Axis Bank Home Loan Interest Rates - Updated in November 2024

Get your dream home with Axis Bank's attractive home loan interest rates starting from 9% p.a. in January 2024. Whether you are a woman, a senior citizen, or an NRI, there are special interest rates tailored for you. Enjoy flexible tenure options of up to 25 years and get financing for up to 80% of your property's value. 

Interest Rates for Women, Senior Citizens, and NRIs: Axis Bank offers preferential interest rates for women borrowers, senior citizens, and NRIs. Eligible customers can avail of even more competitive rates on their home loans.

Credit Score Requirements: To be eligible for an Axis Bank home loan, a good credit score is essential. While specific credit score requirements may vary based on individual circumstances, it's generally advisable to have a credit score of 650 or above to improve the chances of loan approval.

Axis Bank Home Loan Interest Rates of Different Schemes in November 2024

As of January 2024, Axis Bank offers various home loan schemes with different interest rate ranges. Below is a table summarizing the schemes and their corresponding interest rate ranges:

Home Loan Scheme	Interest Rate Range (Minimum - Maximum)
Axis Bank Home Loan	9.00% - 14.00%
24x7 Home Loan Top Up	10.50% - 10.95%
Shubh Aarambh Home Loan	10.50% - 10.95%
Fast Forward Home Loan	10.50% - 10.95%
Asha Home Loan	10.50% - 10.95%
Top-Up Home Loan	10.50% - 10.95%
Super Saver Home Loan	10.50% - 10.95%
Power Advantage Home Loans	10.50% - 10.95%
QuikPay Home Loan	10.50% - 10.95%

Different Types of Home Loans Offered by Axis Bank - Detailed Overview

Axis Bank offers a comprehensive range of home loan options designed to suit the diverse needs of homebuyers. Here is an overview of the different types of home loans provided by Axis Bank:

Axis Bank Home Loan

Axis Bank Home Loan offers a comprehensive range of options to suit various needs. It includes Home Purchase Loan for buying a new house, Home Improvement Loan for renovations, Home Extension Loan for expanding existing homes, Balance Transfer for switching loans from other lenders, and Top-Up Loan for additional funds over an existing loan. The loan is available to salaried individuals, self-employed individuals, and NRIs, subject to income, repayment capacity, and property value. The interest rate is competitive and varies based on loan type and applicant's profile.

• Applicant Type: Axis Bank Home Loan caters to salaried individuals, self-employed individuals, and NRIs.
• Eligibility: The eligibility criteria are based on factors like income, repayment capacity, and property value.
  • Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
  • Cibil Score: A good Cibil score improves the chances of loan approval and may also influence the interest rate offered by the bank.
  • Employment Type: The loan is available to both salaried employees in reputed companies or government institutions and self-employed individuals who can provide proof of stable income.
• Loan Tenure: The bank provides flexible loan tenure options, allowing borrowers to choose a repayment period that suits their financial capabilities.
• Loan Amount: The loan amount sanctioned depends on the applicant's income, property value, and the type of loan they choose.
• Interest Rate: The interest rate for Axis Bank Home Loan varies based on the loan type and the applicant's profile.
• Processing Fees: Up to 1% of the loan amount +GST (minimum Rs 10,000)

Shubh Aarambh Home Loan:

Shubh Aarambh Home Loan, offered by Axis Bank, is a specialized home loan product designed to support first-time homebuyers in India. With this loan, borrowers can avail of a higher loan amount at competitive interest rates and flexible repayment terms. It also provides interest subsidy benefits under Pradhan Mantri Awas Yojana's Credit-Linked Subsidy Scheme (PMAY CLSS), making homeownership more affordable. The loan covers both the purchase of ready-to-move-in properties and under-construction homes. Additionally, it offers personalized guidance and doorstep service, ensuring a seamless and convenient home-buying experience for customers.

• Applicant Type: This home loan is available for individuals and families seeking to purchase their first home.
• Eligibility: The eligibility criteria are tailored for first-time homebuyers, including Indian residents and NRIs.
  • Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
  • CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
  • Employment Type: Salaried and self-employed individuals can apply for the Shubh Aarambh Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences, with Maximum tenure being 30 years.
• Loan Amount: Axis Bank offers a higher loan amount of up to Rs.30 Lakhs to make home-buying more accessible for first-time buyers.
• Interest Rate: The interest rates are competitive, ensuring affordable EMIs throughout the loan tenure. The penal interest rate for the Shubh Aarambh home loan is 24% per annum (2% per month) 
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Fast Forward Home Loan

Fast Forward Home Loan, offered by Axis Bank, is a unique home loan product designed to accelerate home loan repayments. It allows borrowers to link their savings account with the loan, enabling faster reduction of the principal amount and reducing interest burden. The surplus funds in the savings account act as prepayments towards the loan, effectively shortening the loan tenure. This innovative feature benefits customers by providing interest savings and helping them become debt-free faster. The loan offers competitive interest rates, easy eligibility criteria, and personalized doorstep service, making it an attractive option for homebuyers looking to expedite their home loan journey

• Applicant Type: This home loan is available for individuals and families seeking a home loan to purchase a residential property.
• Eligibility: The eligibility criteria are designed to cater to a wide range of customers, including both salaried and self-employed individuals.
  • Age: Applicants should fall within the age range specified by Axis Bank to be eligible for this home loan.
  • CIBIL Score: A good credit score is essential for loan approval, as it reflects the applicant's creditworthiness and repayment history.
  • Employment Type: Salaried and self-employed individuals can apply for the Fast Forward Home Loan.
• Loan Tenure: The loan tenure can be chosen based on the borrower's repayment capacity and preference, providing flexibility.
• Loan Amount: Axis Bank offers a range of loan amounts to suit different property types and borrower needs.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Asha Home Loan:

Asha Home Loan, offered by Axis Bank, is a specialized home loan product designed to empower the economically weaker sections (EWS) and low-income groups (LIG) in India to fulfil their dream of owning a home. This loan provides affordable housing finance solutions with lower interest rates and extended repayment tenure to make it easier for individuals with limited financial means to buy a house. It supports the government's Pradhan Mantri Awas Yojana (PMAY) initiative, offering interest subsidy benefits to eligible beneficiaries. With easy eligibility criteria and doorstep service, Axis Bank's Asha Home Loan aims to promote inclusive homeownership and uplift the underprivileged sections of society.

• Applicant Type: This home loan is designed for individuals and families belonging to the economically weaker sections (EWS) and low-income groups (LIG) in India.
• Eligibility: The eligibility criteria for the Asha Home Loan are tailored to cater to the financial capabilities of EWS and LIG applicants.
  • Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
  • CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
  • Employment Type: Salaried and self-employed individuals can apply for the Asha Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences, with Maximum tenure being 30 years Available on a minimum combined family income of Rs. 8000 p.m.
• Loan Amount: Axis Bank offers a higher loan amount of Rs. 1 lakh to Rs. 35 lakhs to make home-buying more accessible for EWS and LIG applicants.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Top-Up Home Loan:

Top-Up Home Loan, offered by Axis Bank, is an additional loan facility for existing home loan customers. It allows borrowers to avail extra funds over and above their existing home loan amount, making it convenient for meeting financial requirements like home improvements, renovations, education expenses, or any other personal needs. This loan comes with attractive interest rates, minimal documentation, and quick processing. With no restriction on the end-use of funds, Axis Bank's Top-Up Home Loan provides existing home loan customers with a hassle-free and cost-effective way to access additional funds when needed.

• Applicant Type: The Top-Up Home Loan is available for existing home loan customers who wish to avail additional funds over and above their existing home loan amount.
• Eligibility: The eligibility criteria for the Top-Up Home Loan are designed to cater to the financial capabilities and repayment history of existing home loan customers.
  • Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
  • CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
  • Employment Type: Salaried and self-employed individuals can apply for the Top-Up Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences.
• Loan Amount: Axis Bank offers a higher loan amount of up to Rs.50 Lakhs to make home-buying more accessible for first-time buyers.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Super Saver Home Loan:

Super Saver Home Loan, offered by Axis Bank, is a unique home loan product that combines the benefits of a home loan with a high-interest savings account. The surplus funds in the savings account are considered prepayments towards the home loan, resulting in reduced interest outgo. Borrowers can withdraw these prepayments anytime, providing liquidity during emergencies. This innovative offering enables customers to save on interest while retaining the flexibility to access their savings. 

• Applicant Type: The Super Saver Home Loan is available for individuals and families seeking a home loan for purchasing a residential property.
• Eligibility: The eligibility criteria for the Super Saver Home Loan are designed to cater to a wide range of customers, including both salaried and self-employed individuals.
  • Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
  • CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
  • Employment Type: Salaried and self-employed individuals can apply for the Super Saver  Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences, with Maximum tenure being 20 years for fully disbursed cases and 22 years for partly disbursed cases.
• Loan Amount: Axis Bank offers a higher loan amount of up to Rs.10 Lakhs to Rs.5 Crores to make home-buying more accessible for purchasing a residential property.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Power Advantage Home Loans:

Power Advantage Home Loan, offered by Axis Bank, is a unique home loan product designed to provide enhanced financial benefits to borrowers. This loan offers a flexible EMI plan, allowing customers to choose a higher EMI during the earning years and a lower EMI during retirement. It also provides interest savings by offsetting the loan amount against the average monthly balance in a linked current/savings account. With competitive interest rates, easy eligibility criteria, and personalized doorstep service, Axis Bank's Power Advantage Home Loan empowers customers to manage their home loans effectively and optimize their finances for a secure future.

• Applicant Type: The Power Advantage Home Loan is available for individuals and families seeking a home loan to purchase a residential property.
• Eligibility: The eligibility criteria for the Power Advantage Home Loan are designed to cater to a wide range of customers, including both salaried and self-employed individuals.

• Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
• CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
• Employment Type: Salaried and self-employed individuals can apply for the Power Advantage Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences, with Maximum tenure being 30 years.
• Loan Amount: Axis Bank offers a higher loan amount of upto Up to Rs. 5 Crore to make the home buying more accessible for individuals and families seeking a home loan to purchase a residential property.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

QuikPay Home Loan:

Quick Pay Home Loan, offered by Axis Bank, is a convenient and time-saving home loan product designed to expedite the loan approval process. With this loan, customers can avail of in-principle loan approval in just 10 minutes and receive the sanction letter within 30 minutes. The Quick Pay Home Loan is available for both new home purchases and balance transfers of existing home loans from other banks. It offers competitive interest rates, easy eligibility criteria, and personalized doorstep service, making it an attractive choice for customers looking for a hassle-free and speedy home loan solution. 

• Applicant Type: The Quick Pay Home Loan is available for individuals and families seeking a home loan to purchase a residential property or for a balance transfer of existing home loans.
• Eligibility: The eligibility criteria for the Quick Pay Home Loan are designed to cater to a wide range of customers, including both salaried and self-employed individuals.

• Age: The minimum age required to apply for the loan is typically 21 years, and the maximum age at loan maturity should fall within the bank's specified limit.
• CIBIL Score: A good credit score is crucial for loan approval, reflecting the applicant's creditworthiness.
• Employment Type: Salaried and self-employed individuals can apply for the Quick Pay Home Loan.
• Loan Tenure: The loan tenure is flexible, providing options for comfortable repayment based on the borrower's preferences, with Maximum tenure being 30 years.
• Loan Amount: Axis Bank offers a higher loan amount of upto Up to Rs. 5 Crore to make the home buying more accessible for individuals and families seeking a home loan to purchase a residential property.
• Interest Rate: Interest rates range from 9.00% - 14.00% per annum, depending on the specific loan scheme and prevailing market conditions.
• Processing Fees: Up to 1% of the loan amount subject to a minimum of Rs 10,000/-

Axis Bank Home Loan Interest Rates for Women and Benefits 

Axis Bank offers attractive home loan interest rates for women borrowers, providing them with special benefits and reduced rates. The interest rates vary based on the applicant's CIBIL score, with lower scores resulting in slightly higher rates. The bank encourages women to become homeowners by offering them competitive rates and convenient repayment options. For specific interest rates corresponding to different CIBIL scores, please refer to the official Axis Bank website.

Table of Home Loan Interest Rates for Women based on CIBIL Score:

CIBIL Score	Interest Rate (for Women)
Above 750	8.95% onwards
700 - 749	9.05% onwards
650 - 699	9.25% onwards
600-649	9.55% onwards
Below 600	9.85% onwards

Axis Bank Home Loan Interest Rates for Self Employed

Axis Bank offers competitive home loan interest rates for self-employed individuals, making it easier for them to realize their dream of owning a home. The interest rates vary based on the applicant's CIBIL score, with lower scores resulting in slightly higher rates. Axis Bank provides flexible repayment options and personalized service to meet the unique financial needs of self-employed borrowers.

Table of Home Loan Interest Rates for Self-Employed based on CIBIL Score:

CIBIL Score	Interest Rate (for Self-Employed)
Above 750	9.05% onwards
700 - 749	9.35% onwards
650 - 699	9.55% onwards
600-650	9.80% onwards
Below 600	9.95% onwards

Axis Bank Home Loan Interest Rates for Salaried

Axis Bank offers competitive home loan interest rates for salaried individuals, making homeownership more accessible. The interest rates vary based on the applicant's CIBIL score, with lower scores resulting in slightly higher rates. Axis Bank provides attractive loan options and personalized services to cater to the diverse financial needs of salaried borrowers.

Table of Home Loan Interest Rates for Salaried based on CIBIL Score:

CIBIL Score	Interest Rate (for Salaried)
Above 750	9.00% onwards
700 - 749	9.35% onwards
650 - 699	9.50% onwards
Below 650	9.75% onwards

Axis Bank Home Loan Interest Rates for NRI

Axis Bank offers competitive home loan interest rates for NRIs, facilitating their dream of owning a home in India. NRIs can avail of home loans with flexible tenure and attractive interest rates. The eligibility criteria, loan tenure, loan amount, interest rates, and processing fees are designed to meet the specific needs of NRIs, ensuring a seamless and convenient home-buying experience.

Table of Home Loan Interest Rates for NRIs:

Eligibility	Loan Tenure	Loan Amount	Interest Rate (for NRIs)	Processing Fees
Salaried	Up to 20 years	Based on the applicant's profile and property type	As per prevailing rates	As per prevailing rates
Self-Employed	Up to 20 years	Based on the applicant's profile and property type	As per prevailing rates	As per prevailing rates

Feature and Benefits of Axis Bank Home Loan

Features of Axis Bank Home Loans

• Flexible Loan Amount: Customers can avail of a home loan ranging from a few lakhs to several crores based on their requirements.
• Competitive Interest Rates: Axis Bank provides competitive interest rates, making the loan more affordable for borrowers.
• Convenient Repayment Options: The bank offers various repayment tenures, allowing borrowers to choose a suitable timeline.
• Balance Transfer Facility: Borrowers can transfer their existing home loan from another bank to Axis Bank for better terms.
• Pradhan Mantri Awas Yojana (PMAY): Eligible customers can avail of the benefits of the PMAY scheme, reducing the loan burden.
• Transparent Process: Axis Bank follows a transparent loan approval process, keeping customers informed at every stage.
• Special Schemes: The bank occasionally introduces special schemes and offers to make the home loan even more beneficial.

Benefits of Axis Bank Home Loans

• Quick Approval: Axis Bank ensures a speedy approval process, helping customers acquire their dream home quickly.
• Doorstep Service: The bank offers doorstep services to make the loan application and approval process more convenient.
• Tax Benefits: Customers can avail of tax benefits on the principal and interest amount paid under relevant sections of the Income Tax Act.
• Balance Transfer Advantage: Transferring an existing home loan to Axis Bank may result in lower EMIs and interest savings.
• Top-up Facility: Borrowers can apply for a top-up loan to meet additional financial requirements during the loan tenure.

How to apply for Axis Bank Home Loan?

Axis Bank Home Loan Eligibility

• Age: Applicants must be at least 21 years old at the time of loan application and not more than 65 years at loan maturity.
• Income: Salaried and self-employed individuals must meet the minimum income requirements specified by the bank.
• Employment Stability: Stable employment and business continuity are crucial factors for loan eligibility.
• Credit Score: A good credit score enhances eligibility and increases the chances of loan approval.
• Property Type: The bank may have specific criteria regarding the type and location of the property being financed.

Document Required of Axis Bank Home Loan

• Identity Proof: Aadhar card, passport, PAN card, voter ID, etc.
• Address Proof: Utility bills, ration card, rental agreement, etc.
• Income Proof: Salary slips, bank statements, income tax returns, etc.
• Property Documents: Title deeds, property agreements, etc.
• Passport-size photographs.
• Filled out loan application form.

Axis Bank Home Loan Comparison with Other Banks | 2024

Bank/ NBFC Name	Interest Rate
Axis Bank	8.85% - 14.00%
Aditya Birla Capital Home Loan	9% - 12.50%
Bandhan Bank	8.65% - 13.65%
Bank of Baroda	8.50% - 10.60%
Bank of India	7.80% - 9.65%
Bank of Maharashtra	8.40% - 10.80%
Canara Bank	8.85%- 11.25%
Central Bank of India	8.45% - 9.20%
Citibank	8.45%
Corporation Bank	8.60% - 11.20%
Dena Bank	8.40%
Federal Bank	10.15% - 10.30%
Fullerton Bank	9.50%
HDFC Bank	8.95% - 9.85%
HSBC	8.60%
ICICI Bank	9.00% - 10.05%
IDBI Bank	8.75% - 11.45%
IDFC First Bank	8.85%
Indian Overseas Bank Home Loan	9.55%
Indiabulls Housing Finance	8.75%
Jammu and Kashmir Bank	8%
Karnataka Bank	9.08% - 10.38%
Karur Vysya Bank	9.23% - 12.13%
Kotak Mahindra Bank	8.85% - 9.40%
LIC HFL	8.70%
PNB HFL	8.50% - 10.85%
Reliance Home Finance	9.35% - 13%
State Bank of India	8.25% - 9.65%
Sundaram Home Finance Ltd Home Loan	6.95% - 8.30%
Tata Capital	8.95%
Union Bank of India	8.75%
YES Bank	9.15% - 11.25%

Axis Bank Home Loan EMI Calculator - How to Calculate Axis Bank Home Loan EMI?

To calculate your Axis Bank home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount
• R = Interest rate per month
• N = Loan tenure in months

Example:

Assume you have taken a home loan from Axis Bank for Rs. 30 lakh at an annual interest rate of 9.00% for a tenure of 20 years.

Calculate the monthly interest rate (R):

Monthly Interest Rate = Annual Interest Rate / 12

R = 9.00% / 12 = 0.0075

Calculate the loan tenure in months (N):

Loan Tenure in Months = Loan Tenure in Years x 12

N = 20 years x 12 = 240 months

Plug the values into the EMI formula:

EMI =  [30,00,000 x 0.0075 x (1+0.0075)^240] / [(1+0.0075)^240-1]

Calculate the EMI using a calculator or spreadsheet:

EMI = [30,00,000 x 0.0075 x 3.657357] / 2.657357

EMI =  82,707.68 (approx.)

So, the Equated Monthly Installment (EMI) for your Axis Bank home loan of Rs. 30 lakh, with an annual interest rate of 9.00% and a tenure of 20 years, would be approximately Rs. 82,707.68. This amount is payable every month for the entire loan tenure until the loan is fully repaid.

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Factors that Affect the Axis Bank Home Loan Interest Rate

• Credit Score: A higher credit score indicates creditworthiness and can lead to a lower interest rate on the home loan.
• Loan Amount: Larger loan amounts might attract a higher interest rate as they pose higher risks to the bank.
• Loan Tenure: Longer tenure may result in a slightly higher interest rate compared to shorter tenures.
• Market Conditions: Prevailing economic conditions and RBI policies can impact interest rates.
• Loan-to-Value Ratio: Lower LTV ratios usually result in lower interest rates as they indicate a lower risk for the bank.
• Employment and Income: Stable employment and higher income can positively influence the interest rate offered.
• Customer Relationship: Existing Axis Bank customers may get preferential rates based on their banking history.

Tips to Avail Axis Bank Home Loan at Lower Interest

To secure a home loan with a lower interest rate from Axis Bank, consider the following tips:

• Maintain a good credit score: Regularly check and improve your credit score before applying for the loan.
• Pay a higher down payment: Offering a substantial down payment can lead to a lower LTV ratio and better interest rates.
• Choose a shorter tenure: Opt for a shorter loan tenure if your financial situation allows it, as it often results in reduced interest rates.
• Compare offers: Research and compare various home loan options to find the best interest rate that suits your needs.
• Negotiate with the bank: Be open to negotiation with the bank for a better interest rate based on your financial profile.
• Add a co-applicant: Including a co-applicant with a stable income can improve your chances of getting a lower interest rate.
• Clear existing debts: Reducing other outstanding debts can positively impact your creditworthiness and interest rate eligibility.

By following these tips and maintaining a strong financial profile, you can increase your chances of availing an Axis Bank home loan at a lower interest rate.

When applying for an Axis Bank home loan, it is essential to be mindful of the factors that affect the interest rate, such as credit score, loan amount, tenure, and market conditions. By following the tips provided, you can improve your chances of securing a lower interest rate. To explore home loan options and begin the application process, visit NoBroker Home Loan Services for a seamless and efficient home loan application and disbursement.

Disclaimer

This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.

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