Axis Bank Home Loan Review May 2024

Axis Bank is providing home loans at a competitive rate of interest. They have both floating and fixed rates of interest available for home loans. Interest rate for the fixed loan is on the higher side but the same for the salaried and self employed. The good part about the fixed rate home loans offering is that the difference between the maximum and minimum the minimum interest charged is not significant. Axis Bank charges an upfront fee at the time of submitting the application which is not refundable to curb the number of non-serious applicants.

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Axis Bank Home Loan

4.5

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Interest Rate

Starting with 7.60%

Processing Fees

1 % of the loan amount and not less than INR 10,000.

Interest Rate

Starting with 7.60%

Processing Fees

1 % of the loan amount and not less than INR 10,000.

Pros & Cons

• Both floating and fixed rates are available.
• Good network of branches.
• The difference between the maximum and minimum the minimum interest charged is not much.

• There is an upfront fee of INR 5000 (part of the processing fee) but not refundable.

Amount

INR 3 lakh to INR 5 crore

Time Period

From one year to a maximum of 30 years.

Interest Rate

Moratorium Period

Up to three months.

Credit Score Requirement

It will be easy for individuals having a credit score of 750 or more to get a loan.

Prepayment or Foreclosure Charges

There are nil pre-closure charges.

Approval Process

Bank does not give approvals instantly but one can fill a form online and the bank gets in touch with the applicant by mail or via a telephone call.

One can also visit the branch to submit their loan application form.

Processing Fees

• Upto 1% of the loan amount subject to minimum of INR 10,000.
• Axis Bank charges an upfront processing fee of INR 5000 + GST at the time of applying for the loan. This fee is not refundable if the loan is rejected or if the applicant withdraws the application and if the loan is sanctioned the balance processing fee will be charged at the time of the disbursement of the loan.

Property Insurance

You will have to pay the premium amounts directly to the insurance provider, promptly and regularly to keep the policy alive at all times during the tenure of the loan.

Statutory Charges

Charges on account of stamp duty, memorandum of deposit (MOD), memorandum of extension (MOE), Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory bodies + applicable taxes will have to be paid by the customer.

Eligibility

Age Limit: Between 21 and 65 (loan should be repaid by this age).

Maximum Loan Term: 30 years

Financial Position: The current income and the income prospects of an individual are given great importance while sanctioning a loan.

Past and Present Credit History and Credit Score: Credit score of a person is considered while giving a loan.

Other Financial Obligations: Ongoing loans like car loan, credit card debt, etc, are all taken into consideration.

Repayment: EMIs can be repaid by opening a savings account in the bank and then making the bank debit the money on a monthly basis from there.

Proof of identity required by both salaried and self-employed:

• PAN card (mandatory)
• Passport
• Driving license
• Address proof
• Latest salary slip is required only by salaried applicants.

Proof of income required by both salaried and self-employed:

• Form 16, copy of your ITR
• Bank statement (last six months)

Property documents required by both salaried and self-employed:

• Copy of chain documents of the property (depending on the property type).
• Copy of receipt made to the developer (depending on the property type).
• Copy of buyer agreement.
• Copy of agreement to sell (depending on the property type).

• One can apply online or by calling the company-registered numbers.

The home loan balance transfer facility is available on an existing loan at a lower interest rate. Top-up facility on existing home loans is also available.

Any borrower can buy a personal loan insurance policy from the bank or a service provider acceptable to the bank to safeguard himself or herself from paying the loan in case of unforeseen circumstances including death, critical illness, permanent disability, job loss, among others.
Borrowers pay a separate premium for this insurance and in case they face any issues, the insurance company pays the rest of the amount and the balance is paid to the nominee of the account holder.

While analyzing the Axis Bank home loan, following factors have been taken into consideration:

1. Specific Qualification Requirements: How many people can be facilitated by this loan and if the loan is available to both salaried and self employed.

2. Interest Rates: Interest rate charged by the bank.

3. Processing Fee: Processing fee should not be very high.

4. No Hidden Charges: If there are any other charges than the usual interest rate and processing fee.

5. Geography: The area covered by the bank as a service provider.