Fulfil your dreams of owning a house with Axis Bank Home Loan

Buying a home of your dreams will be on the top of your must do list of you, right? After all, the home you buy turns out to be an investment of a lifetime, which is bound to reap benefits for you in the future. A home is the place where you can actually relax and feel comfortable. The same comfort and relaxation goes for a toss, when you live in a rented house. The landlord is always nagging you at regular intervals and you don’t feel so homely in a rented place.

A home loan product has been specially created to help people accomplish their dreams of buying a home. There are many such products available in the market, but out of all, Axis bank home loan has turned out to be a massive hit amongst the customers. The bank offers the product to both salaried individuals and self-employed individuals at both fixed and floating rate of interest. Don’t forget to completely read this article to gain more knowledge about the product which is brining a smile on the faces of many people. This article won’t disappoint you.

Eligibility criteria-

Any interested applicant is supposed to meet the required norms of eligibility set by the bank. Check out the norms for different applicants right here-

For Salaried individuals:

• The applicant should have attained the age of 21 years when the loan is applied. The applicant must not exceed the age of 60 when the loan tenure expires
• The applicant must be having a permanent job with a stable income in either any reputed company or the government sector

For Professionals:

• The professionals who are eligible to apply for a home loan product include- architect, engineer, cost accountant, dentists, chartered accountant,, company secretary, doctor and management consultant
• The applicant needs to be over 21 years old when the loan term is commenced. He/she should be up to 65 years whenever the tenure expires

For Self-employed:

• The applicant needs to filling his/her income tax returns if he/she wishes to avail a loan from the bank
• The applicant must be over the age of 21 years when the loan tenure commences. he/she must not exceed the age of 65 years when the loan matures

Documents required for a loan:

Documentation process holds a very important place in the smooth disbursal of a loan product. Check out the much needed documents required at the time of loan disbursal here.

For Salaried individuals:

• Identity Proof- Voter ID card/ PAN card/Aadhar card/Driving License/Passport
• Income Proof- Latest Form 16/Latest salary slip of the last three months/Certificate for fixed salary along with Bank statement of the previous six months /Passbook statement of the salary account
• Residence Proof- Passport/ Latest electricity bill/Piped gas bill/Telephone bill/Registered lease agreement

For Self-employed individuals:

• Identity Proof- Voter ID card/ PAN card/Aadhar card/Driving License/Passport
• Income Proof- Income Tax returns of the past two financial years along with Audited Balance Sheet and Profit & Loss account
• Bank statement of the previous six months of the personal and business accounts that are operative
• Residence Proof- Passport/ Latest electricity bill/Piped gas bill/Telephone bill/Registered lease agreement

Loan amount and prepayment charges:

The minimum loan amount that can obtained from the bank is ₹ 3,00,000. The maximum amount that can be availed will depend on the combined income of both the applicant and co-applicant.

Just in case, the applicant avails a floating rate of interest, he/she is not supposed to pay any prepayment charge. If the applicant secures a loan at a fixed rate of interest, then prepayment fee of up to 2% of the principal which is outstanding  is charged.

Interest rates and processing fee:

• For a salaried individual, the floating rate of interest for a loan amount up to ₹ 75 lakhs is 8.65%. In case the loan amount exceeds ₹ 75 lakhs, then the rate of interest is 8.70%.

• For a self-employed individual, he floating rate of interest for a loan amount up to ₹ 75 lakhs is 8.70%.  In case the loan amount exceeds ₹ 75 lakhs, then the rate of interest is 8.75%.

• A processing fee is also charged by Axis Bank which is up to 1% of the loan amount secured along with applicable service taxes. The minimum can be charged will amount to ₹ 10,000.

Axis Bank home loan EMI calculator-

Many times, the customer is confused regarding the monthly EMI he/she has to pay. This is because, calculating the monthly installment can prove to be a complex process if done manually. To make the entire procedure hassle free and easy, Axis Bank Home loan EMI calculator has been devised. The tool is simply magical as it gives you information about your monthly EMI and total interest payable. The best part is you don’t have to enter various components. You just have to give in details like your tenure period, desired loan amount and interest rate. You will have to wait for the magic to begin as the tool will give you results in few seconds.

So now you have gained sufficient information about the product, don’t miss to grab the best deal from the bank. I wish you all the luck for a smooth loan journey.