Nothing can give you more happiness than living in a house of your dreams. After all, for how long you can live in a rented house? A rented apartment doesn’t give you the same feeling as your own house. Buying a house in current times has turned out to be a costly affair. But why to let go of your housing dreams, when there are lenders who are ready to offer you a home loan.
A home loan is one of the most demanded products in the market. Though the market is full of many lenders, there is one bank which has a carved a name for itself in the Indian banking world. That bank is Axis Bank. In fact, an Axis Bank home loan can be availed by any eligible applicant who wishes to build his/her own house.
The bank offers the product at both fixed and floating rate of interest. The floating interest rate for a loan amount up to ₹ 75 lakhs for salaried individuals is 8.65%. In case the loan amount is more than ₹ 75 lakhs, then the interest rate is 8.70%. For self-employed individuals, the floating interest rate for a loan amount up to ₹ 75 lakhs is 8.70%. In case of any amount above ₹ 75 lakhs, the interest rate is is 8.75%. Read this article to have a clear view regarding the home loan product offered by Axis Bank.
Axis Bank Home Loan Eligibility
The applicant has to meet the home loan eligibility criteria set by the bank in order to obtain a home loan. The bank provides the product to every eligible salaried employee. Professional and a self-employed person.
A salaried employee should have crossed the age of 21 years when the loan is applied for. He/she should not exceed the age of 60 years when the loan term matures. The applicant should be employed in a permanent job in either a reputed company or the government sector.
The professionals who are eligible for the product includes the likes of an engineer, dentists, cost accountant, architect, chartered accountant, company secretary, doctor and management consultant. The applicant needs to over 21 years old when the loan is sanctioned and up to 65 years when the term of the loan expires.
Any self-employed person who fills the Income Tax returns can apply for a home loan. The applicant should be above the age of 21 years at the time of loan application. The loan has to be fully repaid by the age of 65 years.
Axis Bank Home Loan Documents
The list of important documents to be submitted to the bank has been given below. Have a look at them.
For Salaried individuals
- Identity Proof- PAN card/Aadhar card/Passport/Voter ID card with photograph/Driving License
- Income Proof- Latest salary slip of the last three months/Certificate for fixed salary and Passbook statement of the salary account/Latest Form 16/Bank statement of the last six months
- Residence Proof-Passport/Piped gas bill/Registered lease agreement/Latest electricity bill/Utility bill/Telephone bill
For Self-employed
- Identity Proof- PAN card/Aadhar card/Passport/Voter ID card with photograph/Driving License
- Residence Proof-Passport/Piped gas bill/Registered lease agreement/Latest electricity bill/Utility bill/Telephone bill
- Income Proof- Income Tax returns of the last two years plus income computation which has to be certified by a CA along with Bank statement of the last six months for both operative accounts of business and personal
Axis Bank Home Loan processing fee
A processing fee of up to 1% of the sanctioned loan amount is charged by Axis Bank. The amount can be a minimum of ₹ 10,000.
Loan amount and prepayment charges
The minimum loan amount that can be availed is ₹ 3,00,000. The maximum amount that can be fetched will depend on the total income of the applicant and co-applicant.
In case of floating interest rate, no prepayment fees is charged. A prepayment fee up to 2% of the principal which is outstanding /prepaid amount is charged in case of fixed rate of interest.
Axis Bank home loan EMI calculator
It is very important to know about the monthly EMI which you will be paying to the bank. You can easily calculate the same using this magical tool. Just enter the details regarding your loan amount, rate of interest and tenure period. You will get instant information about the EMI amount and total interest payable. You can plan your budget accordingly with this calculator.
Axis Bank Home Loan Status
It is now very easy to track the status of your loan application. All you have to do is visit the bank’s website and enter your application ID. You will then receive details regarding your application status.
So what are you waiting for? Go realise your dreams with an Axis Bank home loan.
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