Axis Bank home loan: Axis Bank is a company that was founded on 1993 in Ahmedabad. The company provides financial services as well as different types of loans.
In this article we will be explaining about the details of Axis Bank home loan.
Everyone has a goal in life of building their dream home and Axis bank helps you to achieve that goal for creating your dream home.
Axis Bank provides Home Loan with additional benefits such as smaller EMI’s, no prepayment charges, floating & fixed interest rates and minimum loan amount of Rs.3,00,000/-.
How to apply for an Axis Bank Home Loan?
There are 2 ways to apply for an Axis Bank Home Loan; either by going directly over to Axis Bank or you can apply for it online.
Axis Bank Home Loan Apply Online:
The method of going to the bank and applying for a loan is simple and quite familiar for most of us, so here we would be discussing about How to apply for an Axis Bank Home Loan from the comfort of your home.
Before applying for a home loan, you first have to check your credit score in order to understand home much money can avail from a home loan.
After checking your credit score status, you can apply for a home loan through these steps:
- Go to the Axis Bank Home Loan page. (https://www.axisbank.com/retail/loans/home-loan/axis-bank-home-loan)
- Click on the Apply now option.
- Fill in your details in the application form and create an account.
(You will have to provide documents for Axis Bank Home Loan such as name, address, proof of salary details, job details, education details and phone number.
You might also be required to submit proof for all the above and salary slips-for the latest 3 months, employment proof, bank statements – for latest 6 months and latest form 16, if you an employed personnel.
Self- employed people will have to provide a full set of ITR returns of the last 2 years along with other income documents.
- Once you have completed the document submission, you will be required to pay the initial processing fee (non-refundable). This amount is taken for the work the bank does to verify your details and to examine the property’s value and ownership title. The remaining processing fee is taken later on the time of disbursement. (Axis Bank charges a fee of up to 1% of the loan)
By completing all the above steps, you will have completed the application form and have submitted it to the bank.
The bank usually takes up to 5 working days while they go through your application based on their bank credit policy.
Also read – How to Apply DHFL Home Loan
Eligibility
Eligibility is the question of who can apply for Axis Bank Home Loan.
The requirement differs from individual to individuals as follows:
Salaried individuals
- Individuals who work for a government or reputed company.
- The person should be above 21 years of age.
Professionals
- Professionals who are working in the fields such as doctors, engineers, dentist, architects, charted accountants, company secretary etc meet the eligibility criteria.
- Applicants should be over 21 and up to 65 years of age.
Self-employed individuals
- Anyone filing income tax report.
- Should be the age of 21 above & up to 65 years of age.
Axis Bank Home Loan Interest Rates
Axis Bank Home Loan Interest rate is at 6.90% p.a with the loan amount being based on your income.
The processing fee like mentioned earlier would be up to 1% or min. Rs.10,000/-.
The maximum tenure is 30 years and the penal interest rate is around 24% p.a or 2% per month. Interest rates are available in 2 different types Fixed and Floating.
In the Floating loan rates the interest is charged differently depending on the individual as below:
- Salaried individual: 6.90% p.a. – 8.40% p.a.
- Self – employed: 7.5% p.a. – 8.55% p.a.
The Fixed Rate schemes basically have one rate regardless whether the person is salaried or self-employed.
- Salaried/Self-Employed: 12% p.a.
Axis Bank Home Loan Reviews
When it comes to reviews you always hear both sides of the story. But something to always remember is that certain good /bad reviews are solely based on the staff’s behavior.
As home loans have provided good support to build and achieve peoples dream homes, in some cases things have gone a different and let’s say a very disappointing route.
So it is always advised to make a proper study about the loan amount and schemes before you apply for any of them.
For some people Axis Bank Home Loans have provided an extremely good loan service and have had no problems with it. Here are some words of the happy customers:
“I had purchased a home loan from axis bank 11 years ago just because I had a salaried account with them.
I had taken a loan amount of Rs.7.5 L for tenure of 20 years. It only took them 10 – 15 working days to sanction the loan amount.
I now pay an EMI of Rs.7000/- every month.” – Krunal said giving 4/5 Rating.
“The processing fee was nominal and the entire procedures of applying for a loan were very simple and hassle free. I am very happy with the service provided by the bank and the customer care executive.” – Ashish said giving a 5/5 Rating.
Support and Guidance
For assistance regarding Axis Bank Home Loans or any Axis Bank queries, you can always contact the Axis Bank Home Loan Customer Care Number 1800-419-5959 or 1800-419-6969.
Axis bank has their Customer service executives working 24/7 to make sure that their customer have stress free banking experience.
You can also reach them through other social media such as Instagram, Facebook, LinkedIn and twitter.
You can also download their mobile application from Playstore and also use every banking feature Axis Bank has to provide.
Home Loan applications can also be done through the app as well as make payments in local store using UPI ID.
Also read – Union Bank Home Loan
Final Words
In this article we have shown you what Axis Bank Home Loan is, how much we can borrow, what the interest rate is, what all documents are required, tenure of the loan and the reviews of the customers who have taken the loan to built their home.
We have also shown you how apply for the loan. Our purpose here is to inform you about who is eligible for a loan, what documents are necessary.
In this world of technology you can get the loan without even going to the bank and what more Axis bank provides you the platform which makes borrowing loan for building homes and repaying it as quick as possible.