Check out Axis Bank Home Loan Interest Rate for a Hassle Free Loan Journey

Nothing can give a person more happiness than buying a house. It is a lifelong dream of so many people to build a home of their dreams. After all, buying a house means you are investing into something for lifetime. It is an investment for lifetime. However, purchasing a house these days has turned out be a costly affair.

A home loan has become the best option when it comes to buying a house. Why pay monthly rent when you can instead pay EMIs? Axis Bank offers a home loan to every eligible Home loan seekers so that he/she can purchase a house one day. The bank offers  flexible repayment tenure up to 30 years to the applicant. It is very important to secure the best interest rate on your home loan. Low interest rates will ultimately mean lower EMIs. Through this article I will be telling you about Axis bank home loan interest rate. Other relevant information will be provided too.

Axis Bank Home Loan Interest Rate

It is very important for the applicant to know about Axis Bank home loan interest rate in order to have a smooth and tension loan journey. The applicant is allowed to decide which form of interest rate he/she wants to take. You can choose between a floating and a fixed form of interest rate. If you choose a floating rate of interest then the rate will change with any change in Axis bank’s MCLR. Fixed rate of interest will mean that the rate of interest will not change at all during the entire term of the loan. Here in this section, I will be talking about a floating rate of interest.

Axis Bank home loan interest rate for a salaried employee for an amount up to ₹ 30 Lakhs is 8.35%. For a loan amount up to ₹ 75 lakhs and above ₹ 75 lakhs, the rate of interest is 8.65% and 8.70% respectively.  

For a self-employed person, the rate of interest is 8.40% for a loan amount up to ₹ 30 lakhs. In case of a loan amount up to ₹ 75 lakhs and above ₹ 75 lakhs, the rate of interest is 8.70% and 8.75% respectively.

Axis Bank Home Loan Eligibility

The home loan seeker has to first meet the eligibility criteria set by the bank. The bank checks the repaying capacity of an applicant and then decides whether the concerned person is eligible enough to repay the loan on time or not. Axis Bank offers a home loan to every eligible salaried employee, professional and self-employed individual. Age, income, stability of job plays a very important role in determining the eligibility of a person.

A salaried employee should be above the age of  21 years old when the loan is applied and up to 60 years old when the tenure matures. He/she must be employed in a permanent job in either the government sector or any reputed company.

Professionals like an engineer, architect, dentists, cost accountant, chartered accountant, doctor, company secretary, management consultant are eligible to apply for a home loan offered by Axis bank. The applicant should be over 21 years old when the loan tenure commences and up to 65 years when the tenure expires.

Any self-employed individual who fills the Income Tax returns is eligible to apply. The applicant must be above 21 years old when the loan term commences and up to 65 years when the loan term expires.

Axis Bank Home Loan Documents

The list of documents which have to provided to Axis Bank for availing a home loan has been given below.

For Salaried individuals

• Identity Proof- PAN card/Voter ID card with photograph, Aadhar card/Passport/Driving License

• Income Proof- Latest salary slip of the past three months/Latest Form 16/Certificate for fixed salary and Passbook statement of the salary account/Bank statement of the previous six months

• Residence Proof- Latest electricity bill/Passport/Piped gas bill/Utility bill/Telephone bill/Registered lease agreement

For Self-employed

• Identity Proof- PAN card/Voter ID card with photograph, Aadhar card/Passport/Driving License

• Income Proof- Income Tax returns of the previous two years plus income computation certified by a CA and Bank statement of the past six months for both operative accounts of business and personal

• Residence Proof- Latest electricity bill/Passport/Piped gas bill/Utility bill/Telephone bill/Registered lease agreement

Axis Bank Home Loan Processing Fee

Home loan applicants are required to pay a processing fee to Axis Bank for securing a loan. A processing fee up to 1% of the sanctioned loan amount is charged by the bank. The minimum amount that can charged is ₹ 10,000.