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Axis Bank Asha Home Loan

Owning a house and making it into a home is one of the many promises a newly-wed couple make to one another. Romance aside though, purchasing a house or even a small sized flat, can be difficult for many and an unattainable dream for others. Axis bank brings you the Asha Home Loan scheme under which you can get up to 90% of the price of your house as loan. In fact, Asha – which literally means hope – is the hope for all those couples who are starting off both in their marriage and in their careers.

Benefits of Axis Bank Asha Home Loans

  • The biggest benefit of Asha is that it is completely affordable – it offers the maximum loan at the lowest rate of interest. This means that your EMI will be low too, allowing you to save up for your future.
  • You can get a loan for up to 90% of the property you purchase subject to a ceiling of 28,00,000.
  • The loan is available both under the fixed interest and floating interest plans.
  • Asha Home Loan also has the longest tenure – 30 years – as compared to other Axis Ban Schemes.
  • You can have your loan customized based on your banking behaviour – this means you can have better eligibility if you follow prudent banking practices.
  • The low rate of interest coupled with the long tenure of 30 years makes for low EMI.
  • Your eligibility is based on your combined income – which should be no less than 8000/-.
  • Apart from a ready-to-move-in house, the loan is also available for under-construction properties, home improvement projects, purchase of plot, purchase of plot + construction, and construction on existing plot.

Interest, Fees and Charges:

Interest is charged as per the following schedule –

Type of InterestSalariedSelf-employed
FLOATING INTERESTMCLR + 1.25% for standard customers and MCLR + 2% for other customersMCLR + 1.45% or standard customers and MCLR + 2% for other customers.
FIXED INTERESTUnder the fixed interest rate option, the rate of interest varies between 11.75% and 12.50%. The rate once declared will remain fixed through the tenure of the loan.


  • The minimum processing fee is 10,000/- or 1% of the loan amount, whichever is higher.
  • An upfront processing fee of 2500 is payable at the time of application. This is no-refundable.
  • Penal interest is 2% of the loan amount per month.
  • There are no charges for early closure.
  • CERSAI fees are payable as applicable.
  • Other fees for check return, copies of document, duplicate amortization schedule, etc. are payable as per bank rules.

Eligibility Criteria for Axis Bank Asha Home Loan:

Eligibility for Asha Home Loan is as follows:

Loan Amount

You can take a loan for a minimum of 1 Lakh to a maximum of 28 Lakh


You should have a minimum combined income of 8000/-


The term of the loan cannot be over 30 years.


You can choose between floating or fixed interest rate. Floating interest rate is tied to MCLR (Marginal Cost of funds based Lending Rate). Any change in MCLR will impact your EMI or term or both.

Axis Bank Asha Home Loan Documentation:

The following documents are required for applying for a loan under the Axis Bank Asha Home Loan.

  • Completed application form along with one passport-size photograph.
  • Any one of the following as Proof of Identity:
    • Aadhaar Card
    • Permanent driving license
    • Election/Voter’s ID
    • Permanent Account Number (PAN) card
  • Any one of the following as Proof of Residence (this should be your present permanent address)
    • Passport
    • Electricity/water/telephone/other utility bill
    • Voter’s ID
    • Permanent driving licence
    • Property tax bill
  • Any one of the following as proof of applicant’s age. In case of joint application all applicants must submit proof of age.
    • Passport
    • Permanent driving licence
    • PAN Card

The following documents are required for each salaried applicant as proof of income-

  • Last 3 months’ salary slips showing statutory deductions
  • Bank statements for last 3 months showing last 3 salary credits
  • Latest form 16

The following documents are required as proof of income for each self-employed applicant –

  • Acknowledge IT returns for the last 2 years.
  • Computation of income by certified account.
  • 6 months’ bank statements or passbook entries of the operative account of the business.

The total loan process can take 15 to 30 days for approval and disbursement. Timelines may vary from state to state and city to city depending on local regulations and other conditions.

Other advantages of Axis Bank Asha Home Loan

  • Low rate of interest
  • Low eligibility criteria – minimum joint income 8000/-
  • Customization – customize your loan based on the price of the property, your banking behaviour, your combined income, and your credibility.
  • Transfer any existing loan to Axis Bank.
  • Take loan for small properties costing less than 300/sq. ft.

Axis Bank Asha Home Loan FAQs

1. Why should I choose Axis Bank?

Axis bank is not only one of the preferred bankers in India but also among the top home loan providers. They have culled the best products in home loan to suit the requirements of customers from different strata of society. They have a wide network and a plethora of approved projects for you to choose from.

2. Whom is Asha Home Loan meant for?

The Asha Home Loan is a special product designed to cater to those employees who do not qualify under other schemes either because of income constraints or amount of loan. The product is designed in a way that you can tailor it to your specific requirements no matter whether you are salaried or self-employed, fall within the high income or low income group, and are looking to purchase a large or small house – either ready to move in or under–construction. You can get the maximum possible loan – up to 90% of the price of the property – at the lowest possible rate of interest.

3. I take salary in cash and don’t have a salary slip. Can I get a home loan?

Yes, certainly! Visit the nearest Axis bank branch and talk to our representative about how you can get a home loan even if you get salary in cash.

4. Can I get disbursement as and when builder demands it?

Yes. This is called part disbursement.

5. How do I get the next instalment of disbursement?

You have to submit the demand letter from the builder and fill in our Disbursal Request Form (DRF) in order to apply for next disbursement. You also need to submit any receipts of payments made to the builder. All documents must be submitted in original – however you may keep a copy for your record.

6. Where can I get the DRF?

The required numbers of DRFs have been sent to you along with the welcome kit. You can visit the nearest Axis Bank branch to submit the DRF along with other documents. If this is not the branch from where you took the loan, the process may take slightly longer since the papers have to travel to your parent branch.

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