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.
|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%|
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.
Rate of Interest (P.a)
Loan Tenure (Years)
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.
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.
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.
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 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|
|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|
|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.|
|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.|
|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%|
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.
Axis Bank is one of the largest private sector banks in the country and offers home loans starting from 8.75% p.a.
Axis Bank charges home loan processing fee is currently at 1% (plus GST) of the total loan amount.
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.
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.
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.
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.
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.
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.
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.
The Super Saver home loan option by Axis Bank is essentially an overdraft facility that can help you save interest on your 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.
Follow the steps below to apply for Axis Bank Home Loan:
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.
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.
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).
The bank then checks your CIBIL score, verifies the documents by visiting your residence and/or getting in touch with employers.
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.
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.
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.
Income: Varies as per loan type and eligibility
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.
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.
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.
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!
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!
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.
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
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