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List of home loan interest rates across all banks in India
Axis Bank helps individuals make their dream of owning a home, a reality. With competitive interest rates, Axis Bank home loan helps individuals fund their new home or construct it. Whether you are salaried or self-employed, Axis Bank has the perfect home loan to suit your budget.
About Axis Bank Home Loan Interest Rate
Axis Bank offers excellent interest rates on home loans for salaried individuals. Following are the interest rates for salaried individuals on home loans
Customers who have got disbursement before the 31st March 2016 will continue to operate on base rate. Customers who want to change to MCLR should get in touch with customer care. The marginal cost based lending rate is 8.75%. MCLR reset frequency for home loans is half-yearly. Base rate is 9.50%, MRR is 14.25% and BPLR is 17.25%.
Axis Bank home loan comes with a lot of advantages such as attractive rates of interest, floating and fixed rate of interest, and low EMIs. Axis Bank charges on home loans are minimal and fully transparent.
When effective rate is to be kept same no fees
When effective rate is to be revised 0.5% on outstanding principal minimum of Rs 10,000/-
Rs 50/- for loans up to 5 lakhs
Rs100/- for loans above 5 lakhs
In case of partly disbursed loan, charges would be calculated on outstanding principal + disbursed part of sanctioned amount.
Factors that affect the interest rate on home loan include the amount of loan, salary received by an individual and the credit score among others.
Credit score reflects an individual’s creditworthiness. To get a home loan from Axis Bank, the credit score should be good. The bank checks the credit score before disbursing any loans. Better the credit score, better is the interest rate on the home loan.
The home loan interest also depends on the amount of loan applied. The higher the loan amount, the lesser will be the rate of interest. Existing customers of Axis Bank can get a home loan at the lowest rate of interest. An applicant may opt for a floating rate of interest or fixed rate of interest.
A certain percentage of the property value must be paid as down payment when you take a home loan. If you make a down payment, the loan amount required will be less. The risk of the lender will also be less. Consequently, you will pay lower EMI on the home loan.
Type of Interest
There are two types of interest, one is fixed that remains constant during the tenure of the loan and the other is floating which fluctuates according to the market performance. There are no prepayment and part payment charges on floating interest.
Margins on Home Loan:
When you submit your home loan application to Axis Bank, you can leave your contact number and address with them. The bank will let you know your eligibility and sanction details via SMS. You can also visit the bank website to track your application.
In order to apply for an Axis Bank home loan, you can –
In both cases, you will have to submit the filled out form along with all the required documents to the nearest branch office. Axis Bank provides doorstep service, which means their representative will visit your home or office and help you with the loan application process.
1. Can I get tax benefit on home loan from Axis Bank?
According to the Indian Income Tax Act of 1961, Indian residents are eligible for tax benefits on the principal amount and interest components of a home loan.
2. How to enhance my eligibility on Axis Bank home loan?
To enhance your eligibility for Axis Bank home loan, you can add another working member in the family like your husband as co-applicant.
3. What is the maximum tenure I can opt for under Axis Bank home loan?
The maximum tenure of Axis Bank home loan is 30 years.
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