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AXIS Super Save Home Loans

Of the many dreams a person has, owning a house he can call home is perhaps the most cherished one of all. People save up judiciously and forego a lot of things in hopes of paying for their dream home. Despite all efforts however, owning a home is beyond the reach of many. Axis Super Save Home Loan is the answer to their prayers. It not only pays for your home but also allows you to save on interest and reduce the tenure of the loan.

Benefits of AXIS Super Save Home Loans

1. Savings on Interest: The Super Save account is similar to a bank account, the only difference is that as long as there is some amount due against loan, any money you deposit into the account will be adjusted towards the principal, and the amount of interest will be reduced proportionately thus reducing your dues.

2. Use it as a bank account: The Super Save account has the same facilities as a regular bank account and you can use it as such. You will get a cheque book and an ATM card. You also have internet and phone banking facilities and you can withdraw any amount from the available balance any time you need funds.

3. Loan Amount: The minimum amount of loan available is 50000.

4. Loan on under-construction property: Axis Bank allows you to take a loan for under-construction properties too – however the loan amount will then be disbursed in parts and you will pay interest only on the amount actually disbursed and not on the entire loan amount – which means further saving on interest.

5. Property types included: The Super Save Home Loan is available for homes ready for possession, homes under construction, purchase of plot of land, construction on a plot of land you own, and for home improvement projects.

6. Interest Rate: Axis bank charges a floating rate of interest on home loans. This means that the rate of interest to change with change in economic conditions and other factors. Interest rates are calculated at MCLR (Marginal Cost of Fund based Lending Rate) +0.75%. Currently the rate is 9.25% pa. However given the fact that you can repay the loan any time you have some funds available and have your interest amount reduced, the change in rates becomes insignificant.

7. Loan Tenure: The maximum tenure available for a fully disbursed loan is 20 years whereas that for a partially disbursed loan is 22 years.

Fees and Charges:

  • Axis Bank charges a non-refundable upfront processing fee of INR 2500 in addition to a processing fee of 1% of the loan amount. The 1% processing fee is subject to a minimum of INR 10000.
  • The non-refundable processing fee will be collected at the time of application and will not be refunded under any circumstances.
  • The remaining fee of 1% will be collected at the time of disbursement.
  • Standard charges are applicable for various services as per schedule of charges.
  • There are no charges for prepayment of loan. You can do this simply by depositing funds into your account.

AXIS Super Save 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 (PI):

  • Passport
  • Election/Voter’s ID
  • Permanent driving license
  • Permanent Account Number (PAN) card
  • Aadhaar Card

3. Any one of the following as Proof of Present Residential Address (PRA):

  • Passport
  • Election/Voter’s ID
  • Permanent driving licence
  • Electricity/telephone bill
  • Gas bill (pipeline connection only)
  • Property tax bill
  • Domicile certificate with address issued by Municipal Corporation

4. Proof of age (any one)

  • Passport
  • Permanent driving licence
  • PAN Card

Proof of Income

Please submit each of these documents -

1. Latest 3 months’ salary slip / certificate for fixed salary/Latest Form 16

2. Last 6 months bank statement/Passbook of the salary account IT- returns for the last 2 years along with computation of income certified by CA

3. Last 6 months Bank statement for operative account both personal and business.

Prepayment process for AXIS Super Save Home Loan

If you wish to prepay your Axis Super Save Home Loan, you must send in a written request stating your desire to do so. In the absence of any written instructions, any amount deposited into your account will be automatically adjusted towards loan repayment. If however, you wish to foreclose your loan, you should deposit an amount equivalent to the entire amount of outstanding loan into your account. You also need to submit a written request to the bank for foreclosure.

Your Axis Super Save Home Loan has 2 limit reduction options –

  • EPA – Equated Principal Amortization and
  • EMI – Equated Monthly Instalment.

You can choose either of the options at the outset. This cannot be changed later.

Under the EPA option, the outstanding principal amount will be adjusted against each instalment towards repayment of loan. This amount is determined by dividing the total loan amount by the total number of instalments. Under the EMI option the instalment amount is adjusted towards both principal and interest in equal proportion.

Interest component under both options is computed on net drawing power – that is the drawing power agreed at the time of disbursal less the EoD (End of Day) balance of excess funds in the account.

Other advantages of AXIS Super Save Home Loan

1. The Super Save Home Loan Account does not require any minimum balance. However it is recommended that you maintain a balance equivalent to your loan instalments to prevent application of penal interest. We also recommend parking any excess funds in this account for adjustment towards loan amount. This will save you interest and help pay off your loan faster.

2. You are given an ATM card for your Axis Bank Super Save Home Loan and you can use it just like any other Axis Bank ATM card.

3. All assistance is provided for loan process and documentation.

4. Once your loan has been repaid, you can continue to use your account as a regular Axis Bank account.

Axis Bank Super Save Home Loan FAQs

How to repay the loan?

You will pay EMI or EPA installments towards repayment of loan. In case you wish to pre-pay your loan using any excess funds at your disposal, simply deposit the said funds into your account and they will be adjusted towards repayment.

For foreclosure, you must submit an application in writing stating that you wish to foreclose your loan. Simultaneously deposit sufficient amount into your account towards repayment of loan.

On each cycle date, the amount in your account will be adjusted towards repayment of loan and your interest and tenure will be adjusted suitably.

2. How can I know what is the principal/interest break-up of the EMI paid?

Your amortization schedule is drawn up at the time of disbursal of loan depending on the reduction option you choose – EPA or EMI. This schedule is maintained throughout the tenure of the loan subject to adjustment of excess funds for repayment.

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