Axis Bank Home Loan Interest Rate April 2023
Axis Bank home loan interest rate starts at 8.75% p.a. The bank offers home loans up to ₹5 crore with flexible repayment tenure that can be extended up to 30 years. Axis charges a processing fee of up to 1% of the loan amount subject to a minimum of ₹10,000. The bank offers an array of home loan schemes including QuikPay Home Loan, Shubh Aarambh Home Loan, Fast Forward Home Loan, Asha Home Loan and Top-up Home Loan.
Axis Bank Home Loan Interest Rates 2023 Highlights
| Home Loan Schemes | Interest Rate |
| Axis Bank Home Loan | 8.75% – 9.15% |
| QuikPay Home Loan | 8.75% – 9.15% |
| Shubh Aarambh Home Loan | 8.75% – 9.15% |
| Fast Forward Home Loan | 8.75% – 9.15% |
| Asha Home Loan | 9.9% – 12.70% |
| Top-up Home Loan | 8.75% – 9.15% |
| Super Saver Home Loan | 8.75% – 9.15% |
| Power Advantage Home Loan | 8.75% – 9.15% |
Axis Bank Home Loan Calculator
Calculating your home loan EMI in advance can help you plan your loan better. Though manual calculation is possible, it is extremely time consuming and may leave room for errors. A better alternative would be Axis Bank home loan calculator.
Calculate Your Axis Bank Home Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
The calculator helps you calculate your monthly EMI within a few clicks. Simply enter the loan amount, the rate of interest, and the tenure. In addition to showing your monthly EMI payable, You can also view a detailed break-up of your repayment schedule via an amortisation table.
For example, if you have taken a home loan for ₹75,00,000 for a tenure of 20 years at a fixed interest rate of 10%, your monthly EMI will be ₹72,377. With the help of an online home loan EMI calculator, you will also be able to find out the total interest you would be paying on this loan. In this example, the total interest payable is ₹98,70,390.
Factors that Can Affect Axis Bank Home Loan Interest Rates
1. CIBIL Score
A CIBIL score establishes the borrower’s creditworthiness and reflects on their ability to repay the loan. Ranging from 300 up to 900, the CIBIL score is an important parameter that banks and lending institutions use to derive the applicable interest rate on your home loan application. The higher your CIBIL score, the better is the chance of getting a home loan with a lower Axis Bank housing interest rate.
2. Property Location
The value of a property is determined by where it is located and how old it is. Newer properties may fetch a lower interest rate. Similarly, whether the property is located in the city, an upmarket area, or the suburbs also plays an important role in the interest rate the bank offers.
3. Income
Another important factor in determining the Axis Bank housing loan interest rate is the applicant’s income. If you have substantial proof of having steady income, it instils confidence in your loan repayment abilities. Consequently, this can result in a lower interest rate.
Axis Bank Home Loan Interest Rate for NRIs
Axis Bank also offers home loans to NRIs for buying property in India. Following are the details for Axis Bank home loan for NRIs.
| Type of Resident | NRI, Persons of Origin (PIO), Overseas Citizens of India (OCI), except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan |
| Age | Minimum age- 24 years*Maximum age- 60 years or retirement age (whichever is earlier)* |
| Loan Tenure | 1 – 25 years |
| Interest Rate | N.A |
| Income Eligibility | GCC Countries- AED 6,000 per monthUSA & Other Countries- USD 3,500 per monthMerchant Navy- USD 2,500 per month |
| Work Experience | Minimum overseas work experience of 6 monthsTotal minimum experience of 2 years |
| Other Benefits | · Minimal processing charges· Fast application· Flexible tenure· Attractive interest rates |
Also Read
Axis Bank Home Loan Interest Rate for Salaried Class
| Type | Repo Rate + Spread | Effective Rate of Interest |
| Floating Rate | Repo Rate + 2.50% + 2.90% | 8.75% – 9.15% p.a. |
| Fixed Rate | All loan amounts | 14% p.a. |
Axis Bank Home Loan Interest Rate for Self Employed Individuals
| Type | Repo Rate + Spread | Effective Rate of Interest |
| Floating Rate | Repo Rate + 2.60% + 2.90% | 8.85% – 9.15% |
| Fixed Rate | All loan amounts | 14% p.a. |
Axis Bank Home Loan Interest Rate Comparison with Other Banks
| Bank Name | Home Loan Interest Rate Range (p.a.) |
| Axis Bank | 8.75% – 9.15% |
| Bank of Baroda | 9.15% – 11.10% |
| State Bank of India | 9.15% – 10.15% |
| Punjab National Bank | 8.50% – 10.85% |
| HDFC | 8.50% – 14.35% |
| ICICI Bank | 9.00% – 10.05% |
| Kotak Mahindra Bank | 8.85% onwards |
| Union Bank of India | 9% – 12.65% |
| Canara Bank | 8.85% – 11.25% |
| Bandhan Bank | 9.15% – 15.00% |
Features and Benefits of Axis Bank Home Loan
1. Different Types of Home Loans
Axis Bank offers a range of home loans to suit all requirements. From standard home loans to top up home loans, re-approved home loans, QuikPay home loans, and even loans against property- you can choose any one that best fits your needs.
2. Attractive Interest Rates
Axis Bank is one of the largest private sector banks in the country and offers home loans starting from 8.75% p.a.
3. Low Processing Fee
Axis Bank charges home loan processing fee is currently at 1% (plus GST) of the total loan amount.
4. Flexible Payment Tenure
With Axis Bank, you get to choose a tenure of up to 30 years, so you can tailor your repayment tenure as per your financial condition.
Different Types of Home Loans Offered by Axis Bank
1. Axis Bank Home Loan
You can get a home loan for as low as ₹3 lakh with Axis Bank’s standard home loan option. The hassle-free application process, smaller EMIs, and a flexible repayment tenure are some of the key highlights of this option.
- ·Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) & 65 years (for self-employed)
- Loan Tenure: Up to 30 years
- Loan Amount: Up to ₹5 crore
- CIBIL Score:
- Processing Fee: Up to 1% of the loan amount (minimum of ₹10,000)
- Interest Rate: 8.75% – 14% p.a.
2. QuikPay Home Loan
The QuikPay home loan option by Axis Bank is an offering where you can pay a higher principal amount in the initial loan tenure. This is a one-of-a-kind financing solution that can help you save money on interest payments in the later years of the loan tenure.
- Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) & 65 years (for self-employed)
- Loan Tenure: Up to 30 years
- Loan Amount: Up to ₹5 crore
3. Shubh Aarambh Home Loan
The Axis Bank Shubh Aarambh home loan is a great option for home loan applicants who want to take the advantage of the interest subsidy as per the Pradhan Mantri Awas Yojana (PMAY). The option allows you to take a home loan of up to ₹30 lakh and maintaining healthy repayment behaviour can help you get 12 EMIs waived off.
- Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) and 65 years (for self-employed)
- Loan Tenure: Minimum loan tenure of 20 years
- Loan Amount: Up to ₹30 lakh
4. Fast Forward Home Loan
Quick and easy loan disbursal with minimal paperwork defines Axis Bank’s Fast Forward Home Loans. Joint applicants can take the benefit of their combined income and avail a higher loan amount. The Fast Forward Home Loan option by Axis Bank also offers waiving off 12 EMIs for loans that are serviced for over 10 years.
- Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) & 65 years (for self-employed)
- Loan Tenure: Minimum tenure of 20 years
- Loan Amount: Minimum- ₹30 lakh, up to ₹5 crore
5. Asha Home Loan
You can now afford your dream home with affordable Axis home loan interest rates at up to ₹35 lakh. You can get a loan of up to 90% of the property value and customise the loan as per your preference.
- Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) and 65 years (for self-employed)
- Loan Tenure:
- Loan Amount: Minimum- ₹1 lakh, Up to ₹35 lakh
6. Top-Up Home Loan
Existing Axis Bank home loan customers can get an extra home loan top-up of up to ₹50 lakh against the property. You can use the funds for construction of the property, business, or personal purposes.
- Type of Applicant: Existing Axis Bank home loan customers
- Age: 21 years to 60 years (for salaried) and 65 years (for self-employed)
- Loan Tenure: Same as outstanding home loan tenure
- Loan Amount: Up to ₹50 lakh
7. Super Saver Home Loan
The Super Saver home loan option by Axis Bank is essentially an overdraft facility that can help you save interest on your home loan.
- Type of Applicant: Indian Resident
- Age : 21 years to 60 years (for salaried) and 65 years (for self-employed)
- Loan Tenure: 20 years for fully disbursed case and 22 years for partially disbursed case
- Loan Amount: Minimum- ₹10 lakh, up to ₹5 crore
8. Power Advantage Home Loan
Axis Bank’s Power Advantage Home Loan offers a mixed interest type. You get an interest rate for the first 2 years, followed by a floating Axis Bank home loan interest rate for the rest of the loan tenure.
- Type of Applicant: Indian Resident
- Age: 21 years to 60 years (for salaried) and 65 years (for self-employed)
- Loan Tenure: Up to 30 years
- Loan Amount: Up to ₹5 crore
How to Apply for an Axis Bank Home Loan
Follow the steps below to apply for Axis Bank Home Loan:
Step 1: Fill out the Application Form
Enter your basic details like name, address, contact details, income proof, education and employment details in addition to other information sought in the form. Attach salary slips, educational qualification certificates, along with ITR returns.
Step 2: Pay the Processing Fee
The bank levies a non-refundable initial processing fee. The bank uses this fee to validate and verify the details entered in the application form. At the same time, the bank will investigate the property you want to apply for a loan for.
Step 3: Bank Discussion
Based on the bank’s credit policy, the bank takes about 5 working days to approve or reject the application. This can include a telephonic discussion or an in-person discussion (for self-employed individuals).
Step 4: Document Verification
The bank then checks your CIBIL score, verifies the documents by visiting your residence and/or getting in touch with employers.
Step 5: Approval and Sanction Process
If the application is approved after processing, you will receive a sanction letter. The sanction letter will include important details like loan amount, loan tenure, interest rate, type of interest rate, and other terms & conditions. You will be required to sign the sanction letter and send a copy to the bank.
Step 6: Property Verification
After sanctioning the loan, the bank will verify the property for which you want to apply a home loan for. The bank conducts a thorough check on the legality of the property, takes stock of under construction homes, and tags a valuation to the property. After property verification, do note that the property papers will be mortgaged with the bank until the loan is paid in full.
Step 7: Loan Disbursal
This is the stage when the loan agreement is signed. With all documents in order, you will receive a cheque for the loan amount that is drawn in the favour of the builder. Post this, you will receive a detailed repayment schedule and instructions for the EMI payments.
Also Read
Axis Bank Home Loan Eligibility
- Resident Type: Indian Residents, NRI or PIOs
- Age: 21 to 60 years (Up to 65 years for self-employed individuals)
- Loan amount: Up to ₹5 crore as per loan type, eligibility of the applicant, etc.
- Type of occupation: Salaried (government or non-government employees), non-salaried, farmers, businesspersons, defence personnel, etc.
Income: Varies as per loan type and eligibility
Axis Bank Home Loan Charges
- Processing fee: 1% of the loan amount plus applicable taxes (a minimum of ₹10,000).
- Non-refundable legal charges and valuation fee: Varies from case to case as per bank’s discretion
Documents Required for an Axis Bank Home Loan
1. Mandatory Documents:
- Application Form
- Aadhaar Card
- Proof of Identity (Aadhaar Card, Passport, Voter ID, Driving License, Government ID)
- Proof of Address (Aadhaar Card, Passport, Voter ID, Driving License, Government ID, Gas/Electricity/Telephone Bill, Property Tax Receipt)
- Signature Proof (Passport, PAN Card, Banker’s Verification)
2. Proof of Income:
1. Salaried
- 3 months pay slip
- 6 months pay slip/2 years bonus proof (in case of variable pay)
- 6 months bank statement showing salary credits
- 2 years Form 16 (or employment continuity proof)
2. For NRI Salaried
- 3 month pay slip
- Appointment letter/contract letter
- Continuous Discharge Certificate for Shipping cases
- 6 month Domestic NRE/NRO a/c statement
- 6 month international salary a/c statement
- Overseas credit report
- Valid visa copy/OCI card
- Passport copy
- POA details
3. Self-employed
- 2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
- For Asha HL – 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
- Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
- 6 months bank statements of personal and business accounts
- If ITR is filed without digital sign – CPC and tax paid challan
- Business continuity proof (3 years for HL / 5 years for LAP)
Documents to be Submitted before Loan Disbursal:
1. Loan Agreement and Annexures
- Loan agreement as per product type
- Annexures to be duly filled, signed & stamped as per state law:
- MII (Most Important Information) pages
- MCLR consent letter
- Schedule of loan agreement
- List of Documents (LOD)
- Loan restriction letter (if any)
- Disbursement request letter
- For NRIs – franked GPA document
- Indemnity for under construction cases in plot loans
- Guarantor agreement (if applicable)
- Any alteration/correction to be authenticated by applicants
2. National Automated Clearance House (NACH) Mandate/ Standing Instruction (SI) Form and Security Cheques (SPDC)
- NACH / SI mandate with a signed cancelled cheque with A/C holder’s name as per bank records
- SPDC – 3 undated security PDCs equivalent to EMI amount
- 1 undated cheque with amount kept blank
- 1 cheque towards PEMI amount
- SPDC favouring “AXIS BANK LTD LOAN A/C Customer Name
3. Loan Cover/ Insurance Details
- Property insurance application form (mandatory)
- General insurance application form (if applicable)
- Life insurance application form (if applicable)
4. Processing Fee/ Equitable Mortgage Cheques
- Balance processing fee cheque (with clearance details)
- Equitable mortgage charges/stamping charges favouring
“AXIS BANK LTD A/C SERVICE CHARGES”
5. For Balance Transfer
- Latest 12 months loan A/C statement with the latest outstanding letter
- Original list of documents from the previous financer
- Existing loan details and 6 months bank statement from where EMI is deducted
- Indenture of guarantee, undertaking of indemnity, forwarding letter and Annexures in Axis Bank forma
6. Sanction Letter
- Duly accepted and signed by all applicants/power of attorney
- All sanction conditions to be met
7. TDS
- If TDS is being paid by the applicant – TDS challan & bank statement reflecting debit of TDS paid
- If TDS is not paid by applicant – Undertaking cum indemnity to deduct TDS amount from disbursement
8. PSL Documents
- Financial documents (any of the below):
- Audited balance sheet
- CA certificate – original investment in Plant & Machinery
- Copy of invoice (investment in Plant & Machinery)
- Additional documents (any of the below):
- Audited / Unaudited (Profit & Loss Account)
- GST registration certificate
9. For LAP cases – PSL Annexures
Tips to Avail an Axis Bank Home Loan at a Lower Interest Rate
1. Improve your CIBIL Score
Ensure you repay all your existing loans in full on time and never miss a loan repayment to improve your CIBIL score over time. A CIBIL score of 800 and above could help you qualify for the lowest applicable interest rate.
2. Get a Co-applicant
Including a co-applicant for your home loan could not just enhance your loan Axis Bank home loan eligibility but also help you secure a lower interest rate, especially if the co-applicant’s credit score is high.
3. Increase your Down payment Contribution
Increasing your down payment contribution is likely to decrease your loan to value ratio, which, in turn, could help you get a lower interest rate on your home loan.
Tip
You can also use an Axis Bank home loan eligibility calculator to check if you fit the bank’s eligibility criteria for getting a home loan!
Final Word
Axis Bank home loan interest rate also depends on your eligibility. If you have an excellent credit score, say closer to 900, you might get preferential rates.
But if you’re looking for the ultimate homebuying experience, apply with NaviHome Loan. Navi offers loans up to 90% of the property value at attractive interest rates. Download the Navi app today!
FAQs
The CIBIL score requirement varies for each type of home loan. However, a decent CIBIL score of over 800 may help you get a home loan from Axis Bank with low interest rates, subject to other terms and conditions.
Yes, Axis Bank’s Super Saver home loan option provides an overdraft facility.
Yes, you can avail of a home loan for home repairs, home improvement, and even home extension.
Axis Bank home loan processing fee is currently at 1% of the property value. However, an upfront processing fee (non-refundable) of ₹5,000+GST is charged at the time of application. Balance processing fee will be collected after the loan has been sanctioned.
Yes, having a co-applicant is mandatory if there is a co-owner involved. In case there is no co-owner, a family member can be the co-applicant.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
