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Axis Bank Empower Home Loan

Axis Bank brings you Empower Home Loan facility. There are many banks that offer home loans that are affordable and hassle-free, but buying a home is a life-time investment and one need to be very cautious in financial computation. Axis Bank not only helps you to manage your present but also plans out your savings for your future. They have loan repayment schemes that are easily manageable. They are known for the Best Loyalty Programs in the Financial Sector.

Benefits of Axis Bank Empower Home Loan

  • Product for self-employed: The Axis Bank Empower Home Loan is announced for the self-employed customers whether they are professionals or non-professionals. The loan is offered on “floating rate” option. The purpose is to bring support to this group of customers and to build good credit behaviour.
  • Amount of loan: The loan amount that can be availed is up to Rs 150 lakhs for the customers of Tier I and Tier II cities, Rs. 50 to 75 lakhs in Tier III cities and for the customers of other cities and villages the loan amount that can be availed is Rs 50 lakh.
  • Property types included: The customer can avail Empower Home Loan for purchasing an under construction property, ready to move property, purchasing resale house, home extension and plot purchase and construction.
  • Effective Interest Rate: Axis Bank offer home loan at Floating Interest Rate. The interest rate is 9.25%
  • Loan Tenure: The maximum tenure for home loans is up to 20 years with subject to the age of borrower and not exceeding the age limit of 65 years at loan maturity of the customer.
  • Three rate reductions: The customers that maintain good repayment record are rewarded with assured rate reductions at the time of repayment at second, third and fifth year from date of first disbursement.
  • Balance Transfer Facility: You can easily transfer any of the existing home loans to Axis Bank.
  • Floating Rate: The loan is offered only under the “Floating Rate” option.
  • Zero prepayment Charges: There are no prepayment charges including the part prepayment.
  • Easy Documentation and fast processing: Taking the Empower loan is easy and quick in process.
  • Income Tax certificate: You are eligible to get the income tax certificate from the bank.

Interest, Fees and Charges:

  • Processing fee: Up to 1% of the loan amount subject to minimum limit of Rs. 10,000
  • Upfront Processing fees: Rs. 2500 + GST at the time of application, balance is to be paid at the time of loan disbursement.
  • Penal Interest Rate: It is at the rate of @24% p.a , 2% per month
  • Processing Fee is non-refundable under any circumstances
  • No prepayment charges are applicable on early closure

Eligibility Criteria for Axis Bank Empower Home Loan

One must fulfil the following criteria to be eligible for Axis Bank Empower Home Loan:

  • Should be resident self-employed i.e. professional and non-professional
  • Must be above the age of 21 years and maximum of 70 years at loan maturity
  • Customer is eligible for only one loan under this scheme
  • The borrowing limits to be :
    • Minimum: Rs. 10,00,000
    • Maximum: Rs. 1,50, 00,000
    • As per average banking balances

Maximum Loan Amount Individual Can Avail

City CategoryAmount
Tier I and Tier IIRs. 150 lakhs
Tier IIIRs. 50 -75 lakhs
OtherRs. 50 lakhs

Axis Bank Empower Home Loan Interest Rate

Loan AmountMCLR + Mark UpEffective Rate of Interest
All Loan AmountsMCLR + 0.75%9.25%

Marginal Cost Based Lending Rate (MCLR) – 8.50%

Base Rate - 9.20%

Axis Bank Empower Home Loan Purpose

Under this home loan scheme, customers can use the loan amount for the following purposes:

  • Purchase of a ready-to-move-in house
  • Purchase of house currently under construction
  • Purchase of a self-constructed house
  • Purchase of a plot plus construction on the plot
  • Home renovations, improvements and extensions

Maximum Loan as a percentage that can be availed on property

The customer is to get the lower of 65% of the property documented or as per the market value of the property against which loan is to be secured.

Three assured rate reductions

Along with the money lending service in times of need, Axis bank also offers an advantage to get three assured rate reductions if the customer maintains a good repayment track. The reductions can be availed on for 24, 36 and 60 months from the date of first disbursement for the 1st, 2nd and 3rd rate reduction respectively

Axis Bank Empower Home Loan Documentation:

  • Application form with one passport-size photograph of applicant and co-applicant (in case there is co-applicant). All documents must be self-attested.
  • Bank statement of last 6 months of all current (in case of firm or sole proprietor) and saving (in case of an individual) accounts.
  • Proof of Business continuity for last 5 years.
  • Applicant/Co-applicant ITR for 1 year.
  • One Proof of Identity (PI) from the following:
    • Valid Passport
    • Election/Voter’s ID
    • Valid Permanent driving license with photograph
    • Permanent Account Number (PAN) card
    • Aadhar Card
  • One Proof of Income
    • Last 6 months bank statement
    • Latest 3 months’ salary slip
    • Latest Form 16 copy
    • Salary certificate
  • Proof of Present Residential Address (PRA) from the following:
    • Valid Passport
    • Election/Voter’s ID
    • Valid Permanent driving licence
    • Society outgoing bill (only from registered societies)
    • Latest Electricity/water/telephone bill(not more than 2 months old)
    • Existing house lease agreement
    • Piped Gas bill (not more than 2 months old)
  • Any one Proof of age
    • Passport
    • Permanent driving licence
    • PAN Card
Resident of India
  • Applicant to be 21 to 60 years of age
  • Applicant to be only Resident self-employed customers whether professional and non-professional.
  • Latest salary slips of 3 months and Latest Form 16
  • Last 6 months bank statements showing last 6 salary credits or Passbook of salary account
Self-employed individuals
  • IT returns for last 2 years (including e-acknowledgement)
  • Last 2 years Income computation with a certified CA with all annexures
  • Personal and business bank account statements for last 6 months
Salaried Individuals
  • Last 3 months salary slip
  • Fixed salary certificate
  • Latest FORM 16
  • Personal and business bank account statements for last 6 months

Steps involved in Taking Home Loan

StepsProcedure
Application SubmissionCompletely filled loan application along with the necessary documents need to be submitted in the bank
Loan SanctionThe amount of the loan to be sanctioned is approved as per the credit checks
Legal and Technical valuationAll legal checks and property evaluations are done
Loan Amount DisbursementIn case of under construction project loan amount is given as per the construction stage

Prepayment process for Axis Bank Empower Home Loan

Axis Bank provides facility to make online payment for processing prepayment. Along with this you have Cheques and DD facility to make your prepayments anytime and from anywhere. The online prepayment facility is fast and secure. Interest is calculated on monthly basis and the principal amount on which interest rate is calculated is reduced every month. Axis Bank serves you the best way to enhance your savings.

Pre-EMI Interest

Customer can request for the final disbursement by paying interest on the portion of the loan to be disbursed. This is payable on monthly basis from the date of each disbursement up to date of commencement of EMI

Other advantages of Axis Bank Empower Home Loan

1. There is no prepayment and foreclosure charges with Axis Bank Empower Home Loan

2. There is no need to maintain any minimum balance in the account during the tenure of the loan.

3. The Final Interest certificate is sent to your mailing address once in a year.

4. Provisional interest certificate can be downloaded from the bank website.

5. You get free access to Axis Bank ATMs in India and in a calendar month you can have five free transactions of other banks in India

6. You can easily download the Axis Bank App on mobile and can easily manage your account.

7. Axis bank has 24*7 dedicated Phone banking service

8. Post-dated cheques are acceptable at Axis Bank Centres.

9. Through mobile alert you are updated on outstanding amount, payment made, bill generations etc.

10. Get the home loan from Axis Bank at the doorsteps.

11. In case of entire loan repayment customer can continue with the Axis Bank Account for banking transactions by maintaining minimum balance requirement.

Axis Bank Empower Home Loan FAQs

1. Can I switch from higher “Floating rate” to lower “Floating rate” option?

Under this loan facility customers are not eligible to switch over.

2. How change in the Base rate impact my interest rate?

Change in the Base rate has impact on your interest rate. The mark-up will be reduced at the pre-determined dates and hence the impact of the same will be affected in your rate of interest.

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