Tel: (022) 2425 2525

Registered Office

Axis Bank Limited, "TRISHUL", Third Floor, 
Opp. Samartheshwar Temple, 
Nr. Law Garden, Ellisbridge, 
Ahmedabad - 380 006