Fulfil your dream of owning a home with the Axis Bank Home Loan which offers home loans starting at Rs. 3,00,000. The Axis Bank Home Loan comes with a host of benefits such as smaller EMIs where you can space out your payment over a longer tenure, attractive interest rates, an easy application process, doorstep service, etc. Find out more about the Axis Bank Home Loan below.

Features and Benefits

• Make your home loan affordable and easier on your pocket every month with attractive home loan interest rates.

• Fixed and floating home loan interest rates available as per your preference.

• Transfer your existing home loan to Axis Bank, without any hassles.

• Avail or repay the home loan from the comfort of your home or office.

• No prepayment charges for paying off your home loan before the due date (only for loans availed at floating rate of interest)

• Premium banking customers can contact their Relationship Manager for details of special benefits.

• Repay your home loan in smaller EMIs, over a longer tenure, depending on the situation of your finances.

Eligibility Criteria for Home Loan at AXIS BANK

Axis Bank Home Loans offer a host of benefits to help you fulfil your dream of owning a home. Find out about the eligibility criteria for the Axis Bank Home Loan below:

Salaried individuals eligible for home loan

• Individuals in permanent service in the Government or reputed companies fall under the home loan eligibility criteria.

• Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity. You can check the amount you need to pay as EMI with the Home Loan EMI Calculator.

Professionals eligible for home loan

• Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants only) meet the Axis Bank Home Loan eligibility criteria.

• Applicants above 21 years of age at the time of home loan commencement and up to 65 years or less at the time of home loan maturity meet our home loan eligibility criteria.

Self-employed individuals eligible for home loan

• Any individual filing income tax returns can apply

• Applicants should be above 21 years of age at the time of the commencement of the home loan and up to 65 years or less at the time of maturity of the home loan

Home Loan Borrowing Limits

• Minimum - Rs. 3 lakhs

Margins

• For home loan upto Rs. 30 Lakhs - 10%

• For home loan above Rs. 30 Lakhs upto Rs. 75 Lakhs - 20%

• For loan above Rs. 75 Lakhs - 25%

Interest Rates on Home Loans

For Salaried Individuals

Type	Repo Rate + Spread	Effective Rate of Interest
Floating Rate	Repo Rate + 2.75% to Repo Rate + 3.10%	6.75% - 7.10% p.a.
Fixed Rate	All Loan Amounts	12%

For Self Employed Individuals

Type	Repo Rate + Spread	Effective Rate of Interest
Floating Rate	Repo Rate + 2.90% to Repo Rate + 3.20%	6.90% - 7.20% p.a.
Fixed Rate	All Loan Amounts	12%

Tips to keep in mind while applying for a home loan

A home loan offers you the chance of owning a residential property and building an asset while at the same time enjoying tax benefits. You have to pay a certain percentage of the property cost, usually up to 20%, out of your funds. The loan amount can be repaid over a fixed period as per your convenience. Both the principal loan amount and the interest repayment are eligible for tax deduction under Income Tax laws. A home loan application can be done at the bank branch, loan processing centre or online. Let us look at some tips to keep in mind while applying for a home loan

• Tip 1:- Be sure about how much you can afford through Equated Monthly Instalments (EMIs) because a home loan is a long term commitment. Deduct all your expenses, including other loan and credit card repayments from your take-home pay, to know how much you can afford as home loan EMI. Generally, banks allow EMIs up to 40% of your take-home loan salary.

• Tip 2:- If you apply for a high amount, the bank may not approve your loan. Also, once you know the loan amount you are eligible for you can plan for the rest of the down payment accordingly.

• Tip 3:- It is advisable to apply for a home loan at a bank where you already have a banking relationship, such as a savings/salary account, a car loan, a personal loan, etc. If the bank already knows your credit history and personal details such as employer, salary, etc, then the bank has to spend less time for the Know Your Customer (KYC) procedure.

• Tip 4:- In most cases, the bank will look favourably at a customer with a good repayment record and high credit scores and may offer faster approval and disbursal, or flexible repayment schedules or lower processing charges. In some cases, the bank may offer a lower interest rate on the home loan.

• Tip 5:- Ensure that the project where you are buying your house has all regulatory and environmental clearances in place. Or check if your bank has listed of approved projects of if your project is approved by your bank. This will also help faster approval of your home loan application.

• Tip 6:- If you need a higher loan amount but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan. A longer repayment period means a lower EMI and thereby lesser burden on your monthly finances.

Dos and Don’ts while applying for a home loan

Do’s	Don’ts
Do your research about the home-property price, builder’s background, clearances for the project, etc. Also do your research about the home loan - interest rate, processing charges, repayment schedule, etc	Don’t apply for loans on multiple aggregator websites as it indicates you are loan hungry and may reduce the chances of your application being approved
Know the amount you have to pay such as down payment amount, processing charges, stamp duty, registration fees and make provision for the same	Don’t take too many loans before you apply for a home loan-such as a personal loan or auto loan. As home loan amounts are big-ticket loans this will impact your eligibility.
Ensure all documents are in place – salary slips, Income Tax Returns, property agreement, and registration, etc	Don’t go overboard with your credit card spends and don’t delay your loan repayments as this will impact your credit score negatively
Take time to improve your credit history, if required before you apply for a home loan as there are chances that the bank may offer you better terms and conditions	Don’t take a huge loan as you may find it difficult to repay. Affordability is key when it comes to home loan

Frequently Asked Questions about Home Loan

1. What is the best way to apply for an Axis Bank Home Loan?

Answer: You can start the process of applying for an Home Loan in any of the following three ways:

• Online by clicking hereFor Home loan

• In person at any Axis Bank Loan Center. To find the one closest to you, please click herefor find the one closest to you

• By calling our Call Center at any of these numbers click hereFor calling our Call Center at any of these numbers

• SMS Home to 5676782p>

2. Can I also avail of a Home Loan for Home improvements or a Home extension?

Answer: Yes! You can avail of an Axis Bank Home Loan from for any of the following:

• Purchase of a home.

• Construction of a home.

• Home repairs.

• Home improvements.

• Home extension

3. What criteria will Axis Bank look at to decide my eligibility for a Home Loan?

Answer: Among the multiple factors that Axis Bank considers in determining Home Loan eligibility are:

• Income of all applicants.

• Age of the primary applicant.

• Number of dependents that the applicants have to support.

• Assets and liabilities of the applicants.

• Stability and continuity of the primary applicant's occupation.

4. Does Axis Bank offer different types of Home Loan interest rates?

Answer: Yes! Axis Bank offers both Fixed and Floating rates as explained below:

Fixed Home Loan rates: The rate of interest applicable for the Home Loan is fixed throughout the term of repayment of Loan. Floating Home Loan rates: The rate of interest applicable for the Home Loan changes with change in the Bank's Base Rate/ Repo Rate.

5. How and when does the floating rate of interest change?

Answer: The Home Loan floating rate will change when either of below rate changes:

• Repo Rate change on the reset date for loans sanctioned from 1st October’19

• Axis Bank's Marginal cost of lending rate (MCLR) change on the reset date for loans sanctioned from 1st April, 2016

• Axis Bank's Base Rate (BR) for loans sanctioned from 1st July, 2010

• Axis Bank's Mortgage Reference Rate (MRR) for loans sanctioned before 1st July, 2010

Axis Bank reassesses the BR and MRR from time to time after considering numerous factors including the cost of funds, cost of operations, prevailing interest rates, and provisioning requirements.

6. How do Home Loans work?

Answer: Home loans help you with a lump-sum advance of funds towards buying your desired property, this amount will be repayable with interest. However you can re-pay the amount advanced via EMIs (Equated Monthly Installments), thus enabling you to approach realizing your home dream in a convenient and structured way.

7. How to apply for a home loan?

Answer: Home loan applications generally follow a process such as:

• Application: You will need to apply for a home loan, this can be done online or at bank branches/loan centres.

• Loan Sanction: Post submission of your application and review of necessary KYC and documents of financial stability, the bank shall sanction your loan amount.

• Review: Once the loan is sanctioned, you will need to submit the documents pertaining to the property against which your loan is sought, for technical and legal review.

• Approval & Disbursal: Upon validation of your loan amount and the property sought, the bank shall approve and disburse your loan.

• With the right documents and prompt follow-up, you could have your Axis Bank Home Loan Approved in 15 days!

8. What are the tax benefits on home loans?

Answer: Availing a home loan may grant you to the following tax benefits

• The repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction upto Rs 1.5 lakh, under section 80C of the Income tax Act 1961. While Section 24(b) of the Income Tax Act 1961, provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However if the house purchased is a “let out property” i.e. is rented out. the deductions can apply for the entire interest payable.

• Additionally first time home buyers may be eligible for further deductions under Section 80EE, upto Rs.50,000/- per annum after they’ve exhausted the limit for interest per Section 24(b)

• For loan taken towards re-development, reconstruction or renovations of property, the amount eligible for tax deduction is set at Rs.30000 irrespective of it being used to stay or let out.

9. What are different types of home loans?

Answer: Axis Bank provides a selection of Home loans designed to meet every client’s investment patterns. In addition to advancing loans for constructions of property, purchase of constructed residences and loan for top-ups for existing loans and redevelopment etc., our variants also include options for repayment and subsidy benefits.

10. What are some parameters to decide home loan eligibility?

Answer: Axis Bank considers multiple factors to determine home loan eligibility, including but not restricted to:

• The Income of all applicants

• Age of the primary applicant

• Number of dependents that the applicants support

• Assets and liabilities of the applicants

• Stability and continuity of the primary applicant’s occupation