Axis Bank Home Loan

Axis Bank Home Loan Purpose

Axis Bank offers affordable and flexible housing loans. Axis Bank Home loans are available for the following purposes:

  • Land purchase loan to buy a plot of land and to construct the house.
  • Loan to build a house on a plot of land that you already own.
  • Loan to buy a new house/ flat.
  • Loan to Purchase an old house/ flat. To avail of the loan, the residual age of the property as confirmed by Axis Bank valuators at the maturity of the loan should not be less than 10 years.

In addition to the above, Axis Bank home loans are also available for

  • Takeover of existing housing loans
  • Home Improvement Loan

Axis Bank Home Loan Interest Rate

Happy Ending Home Loan

Under this scheme, the customers can avail a home loan for the purpose of buying an under construction house/apartment, ready built house/apartment, resale house/apartment, self construction, plot purchase plus construction, home extension/renovation. The scheme is however not applicable for only plot purchase. Under this home loan scheme EMIs for the last year are waived off.

The key features of the Axis Bank Happy Ending Home Loan product are:

  • The last 12 EMIs are waived off for the customer
  • Minimum loan tenure at the time of first disbursement should be 20 years
  • Loan should be serviced for at least 15 years
  • Nil pre-payment or pre-closure penalty. However, if you bring the tenure of your loan to below 180 months you do not get the EMI waiver.
  • Customer should maintain a clean repayment track record:
    • Maximum 3 instances during the life of the loan where dues are pending for more than 30 days
    • Dues should never be pending for more than 90 days during the life of the loan

The Interest Rates under the Happy Ending Home Loan scheme are same as the Axis Bank floating home loan interest rates (mentioned below).

Note:
  • This scheme is applicable only on Floating Home Loan product
  • This scheme is not available for NRI customers

Floating Home Loan Interest Rate

Axis Bank Floating Rate Home Loans are linked to the Axis Bank Base rate which is currently 10%. Whenever, the base rate changes, the interest rate applicable to your home loan will change accordingly. Loan amount (Rs.) Base Rate + Mark Up Effective Rate Of Interest

Loan Amount

Base Rate + Mark Up

Effective Rate of Interest

Less than Rs. 25 Lac

Base Rate + 0.25%

10.25% p.a.

Loans greater than Rs.25 lac

Base Rate + 0.50%

10.50% p.a.

Axis Bank Home Loan under the Floating Rate Scheme does not levy pre-closure charges on the loan.

Fixed Home Loan Interest Rate: 11.75%

Axis Bank allows customers to switch from the Floating rate scheme to the Fixed rate scheme and vice versa.

Axis Bank Home Loan Processing Charges

Loan Processing Charges

Prepayment Charges for Floating Rate

Prepayment Charges for Fixed Rate

Charges for changing from fixed to floating rates of interest

Charges for changing from floating to fixed rates of interest

0.5% + Service tax as applicable

NIL

2%

2% of the outstanding amount

Min. Rs. 5000 or 0.5% of the outstanding amount whichever is higher