How To Get an Axis Bank Home Loan

To get an Axis Bank Home Loan, how to take a home loan from Axis Bank, how to take a home loan from axis bank, what documents are required to take a home loan from Axis Bank, from Axis Bank What should be the eligibility to take a home loan, how much is the loan amount available for taking a home loan from Axis bank, and how much interest is charged on that home loan amount, how much to repay the loan amount if you take home loan from Axis bank Will get time So now without further delay let’s move on to the post to know more about the complete process of taking a home loan.

Types of Axis Bank Home Loan

Axis Bank Home Loan are provided for a variety of purposes apart from buying a house. Let’s take a look at some of the popular types of home loans.

• New Home Loans: These loans are provided to those who want to purchase a property or house for the first time. Borrowers must fulfil the criteria to be eligible to avail of the home loan.
• Pre-approved Home Loans: These loans are offered after assessing the borrower’s creditworthiness, financial position, and income. If these factors meet the eligibility criteria, an in-principal approval of the loan is sent.
• Home Purchase Loans: These loans are given especially to borrowers who wish to purchase a flat or house.
• Home Loans for Construction: If an individual wants to construct a house on an existing piece of land, this type of loan is suitable.
• Home Loans for Renovation: A home loan for renovation is offered to homeowners who wish to renovate, uplift or extend their existing house.
• Plot Loans: These loans are suitable for customers interested in purchasing a plot or piece of land for constructing a house.
• Home Loan Top-Up: As the name suggests, a home loan top-up allows customers to borrow an additional sum of money over the existing Axis Bank Home Loan.
• Balance Transfer Home Loan: The balance transfer facility permits borrowers to shift their home loans from one bank to the other for lower interest rates.

Tips to keep in mind while applying for a Axis Bank Home Loan

A home loan offers you the chance of owning a residential property and building an asset while at the same time enjoying tax benefits. You have to pay a certain percentage of the property cost, usually up to 20%, out of your funds. The loan amount can be repaid over a fixed period as per your convenience. Both the principal loan amount and the interest repayment are eligible for tax deduction under Income Tax laws. A home loan application can be done at the bank branch, loan processing centre or online. Let us look at some tips to keep in mind while applying for a Axis Bank Home Loan

• Tip 1 Be sure about how much you can afford through Equated Monthly Instalments (EMIs) because a home loan is a long term commitment. Deduct all your expenses, including other loan and credit card repayments from your take-home pay, to know how much you can afford as home loan EMI. Generally, banks allow EMIs up to 40% of your take-home loan salary.
• Tip 2 If you apply for a high amount, the bank may not approve your loan. Also, once you know the loan amount you are eligible for you can plan for the rest of the down payment accordingly.
• Tip 3 It is advisable to apply for a home loan at a bank where you already have a banking relationship, such as a savings/salary account, a car loan, a personal loan, etc. If the bank already knows your credit history and personal details such as employer, salary, etc, then the bank has to spend less time for the Know Your Customer (KYC) procedure.
• Tip 4 In most cases, the bank will look favourably at a customer with a good repayment record and high credit scores and may offer faster approval and disbursal, or flexible repayment schedules or lower processing charges. In some cases, the bank may offer a lower interest rate on the home loan.
• Tip 5 Ensure that the project where you are buying your house has all regulatory and environmental clearances in place. Or check if your bank has listed of approved projects of if your project is approved by your bank. This will also help faster approval of your Axis Bank Home Loan application.
• Tip 6 If you need a higher loan amount but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan. A longer repayment period means a lower EMI and thereby lesser burden on your monthly finances.

Also Read: How To Get HDFC Bank Gold Loan

When you take a home loan from Axis Bank Home Loan, what is the loan amount?

First of all, you need to keep this information, from whichever bank you are taking a loan, how much home loan amount the bank gives you. So, to easily fulfil your needs, let’s talk about how much home loan amount you will get if you take Axis Bank Home Loan. By taking a home loan from Axis Bank, you can easily get a home loan of at least 100000 to a maximum of 5000000 rupees. With which you can easily fulfil the dream of building your dream home.

How much interest will be charged for taking an Axis Bank Home Loan?

First of all, you have to keep in mind that if you are taking a home loan from any bank, you need to know this. How much interest does that bank charge on taking a home loan from you? Friends, now we talk about how much interest will be charged on taking Axis Bank Home Loan. On taking Axis Bank Home Loan, you will get interested at the rate of a minimum of 6.75% to a maximum of 11.50% per annum.

Also Read: How To Get a Bank of Baroda gold loan

How much time will be available to repay the loan amount by availing Axis Bank Home Loan?

Friends, if you are thinking of taking a home loan, you have to keep in mind that, from whichever bank you are taking a home loan, how much time the bank gives you to repay the home loan amount. So you can easily repay the loan home loan amount. Because friends, if we take a loan, we have to pay the interest and the principal amount on repaying the loan amount, so it is important to keep in mind how much time we will get to repay that loan amount. So friends, let’s talk about how much time will be available to repay the loan amount by taking Axis Bank Home Loan.

You get up to 30 years to repay your home loan amount by taking Axis Bank Home Loan. This much time is enough to repay any home loan amount comfortably, so you can easily get this loan amount and

What are the documents required to avail of Axis Bank Home Loan?

• two passport size photographs
• For identity proof, you will have to provide a photocopy of passport, voter ID, driving license, Aadhaar
• For address proof, you will need your passport, voter ID, driving license, photocopy of your Aadhar card.
• three months bank statement
• Should not have a bank passbook older than six months
• Latest Form 16 along with salary slip
• Documents related to the property on which you are taking a loan.

Also Read: How To Get PNB Gold Loan

What is the eligibility to avail of Axis Bank Home Loan?

• The applicant’s age should be at least 21 years and a maximum of up to 58 years of age.
• To take a home loan from Axis Bank, every month’s salary should be Rs 20000.
• CIBIL score should be more than 750.

Axis Bank Home Loan Fees and Charges

Depending on the type of housing loan you apply for, you will have to pay various charges, including:

• Processing fee : This is one of the essential home loan fees to be paid to the bank by the borrower after the approval of the loan application. It is a one-time non-refundable fee. The processing fee for Axis Bank Home Loan can go up to 1% of the loan amount.
• Prepayment charges : If you decide to repay the home loan amount before the loan tenure ends, you will have to pay a prepayment penalty.
• Conversion fee : A conversion fee is charged when you decide to convert to a different loan scheme for the purpose of reducing the interest rate attached to your current loan scheme.
• Home insurance : It is vital to have an ongoing insurance policy throughout the housing loan tenure. You need to pay the premium for the insurance plan directly to the company offering the service.
• Cheque dishonour charges : If a cheque you issue to pay the home loan EMI is dishonoured due to insufficient account balance or any other reason, cheque dishonour charges are levied.
• Default charges : If you fail to pay your EMIs on time, you will be charged home loan fees as a penalty for delayed payments.
• Change in loan term : You may have to pay nominal charges if you decide to change your loan tenure.

How to Apply for Axis Bank Home Loan Online?

• After opening it, you will see the option of Home Loan on a corner on the home page of Axis Bank. Click on it.
• After that, you have to register the mobile number.
• Now, an application form will open in front of you. Fill it up properly. And keep in mind that there should not be any mistake if you have made any mistake in the form. So your form can also be rejected.
• After filling the form properly, submit it.
• After submitting the form, if your form is correct, then an employee of Axis Bank will contact you, and further loan processing will be done.

How to apply offline for Axis Bank Home Loan?

• First of all, you have to go to your nearest Axis Bank bank branch.
• After that, you have to take complete information about the loan from the bank manager or bank employee.
• After this, you will be given a form by the bank. Fill it thoroughly and keep in mind that no one should make mistakes while filling out any form. Whatever the name address is in your document, fill it in that form; otherwise, your application form may be rejected.
• After filling the Axis Bank Home Loan Application Form properly, you have to attach all your documents with that form.
• Now, you have to check once thoroughly and thoroughly that you have not filled the application form wrong. And after that, it has to be deposited in the bank.
• After you have submitted the application form, your documents will be verified by the employee or manager of Axis Bank. If you fulfil all the terms and conditions of the bank, then your loan is approved.
• You are informed about your Axis Bank Home Loan approval through a message on your mobile.
• After the home loan is approved, the loan amount is transferred to your bank account, and you can use that loan amount later.

• Tip 5 Ensure that the project where you are buying your house has all regulatory and environmental clearances in place. Or check if your bank has listed of approved projects of if your project is approved by your bank. This will also help faster approval of your home loan application.
• Tip 6 If you need a higher loan amount but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan. A longer repayment period means a lower EMI and thereby lesser burden on your monthly finances.

Axis Bank Home Loan Balance Transfer

A home loan balance transfer helps you avail of lower home loan interest rates. As the interest rate reduces, borrowers can pay lower EMIs, which can increase interest savings significantly. If you are paying a higher interest rate than the current market standard, you can choose to transfer a home loan and enjoy a reduced interest rate.

• Benefits of Home Loan Balance Transfer
• Hassle-free processing : Transferring a home loan is hassle-free. The eligibility criteria of the process are simple and require minimal documentation.
• Customised repayment options : Applicants can enjoy tailored repayment options to keep the housing loan affordable. With a lower interest rate, borrowers can either choose to enjoy lower EMIs or a shorter tenure.
• Affordable interest rates : With the home loan balance transfer facility, you can get your existing home loan refinanced at lower home loan interest rates. A lower interest rate means lower EMIs and more monthly savings.
• Alter the home loan tenure : When you transfer a home loan, you can choose to restructure loan terms and change the home loan tenure or the repayment period as per your financial capabilities.
• Top-up loan : A home loan balance transfer comes with the benefit of a sizeable top-up loan that offers a relatively lower interest rate compared to personal loans.

Also Read: How To Get HDFC Bank Personal Loan

Dos and Don’ts while applying for a Axis Bank Home Loan

What to do if your Axis Bank Home Loan application is rejected?

If your home loan application is rejected, you can re-apply for the home loan. But you must consider the following aspects before you proceed:

• Credit score : Your credit score is a vital determinant of your capacity to repay a loan. Housing loans are long-term loans. Therefore, your repayment capacity is evaluated to determine the approval or rejection of a home loan.
  A poor credit score increases the chances of your home loan application getting rejected. Remember to take a look at your credit report and credit score before you apply for a home loan. A poor credit score can be improved upon by making debt repayments on time.
• Loan Amount : Some borrowers apply for a loan amount that is way beyond their eligibility. Banks fix a maximum loan amount based on your present monthly income. If your home loan is rejected because the loan amount you applied for exceeds your eligible loan amount, you can re-apply after reducing the loan amount.
• Other Ongoing Loans : Your loan application can also get rejected if you are already repaying some ongoing loans. To get loan approval, you must not be paying more than 50% of your monthly income towards loan repayments.
  Having many loans will have a detrimental effect on your personal finances and also your repayment capacity. Thus, you should clear any ongoing loans before applying for a housing loan.

Axis Bank Home Loan Customer Care Number

• 1-860-419-5555

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