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Axis Bank Home Loan

Axis Bank Home Loan

 

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Member's Recomendation

28   19

18 review(s)
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  • Interest Rate
  • 11%
  • Pre payment charges
  • Nil
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • Min. Rs. 5000 or 1% of the outstanding amount whichever is higher
     
  • Loan to Value ratio
  • 80%
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only. Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of Axis Bank Home Loan

 

Features:

 

  •  Balance transfer facility is available.
  • Home loan can be availed for purchase of a plot of land & construction of house thereon, Construction of a house on plot of land already owned, Purchase of a new house/flat, Purchase of old house/flat.
  • Loan repayment period must not exceed 25 yrs.
  • Minimum loan available is Rs 1 lakh & Maximum loan available is Rs 50 lakh
  • For housing loan up to 20 lakh Loan to Value is 85% and above 20 lakh is 80%, for improvement & renovation is 75%.

Eligibility: 

 

  • A salaried individual, who is in permanent service in Government or reputed companies with age higher than 24 years, can apply for the loan and can be up to 60 years at the time of loan maturity.
  • Professionals including doctors, engineers, architects, CAs, Cost accountant, CS, Management consultant with age of 25 & above can apply and have to complete the loan amount up to the age of 65 years.
  •  For self- employed it is compulsory to file Income Tax Return with age above than 24 years & complete the loan repayment up to the age of 65years

 

 Charges:

  •  Loan Processing charges: 1% of the loan amount + Service tax applicable
  •  Prepayment charges: Nil
  • Late payment charges: Rs 500 + taxes per cheque bounce with a penal interest @ 24% p.a.
  • Switching charges: Charges for switching from fixed to floating or floating to fixed Min of Rs 5000 and 1% of outstanding amount whichever is higher.
  • Repayment instruction/instrument return charges: Rs 500/- per instance
  • Duplicate statement issuance, amortization schedule charges, duplicate interest certificate charges Rs 250 each per instance.
  • Issuance charges for photocopy of title documents & for customer request for copy of documents costs Rs 250 each per document set.

Interest Rates:   

Type of rate

Loan Amount

Effective Rate Of Interest

Floating Rate

Less than Rs. 25 lakh

10.25% p.a.

Loans greater than Rs.25 lakh and upto Rs. 75 lakh

10.50% p.a.

Loans greater than Rs. 75 lakh

10.75% p.a.

Top Up - All loans

11.75% p.a.

Renovation

11.75% p.a.

Fixed Rate

All Loan Category

14% p.a.

 

Documentation:

Salaried

 

  • Proof of Identity: Voter’s ID Card/Driving License/Photo credit card/Employees ID card/Defence or Police or government department ID card.
  • Proof of Income: Latest salary slips showing all deductions or Form 16 along with recent salary certificate.
  • Proof of Residence: Bank Account statement or latest utility bills like electricity bill, mobile or telephone bill. Latest credit card statement/LIC policy/Insurance premium receipt/Existing house lease agreement/Employers address verification certificate.
  • Last 6 months bank statement.
  • Guarantor form is optional

 

Self-employed/Professional

 

  • Proof of Identity: Voter’s ID card or driving license or Pancard or photo credit card
  • Proof of Income: Income tax returns for last 2 years & computation of income must be certified by CA for last 2 months
  • Proof of Residence: Bank Account statement or latest utility bills like electricity bill, mobile or telephone bill. Latest credit card statement/LIC policy/Insurance premium receipt/Existing house lease agreement/Employers address verification certificate.
  •  Last 6 months bank statement.
  • Guarantor form is optional.

 

Documents Required for Axis Bank Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt
    Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last
    2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of Axis Bank Home Loan

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User Reviews

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AXis Bank was a sheer waste of time

By: rasaone, Chennai | 20 March 2009

Myself and my wife planned to purchase a flat at chennai nearby our office. The promoter suggested Axis Bank for Loans as it was legally cleared by the bank. we met the DSA at K K Nagar who was handli...[Read]

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Axis Bank - A wonderful bank

By: Priyanka, Chennai | 20 November 2009

Excellent. I had relationship with Axis bank when it was uti. But when they changed frm uti to axis i thought their staff and customer service priorities will change, but they seem to improve even mor...[Read]

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Customer service is good product is good

By: Prashant, Hyderabad | 19 November 2009

superb. Axis Bank is the one for all ur financial needs. I got a home loan from axis bank with a very low processing fees. other bks were charging high processing fees also they have other benefits wh...[Read]

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really troubled a lot with the services provided by AXIS bank

By: A10000393981, Kolkata | 11 February 2010

I have taken home loan from AXIS bank. I really really troubled a lot with the services provided by AXIS bank. There are same stories with other customers as well. I had requested for enhancement for ...[Read]

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customer service staff is good

By: sachin, Ahmedabad | 10 February 2010

axis bank customer service staff is good. when i went to apply for home loan their concerned person explained me well about how much loan can the bank give you and what will be the interest rates. i h...[Read]

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Axis bank u need to improve

By: Shravan, Mumbai | 09 February 2010

Hey- I want to bring to your awarness Axis Bank has the worst Email communication. People say Axis bank as one of the fastest growing banks.Rubbish I doubt they can able to sustain with this kind of s...[Read]

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Axis bank credit consultants service, I was really touched

By: gouribhp, Mumbai | 09 February 2010

Dear All,I wanted to share my good experience with Axis Bank - Power Home.I booked a flat in Bannerghatta Road in Bangalore,behind IIM. As most of the young professional, I also wanted finance for buy...[Read]

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how to handle such miscommunication and misbehaviour from Axis Bank.

By: rakesh singh, Mumbai | 07 February 2010

Hi,I applied for Home Loan from Axis Bank during mid December\\\'09. In January 1st week I gave them a call and ended up in a shock. Loan was not processed. Now they say a life insurance attached to t...[Read]

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Axis bank home loan very annoying, unreasonable.

By: rajesh gujalwar, Allahabad | 04 February 2010

Hi,I have purchased an old flat, the existing owner is having a home loan with Axis bank.So, I have applied for loan transfer in same bank, as the process will be faster, but now 2 months have passed ...[Read]

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confused by banks policy to charge different rates to new and existing customers

By: hemant gupta, Ahmedabad | 02 February 2010

I am bit confused by banks policy to charge different rates to new and existing customers, not sure this falls under fair practice norms, i was verbally confirmed the rate of interest is 8.75 % but wh...[Read]

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DIFFERENCE IN INTEREST RATES HOW I CAN SOLVE THIS PROBLEM.

By: vikas somani, Ludhiana | 01 February 2010

AGREEMENT No. 0420100098532 HOUSING LOAN FROM AXIS BANK LUDHIANA.I TOOK HOUSING LOAN FROM AXIS BANK, LUDHIANA IN OCTOBER-- 2009 ON FLOATING INTEREST RATE BASIS . AT THE TIME OF SANCTION OF LOAN AXIS B...[Read]

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how to get proper status about my loan

By: girish r konnur, Mumbai | 31 January 2010

Hi,I have applied for Axis bank home loan on 01-Aug-2008 and also I have paid the initial processing fee Rs. 5618/- on the same day through city bank check. I was told that the processing will be done...[Read]

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My installment for the apartment is overdue and the bank is yet to do anything on my application

By: princeanil, Mumbai | 30 January 2010

It has now been 23 days since I applied for a home loan with Axis bank. My installment for the apartment is overdue and the bank is yet to do anything on my application.When I apptoached the bank for ...[Read]

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I Fell down for the UTI / Axis bank lower rate of interest

By: sreekanthgolla, Hyderabad | 29 January 2010

I Fell down for the UTI / Axis bank lower rate of interest compared to other banks, and until after i started waiting to recieve my first cheque disbursement / payment, i didn’t realized how mu...[Read]

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It appears as if UTI is indifferent to the prospective customer.

By: tksinha, Kolkata | 28 January 2010

It has been unpleasant experience while dealing with their represntative ,DMAs. Folowing is my experience -cum -observation,1) Their representative does not have any identification, official address e...[Read]

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They arecurt, rude and offered no real hint of customer service for any query

By: shadowdancer, Mumbai | 27 January 2010

I recently went in for a home loan where the apartment financing was being done by UTI Bank. I HAD to opt for UTI as the particular loan scheme was a good one and there were no other banks providing t...[Read]

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pl help me to get the processing fees refund.

By: amit gupta, Mumbai | 25 January 2010

I have applied to Axis Bank for home Loan in June\\\'09 I received the sanction letter after 2 weeks. Later on due to their internal issues could not disburse the loan even till August 1st week. This ...[Read]

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Very happy with their service

By: Ritesh Sinha, India | 29 August 2011

I had taken AXIS bank Power home loan in 2008 for 7 years on 16.83 lakhs. My EMI was 27,000 Rs which I could afford to pay as I was outside India earning good money. However, after 2 years, I returned...[Read]

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