Home Loan Interest Rates

Axis Bank Home Loan Interest Rates for Different Schemes

Finance

Interest rates on each type of home loan vary at Axis Bank. Just like they have different purposes to serve, the rate is also different. However, the benefits you get on the loan are among the best you can get and hence variable rates does not bother much.

Similarly, when you apply for a regular Axis Bank home loan, the eligibility is different as compared to the requirement of its other home loan schemes.

Axis Bank offers four types of home loans – Regular home loan, Asha home loan, Empower home loan and Fast Forward home loan. Axis Bank home loan interest rates are different for each type of scheme but the minimum or starting rate available at the bank is 8.40% per annum which is among the lowest.

Each scheme has a uniqueness and has been designed by keeping in mind the needs of a home loan borrower.

In this article, you will get to know the main features of each scheme and the general home loan eligibility criteria set by the bank for the corresponding scheme.

Axis Bank Home Loan Features

  • Interest rate ranging from 8.40% to 8.75% p.a.
  • Minimum loan amount is ₹3 lakhs
  • Maximum loan amount depends on the combined income of the applicant/s
  • No prepayment charges on floating rate loan
  • Processing fee of 2% of the principal outstanding on fixed rate loan  
  • Balance transfer facility available at low rates
  • Earn eDGE Loyalty Reward Points
  • Processing fee of up to 1% of the loan amount subject to a minimum of ₹10,000/-

Eligibility Criteria-

For Salaried-

  • The applicant must be in permanent service in the Government or in reputed companies
  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 60 years

For Self-employed-

  • Those who file ITR are eligible
  • The age of applicant should be between 21 years and 65 years

Professionals-

  • Doctors, engineers, dentists, architects, chartered accountant, cost accountant, company secretary, management consultants are eligible to apply
  • The age of the applicant should be between 21 years and 65 years

Asha Home Loans:

  • Interest rate ranging from 9.75% to 10.50% p.a.
  • Minimum loan amount you can get is ₹1 lakh
  • Maximum fund you can get is ₹28 lakhs or the maximum of 85% of the property value
  • No prepayment charges on floating loan rate
  • 2% of the principal outstanding on fixed loan rate
  • Minimum net monthly income of ₹8,000 or ₹10,000 depending on the location of the applicant
  • Processing fee of up to 1% of the loan amount subject to a minimum of ₹10,000/-
  • Maximum tenure up to 30 years
  • Customized loan facility depending on the behaviour and eligibility of the applicant

Eligibility Criteria-

  • Salaried, self-employed and professionals with a minimum monthly income of ₹8,000 or ₹10,000/- can apply for this loan

Empower Home Loan Eligibility Criteria

  • Self-employed professionals are eligible for Empower Home Loan
  • Non-professionals are also eligible for Empower Home Loan

 

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *