Axis Bank Home Loan

Axis Bank is promoted by one of the India’s largest financial institute UTI. Axis bank is one of the leading private sector banks which have been aggressively marketing its home loan products to the consumers. Axis Bank provides finance to home loan seekers at a competitive rate of interest with option to choose between floating and fixed rate.

For what purpose can one avail Axis Bank home loan?

Axis Bank offers home loan for:

  • Buying residential property – new / resale
  • Construction / extension of house
  • Buying a plot of land for construction of a house
  • Repairs and renovation of existing property
  • Taking over of existing home loan

Who can Borrow?

Any salaried individual in the age group of 24 to 60 years and any self-employed individual or professionals like chartered accountant, engineers, architects, doctors in the age group of 24 to 65 years. The maximum tenure is thus linked with the age of retirement of a person and thus the loan should be fully repaid by that time.

How much can you borrow?

Axis Bank finances up to 90% for loan amount below Rs. 20 lacs and finances upto 80% of the agreement value in case the loan amount is more than Rs.20 lacs. However the overall eligibility will be based on your combined income, your regular outgoings and repayment track record. For home improvement and renovation, the maximum funding done by the axis bank is restricted to 75% of the cost. Axis bank does not provide home loan in case the loan amount sought is lesser than Rs. 3 lacs.

What are Interest Rate and charges?

Axis Bank provides loan seeker an option to choose between the fixed and floating type of interest rate. Axis Bank is one of those few banks that offer truly fixed rate of interest i.e. the interest rate remains fixed for entire duration of loan without any reset clause. Axis Bank charges upto 1% of loan amount as processing fees and does not levy any prepayment penalty for partial or foreclosure of floating rate home loan, but levies upto 2% penalty for prepayment on fixed rate home loans.

What are repayment options?

The Axis Bank home loan can be repaid back within a maximum period of 240 months by way of equated monthly installments (EMI). For an under-construction property Axis Bank offers an option of paying Pre-Emi or EMI for the partially disbursed loan till full disbursement of loan is made. Pre-EMI is simple interest on the amount of loan disbursed and the actual EMI starts after the complete disbursement of loan.

Who can be a co-borrower to the home loan?

For availing home loan from Axis bank the application has to be made by minimum of two persons joining as Co-applicant or the co-borrower. The borrower can add spouse, parents or children as co-applicant to the loan.

If you are looking for a suitable lender for purchase of your home, Axis Bank Home Loan can be a competitive option.