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Axis Bank Home Loans Rates

Axis Bank home loans rates are one of the most competitive rates that you will find in the home loan market in India. The home loans offered by Axis Bank Ltd. are perfect home buying solutions that offer a range of benefits to the consumers.

About Axis Bank Home Loans Rates

You can use a home loan offered by Axis Bank for different purposes such as home buying, home renovation, home construction, land purchase and others. When it is a question of securing a home loan from Axis Bank, you should have a fair to excellent understanding of the Axis Bank Home Loans Rates. Obviously, there are some limits on the home loan offered by Axis Bank. You can borrow a maximum amount of Rs. 50 lakhs and the minimum amount that you can borrow is Rs. 1 lakh. The margin applicable is 25% for home renovation or home improvement loans and 15% for home loans.

The following table will give you a clear idea about Axis Bank Home Loans Rates:

Sr. No Type Loan amount (Rs.) Rate of Interest (p.a.)
1 Fixed Regardless of the loan amount 14.00%
2 Floating Up to 30 Lacs 8.75%
    Above 30 Lacs 9.25%


Loan Processing Charges No Due Certificate Prepayment Charges Charges for Late Payment of EMI Solvency Certificate Charges for switching from floating to fixed rates of interest Charges for switching from fixed to floating rates of interest
1% along with Service tax as applicable NA Nil Rs 500 along with taxes per cheque bounce and a penal interest @24% p.a. i.e. @ 2% per month on the unpaid installment/s NA Minimum Rs. 5000 or 1% of the amount due whichever is higher Minimum Rs. 5000 or 1% of the amount due whichever is higher





Switching Cost:

You are allowed to switch from a floating rate plan to a fixed rate plan and vice versa. If you have a fixed rate loan and you like to reorganize the loan with a more affordable interest rate, that is also possible.

The floating interest rate of the home loan offered by Axis Bank is tied to the MRR (Mortgage Reference Rate) of Axis Bank. It is a standard rate decided by the capable agency, after taking into account different factors such as current interest rates in the market, cost of financing, operation costs and provisioning necessities among others. The current Mortgage Reference Rate of Axis Bank is 12.25%. This is subject to adjustments on a periodical basis.

Terms and conditions of Axis Bank Home Loans

Given below are the terms and conditions applicable for Axis Bank Home Loans:

Repayment

  • Repayment term for home loans must not be more than 25 years.
  • Repayment term of pre-allotment reservations of home loans must not be more than 1 years
  • Repayment term of renovation or improvement or extension of current property must not be higher than 10 years.

Disbursement

The loan needs to be paid off in full or in appropriate installments, taking into consideration the necessity of funds and advancement of construction, as evaluated by the Bank directly to builder or seller or supplier of materials or local development agency and so on.

Security

Equitable mortgage of the property should be financed through submission of title deeds.

Admission fee or processing fees

Processing charge equal to 1% of the amount of the loan (for which you have applied) will be received together with the loan application form (taxes as applicable).

Penalty for premature closure

Nil.

Other conditions

  • Bank maintains the authority to turn down any loan application without conveying grounds thereof.
  • The applicant will have the responsibility to let the bank know whenever there is an alteration in employment or address.

The terms and conditions listed above and anywhere else under various loan schemes of the bank are subject to change every now and then exclusively at the discretion of the bank.



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