Axis Bank Home Loan - Frequently Asked Questions

What is the best way to apply for an Axis Bank Home Loan?
You can start the process of applying for an Home Loan in any of the following three ways:

  • Online
  • In person at any Axis Bank Loan Center. To find the one closest to you, please click here
  • By calling our Call Center at any of these toll free numbers: 1800 233 5577 or 1800 209 5577 or 1800 103 5577.
  • SMS Home to 5676782

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

What criteria 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.

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 Loan 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/ MCLR rate.

How and when does the floating rate of interest change?
The Home Loan floating rate will change when either of below rate changes:

  • Axis Bank's Marginal cost of lending rate (MCLR) change on the reset date for loans sanctioned from 1st April, 2016
  • 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.

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 process does the Bank follow after I apply for an Axis Bank Home Loan?
Once we 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 we are unable to extend the loan to you, we 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.

Once both these are complete, the Bank will process the disbursement of your Home Loan.

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

What is Pre-EMI interest?
In case of part disbursement of loan for under construction property you only need to pay the interest for the loan amount actually disbursed. This monthly payment is referred to as Pre-EMI. Pre-EMI payments are due till the time the entire loan amount is not disbursed by the bank. Once the entire loan amount is disbursed or if the loan remains partly disbursed for 30 months from the date of first disbursal, whichever being earlier, loan repayment will commence as per schedule.

How will my Equated Monthly Installment (EMI) be calculated?
The EMI consists of the principal amount and the interest on the on the balance outstanding. 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.
Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.

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 balance outstanding amount. Since only a part of your loan has been disbursed, the interest component of your EMI will be proportionately lower to reflect this.

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.
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.


Charges for changing from fixed to floating rates of interest

Charges for changing from floating to fixed rates of interest

Charges for Higher Fixed Rate to Lower Fixed Rate

Charges for Higher Floating Rate to Lower Floating Rate

2% of the outstanding Loan amount

1% on the outstanding principal with a minimum of Rs.10,000/-

0.5% on outstanding principal with minimum Rs.10,000/-

0.5% on outstanding principal with a minimum of Rs.10,000/-

 

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 enable us 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. How will this rate increase impact me? 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.

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?

  • Download the Axis Mobile Application or log onto Internet Banking to get access to all account details pertaining to the loan.
  • SMS MBANK to 5676782 to download the Axis Mobile App.
  • 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.

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:

  • Download the Axis Mobile App by sending SMS MBANK to 5676782.
  • By calling our 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 us 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 our 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 us 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.

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 the recommended Axis Bank Loan Center.

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