Axis Bank Home Loan: Features, Eligibility & Updated Interest Rates
Axis Bank offers home loan products for maximum loan amount available up to ₹ 5 crore. The tenure of the loan can extend up to 30 years. The bank provides various features such as no prepayment charges and options to choose between fixed and floating interest rates. The interest rates start from 8.75% per annum for floating rates and can go up to 14% for fixed rates. The bank offers several home loan products, including the Fast Forward Home Loan, which allows for purchasing or constructing homes, and the Asha Home Loan, which includes EMI waivers for borrowers with a clean repayment history. Borrowers can also benefit from tax deductions on principal and interest payments under applicable sections of the Income Tax Act.
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Axis Bank Home Loan Overview
Axis Bank, a leading bank from Mumbai, was established as UTI Bank in 1993. The private bank offers a wide range of financial products and services including home loans. Whatever the requirement is, purchasing, renovating or construction, Axis Bank has competitive interest rates with flexible payment options. Axis Bank caters to all types of homeowners and applicants. From first-time home buyers to seasoned pros looking to expand their portfolio, Axis Bank has tailor-made solutions to fit everyone’s needs. Processing charges are capped at 1% of the loan amount, with a minimum fee of ₹10,000 plus GST.
Features & Benefits for Axis Bank Home Loan
Axis Bank offers home loans for not just salaried individuals but also for self-employed people and professionals. Its home loans stand out in the market for their attractive rates and features like the following:
- Axis Bank home loans can be availed off for a maximum tenure of 30 years.
- Axis Bank offers affordable interest rates with their home loans starting from 8.75% p.a.
- Applicants with existing home loans at other banks can transfer their loan amount to Axis Bank and enjoy better rates and customer service.
- Certain products, like the Asha and Shubh Aarambh Home Loans, offer up to 12 EMIs waived off for borrowers with a clean repayment history.
- Existing home loan customers can avail additional financing of up to ₹50 lakh, which can be used for various personal or business needs.
- The bank has a quick and transparent application process. Applicants can always stay aware of all the application steps.
Axis Bank vs Competitors: Features
| Features | Axis Bank | SBI | HDFC Bank Limited | ICICI Bank |
| Loan tenure | 30 years | 30 years | 30 years | 30 years |
| Interest rate | 8.75% p.a. onwards | 8.50% - 9.85% p.a. | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Prepayment charges | No pre-payment charges | No pre-payment charges | No pre-payment charges | No pre-payment charges |
| Processing fees | 1% of loan amount or INR 10,000, whichever is higher | 0.35% of loan amount | 0.50% - 1.50% of loan amount or INR 3,000 and INR 4,500, whichever is higher | Up to 2% of loan amount |
Eligibility for Axis Bank Home Loan
Axis Bank accepts applicants who are salaried employees, professionals or self-employed entrepreneurs. The general eligibility criteria for Axis Bank home loans is as given below:
- Applicants must be over 21 years of age and not more than 65 years of age.
- Salaried individuals should have employment and financial stability document proof.
- Self-employed individuals should have proof of stable income.
- Applicants should have a clean repayment history with no more than three instances of dues pending for 30 days or longer.
- There also must not be any penalties or expenses owed to the borrower.
The minimum loan amount is generally ₹3 lakhs, with maximum limits based on income and property value.
Eligibility Breakdown
| Comparison Factor | Salaried Individuals | Professionals | Self-Employed Individuals |
| Age | 21 years to 65 years | 21 years to 65 years | 21 years to 65 years |
| Work Background | Stable employment history in reputed companies or government sector | Professionals like doctors, lawyers, chartered accountants, or management consultants are eligible. | Self-employed business owners or entrepreneurs are eligible. |
| Nationality | Residents and NRIs | Residents and NRIs | Residents and NRIs |
Interest Rates for Axis Bank Home Loan
Axis Bank interest rates are different depending on the loan amount, the applicant’s background and the loan type. The interest rates range from 8.75% to 9.15% per annum, while the fixed interest rate is set at 14% per annum. These rates apply to loan amounts ranging from ₹1 lakh to ₹5 crore, with a maximum tenure of 30 years.
- For salaried individuals with a credit score of 751 and above, the starting floating rate is 8.75%, whereas self-employed applicants typically face rates starting at 9.10%.
- The interest rates can vary based on the applicant's credit profile, occupation, and the specific home loan scheme chosen.
Axis Bank charges processing fees of up to 1% of the loan amount, with a minimum fee of ₹10,000 plus GST.
Interest Rates Comparison for Different Home Loans
| Lender | Interest Rate |
| Axis Bank | 8.75% - 13.30% p.a. |
| Bank of Baroda | 8.40% - 10.65% p.a. |
| Federal Bank | From 8.80% p.a. |
| Godrej Housing Finance | From 8.55% p.a. |
| HDFC Bank Limited | From 8.75% p.a. |
| IDFC First Bank | From 8.85% p.a. |
| Kotak Mahindra Bank | From 8.75% p.a. |
| L&T Finance Limited | From 8.65% p.a. |
| PNB Housing Finance | 8.50% - 14.50% p.a. |
| Punjab National Bank | 8.45% - 10.25% p.a. |
| SBI | 8.50% - 9.85% p.a. |
| Tata Capital Housing Finance | From 8.75% p.a. |
Processing Fees of Axis Bank Home Loan
Axis Bank charges a processing fee for home loans that is structured as follows:
- Up to 1% of the total loan amount, with a minimum fee of ₹10,000 plus GST. This fee is applicable at the time of loan application and is non-refundable.
- An upfront, non-refundable fee of ₹5,000 plus GST is collected when the application is submitted. The remaining processing fee is collected at the time of loan disbursement.
Additional charges may apply for services such as cheque bounce (₹399 per instance), issuance of duplicate statements (₹250 per instance), and other document-related requests.
Steps to Apply for Axis Bank Home Loan
Applying for a home loan at Axis Bank is straightforward and can be completed online and offline. Here are the steps to follow for a home loan application submission at Axis Bank.
- Ensure you meet the eligibility criteria based on your age, income, employment status, and credit score.
- Prepare necessary documents, including Proof of identity, Proof of address, and Income proof (salary slips for the last three months for salaried individuals; income tax returns for self-employed).
- Property documents (sale agreement, title deed)
- You can apply online through the Axis Bank website or visit a nearby branch to fill out the application form.
- After submission, Axis Bank will process your application. They will verify your documents and assess your creditworthiness.
If approved, you will receive a sanction letter detailing the loan amount, interest rate, and tenure. Submit any additional property documents as requested by the bank. Upon successful verification and completion of all formalities, the loan amount will be disbursed to your account.
FAQs
Ques. Who is a co-applicant for Axis home loans?
Ans. A co-applicant is a co-owner of the property. Axis Bank requires all home loan applicants to have a co-applicant, who must be an immediate family member such as a spouse, parent, or sibling
Ques. Can EMIs be waived off for Axis Bank Home Loan?
Ans. Yes, Axis Bank offers schemes like the Asha Home Loan and Shubh Aarambh Home Loan, where EMIs can be waived off for borrowers with a good repayment history, allowing up to 12 EMIs to be waived.
Ques. How long does it take for Axis Bank to sanction a home loan?
Ans. After submitting all required documents, Axis Bank typically sanctions home loans within five business days, depending on verification and approval processes.
Ques. How can one improve their chances of getting Axis bank home loan applications approved?
Ans. Maintaining a high credit score is crucial for improving approval chances. Additionally, including an earning family member as a co-applicant can strengthen the application by pooling incomes and enhancing overall credit risk assessment.
