An Overview of Axis Bank Home Loan EMI Calculator
If you are planning to buy a house and need financial aid, Axis Bank can be a great option. In this article, we will provide an overview of the Axis Bank Home Loan EMI Calculator, eligibility criteria, mortgage rates, loan repayment criteria, and other important information about Axis Bank.
The Importance of Axis Bank Home Loan EMI Calculator
A home loan is a popular financial aid choice when it comes to buying a home. Most borrowers prefer EMIs (Equated Monthly Installments) to repay their loans. The EMI amount includes both the principal loan amount and the interest paid on it. The Axis Bank home loan calculator helps you understand the loan EMI by calculating two crucial factors – the rate of interest and the tenure of the loan.
The benefits of using the Axis Bank home loan calculator are:
– Accuracy: The Axis home loan calculator provides accurate EMI figures and is more convenient and time-saving than manual calculations.
– Convenience: By using the Axis home loan EMI calculator, you can easily derive the EMI amount by providing the loan amount, repayment period, and interest rate.
– Flexibility: You can determine the most convenient EMI by trying out different combinations of loan amount and repayment period. This helps you find an affordable option.
– Accessibility: The Axis Bank home loan calculator can be accessed through multiple devices at any time and from anywhere.
Axis Bank Home Loan Eligibility Criteria
To be eligible for an Axis Bank home loan, you must fulfill the following criteria:
– Age: The borrower must be between 21 and 60 years old.
– Work Experience: For salaried employees, a minimum work experience of 2 years is required. Self-employed individuals must have a work experience of at least 5 years.
– Processing Fee: The processing fee can be up to 1% of the loan amount.
– Loan Amount Eligibility: The loan amount eligibility depends on the borrower’s income.
– Repayment Tenure: The Axis Bank home loan allows a repayment tenure of up to 30 years, with a fixed monthly payment.
– Interest Rate: The interest rate for Axis Bank home loans starts from 7.75%.
– Pre-payment Charges: Pre-payment charges can be up to 2% of the principal outstanding for fixed loans.
Required Documents for Axis Bank Home Loan
To apply for an Axis Bank home loan, you need to submit the following documents:
– Application form with valid information
– Identity Proof
– Address Proof
– Age Proof
– Signature Proof
– Income Statements
– For salaried employees: Salary Slips and Form 16
– Bank Statements
– For self-employed individuals: Last two years’ income tax returns, duly certified by a Chartered Accountant
– Property Documents
Axis Bank Home Loan Schemes
Axis Bank offers various home loan schemes to cater to different needs. Here are some of the popular schemes:
1. Axis Bank Home Loan: This scheme is ideal for purchasing a new home, plot, house construction, and remodeling or renovation. It offers a longer repayment period, attractive interest rates, and no pre-payment charges.
2. Axis Bank QuikPay Home Loan: This scheme requires higher principal payments in the initial years, reducing the monthly installments. It helps borrowers save on interest payments.
3. Axis Bank Power Advantage Home Loan: This scheme comes with benefits such as Pradhan Mantri Awas Yojana benefits, balance transfer facility, and fixed interest rates for the initial 2 years, followed by floating rates.
4. Axis Bank Shubh Aarambh Home Loan: This scheme offers interest subsidies under PMAY and waives off 12 EMIs after the 4th, 8th, and 12th year of regular repayment.
5. Axis Bank Fast Forward Home Loan: This scheme offers quick loan disbursal with minimal documentation and provides EMI waivers after 10 and 15 years of repayment.
6. Axis Bank Asha Home Loan: This scheme offers up to 90% of the property’s value as financial aid and provides EMI waivers at the end of the 4th, 8th, and 12th year for regular EMI payments.
7. Axis Bank Empower Home Loan: This scheme offers an assured rate reduction for borrowers with a good repayment record.
8. Axis Bank Super Saver Home Loan: This scheme allows customers to save on their total home loan interest amount by depositing any amount in the Super Saver Account after loan disbursal.
Interest Rates on Axis Bank Home Loans
The interest rates on Axis Bank home loans vary based on different factors. Currently, the Marginal Cost-based Lending Rate is 7.45% and is reset every 6 months. For loans on Base rate/ MRR/BPLR, the bank’s current base rate is 8.80%, Mortgage Reference Rate is 13.90%, and Basic Prime Lending Rate is 16.55%.
Frequently Asked Questions (FAQs)
Q1: How can I apply for a home loan in Axis Bank?
A: To apply for a home loan in Axis Bank, you can visit the official website or a nearby branch office.
Q2: What purposes can I apply for a home loan in Axis Bank?
A: You can apply for a home loan in Axis Bank for purchasing a home or plot, constructing a home, repairing and renovating an old home, and home extension.
Conclusion:
Axis Bank offers a range of home loan schemes and provides an easy-to-use home loan EMI calculator. By considering your eligibility criteria, interest rates, and other factors, you can choose the Axis Bank home loan that best suits your needs. So, visit the Axis Bank website or a nearby branch office to explore your home loan options and make your dream of owning a home a reality.
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