Axis Bank Home Loan Interest rates in Ranga Reddy
Axis Bank Home Loan Floating interest Rates
| Up To 30,00,000 | Up To 75,00,000 | 75,00,000 Above | |
|---|---|---|---|
| Salaried | 6.70% | 6.70% | 6.70% |
| Self Employed | 6.70% | 6.70% | 6.70% |
Loan To Value (LTV) For Axis Bank Home Loan in Ranga Reddy
| Up To 75,00,000 | 75,00,000 Above | |
|---|---|---|
| Salaried | 85.00% | 85.00% |
| Self Employed | 80.00% | 80.00% |
Features of Axis Bank Home Loan Ranga Reddy
| Type | Features |
|---|---|
| Processing Fee | Upto 1% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 5 Years |
| Max Tenure | 30 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.1,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
Axis Bank Home Loan Ranga Reddy Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | Rs.500/- |
| Duplicate Statement Charges | Rs.250/- |
| Insurance Cover | Upto Loan Amount |
| Inspection Charges | Nil |
| Legal Opinion Valuation Charges | Nil |
| Cheque Swapping Charges | Rs.500/- |
| Bounce Cheque Charges | Rs.500/- |
| Issue Duplicate Provisional Interest Certificate | Rs.250/- |
| Issue Duplicate Interest Certificate | Rs.250/- |
| Duplicate Balance Certificate | Rs.250/- |
| Issue Amortization Schedule Duplicate | Rs.250/- |
| Switch Variable To Fixed | 1% on the outstanding principal with a minimum of 10,000/- |
| Switch Fixed To Variable | 2% on the outstanding principal amount |
| Photocopy Documents | 250/- |
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Axis Bank Home Loan FAQ's
What is the best way to apply for an Axis Bank Home Loan?
"You can start the process of applying for a Home Loan in any of the following ways: • Online by clicking here. • In person at any AXIS Bank Loan Center. To find the one closest to you, • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577."
What cirteria will AXIS Bank look at to decide my eligibility for a Home Loan?
"Among the multiple factors that AXIS Bank considers in determining Home Loan eligibility are: • Income of all applicants. • Age of the primary applicant. • Number of dependents that the applicants have to support. • Assets and liabilities of the applicants. • Stability and continuity of the primary applicant's occupation. To check your eligibility online, please click here"
Can I also avail of a Home Loan for Home improvements or a Home extension?
"Yes! You can avail of an AXIS Bank Home Loan from for any of the following: • Purchase of a home. • Construction of a home. • Home repairs. • Home improvements. • Home extension."
Does AXIS Bank offer different types of Home Loan interest rates?
"Yes! AXIS Bank offers both Fixed and Floating rates as explained below: • Fixed Home Loan rates: The rate of interest applicable for the Home Laon is fixed throughout the term of repayment of Loan. • Floating Home Loan rates: The rate of interest applicable for the Home Loan changes with change in the Bank's Base rate."
Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?
Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.
What documents do I need to submit along with my application for a Home Loan?
For the List of Documents to be submitted along with your Home Loan application, please click here.
What process does the Bank follow after I apply for an AXIS Bank Home Loan?
"Once receive a completed application form along with the necessary supporting documents two things happen: • Determination of your eligibility for the Home Loan: For this we consider our internal policy guidelines and also examine all the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank. If we find Axis Bank unable to extend the loan to you, Bank will communicate the same to you promptly. • Legal and Technical verification: Lawyers and property valuers empanelled by the Bank will verify your title documents conduct a technical evaluation of the property. "
Do I need to pay a fee to apply for an AXIS Bank Home Loan?
Banks charge a non-refundable processing fee for every Home Loan application. The processing charge to avail of an AXIS Bank Home Loan is up to 1% of the loan amount plus service tax as applicable.
How will my Equated Monthly Installment (EMI) be calculated?
" Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal. The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when interest rate changes or a part-payment of the Loan is made. "
When is my EMI due?
The EMI will be due on a fixed date each month. This date will be notified when your loan is disbursed.
What is Pre-EMI interest?
Pre-EMI interest is the interest on the loan amount disbursed by the Bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.
How and when does the floating rate of interest change?
"The Home Loan floating rate will change when either of one of the two rates below changes: • AXIS Bank's Base Rate (BR) for loans sanctioned from 1st July, 2010 • AXIS Bank's Mortgage Reference Rate (MRR) for loans sanctioned before 1st July, 2010 AXIS Bank reassesses the BR and MRR from time to time after considering numerous factors including the cost of funds, cost of operations, prevailing interest rates, and provisioning requirements. "
I have availed a Home Loan from AXIS Bank on a floating rate of interest. How will an increase in this rate of interest impact me?
"In order to avoid burdening you with a higher EMI, AXIS Bank will first attempt to increase the tenure of the loan subject to permissible limits. If, however, despite the increase in tenure, the EMI is not adequate to cover the interest payment, then AXIS Bank will increase your EMI amount. Of course, we will promptly inform you of any change in your tenure or your EMI."
Can I convert my floating rate loan to a fixed rate loan or vice versa? Will there be any charge for the switch?
Yes! You can switch from a floating rate of interest to a fixed rate of interest and vice versa.
My tenure has been increased due to an increase in the rate of interest. I would like to increase my EMI and reduce the tenure. Will I be charged for this change?
"Each Home Loan applicant's EMI is decided upon his/her repayment capability. In order to reassess your EMI, you will need to submit the following documents at an AXIS Bank Loan Center: • Last 3 months' salary slip. • Last 6 months' bank statements reflecting your salary. • Your photo identity and address proof. • A letter requesting the change Currently, AXIS Bank levies no charge to increase the EMI."
My EMI has been increased due to an increase in the rate of interest. I would like to reduce my EMI. How can I do that?
"In order to avoid burdening you with a higher EMI, when the rate increased, AXIS Bank would have first attempted to increase the tenure of the loan subject to permissible limits. If, however, despite the increase in tenure, the EMI is not adequate to cover the interest payment, then we are entitled to increase your EMI amount. To reduce your EMI, we recommend making a part prepayment at your nearest AXIS Bank Loan Center. For any query on part prepayment, please write to Axis Bank on: loans@axisbank.com. You \may also reach Axis Bank Call Center by dialling any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577."
After I get a Home Loan from AXIS Bank, if the rate of interest offered to me increases, do I have the option of moving to a lower interest rate? Will there be any charge for the switch?
Yes! AXIS Bank offers you the unique facility of switching from a higher rate of interest to a lower rate of interest. Make the change at your nearest AXIS Bank Loan Center.
Do I get a tax benefit on my AXIS Bank Home Loan?
Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act. Please consult your tax advisor for details.
How do I keep track of my AXIS Bank Home Loan? For example, how do I get my statements, repayment schedule and interest certificate?
"You may place request for Statement of Acccount or Repayment Schedule or Interest Certificate in either of the following ways: • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email id to write to Axis Bank at: loans@axisbank.com"
Can I start paying my EMI if my Home Loan is partly disbursed?
Yes! The EMI consists of the principal amount and the interest on the principal amount. Since only a part of your loan has been disbursed, the interest component of your EMI will be proportionately lower to reflect this.
What are my different options for making my EMI payments? Is there a preferred one?
"You may repay your Home Loan in any of the following three ways: • Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with AXIS Bank. You may wish to open a savings account with AXIS Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the AXIS Bank account you specify. • Electronic Clearing Service (ECS): This mode can be used if you have a non-AXIS Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account. • Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-AXIS Bank account at your nearest AXIS Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only. We recommend that you opt for either the SI or ECS mode of payment as they are both faster and less prone to error than the use of PDCs."
How do I submit a fresh set of post-dated EMI cheques?
Please submit your fresh set of post-dated cheques at your nearest AXIS Bank Loan Center.
Can I make part-prepayment towards my AXIS Bank Home Loan? Will any charge be applicable?
"Yes, you can make a part-prepayment towards your Home Loan at your nearest AXIS Bank Loan Center. If you are on a floating interest rate, no charge will be applicable. If you are on a fixed rate of interest"
How do I update my mobile number and the email address registered under my Home Loan account?
"You may update your mobile number and email address in either of the following ways: • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email i d to write to Axis Bank at: loans@axisbank.com "
How do I update my new mailing address?
"If your new mailing address is the same for which the loan has been taken, you may change the address in either of the following ways: • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email i d to write to Axis Bank at: loans@axisbank.com If your new mailing address is not the one for which the loan has been taken, you will need to visit us in person at your nearest AXIS Bank Loan Center along with an original and self-attested copy of your new address proof and photo identity."
Whom should I contact for the List of Documents I have submitted in support of my AXIS Bank Home Loan?
"You may get the List of Documents in either of the following ways: • By calling Axis Bank Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577. • By using your registered email id to write to Axis Bank at: loans@axisbank.com"
How do I foreclose my Home Loan? Will there be any charge for the foreclosure?
"Before we process a foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Home Loan by requesting a foreclosure statement from your nearest AXIS Bank Loan Center. Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request."
How soon after the foreclosure will I get back my original property documents?
Once your loan account is closed, you may collect your property documents after 16 days from your nearest AXIS Bank Loan Center.
About Axis Bank
Its Retail Banking constitutes lending to individuals/small businesses and activities include liability products, card services, Internet banking, mobile banking and financial advisory services among others. Its Corporate/Wholesale Banking includes corporate relationships not included under Retail Banking, corporate advisory services, placements and syndication, project appraisals, capital market related services and cash management services. Its Other Banking Business includes para banking activities, such as third-party product distribution and other banking transactions.
Axis Bank Highlights
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Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Ranga Reddy