- Attractive housing finance rates: Attractive interest rates that make housing loans affordable and easier on pocket every month.
- Flexible rates: Choosing between fixed and floating rate options depending on which one thinks interest rates are moving.
- Balance transfer facility: Not satisfied with existing home loan provider? One can transfer home loan to us without any hassles.
- Doorstep service: Don’t have to go the bank for home loans; the bank will come to your doorstep. Perfect for those leading busy lives.
- Nil prepayment charges: Come into some money and want to pay off housing loan early? One can do that at Axis Bank without worrying about prepayment charges.
A) Salaried Individuals
Individuals in permanent service in the Government or reputed companies meet our home loan eligibility criteria.
Applicants should be above 24 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply.
Applicants above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.
C) Self Employed Individuals
Any individual filing income tax returns can apply
Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
|Proof of identity||Voter’s ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card||Voter’s ID card or driving license or PAN card or photo credit card|
|Proof of income||Latest salary slip showing all deductions or Form 16 along with recent salary certificate||IT returns for the last 2 years and computation of income for the last 2 years certified by a CA|
|Proof of residence||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the address|
|Bank statement or Pass Book where salary or income is credited||Last 6 months||Last 6 months|
Minimum and Maximum Amount:
- Minimum – Rs 1 lac
- Maximum – Rs 50 lacs
|Sr. No||Loan Amount||Margin|
|1||For Housing Loan upto Rs.20 Lacs||15%|
|2||For Housing Loan above Rs.20 Lacs||20%|
|3||Improvement or renovation loans||25%|
- 15% in case of Home loans
- 25% in case of improvement or renovation loans
|Sr. No||Type||Loan Amount||Base Rate + Mark Up||Effective Rate Of Interest|
|1||Floating Rate||Less than Rs. 25 Lac||Base Rate + 0.75%||10.75% p.a.
|Loans greater than Rs.25 lac – Rs. 75 lac||Base Rate + 1.00%||11.00% p.a.|
|Loans greater than Rs. 75 lac||Base Rate + 1.25%||11.25% p.a|
|Top Up – All loans, Renovations||Base Rate + 2%||12.00% p.a|
|2||Fixed Rate||All Loan Category||-||14% p.a.|
Terms and Conditions:
- Repayment period for home loans shall not exceed 25 years.
- Repayment period of pre-allotment bookings of housing loans shall not exceed 1½ year
- Repayment period of improvement or renovation or extension of existing property shall not exceed 10 years.
Equitable mortgage of the property to be financed by way of deposit of title deeds.
The loan will be disbursed in full or in suitable installments, taking into account the requirement of funds and progress of construction, as assessed by the Bank directly to seller or builder or local development authority or supplier of materials etc.
Processing charges or admission fee
Processing fee equivalent to 1% of the loan amount (applied for) will be collected along with the application form (taxes as applicable).
Penalty for early closure
- Bank reserves the right to reject any application without assigning reasons thereof
- The applicant will undertake to inform the Bank as and when there is a change in address or employment
- The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank’s discretion.
Official link for more details: http://www.axisbank.com/personal/loans/powerhomes/Home-Loan.asp?ucode=Personal&ccode=Loans&pcode=PowerHomes
To get important investment updates Enter your email HERE
DID YOU LIKE THIS POST? Share This ->
You may also like
Category: Home Loan