Axis Bank Home Loan Products and Interest Rates

Axis Bank Home Loan Products

It’s a known fact that home loans have made buying home a simplified task. Banks and Financial institutions offer myriads of home loan products that have made the dream of buying home come true. Axis Bank is one the popular choices when it comes to availing home loan. The Axis bank offers its customers an array of banking solutions and Axis Bank home loan is one of them. In fact, Axis bank offers different types of home loans. Based upon your requirement, you can choose the one that you want.

axis bank home loan interest rates
Axis bank home loan interest rates of different products

Why should you choose Axis Bank as your home loan provider?

When it comes to choosing a bank for home loan, there are various factors that one must take into consideration like the interest rate offered by the bank, the loan application and approval process, whether there are any pre-payment closure charges, how much time does it take for loan processing, does the bank offers the balance transfer facility and much more. Taking all these parameters into consideration, Axis Bank emerges as a popular choice.

Here are notable features of Axis Bank:

  • It offers affordable interest rates
  • Axis bank offers 8 different home loan products to match the varied needs of the customers
  • Fast and easy loan processing
  • The bank offers flexibility of home loan tenure
  • Balance transfer facility
  • No prepayment charges in case the customer wishes to pay the loan amount in advance
  • Axis Bank offers doorstep services to its customers

Axis Bank Home Loan Details:

Axis Bank is a renowned bank that offers the home loan as one of the banking solutions to its customers. Home loan by Axis Bank is easy to access and avail. The bank offers home loan to salaried individuals who are employed with Government or working in the organization of repute. It also offers home loan to professionals like architects, doctors, dentists, cost accountants etc. Self-employed individuals can also take home loan from Axis Bank.

Axis bank home loan eligibility

Taking the home loan from Axis Bank would require to fulfil certain eligibility criteria. The bank has defined certain parameter which the individual must match if they want to take the home loan.

Here is the table showcasing the eligibility criteria for Axis Bank home loan :

Eligibility Criteria Axis Bank Home Loan
Age 24 – 60 years
Salaried professional work experience 2 years with their current organization
Self Employed- business stability 5 years
Loan Amount Eligibility Rs. 15 lac to Rs. 5 Crore
Maximum loan as percent of property value Up to 85%
Maximum EMI as percent of income Up to 65%

Documentation required for Axis bank home loan

Applicants are required to submit the following documents to the bank at the time of applying for a home loan then you must submit all the documents that help the bank analyse your credibility as a borrower and whether you can repay the loan or not. Here is the detailed overview on the various documents that the applicant needs to submit along with the home loan application form:

  • Identity Proof- You can submit either passport, Adhaar card, Driving Licence, Pan Card, Voter ID.
  • Address Proof- Axis bank accepts the following as your address proof, ration card, Adhaar card, Passport, voter ID, Utility bills like electricity bill, gas connection, telephone bill.
  • Proof of Income- The Salaried individuals needs to submit the salary statement of the last 3 months, Form 16. In case of self-employed individuals, one needs to submit the ITR of last two years, last two years’ income computation certified by a CA.
  • Axis Bank would also ask you to submit the last 6 months’ bank statement
  • The bank doesn’t require a guarantor.
  • CIBIL Score- One of the key factors that influence your home loan approval from the bank is your credit score or CIBIL score. It is a measure of your financial health and how good you have been in repaying the loans. Based on this score the bank approves your loan. Well, the credit score may vary from bank to bank but its advisable to maintain a good credit score to ensure that there is no hassle while home loan application processing. Axis Bank demands the CIBIL score between 650-750.

AXIS Bank Interest Rate-

Axis Bank offers home loan at floating and fixed interest rate to both the salaried individuals and self-employed. Here is the tabular representation of the same :

For Salaried Individuals :

Interest Rate Type Loan Amount Rate of Interest
Floating Loan Amount up to Rs. 30 lac 8.80 %
Loan Amount up to Rs. 75 lac 8.95 %
Loan Amount more than 75 lac 9 %
Fixed Any Loan Amount 12 %

Self-Employed Individuals:

Interest Rate Type Loan Amount Rate of Interest
Floating Loan Amount up to Rs. 30 lac 8.85 %
Loan Amount up to Rs. 75 lac 9 %
Loan Amount more than 75 lac 9.05 %
Fixed Any Loan Amount 12 %

What are the different fees charged by Axis Bank in case of the home loan :

  • Processing Fees- the bank charges up to 1 % of the loan amount on a minimum of Rs. 10,000
  • Cheque return charges- Rs. 500
  • Switching fees from floating to fixed – 1% on the outstanding principal with a minimum of 10,000/-
  • Switching Fees (Fixed Rate to Floating Rate) –   2% on the outstanding principal amount.

How does Axis Bank calculate home loan?

The FOIR or Fixed Obligation to Income Ratio is an important parameter which the Axis Bank uses to determine home loan eligibility.  The bank takes into account all the fixed obligations like current EMIs, rent etc. and based on it, the bank calculates your eligibility.

Axis Bank has kept the minimum FOIR:0.65.

Different Types of Axis Bank Home Loan and Its Interest Rates and Key Features:

 

Axis Bank Home Loan Product Name Description Key Features Purpose
Axis Bank Home Loan This is a popular home loan product offered by the bank to those who are looking to buy home. Minimum and Maximum Loan Amount- Rs. 3 lac- Rs. 10 crore

Loan Tenure- 30 years

Buying home
Fast Forward Home Loan The Fast Forward Home loan offers special waiver to the borrower. Under this scheme 12 EMIs are waived off at no extra cost but only when you have paid the EMIs regularly.6 months are waived off when you complete 10 years and another 6 months after completion of 15 years from the time the loan amount was disbursed. Minimum Loan Amount- 3 lac

Loan Tenure – 30 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction.
Shubh Aarambh Home Loan Planning to buy a new home, you can opt for Shubh Aarambh Home Loan which also gives you a 12 months waiver if you have made the payment of EMIs on time Minimum and Maximum Loan Amount-  Rs. 1 lac- Rs. 30 lac

Loan Tenure- 30 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction
Asha Home Loan The Asha Home Loan by Axis bank will make your dream of buying home come true at the interest rate of 9.75% Minimum and Maximum Loan Amount-  Rs. 1 lac- Rs. 28 lac

Loan Tenure- 30 years

Buy ready-made home, property under construction, self-constructed house or buy a plot using the Asha Home Loan by Axis Bank
Axis Bank Super Saver Home Loan As the name suggests the Super Saver Home Loan by Axis Bank allows you to save on the interest by depositing the surplus to their Super Saver Account. It helps in reducing the outstanding principal amount. Minimum and Maximum Loan Amount-  Rs. 50 lac- Depends on the combined income

Loan Tenure- 20 years incase the loan is fully disbursed and 22 years for partially disbursed case

You can avail this loan to buy a home which is under construction or resale house or plot or for self-construction
Axis Bank’s Empower Home Loan Axis Bank makes buying home easy with Empower Home Loan available at an attractive interest rate of 9.25%. It also reduces the 3 home loan rate reduction. Minimum and Maximum Loan Amount-  Rs. 10 lac- Rs. 1.50 crore

Loan Tenure- 15 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction
Pradhan Mantri Awas Yojna or PMAY In order to promote the Government of India’s dream to provide house to every individual in the nation, Axis Bank offers home loan to the economically weaker section under the PMAY scheme. The loan comes at an attractive interest and hassle-free loan application and approval. For the Economically Weaker Section and Lower Income Group the bank offers loan up to Rs. 6 lac at interest rate of 6.50% for the maximum tenure of 20 years. Buying homes or constructing new homes
Top-Up Home Loan This is an additional finance facility for home loan borrowers Maximum Loan – Rs. 50 lac

Interest rate- Up to 30% of original sanction amount of home loan

Loan tenure- Same as outstanding home loan amount

AXIS BANK HOME LOAN FAQs:

Does Axis Bank levy the prepayment charges on floating and fixed interest rate?

No, the prepayment charges are levied only on fixed interest rate.

Can the home loan be used for renovation and extension of home?

Yes, you can use the home loan for repair, renovation, improvement and extension of the home.

What is the late EMI payment charges levied by Axis Bank ?

The charges of the EMI late payment fees which are 2% per month on the outstanding monthly EMI.

ASHA HOME LOAN FAQs-

What is Asha Home Loan?

It is a loan for customers who are buying the home for the first time. It is tailored the home loan for the first time buyers and comes at an attractive interest rate.

Asha Home Loan can be used for which purpose?

You can avail this home loan for buying a ready-made home, property under construction, self-constructed house or buy a plot using the Asha Home Loan by Axis Bank.

Can I get Asha Home Loan under fixed interest rate?

No, the Asha Home Loan is available only under fixed interest rate.

What is the maximum home loan amount under Asha Home Loan?

Asha Home Loan grants the maximum loan up to Rs. 28 lac if the property is located in the area with the population more than 10 lac and Rs. 20 lac if the property is located in an area where the population is up to Rs. 10 lac.

Is there any processing fees that the borrower needs to pay while applying for Asha Home Loan?

Yes, the applicant needs to pay the processing fees of 1% on the outstanding principal amount with a minimum of Rs. 10,000 plus the GST.

EMPOWER HOME LOAN FAQs

Can anyone apply for the empower home loan?

Salaried individuals cannot apply for empowering home loan. It is only for resident self-employed people.

What all-purpose can be solved using the Empower Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Empower Home Loan under fixed interest rate?

No, the Empower Home Loan is available only under the floating rate of interest.

Can an NRI avail the Empower Home Loan?

No, only the self-employed resident of India can avail the Empower Home Loan.

FAST FORWARD HOME LOAN FAQs

What all-purpose can be solved using the Fast Forward Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Fast Forward Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

Can the Fast Forward Home Loan be clubbed with a subvention scheme or any other scheme offered by the builder?

No, you cannot club the subvention scheme with the Fast Forward Home Loan.

Can I make part prepayment under the Fast Forward Home Loan?

Yes, you can do the same. But first, your loan must be live with us for a minimum of 120 months from the time loan was disbursed.

In case I want to increase my EMIs under the Fast Forward Home loan, can I do so?

Yes, you can do the same but, it will disqualify the loan from the EMI waiver benefit offered under this scheme.

SHUBH ARAMBH HOME LOAN FAQs

What all-purposes can be solved using the Shubh Arambh  Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Fast Forward Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

I have completed 48 months from the date of the first-month disbursement. Now only 4 EMIs are left, will I get the benefit of this scheme?

If the residual EMIs is less than 4 then the residual tenure will be waived off but no other dues should be pending.

SUPER SAVER HOME LOAN FAQs

What is the interest rate offered by Super Saver Home Loan?

This home loan is available at 10.25%.

What all-purpose can be solved using the Super Saver Home Loan?

With Super Saver Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Super Saver Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

Is there any processing fees that the borrower needs to pay while applying for Super Saver Home Loan?

Yes, the applicant needs to pay the processing fees of 1% on the outstanding principal amount with a minimum of Rs. 10,000 plus the GST.

Why choose Loanyantra as your helping partner?

If you are looking for a platform which can help you in deciding the right place for applying for home loan, then Loanyantra will offer all the necessary help. Our portal gives you an access to all the information related to banks and financial institutions offering the home loan. Whether its home loan interest rate, eligibility check, paperwork, calculation of EMI or anything related to the home loan, you can get access to all this on Loanyantra. Moreover, you can easily compare the home loan rates of different banks and interest rates. There are no extra fees that we charge, we also believe in rendering hassle-free home loan processing. Moreover, with us, you don’t have to worry about your information security. Loanyantra believes in providing complete security of data, we do not share your information with the third party. Also, we are the one-stop solution for everything related to home loan and home loan assistance. For more information, contact us today and let us help you buy your dream home.

 

Top Banks in India who have Loan for Pensioners Product

Loan for Pensioners

The age of retirement sometimes binds you, but thanks to the financial assistance offered by the banks and NBFCs, the pensioners and retired professionals who can now apply for the pension loan. This loan amount can be used to meet the needs of emergencies and can be used in case of the financial crisis.

The pensioners’ loan allows the senior citizens to take the loan against their pensions, FDs, Kisan Vikas Patras, National Saving Certificates, LIC and RBI Relief Bonds etc. The maximum age limit for pensioners which the banks allow is 70 -75 years of age.

Most of the banks are reluctant to provide the loan to the pensioners, but there are certain leading banks like Punjab National Bank, State Bank of India, United Bank, Dena Bank, Bank of Baroda, etc. that provide the loan to the pensioners at an attractive interest rate.

The maximum loan amount may vary from bank to bank, and the interest rates may also change, but the fact of the matter is that with the help of this loan, the pensioners can now meet their emergent financial needs and other needs.

Top 5 Personal Loans for Pensioners in India

The banking and financial institutions in India offer myriads of benefits to the pensioners. There are various schemes offered by them which help the elderly people during and after their retirement. The need for financial emergencies can arise at any point in life, and the situation becomes even tougher if you have returned. If you don’t have any help around, what will you do? That’s the biggest question that bothers the elderly people but, the pension loan offered by the banks and NBFCs help this people. Although, the banks are reluctant to provide a loan to the pensions because of the higher risk are some banks which make the entire process easy and simple.

Here is the list of 5 banks offering personal loans for pensioners in India:

SBI Pension Loan

SBI Bank is one of the leading banks in India. The Bank offers various schemes and loans. SBI pension loan is for the pensioners and the elderly people. This loan is being provided to retired people of Central and State Government. Even the defence personnel can also avail this loan. Family pensioners can also apply for this loan.

Purpose: You may avail of the loan to meet any financial need or family obligation.

Processing Fees: The bank doesn’t charge the processing fees for the defence pensioners. The processing fees may amount up to 0.5% of the loan amount plus the taxes which can be a minimum of Rs. 500 plus tax. There are no other hidden charges.

Loan Limit: The minimum loan amount is Rs. 25,000, and the maximum loan amount may reach up to Rs. 14 lac. The loan amount different for defence professionals, family pensioners, and regular pensioners.

Interest Rate:  13.05% per annum.

Eligibility for SBI Pension Loan:

  1.    Retired Central and State Government employees
  2.    The age of pensioners should not be more than 76 years
  3.    The pensioner may be drawing pension through any SBI Branch
  4.    Government treasuries should disburse the retirement
  5.    The defence pensioners of the army, air force, navy, paramilitary, Assam Rifles, coast guards, and Rashtriya rifles
  6.    The maximum age limit for defence pensioners is 76 years
  7.    In case of family pensioners, the spouse who receives pensions after the death of the pensioner is eligible for the pension loan
  8.    The age of family pensioner should not be more than 76 years.

Central Bank of India Personal Loan to Pensioners

Central Bank of India is also a popular bank that offers pension loan to the pensioners. The bank offers attractive interest rates to the pensioners, and they also don’t charge any processing fees.

Purpose: The pensioners can avail pension loan from the bank and use it in case of emergency or to meet immediate financial needs.

Processing Fees: Central Bank of India doesn’t charge any processing fees from the pensioners

Loan Limit: Pensioners who are 75 years of age or below are eligible for the loan amount of 5 lac for 18 months and for those who are above the age of 75 can get a loan of maximum 2 lac for up to 12 months.

Interest Rate:  11.70% per annum.

Eligibility for Central Bank of India Pension Loan:

  1.    The pensioners must draw pension via Central Bank of India
  2.    Central Bank of India offers pension to the pensioners or family pensioners drawing pension from the bank.

Punjab National Bank Personal Loan to Pensioners

PNB or Punjab National Bank is one of the leading banks in India. The bank has a long history and is known to provide myriads of financial products to cater to the variegated needs of the customers. PNB also offers loan to the pensioners so that they can meet their needs in case of an emergency. The bank provides a lower interest rate which is also an attractive feature of PNB loan to the pensioners.

Purpose: The pensioners can use the pension loan to meet their financial obligation in case of emergency. The pensioners can also use this loan to meet their personal and medical expenses.

Processing Fees: PNB does not charge any processing fees. However, there is a documentation charge of Rs. 500 plus GST which the bank charges.

Loan Limit: The bank offers the minimum loan of Rs. 25,000, the maximum loan limit depends on the pension drawn and the age of the applicant which is mentioned below:

  1.    The pensioners up to the age of 70, PNB offers the maximum loan of Rs. 10 lac
  2.    The pensioners above the age of 70 can get a maximum loan of Rs. 7.5 lac
  3.    The pensioners above the age of 75 get the maximum loan of Rs. 5 lac

Repayment: Punjab National Bank offers the maximum repayment period of 60 EMIs, and for those who are above 75 years of age they can repay the loan in 24 EMIs. The bank takes into consideration the net monthly pension such that the EMI doesn’t exceed 50%.

Interest Rate: The interest rate offered on the PNB Personal Loan for Pensioners is 2.60% above the MCLR.

Eligibility for Punjab National Bank Pension Loan:

The pensioners drawing pension via PNB branch are eligible for the pension loan from Punjab National Bank.

Bank of Baroda Loan to Pensioners

Bank of Baroda is also one of the leading Banks in India that offers pension loan to the pensioners at an attractive interest rate. The pension loan amount depends on the age of the pensioners.

Purpose: Bank of Baroda’s pension loan can be used by the pensioners to meet their financial emergencies and other needs.

Processing Fees: Bank of Baroda doesn’t charge any processing fees from the pensioners and family pensioners of BOB, but others have to pay the fees of Rs. 1000.

Loan Limit: The regular pensioners who are below 70 years or 70 years of age can get a maximum loan of Rs. 8 lac. The pensioners above the age of 70 can get the loan of Rs. 5 lac.

In case of family pensioners who are below the age of 70 or 70 years, they can get a loan of Rs. 3 lac and the family pensioners above the age of 70 can get a loan of Rs. 1.5 lac.

The loan repayment duration can be between 3 years to 5 years.

Interest Rate: Base rate + 2.00% per annum.

Eligibility criteria for BOB Loan to Pensioners:

Bank of Baroda offers pension loan to those who draw pension via Bank of Baroda

Family pensioners of Bank of Baroda are also eligible for the pension loan

The age of the pensioners should not be more than 75 years

BOI Star Pensioner Loan Scheme

Purpose: Bank of India offers the personal loan to the pensioners in the form of the term loan, Demand Loan or Overdraft. The loan is granted to pensioners drawing pension through BOI or is retired employees of BOI.

Processing Fees: BOI charges no processing fees to the pensioners who are above the of 60. For others, the bank charges the processing fees of 2% of the loan amount. This is one-time fees. The pensioners also have to pat stamp paper and loan agreement charges.

Loan Limit: Bank of India offers pension loan under two categories :

Secured loan – This pension loan can be used by the pensioners to repay existing home loan, purchasing consumer durables like computer , laptops etc.

Unsecured loan- This loan amount can be used by the pensioners to meet medical expenses, education of self or spouse , marriage expenses.

The bank offers maximum loan between Rs. 3 lac to Rs. 5 lac. The family pensioners get the maximum loan of Rs. 1.5 lac.

Interest Rate: 2.00% + BSS (0.30%) over 1 Year MCLR

Repayment: Bank of India allows the maximum EMI of 36. Under exceptional circumstances, the bank allows maximum EMIs of 60.

BOI Star Pensioner Loan eligibility

  1.    Pensioners drawing pension via Bank of India branch
  2.    Family pensioners who draw the pension from the Bank of India branch
  3.    Retire professionals of Bank of India.

Documents Required for Pension loan:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Dena Bank Loan to the Pensioners-

Purpose: Dena Bank offers pension loan to the pensioners so that they can meet their emergency financial requirement.

Processing Fees: The bank charges no processing fees from the pensioners.

Loan Limit: The pensioners can get the pension loan up to Rs 3 lac for a period of 36 months.

Interest Rate: 11.75%

Repayment: Dena Bank offers the repayment period of 36 months or 3 years to the pensioners.

Dena Bank Pension Loan eligibility-

The pensioners of State , Centra;  and Public Sector undertaking are eligible for pension loan from Dena Bank

The pension amount is at least 60% of the gross monthly pension after removing the EMI

Ex-staff member of Dena Bank

Documents Required for Pension loan Dena Bank:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Home Loan to the Pensioners

The banks and NBFCs have become agile. They now offer home loan to the retired professionals and pensioners so that they can fulfil their dream. This home loan can be used for renovating, reconstructing or buying a new home. However, there are certain limitations to the same. The banks are a bit reluctant to provide a home loan to pensioners who are more than 75 years of age and some bank restrict the age limit to 70 years. Below is the tabular representation of the home loan providers to the pensioners along with maximum loan amount and repayment period.

 

Loan Provider Maximum Loan Amount Repayment Period
State Bank of India 1) 7,50,000 – 14,00,000

2) 2,50,000 – 5,00,000 (family pensioner)

Before the pensioner reaches the age of 75
United Bank of India Rs. 2 lac Before the pensioner reaches the age of 70
LIC Housing Finance NA Before the pensioner reaches the age of 70
Bank of Baroda Rs. 5 lac – Rs. 8 lac 77-78 years of age
Punjab National Bank Rs. 5 lac – Rs. 10 lac 60 EMIs for those who are below 75 years of age and for those who are above the age of 75, the bank allows 24 EMIs
Dena Bank Rs. 1.5 lac- Rs. 3 lac Before the pensioner reaches the age of 73
South Indian Bank Rs. 25 lac 15 year or till the pensioner reaches the age of 75
Bank of India Rs. 5 lac 60 EMIs

Important Point to Note:

The pensioners are eligible to take the home loan only in the case they are repairing, constructing renovating the new or existing house. The only condition is that the property should be in the name of the applicant.

The minimum monthly pension should match the parameters specified by the bank. For example, Bank of India has the specified the minimum salary of Rs. 5000.

The bank usually approves the loan to pensioners who are less than 75 years of age, but banks like United Bank of India doesn’t give a loan to those who are above the age of 70.

Our Role: Loanyantra is a one-stop destination for various types of loan. Whether you are working or retired or pensioners and are seeking for the right way to avail loan with minimum hassle then, you must connect with Loanyantra. On our portal, you can find all the information related to personal loan, home loan, etc. We also help you with the complete paperwork related to loan application and approval. Not only we help you find the right bank for your need but also bring the banking services at your doorstep so that you just concentrate on your dream and we can help you achieve the same.

SBI Home Loan Process – Step by Step

Searching for the best home loan is as important as searching for a dream home. You might find the best home loan lender, but the process involves many steps. You have to be patient and careful while dealing with the process. Though applying online has become very easy, reaching the disbursal stage is no cake-walk. If you had chosen a nationalized bank, you have to be even more careful in following each and every step.

Here is the step by step procedure for your SBI home loan disbursal.

  • Collecting the Property related Documents
  • Legal Opinion
  • Property Valuation
  • E-stamping
  • Submitting the Application
  • Documentation
  • Disbursement

1.Collecting the Property Related Documents:  Firstly, go to the builder and get all  the property related legal documents. Get the Legal opinion and Share of agreement and Sanctioned Site plan from the builder.

Collect : Booking Receipt along with the copy of the cheque.

2.Legal Opinion: Go to an Advocate who is in the SBI Panel with the documents in step 1 to get it verified. For the advocate to give the final legal opinion he needs to see the Sales Agreement & Construction Agreement and he needs a photostat copy of it.

Normally if its a builder share following documents need to be collected from the builder :

a. Encumbrance certificate till current date (from some 35 years advocate may ask)

b. Tax Paid receipt till date. Lawyer might ask you for multiple documents, so the maximum delay is expected at this step. Once this step is done, half part is done.

Collect : Legal opinion

3. Property Valuation: Once the Legal valuation is done, go to a property Valuator who is in the SBI Panel with the sales agreement. He valuates the property and gives a letter.

Collect : Valuator statement

4. E-stamping: SBI mandatess the Sales agreement and Construction agreement to be estamped/Franked.  Regarding whats the value to which e-stamp, do concern the branch staff. Normally for a ongoing construction flat, there are 2 Agreements a)sales Agreement and b) Construction Agreement. E-stamping and franking are actually the same, e-stamping is the new technology where as franking is the old one where we stamp it, Franking can be done only at register office where as e-stamping can be done at post offices, Syndicate banks, Selected registrar offices, etc.

Note: Make sure you, your wife and builder sign on the e-stamp which you purchase.

Collect : e-stamp and franking on the sales agreement

5. Submitting the Application: Once you get the valuator statement and Legal opinion, go to the SBI with the filled in application forms along with the required documents for loan application. Also attach the legal opinion and the Valuatorstatement.

Note: Its always good to go for a interiors loan (max up to 3 lakhs) along with the home loan, which might save you the hidden chargeswhen combined. For the interiors loan you need to get a quote from an interior designer and get it valuator sanctioned.

Collect : Application form Valuator Statement

sbi-home-loan-process_loanyantra

6. Waiting period: Now its time for the waiting period. The waiting period may vary from person to person. Normally in the special home loan branch, it can be as fast as 3 days. Periodically call them to ensure that the process is going forward. Also make sure they inspect the property, because unless and until they inspect, you can’t reach the disbursal stage.

7. Documentation: Once the loan is sanctioned, you get a call from the bank for documentation. Carry all the original documents which you have submitted while applying for the loan.

Loan applicant along with guarantor needs to be present at the bank for the documentation. Builder is normally not required, if its a land lord share, then it is a must for him too to attend.

8. Disbursement: Once we get the Loan Sanction letter go to the builder and get the following documents 1. NOC from the builder stating he hasn’t mortgaged this property to any other bank 2. Tripartite agreement [This is required only if its a ongoing construction.3. Demand Note from the builder[how much money he needs for the particular construction stage]. Note: Please make sure whatever demand note they make is matching with the schedule of payment.

Collect : DD in favor of builders

9. If it is an under-construction property, for partial disbursements and for further payments you can just send a mail to the manager to please disburse the amount XXX and then ask the builder to send a boy to the SBI branch with the original demand note and they can collect the DD from the bank directly. You need not go to bank anymore.

10. Registration : Now its time for registration and the final payment to be made to the builder. You need a DD for Registartion Stamp duty in the name of Sub-registrar and a DD for Mortgage Stamp duty in the name of Sub-registrar

Conclusion. Send an SBI Postal mail form after registration saying you had submitted all the registered documents to SBI.

How Can Loanyantra Help You.

The above process needs a lot of care and patience. More than anything, it needs your valuable time, planning and energy. Once you register with loanyantra, you can relax and fulfill your loan disbursal process. Our relationship manager guides you in each and every step, also assisted home service for all your documents that need to be submitted in the bank. Also, loanyantra’s relationship manager is accessible to you to answer your questionnaire , anytime. All you need to do is just login, as it doesn’t cost you but it only helps you.

Interest Rate Subsidy on Housing Loans – Home Loans at Discounted Interest Rate

Interest Rate Subsidy on Housing Loans – Know Everything About Home Loans at a Discounted Interest Rate.

The year 2016 ended with the honorable Prime Minister Narendra Modi’s much awaited speech. The speech gave hopes to the poor, women and senior citizens. The housing policy schemes by the P.M., made easy for the poor to have a home of their own. The new policy of home loan interest rates subsidy to the needed, raised hopes in availing a home with the help of housing loan. That too for really lower interest rates.

So, here are more details about Pradhan Mantri Awas Yojana and Credit Linked Subsidy Scheme.

All about Pradhan Mantri Awas Yojana (PMAY)  

  1. This scheme is valid in urban India (towns, cities, metros) for urban poor of income below 6,00,000/ year and age between 21 years to 58 years.
  2. Women play vital role in this scheme. A family comprising of husband, wife and unmarried children. Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission Meeting income criteria defined under the scheme
  3. Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc., to existing dwelling as incremental housing.  The carpet area* of house should be constructed or enhanced under this scheme should be upto 30 sq.meters for EWS(Economically Weaker Section) category and upto 60 square meters for LIG(Lower Income Group) category.
  4. For identification as EWS/LIG beneficiary under the scheme, an individual loan applicant should submit self-attested certificate/affidavit as proof of income.

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What is CLSS, Credit Linked Subsidy Scheme?

Any citizen of India can enroll for CLSS under the following conditions. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

This new policy of Credit Linked Subsidy Scheme (CLSS) is applicable for the Lower Income Group (LIG) of household income less than Rs.3,00,000 and the Economically Weaker Section (EWS) of household income less than Rs.6,00,000, not only for limited square feet.

So, now let us go into details of how the CLSS, Credit Linked Subsidy Scheme works.

Any eligible applicant who choose a carpet area within  60 sq.m(645 sqft) of a flat/house then the applicant gets an home loan interest rate upto INR 12,00,000/- availed from the bank.

And if any eligible applicant is applying for 2 bhk of 975 sqft super built up area which has 644sq.ft of carpet area, then the flat can cost Rs. 40,00,000. Now, the applicant can enjoy interest rate subsidy on housing loan for Rs. 12,00,000.

The possible subsidy ROI as per Honorable PM speech is 4% less than the current market home loan interest rate. The non subsidized interest rate follows the existing market interest rate, which is currently 8.5%.

Example for PMAY CLSS,  Indetail. 

If any qualified applicant having gross salary of Rs.50,000/- per month and age is 30 years, the person is eligible for 37.88 lakh for maximum tenure of 28 years tenure and 30 lakh for 15 years tenure(know more and calculate your eligibility  http://loanyantra.com/Home-Loan-Calculator.aspx ).

So, the applicant, out of Rs. 40,00,000 has to pay down payment of 20% of the market value, which is Rs. 8,00,000. For the rest of Rs. 32,00,000/-, the applicant can go for a home loan. Under Pradhan Mantri Awas Yojana (PMAY)  Credit Linked subsidy scheme(CLSS) Rs. 12,00,000 will be subsidy interest and other Rs. 20,00,000 (Rs. 32 lakhs – Rs. 12 lakhs ) go as a non subsidy which has existing market rate of interest.

Carpet Area*: Area enclosed within the walls, the actual area to lay the carpet. This area does not include the thickness of the inner walls.

NOTE : Under the Mission, beneficiaries can take advantage under one component only.

Housing and Urban Development Corporation(HUDCO)  and National Housing Bank(NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component. Ministry may notify other institutions as CNA in future.

How to Enroll and Apply for Credit Linked Subsidized Scheme (CLSS).

Banks have a separate application for this kind of loan. Follow the official link to  download the application. http://www.tn.gov.in/exwel/forms/app5.pdf

If an applicant can qualify under Pradhan Mantri Awas Yojana (PMAY) for Credit Linked subsidy scheme(CLSS), the applicant can apply through http://loanyantra.com partnered banks and get assured lower interest till you close the loan.

 

 

 

Myths About NBFCs / Banks Vs NBFCs

Why would you prefer going for a home loan only with a bank rather than with an NBFCs?

This question was pondering in my mind since the time I had met a cousin of mine. He was really worried to apply for a loan from an NBFC. I think, after the Sharada scam, the RBI is really strict and clear about the rules with regard to NBFCs. Earlier, the minimum net worth for NBFCs was retained at Rs.25 lakh. Now, since March 2017, all NBFCs are to attain a minimum net-owned funds of Rs. 2 Crore, to ensure the ability of the NBFCs to have good financial standing .

Also you can check the list of NBFCs involved in providing home loan, in the link provided in the official RBI website.

Myths about NBFCs

So, as discussed above, we find NBFCs too are safe to opt. With the emerging economy and population, India needs support financially. Banks could satisfy this need only to a minimum extent and to only a particular group. This made the need for other financial service providers (NBFCs) which are regulated by National Housing Bank.

A coin has both sides. Similarly, banks and NBFCs, have both pros and cons. One should think wise, customize and pick up the best fit. Let us discuss in detail about them.

Home Loan Borrowers – Who should opt for a bank?

  • Apart from the 80% loan amount, if you can meet the  20% down payment amount of the property, the stamp and registration amount. 
  • If you have enough time to wait till the sanction of the loan.
  • If your property has all the required legal documents.
  • If your chosen bank provides a lower interest rate when compared to an NBFC.

Home Loan Borrowers – Who should opt for an NBFC?

  • If you want 80%  loan on home value which includes the stamp and registration charges also.
  • If you are running out of time.
  • If you are satisfied with the interest rates.

Home Loan Borrowers – New customer Vs Existing Customer

Neither the banks nor NBFCs offer the same interest rate to the existing customers as they offer the new customers.

Existing customers can convert to the present interest rate by paying a minimal amount. Usually it is 0.5% – 1% of the outstanding loan amount.

Earlier were the days, where you find NBFCs interest rate in double-digit. With the awareness and competition on the shelf, NBFCs are slowly positioning themselves to become viable alternatives to traditional banks for procuring loans.

When Can You Go For A Home Loan Transfer

Home Loans have become the most popular tool to achieve one’s dream of buying a home. With so many banks and HFCs offering tailored home loan solutions, people are now more inclined towards home buying. Banks and HFCs have home loan eligibility calculator that will help you assess how much loan banks will give you and what will be your EMI. 

Home Loan Transfer 

Balance transfer, home loan refinancing are interchangeably used with Home Loan Transfer. It helps the borrower to avoid higher interest rates by transferring to another lender which offers lower interest rates. Borrowers usually prefer this option to reduce the burden of interest rate and EMI. The good news is that all the banks and many HFCs in India offer the facility of home loan transfer.

Do You Know!

Although Home Loan Transfer appears to be a lucrative scheme yet one needs to try cost-benefit analysis before opting for a balance transfer.

Firstly, to avail the option of Home Loan Transfer, you need to be in the good books of the bank, make sure that you pay your EMIs regularly.

Secondly, balance transfer decision depends on the difference between interest rate offered by the two banks (one from where you have taken the loan and second from the bank where you wish to transfer your home loan).

Last but not the least, the outstanding amount of the home loan and the tenure left is also an important factor to consider before going for a Home Loan Transfer. Because, it is not a good deal if unpaid loan amount and tenure both are low. Though there are no prepayment charges levied, but while transferring the loan, calculate for the processing fees. It is calculated on the outstanding loan amount, usually, the maximum is Rs. 8,000.

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Calculate Before You Go For A Home Loan Transfer

Always calculate. For example, if 50 lac is outstanding loan amount and calculate-homeloan-transfer_loanyantra-comyour bank charges interest rate of 12 % then you have to pay a total of Rs 58, 01,513 as interest and you choose home loan transfer option to another bank offering interest rate of 11.5% for a time period of 15 years then the interest that you have to pay comes to be 55, 13,708 which means you save 2.87 lac.

This is a substantial amount and even if your bank levies a processing fee for home loan transfer, your saving is on a higher side. So,you can go ahead with balance transfer option.  

An important note which banks consider before lending is your credit score. Always check your credit score before applying for a balance transfer. It is important that your credit health score is good and you have all your bills cleared. 

Banks usually charge 0.5% of the loan amount or flat fees of Rs. 5000-10,000 as processing fee for home loan transfer.

How does home loan balance transfer help you?

Advantages of balance transfer includes the following :

  • It lowers the monthly installment
  • You can save on your interest and use for an important reason.
  • Makes your home loan more affordable
  • Banks and HFCs also offer customized solution that will match your requirement
Home Loan Transfer Process
  • Submit a request form to your current bank. The application also asks for the name of the new bank where you will be transferring the loan.
  • After this, the bank will look into your application and will issue an NOC (No Objection Certificate) that mentions outstanding loan amount.
  • This NOC is then submitted to the new lender and the new bank will study your credit history.
  • CIBIL score should be 700 points to get a loan. Once bank approves your application, all the property documents and other documents like ID proof, ITR etc. are transferred to the new bank.
  • Voila!!! You now have your home loan at a better interest rate and you are ready to smile even bigger now.

Our Role: LoanYantra is an unbiased platform where we offer you the best options pertaining to a home loan. Our home loan transfer service will help you find the right financial institution which will lessen your burden of home loan repayment. Moreover, we have up-to-the-minute information related to lenders and interest rate changes in particular.

Not only availing home loan transfer through loanyantra will make the process easier, but also we will keep a track of your interest rate till you close the loan and help you reduce it whenever possible which helps in saving on the home loan.

Talk to us and let us know your requirement about home loan transfer to serve you better.

SBI increases lending rates

The State Bank of India (SBI), India’s largest PSU bank, on Thursday, raised lending rates from 7.95 percent to 8.15 percent. SBI increases lending rates for the first time since April 2016. SBI is the first one to implement the MCLR based calculation for loan interest rates when MCLR is introduced an year ago.

There is no change in RBI policies since two quarters. But, it is observed that SBI increases lending rates. Liquidity tightening, rise in bond yield, credit demand pick up and other profitability issues are pushing the banks to up the interest rates

Just a day after SBI increases interest rates on fixed deposits, SBI increases lending rates. SBI term deposits for 7 to 45 days will earn an annual interest rate of 5.75 per cent, up from 5.25 per cent earlier. For one year deposits, SBI customers will now earn 6.40 per cent from 6.25 per cent earlier, while those deposits maturing between two years and 10 years will earn 6.50 per cent, compared with 6 per cent earlier. For senior citizens, the revised interest rates are 7 per cent on their deposits, up from earlier 6.50 per cent.

Another state-run bank PNB also raised its lending rate, effective March 1, 2018. PNB raised its one-year MCLR rate to 8.30 per cent from 8.15 per cent.

SBI increases lending rates
SBI increases lending rates – EMIs to go up

Many banks have been increasing their deposit and lending rates since the last quarter. While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, almost all the state-run lenders have been increasing their bulk deposit rates in the range of 15 bps to 125 bps.

SBI’s new marginal cost of funds-based lending rates with effect from March 1, 2018, as shared by the bank on its website – sbi.co.in:

Tenor Existing MCLR (In %) Revised MCLR (In %)
Overnight 7.7 7.8
One month 7.8 7.8
Three months 7.85 7.85
Six months 7.9 8
One year 7.95 8.15
Two years 8.05 8.25
Three years 8.1 8.35

What loanyantra does for you while SBI increases lending rates – 

Get the loan from best of banks. Know every bank’s lending rates and choose your favourite one. Be the first one to know about every lender in the banking sector. Our dedicated Customer Relationship Manager will help you through every step while you choose home loan for your dream home.

Home Loan Prepayment

I am a 26-year-old man, working in an MNC in Chennai. Last year I decided to buy a home for myself. Buying a home was my biggest dream and thanks to the lofty home loan policies that banks and HFCs are offering these days. I managed to buy a 2 BHK. Well, I succeeded in managing to bag loan from one of the government banks and got it at a reasonable interest rate.

Now, I am a satisfied person and secured that few years down the line, I will own my house. But one thing that always boggled my mind was if I wish to prepay my loan then what is the nitty-gritty associated with it. Since I work in private sector, I don’t have much time to run around the bank to fulfill the formalities and the paperwork.

Then, one of my friends suggested to go through LoanYantra, an online loan management company. Well, my association with LoanYantra proved to be a successful one and they gave great tips which definitely cleared the air that surrounded the idea of home loan prepayment. For many to avoid the hassle of running behind the banks, here I am sharing my knowledge of Home Loan Prepayment.

What is Home Loan Prepayment?

Home Loan Prepayment is paying an additional amount to the outstanding principal of the loan amount while you are in the Home Loan tenure. This additional amount is over and above the regular EMIs. This helps in reducing the principal outstanding which in return helps in reducing your EMIs and/or your home loan tenure.

It might sound easy but there is a slight catch. Banks typically levy a prepayment charge of about 2 – 3% of the outstanding loan amount. This amount is charged if you are repaying above a certain amount or you are switching your bank. Although most of the banks don’t charge extra. Thus, it’s advisable that you enquire while you apply for your home loan about the prepayment charges as well.

What You Should Know About Home Loan Prepayment 

Home Loan Prepayment can be a bit tricky as some lenders include extra fees.  In case of home loan, banks borrow funds based on the commitment for long period, these funds have to be re-assigned through credit channels for which bank has to pay additional cost. Thus, banks discourage the process of prepayment by leving an extra charge on the outstanding loan amount.

To Prepay the Home Loan, it is advisable for the concerned person to attend. If not possible,the authorized person needs to carry a letter which says that the respective person is authorized by the lender to repay the loan.

Note : RBI and the NHB have abolished penalty on home loan prepayment (home loans with flexible interest rate). So banks usually do not levy extra fess. But conditions apply.

Home Loan Prepayment Vs Tenure and EMI.

Home Loan Prepayment reduces the outstanding principal amount. So, this inturn reduces your EMI or tenure. It is always wise to calculate and choose.

Loanyantra’s Tip : It is better to reduce the tenure and keep the EMI constant. When you have an increment in the salary, you can increase the EMI which will reduce the tenure even further.

Do’s ad Don’t’s of Home Loan Prepayment:

  • Carry your ID proof (Aadhar is the most preferred one).
  • Carry your chequebook in case you need extra.
  • Also remember to mention your name, account number, home loan account number behind the cheque when you issue.
  • Collect all your previous cheques if you wish to change your EMI.
  • A proof of source of funds for your Home Loan Prepayment.
  • Make sure that you update your CIBIL database after home loan prepayment as it helps in reducing the outstanding balance and also helps in improving your credit score.
Home Loan Prepayment charges of some of the popular banks and HFCs
Banks and HFCs associated with Loan Yantra Home Loan Prepayment Charges
SBI ZERO
ICICI ZERO
IDBI Not more than one prepayment in a month
DHFL 3% + Service Tax
Indiabulls ZERO
Axis Floating Rate Loan: Nil

Fixed Rate Loan: 2% of outstanding principal/amount prepaid

CITI ZERO

Words of Wisdom –

LoanYantra is committed to making a difference in the approach towards availing home loan and paying it back. We are known fro absolute customer satisfaction and we work on it continuously. Stay connected with us on www.loanyantra.com and get a planned calender, timely alerts and valuable suggestions on Prepayment of your Home Loan.

Axis bank home loan interest rates

Axis bank offers one of the best attractive home loan interest rates in India. Axis bank home loan interest rates make way for those customers looking for a qualitative service and low interest rate.

Loanyantra.com, a pioneer in online home loan management system, helps you avail loan from the attractive products and attractive Axis bank home loan interest rates. Trust and relax as loanyantra.com takes care of every detail from the time you look for a home loan option till you complete your loan.

Infact, loanyantra.com helps you close the loan at the earliest possible or helps you reduce the EMI when you are in financial crisis. Loanyantra.com makes people aware of the home loan updates and fills the gap between the customer and the loan lending institute.

Know more about Axis bank home loan interest rates.

Features of Axis bank home loan

  • Avail Attractive Interest Rates
Make your housing loans affordable and easier on your pocket every month
  • Choose Your Home Loan Interest Rate Type
Fixed and floating rate options available as per your preference
  • Application Process :
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  • Transfer Loan Balance with Ease

Transfer your home loan to Axis bank without any hassles.

  • Get Service at your Doorstep

Avail or repay the home loan from the comfort of your home or office

  • Pay no prepayment charges

No prepayment charges for paying off loans before the due date (only for loans availed at floating rate of interest).

  • Be assured of transparent, quick processing

Premium banking customers can contact their Relationship Manager for details of special benefits.

  • Repay your loan over a longer tenure.

Repay your home loan in smaller EMIs, over a longer tenure, depending on the situation of your finances.

Axis Bank Home Loan Eligibility 
  • Salaried individuals eligible for home loan :

Individuals in permanent service in the Government or reputed companies fall under the home loan eligibility criteria.
Applicants should be above 21 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.You can check the amount you need to pay as EMI with the home loan EMI Calculator.

  • Professionals eligible for home loan :

Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply.
Applicants above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria

  • Self-employed individuals eligible for home loan :

Any individual filing income tax returns can apply
Applicants should be above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.

Know your eligibility by using  http://loanyantra.com/Calculators.aspx

Borrowing Limits for Axis bank home loan

Minimum – Rs. 3 lakhs
Margins
For loan upto Rs. 30 lakhs – 10%
For loan above Rs. 30 lakhs to upto Rs. 75 lakhs – 20%
For loan above Rs. 75 lakhs – 25%

axis bank home loan interest rates
Loanyantra.com and Axis bank home loan
Documents Needed for Axis bank home loan :
Documents Needed Salaried Self Employed
Proof of identity Valid passport/Voter’s ID/Valid Driving license with photo graph /Pan card /Aadhar card
Proof of Income Latest 3 months salary slip / certificate for fixed salary/Latest Form 16
-and-
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
-and-
Last 6 months Bank statement for operative account both personal and business.
Proof of Residence Latest Electricity Bill/utility bill/ piped gas bill/ telephone bill (Not more than 2 months old)/ Passport/Aadhar card/ Voter ID/ Driving  License.
Axis Bank Home Loan Interest Rates 

For Salaried individuals :

Sr. No Type Loan amount (Rs.) MCLR + Mark Up Effective Rate Of Interest
1 Floating Rate Loan amount upto Rs 30 lacs MCLR + 0.20% 8.35% p.a.
Loan amount upto Rs 75 lacs MCLR + 0.50% 8.65% p.a.
Loan amount above Rs 75 lacs MCLR + 0.55% 8.70% p.a.
Top Up for existing customers Upto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable

For Self-employed Individuals :

Sr. No Type Loan amount (Rs.) MCLR + Mark Up Effective Rate Of Interest
1 Floating Rate Loan amount upto Rs 30 lacs MCLR + 0.25% 8.40% p.a.
Loan amount upto Rs 75 lacs MCLR + 0.55% 8.70% p.a.
Loan amount above Rs 75 lacs MCLR + 0.60% 8.75% p.a.
Top Up for existing customers Upto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable
Marginal Cost Based Lending Rate (MCLR) – 8.15%
MCLR Reset frequency for Home Loans – Half Yearly
Base Rate – 9.00%
Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

Other Charges : 

Description of charges Amount (Rs.)
Processing Fee Charges Up to 1% of the Loan amount subject to minimum of Rs.10,000/-
Penal Interest Rate @24 % per annum, 2% per month
Switching Fees (Base Rate/BPLR to MCLR)#
  • When effective rate is to be kept the same – No fees
  • When effective rate is to be revised – 0.5% on outstanding principal with minimum of Rs 10000/-
Switching Fees (Floating Rate to Fixed Rate)# 1% on the outstanding principal with a minimum of 10,000/-
Switching Fees (Fixed Rate to Floating Rate)# 2% on the outstanding principal amount
Switching Fees (Higher Floating Rate to Lower Floating Rate )# Switching Fees (Higher Floating Rate to Lower Floating Rate )#
Switching Fees (Higher Floating Rate to Lower Floating Rate )# 0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only
Repayment Instruction/Cheque Return charges 500/- Per Instance
Cheque/Instrument Swap Charges 500/- Per Instance
Duplicate Statement Issuance Charges 250/- Per Instance
Duplicate Amortization Schedule Issuance Charges 250/- Per Instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges 250/- Per Instance
Issuance Charges of Credit Report 50/- Per Instance
Issuance Charges for Photocopy of title documents 250/- Per document set
Charges on customer initiated requests for copies of documents 250/- Per document set
Prepayment Charges including part prepayment for floating rate loan NIL
Prepayment Charges for fixed rate loan 2% of the principal outstanding
Equitable Mortgage Creation Charges As applicable in the As applicable in the state
CERSAI charges Rs 50/- For Loans up to 5 Lakhs
Rs 100/- For Loans above 5 Lakhs

# For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed portion of sanctioned amount.

** Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).

Balance Transfer Option with Axis Bank :

Do not miss a chance to lower your loan repayments when you have smarter options to choose from. Move your Home Loan outstanding balances to Axis Bank, pay lower monthly installments and enjoy the savings for the other things in life that really matter to you and your family.

  • Income Based Balance Transfer Loans
  • The eligibility of the Balance Transfer will be based on the seasoning and track-record of existing loan only
  • Avail upto 100% top up at home loan rates.

Know how much you can save by calculating in http://loanyantra.com/Calculators.aspx#Balance-Transfer-Calculator

What Loanyantra.com does when you opt Axis bank home loan :

Always avail home loan at lower interest rates. We help you pay less and pay fast. Get along with us to manage your home loan till you finish the home loan.

If you want your home loan from Axis bank, we help you to be and that too for a lesser interest rate.

We are just a missed call away 040-71011991

The moment we receive your missed call, our relationship manager will call you and will explain you about all the details, every minute one too. We will get you along a smooth ride to get you into your favourite bank at a lower interest rate.

That’s not the end..we take care of your home loan till your loan closure. You can always get back to us when you want to balance transfer or if any queries related to your home loan and the interest rates. We will constantly alert you about the market trends and the interest rates.

The choice is yours and we can serve you better than any other.

 

Can I avail a loan against another property if I already have a home loan from a bank?

Yes you can avail Loan Against Property for other loan provided you meet the eligibility requirement.

If you are falling short of eligibility, how do you increase it ?

  1. In case, if your spouse is working to increase the eligibility you can add the spouse as a co-applicant to increase the eligibility.
  2. In case if you have rented your other house, then you can show rental income and increase your eligibility.
  3. In case if you have a small loan where in you are paying high amount as EMI, then try to close it to increase the Eligibility.
  4. In case if your tenure of existing home loan is less than maximum tenure you are eligible, then increase the existing home loan tenure to get more loan.
  5. Last but not least, incase if you are paying higher interest rate then the market rate, first thing to do is to correct the EMI to existing rate and reduce the EMI. This would also increase your loan eligibility.

Your eligibility requirement would depend on following things

To get a loan will depends on following factors

  1. Your Salary or Your Business turnover + other incomes
  2. Your age
  3. Your Existing Loans
  4. Your Credit Score.
  5. Last but not the least the Property you are buying & Own contribution to pay 20% of the property

Your Salary : You should be earning enough to pay the EMI + at least 40% of earning for your living expenses.

Your Age : Based on your age, maximum Loan tenure will be decided. Before you retire i.e 58 years you should be clearing the loan.

Existing Loans : If you have any exiting Loans, you will be paying EMI so you overall eligibility would come down for the next loan.

Credit Score : Banks/NBFC would look at your credit report and based on how you have paid will decide to go if they want to give you loan

Property : When you are asking for Rs 80 lac loan, it would mean at least the property should be Rs 1 crore. Technically the price of the property should support it and you have to pay 20% from your self funding and 80% you can take loan. It should not be like for Rs 10 Lac property you are paying Rs 1 Crore.

All banks will not approve all the properties.

Plan your loan well, so that you will close faster and home will be fully yours.

If you are looking for Home Loans and want right home loan fit for you and to plan it well to close fast then apply on LoanYantra | Get Home Loan Online .

If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free Home Loan Management Company India: LOANYANTRA