Among the private banks engaged in providing home loan, Axis bank is a prominent player in the home loan segment. Let us understand some special features of Axis bank home loan.
Purpose for which Axis home can be availed
Like other home loan lenders the Axis bank also provides home loan for various purposes related with your house. The Axis home loan can be availed for purchase of either a new house or even for an old house. The Axis home loan can also be availed construction of a house on a plot of land owned by you or even for booking an under construction property from a developer. You can avail the home loan for repairs, renovation or even extension of your existing house.
How the eligibility is determined by Axis bank for its home loan
The Axis bank decides your home loan eligibility based on two sets of factors. First set of factors are related with you. The first set of factors include aggregate of income of all the joint borrowers, age of the first applicant etc. It also includes the disposable income for the purpose of serving the home loan which in turn is determined on the basis of your income and number of dependents in your family.
While giving the home loan the Axis bank takes into account your educational qualification, experience etc. which helps the bank to evaluate the consistency and volatility in the source of income of the applicant. While determining the home loan eligibility, the agreement value and the fair market value of the property is also taken into account.
In addition to monetary evaluation of borrower and property, the bank also gets the legal evaluation of the property for any legal dispute with ownership of the property. Once the financial and legal due diligence is completed the Axis bank disburses the home loan amount immediately.
Interest rates and processing fee applicable for Axis Bank home loan
Only a few lenders offer the Yes! Axis Bank offers both Fixed and Floating rates. Majority of lenders provide home loans on floating rates. Axis bank is one of a few lenders who offer home loans at fixed rate throughout the term of repayment of Loan. Presently the rates for Axis home loans for floating rates are benchmarked against Marginal cost of Fund based lending rates (MCLR) for 6 months. The MCLR applicable is reset every 6 months.
Like all the lenders the Axis bank charges a non-refundable processing fee for processing home loan application up to 1% of the loan amount plus GST as applicable. The loan applications are generally processed within 30 days from the day all the relevant documents with the application are submitted.
Special scheme for AXIS Bank home loan
The Axis bank offers its home loan borrowers waiver of up to 12 home loan EMIs if you pay all your EMIs regularly without any default beginning from end of 4th year. This is very beneficial offer specially for the people who are sure of servicing their Axis Bank home loan regularly at least for the first four years and this will effectively reduce your interest cost over the years.