If you are planning to buy a home, the Best Axis Bank home loan tips that you will read this year will help you decide on the right product. Here we will discuss Eligibility, Processing fees, and Refinancing. Keeping these points in mind, you can apply for an Axis Bank home loan in 15 days. But remember, you need to have some documents to provide the bank.
Interest rates
The Axis Bank home loan is available at low EMI and fixed interest rates. Its flexible repayment plans allow borrowers to pay off their home loan amount within 15 days of the sanction. The loan can be taken for both new and resale properties. Moreover, it offers loan balance transfer without inconvenience to customers. You can apply for a home loan online and receive your loan amount at your doorstep. Axis Bank offers special offers and benefits to its premium banking customers such as balance transfer facility and doorstep home loan.
Unlike other lenders, Axis Bank home loan interest rates are highly competitive. You can avail this loan if you are looking to purchase a new plot. Its resale value is also considered. A premium location will command higher resale value. The loan interest rates will be lower on high resale value properties. However, the interest rates will be higher for properties in lesser locations. Moreover, you can enjoy several advantages such as high initial principal, fixed interest rates for the first two years, balance transfer option, and waiver of 12 EMIs for good repayment history.
Eligibility
Before applying for an Axis Bank home loan, there are certain requirements that you must fulfill. This list includes government IDs such as Aadhar, driving license, voters id, PAN card, and birth certificate. You will also need to submit a CIBIL score report and a property value report. These documents will determine whether you are eligible to receive a home loan.
Your income will also play a big role in determining whether or not you are eligible for an Axis Bank home loan. You will need to provide proof of your income. Your previous three months’ salary slips, salary account passbook, and bank statement will all be considered as evidence. Your age and income will also affect your eligibility. Generally, the higher your income, the better, as this will indicate your repayment capacity and, hence, your loan amount.
Processing fees
The Axis Bank home loan processing fees depend on your eligibility. The fee charged is between Rs. 25,000 and Rs. 50,000 for a regular home loan. However, if you want a Super Home Loan, then the processing fee is only Rs. 25,000. There are other eligibility requirements for home loans. The fees can be negotiated. In addition to the low processing fees, Axis Bank home loan offers flexible tenure and a hassle-free process.
The maximum processing fee charged by Axis Bank for a home loan is Rs. 10,000. Other fees can range from legal and technical costs. The interest rate for a housing loan from Axis Bank is 7.15%, but for existing customers and people working with reputed corporations, the interest rate is much lower. The following tables outline the rates for several housing schemes with Axis Bank. For more information, you can visit their website.
Refinancing options
Axis Bank offers various refinancing options for home loans. These options come with attractive interest rates and attractive repayment tenures. You can opt for a fixed rate loan or a floating rate loan. For a floating rate loan, you don’t need to worry about prepayment charges and the fixed rate is unchanged for the entire tenure. There are some additional features as well. For example, you can transfer the balance of your existing home loan to Axis Bank.
The process for refinancing an Axis Bank home loan is relatively simple and involves a fair amount of due diligence. If you are a first-time borrower, the refinancing process is easy. The lender will transfer the outstanding loan amount to your previous lender and close the home loan account. If you have a pending ECS with your previous lender, it will be cancelled. You will then need to provide a new ECS mandate and security cheques to
Holiday offers
Axis Bank has recently announced festive offers on its home loan products. You can take advantage of these offers if you’re a business owner, looking for a low-interest home loan, or if you’re looking to purchase a new home. You can get the details of the offers and apply for the loan online, or you can visit a branch to meet an executive.
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