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Axis Bank Fast Forward Home Loan

Real estate prices being what they are, purchasing a home is next to impossible. Renting is not a viable option because of the bother of shifting and making adjustments every 3 years. Taking a home loan then becomes the only option available. Loan repayment takes away a major chunk of our income and what is left over is spent on education and other day to day expenses. Axis Bank Fast Forward Home Loan is the simple solution to all your troubles.

Benefits of Axis Bank Fast Forward Home Loan

1. Waiver of EMI: You can get up to 12 EMI waived off with no extra expense to you simply by being consistent in the payment of EMI. On completion of 10 years of consistent and regular payment, 6 EMI will be waived. Extend the consistency to 15 years from first disbursement and get another 6 EMI waived. The only condition is that there should be no more than 3 instances of pending dues for more than 30 and less than 90 days. This facility is available for tenure of 20 years or more. You can even prepay the loan, have your tenure reduced and still avail waiver of premium as long as the reduced tenure is 10 years or more.

2. Loan amount: Axis bank offers a loan of 30 lakh or above under its Fast Forward Home Loan plan. The maximum limit is dependent on the joint income of the co-applicants.

3. Loan on under-construction property: This is available for both ready properties as well as under-construction properties. You can also avail of this loan for purchase of a plot of land or for self-construction. If you have already taken out a home loan elsewhere but wish to avail the special benefits offered by Axis Bank Fast Forward Home Loan, you can transfer the previous loan to Axis bank.

4. Property types included: This loan is available to resident Indians only. Sorry NRIs.

5. Interest Rate: Axis Bank offers a floating rate of interest under its Fast Forward Home Loan plan. The interest is linked to the past 3 years’ MCLR (Marginal Cost of Fund based Lending Rate).

6. Loan Tenure: The Home Loan is available for a minimum of 20 years. The maximum tenure is 30 years or retirement age – 60 or 65 as the case may be – of the applicant, whichever is earlier.

Fees and Charges:

  • Processing fee is charged at 1% of the loan amount subject to a minimum of INR 10,000.
  • An upfront fee of 2500 is also payable with application. This fee is non-refundable.
  • Penal interest is payable at 2% per month for delayed instalments.
  • When you switch from BPLR (Benchmark Prime Lending Rate) to MCLR, a fee of 0.5% of the outstanding loan will be charged subject to a minimum of INR 10000. No fees are charged if the effective rate of interest stays the same.
  • Axis Bank does not allow a fixed rate of interest. The interest is floating and linked to either BPLR or MCLR.
  • When switching from a higher floating rate to a lower one, a fee of 0.5% of the outstanding principal is charged as switching fee. This is subject to a minimum of Rs. 10000/-
  • A fee of Rs. 500 will be charged for every instance when a cheque bounces and is returned to the customer. The same amount will also be charged for cheque or instrument swapping.
  • An amount of INR 250 is chargeable for every instance when requesting a duplicate amortization schedule or duplicate loan statement.
  • Similarly INR 250 will be charged for every request for a duplicate interest statement.
  • Charges are also payable for requesting photocopy of title documents or loan documents, and credit reports.
  • Charges will be levied for creation of equitable mortgage as per state regulations.
  • INR 50 is payable towards CERSAI for loans up to 5 lakhs. For loans above this amount the charges are INR 100.
  • GST is applicable on all charges over and above the actual charge.

Eligibility Criteria for AXIS Smart Home Loan:

These are the criteria that you must fulfil in order to be eligible for an AXIS Smart Home Loan:

  • You should be a resident of India.
  • You may be self-employed or salaried.
  • You may be a professional or non-professional
  • You should have a clear track record for loan repayment. This includes –
    • No more than 3 instances of delayed payment up to 30 days.
    • No EMI pending for more than 90 days at any time during the tenure of loan.
  • There should be no pending interest or penal charges pending for payment.
  • Your borrowing limit is dependent on your average banking balance.

AXIS Smart Home Loan Documentation:

1. Completed application form along with one passport-size photograph. Please note that all documents must be self-attested.

2. Any one of the following as proof of Identity –

  • Valid Passport
  • Voter’s ID
  • Valid Driving License with photograph
  • Pan Card
  • Aadhar Card.

3. Any one of the following as proof of Income

  • Last 3 months’ salary slip
  • Certificate of fixed salary
  • Form 16 for current or previous assessment year

In addition to the above, bank statement or copy of bank passbook for the past 6 months and IT returns for the last 2 years are also required. If you are self-employed, you are required to submit the past 6 months bank statement for your operative account.

4. Any one of the following as proof of residence –

  • Latest Utility Bill such as Electricity, piped gas, or telephone.
  • Valid Passport
  • Aadhar Card
  • Voter’s ID
  • Valid Driving License.

Prepayment process for AXIS Smart Home Loan

If you happen to have surplus funds and wish to repay your loan partially, you can do so by sending a written application. However prepayment is only possible 120 months after the first disbursement. You have the option to decrease the tenure instead of reducing the EMI against prepayment.

Other advantages of AXIS Smart Home Loan

1. Axis bank allows you to transfer your loan from other lenders to your Fast Forward Loan account.

2. You have the option to get waiver of 12 months’ EMI subject to certain conditions.

3. You can prepay your loan at any time with no prepayment charges.

4. You can also prepay part of the home loan and have your EMI or tenure reduced.

5. The Axis bank loan process is short and completely transparent. There are no hidden costs.

Axis Bank Fast Forward Home Loan FAQs

1. What is the maximum loan I can get expressed as a percentage of the price of the house I am purchasing?

For loans of 30 to 75 lakhs, the ceiling is 85% of the documented cost of the property or 80% of the market value – whichever is lower.

2. The developer of the township where I am purchasing the house has agreed to bear the interest on my loan for a year. Can I club this benefit with the benefits of the Fast Forward Home Loan?

The Axis Bank Fast Forward Home Loan cannot be clubbed with any other scheme.

3. I am currently paying floating interest rate. The interest is higher than what you offer to new applicants. Can I avail of the new lower rate?

Yes you can switch to a new rate subject to the rules of the bank at the time of request. You will be required to pay charges as applicable. The option is available only under floating interest and switching to fixed rate is not possible.

4. My income has increased since I took my loan. Can I increase my EMI and pay off my loan faster?

Yes but you will then be disqualified from EMI waiver which is otherwise offered as a part of this product.

5. Axis bank changes my EMI or tenure when there is a change in the base rate under the floating interest option. Will this affect my eligibility?

Yes. Axis bank makes adjustments to EMI, tenure, or both with change in base rate. You can minimize this impact by refraining from partial pre-payment which also impacts EMI.

6. I have been paying EMI under the loan for 120 months and I now have 5 more EMI to be paid. Can I claim waiver?

If less than 6 EMI are pending, only the residual EMI can be waived off – subject to bank rules and no other dues pending.

7. My interest has increased due to change in base rate. Will the waiver be calculated on the new rate?

The reduction in tenure benefit is available twice during the tenure of the loan. In case of change in EMI due to change in base rate or prepayment, the new EMI will be considered for computation.

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