Product Details
Bank Name
Axis Bank Limited
Maximum Loan Tenure
22 years.
Maximum Loan Amount
INR 5 crore
Interest Rate
7.9-11.45%
Type
Floating
.webp)
Down Payment
For home loan upto INR 30 Lakhs - 10%
For home loan above INR 30 Lakhs upto INR 75 Lakhs - 20%
For loan above INR 75 Lakhs - 25%
Fees and Charges
Processing fee:1% of the loan amount
Prepayment charges for floating rate: NIL
Penal Interest On Late Payment:@24% per annum i.e. @ 2% per month on the overdue installment/s
Legal Fee: At actuals.
Stamp Duty And Registration Charges: At actuals.
Minimum CIBIL Score
Not specified.
Down Payment and Fees
Super Saver Home Loan
Special Features
The core benefit of Super Saver is the ability to park additional funds in a linked savings account, which reduces the loan outstanding and consequently the total interest payable over the loan tenure.
Eligibility Criteria
The eligibility criteria for Axis Bank Super Saver Home Loan are similar to those for their standard home loan products, with some additional specific requirements regarding the linked savings account feature. Here's a breakdown:
General Eligibility:
Minimum Age: 21 years
Maximum Age: 60 years at loan maturity (can be 58 years for self-employed professionals)
Employment Type: Salaried individuals, professionals, and self-employed individuals are eligible (with specific income requirements for each category).
Minimum Income:
Salaried individuals:Metropolitan cities: Rs. 40,000 per month
Non-metropolitan cities: Rs. 30,000 per month
Professionals:Doctors, Chartered Accountants, Architects: Annual income of Rs. 6 Lakh
Others: Annual income of Rs. 12 Lakh
Self-employed individuals: ITR of at least Rs. 5 Lakh for the past 3 years
Clean track record: No defaults or outstanding dues with any financial institution in the past 3 years.
Additional Eligibility for Super Saver Account:
Minimum Loan Amount: Rs. 10 Lakhs
Minimum Monthly Deposit: Rs. 5,000 in the linked Super Saver account
Maintaining sufficient balance: The Super Saver account balance should not fall below a certain threshold throughout the loan tenure. This threshold might vary depending on the loan amount and terms.
Specific Requirements for Professionals:
Professionals must be practicing in their respective fields for a minimum of 3 years.
Certain additional documents, such as proof of practice registration, might be required.
Co-applicants:
You can include co-applicants to improve your loan eligibility by combining incomes and credit scores.
Special Concession
None.
Home Saver Option
Yes.The core benefit of Super Saver is the ability to park additional funds in a linked savings account, which reduces the loan outstanding and consequently the total interest payable over the loan tenure.
Features, Eligibility and Concession
Pros
The core benefit of Super Saver is the ability to park additional funds in a linked savings account, which reduces the loan outstanding and consequently the total interest payable over the loan tenure.
Balance transfer facilty.
Nil prepayment charge for floating interest rate loan.
Axis bank has a very wide network.
Flexibility in terms of tenure.
Cons
High processing fee in comparison to PSU banks.
Pros & Cons
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.