Product Details
Bank Name
Axis Bank Limited
Maximum Loan Tenure
30 years.
Maximum Loan Amount
INR 5 crore
Interest Rate
7.9-11.45%
Type
Fixed rate for initial two years and floating rate for the balance loan tenure.
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Down Payment
For home loan upto Rs. 30 Lakhs - 10%
For home loan above Rs. 30 Lakhs upto Rs. 75 Lakhs - 20%
For loan above Rs. 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
Power Advantage Home Loan
Special Features
Interest rate is fixed for initial two years and is floating rate thereafter.
Eligibility Criteria
The eligibility criteria for Axis Bank Power Advantage Home Loan can vary depending on your employment type and location, but here's a general overview:
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 and professionals are eligible.
Minimum Combined Income: Rs. 8,000 per month for salaried individuals and Rs. 10,000 per month for professionals.
Location: The property should be located in a designated urban or semi-urban area.
Specific Requirements:
Salaried Individuals:Latest salary slips (3 months)
Form 16 (last 2 years)
Employer letter confirming current employment
Bank statements reflecting salary credit for the past 6 months
Professionals:Income Tax Returns (ITRs) for the past 3 years
Proof of practice/registration
Bank statements reflecting practice income
Additional Eligibility:
Clean credit history: No defaults or outstanding dues with any financial institution.
Minimum loan tenure: 20 years.
Completion of KYC formalities: You need to submit all necessary documents to verify your identity and address.
Co-applicants:
You can include co-applicants to improve your loan eligibility by combining incomes and credit scores.
Special Concession
None.
Home Saver Option
No.
Features, Eligibility and Concession
Pros
No change in rate / EMI during the first two years of loan tenure Loans upto
INR 5 Cr maximum loan amount.
Tenure of 30 years.
Nil prepayment charge for floating interest rate loans.
Door step servicing.
Axis bank has a wide network.
Cons
No home saver option.
High processing fee in comparison to PSU banks.
Pros & Cons
Application Procedure
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