After a long day at the office all you want to do is rest in your home, right Are you unhappy staying in a rented apartment Is finance coming into the way of you and your dream home? If yes, then you need not worry. Axis Bank is here to act as your good samaritan and offer you a helping hand. You will be happy to know that you can take an Axis Bank Home Loan not only to buy a house of your choice but also to construct, repair, extend or improve your house. Why give rent to the landlord when you can use the same money to pay off EMI.
Both salaried employees and self-employed individuals can avail a loan from the bank at floating as well as fixed interest rates. You have the provision to choose which form of rate of interest you wish to avail. Applicants are not required to pay any kind of prepayment charges if they avail a home loan on a floating rate basis. In a case of a fixed rate basis, they have to pay a prepayment charge of 2% of the outstanding principal. There is also a processing fee of up to 1% of the amount an applicant takes.
Eligibility Criteria:
Salaried Individuals-
- Anybody who has a permanent job in the government sector or any reputed company can apply
- Applicants must be over 21 years during the commencement of loan and up to the age of 60 when the loan tenure ends
Professionals-
- Any Professional be it an engineer, doctor, dentists, chartered accountant, architect, company secretary, cost accountant, management consultant can apply for the home loan.
- The applicant should be over 21 years during the start of the loan tenure and he/she should be up to 65 years when the loan matures.
Self-employed individuals-
- Anybody who fills income tax returns is eligible to apply
- Applicants should be above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
Documents required to avail an Axis Bank Home Loan:
Salaried Employee-
A salaried employee has to submit the following documents in order to be eligible-
Identity Proof-
- Voter ID Card
- PAN card
- Passport
- Driving license with a photograph
- Aadhar card
Income Proof-
- Salary slip of the latest three months
- Certificate for fixed salary
- Latest Form 16
- Bank statement of the last six months
- Salary account passbook
Address Proof-
- Electricity Bill ( it should be latest)
- Piped Gas Bill
- Utility bill
- Passport
- Telephone Bill
- Lease agreement which carries a utility bill and should have landlord’s name in it
Self-employed-
Identity Proof-
- PAN card
- Voter ID Card
- Aadhar card
- Passport
- Driving license with a photograph
Income Proof-
- Income Tax Returns of the last two years
- Computation of income which is certified by a CA
- Bank statement of the last six months for the operative account (it should be both personal and business)
Address Proof-
- Passport
- Electricity Bill ( latest)
- Utility bill
- Telephone Bill
- Piped Gas Bill
- Lease agreement which carries a utility bill and should have landlord’s name in it
Home Loan Interest Rates-
- For Salaried Individuals the home loan interest rates for loan amount upto Rs. 28 Lakhs is 9.15%. In case of any amount between Rs. 28 to Rs. 75 Lakhs the interest rate is 9.20%. If the amount exceeds Rs 75 lakhs then 9.35% interest rate is charged.
- For self-employed individuals, 9.20% interest rate is charged if they take a loan amount up to Rs. 28 Lakhs. For an amount between Rs. 28 to rs. 75 Lakhs the rate is 9.25%. For an amount of Rs. 75 lakhs the interest charged is 9.35%.
Axis Bank Home Loan EMI Calculator:
Before availing a loan you must also think about the EMIs you will be paying every month in order to repay it. Axis Bank Home Loan EMI Calculator will help you to calculate the monthly EMIs by using your loan amount, the tenure period and rate of interest.
Your EMI is going to be due on a fixed date each month. The bank will notify you as soon as your loan gets disbursed.
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