Axis Bank Ltd has decreased its home loan interest rates by 0.80%, or 80 basis points with effect from Wednesday, January 18, 2017. This interest rate cut will reduce the cost for those people who have taken their home loan advances on floating rate of interest.
Axis Bank Limited – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 25, 2018
Axis Bank Limited Cuts Home Loan Interest Rate to 8.35% Per Annum
The Axis Bank Limited has decreased its home loan interest rates by 0.80 percent, or 80 basis points with effect from Wednesday, January 18, 2017.
Axis Bank has revised its minimum home loan floating interest rate from 9.15 percent to 8.35 percent per annum (MCLR-6Month + 0.15%) for salaried individuals (EMI Rs. 758 per lakh for a period of 30 years) and from 9.20 percent to 8.40 percent per annum (MCLR-6Month + 0.20%) for self-employed male and female applicants (EMI Rs. 762 per lakh for a period of 30 years) for the home loan amount up to Rs. 30,00,000.
The home loan interest rate of Axis Bank Limited is benchmarked or linked to its Six-Month MCLR (Marginal Cost of Funds based Lending Rate). Axis Bank’s current Six-Month MCLR, which is called MCLR-6M, is 8.20 percent per annum with effect from Thursday, January 18, 2018.
Axis Bank’s reduction in current mortgage loan interest rate will bring down the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the Axis Bank Limited’s fixed rate customers, as their contracted rates will remain unchanged.
Axis Bank Housing Finance – Current Home Loan Interest Rates for Various Category of Borrowers
Axis Bank Home Loan Interest Rate for Salaried Women:
8.35% Per Annum for Home Loan Amount up to Rs. 30,00,000
8.65% Per Annum for Home Loan Amount Rs. 30,00,001 to 75,00,000
8.70% Per Annum for Home Loan Amount above Rs. 75,00,000
Axis Bank Home Loan Interest Rate for Self-Employed Women:
8.40% Per Annum for Home Loan Amount up to Rs. 30,00,000
8.70% Per Annum for Home Loan Amount Rs. 30,00,001 to 75,00,000
8.75% Per Annum for Home Loan Amount above Rs. 75,00,000
Axis Bank Home Loan Interest Rate for Salaried Men:
8.35% Per Annum for Home Loan Amount up to Rs. 30,00,000
8.65% Per Annum for Home Loan Amount Rs. 30,00,001 to 75,00,000
8.70% Per Annum for Home Loan Amount above Rs. 75,00,000
Axis Bank Home Loan Interest Rate for Self-Employed Men:
8.40% Per Annum for Home Loan Amount up to Rs. 30,00,000
8.70% Per Annum for Home Loan Amount Rs. 30,00,001 to 75,00,000
8.75% Per Annum for Home Loan Amount above Rs. 75,00,000
Axis Bank Home Loan Interest Rate for Weaker Section Borrower: 8.35% Per Annum for Home Loan Amount up to Rs. 28,00,000
Axis Bank Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 3,00,000
Axis Bank Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest (Reset Period 6 Months or 1 Year)
Axis Bank Home Loan Processing Fee and Documentation Charges: 1.00% of the Loan Amount (Minimum Rs. 10,000 plus GST)
Minimum Tenure for the Axis Bank Home Loan: Minimum Home Loan Tenure is 3 Years for the the Axis Bank Housing Loan
Maximum Tenure for the Axis Bank Home Loan: Maximum Home Loan Tenure is 30 Years for the Axis Bank Housing Loan
Minimum Age Limit for Getting the Axis Bank Home Loan Sanctioned: Minimum Age 21 Years at the Time of Home Loan Commencement
Maximum Age Limit for Getting the Axis Bank Home Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Home Loan Maturity
Quantum of Axis Bank Home Loan: Up to 90% of the Home Value
Different Options for Making Axis Bank Home Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Axis Bank Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Axis Bank Home Loans and Axis Bank Home Improvement Loans with Floating Rate of Interest
Charges for Axis Bank Home Loan EMI Late Payment: Minimum 2% Per Month of the Axis Bank Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Axis Bank Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 500 plus GST
Conversion Charges for Axis Bank Floating Rate of Interest Home Loan: 0.50% of the Axis Bank Home Loan Principal Outstanding Amount plus GST (Minimum Rs. 10,000 plus GST)
Guarantor Requirement for the Axis Bank Home Loan: No Guarantor is Required
Axis Bank Home Loan Margin Amount:
Minimum 10% of the House or Property Purchase Value up to Rs. 30,00,000
Minimum 20% of the House or Property Purchase Value from Rs. 30,00,001 to Rs. 75,00,000
Minimum 25% of the House or Property Purchase Value above Rs. 75,00,000
Axis Bank Limited – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Axis Bank Limited