Axis Bank

Key Highlights:

 

Home Loan

Loan Against Property

Interest Rate

8.25% - 8.85%

(Compare Offers)

9.25% - 10.25%

(Compare Offers)

Processing Fees

Minimum 10000/-

Upto 0.50%

Minimum 0.50%

Upto 1%

Loan Amount

Minimum 20 lacs

Maximum - As per Income

Minimum 20 lacs

Maximum - As per Income

Tenure

Upto 30 years

Upto 15 years

Lowest EMI per lac

751/- per lac

1029/- per lac

Prepayment Penalty

0% for Floating rate home loans

0% for Individuals

2% for others

Click here to Apply for Axis Bank Home Loans

 

Click here to Apply for Axis Bank Loan Against Prop. 

About Axis Bank:

Axis Bank is the third largest private sector bank in India. The Bank has a large footprint of 4,050 domestic branches and 11,801 ATMs spread across the country as on 31st March, 2019.

Axis Bank offers a variety of Home Loans and other Mortgage products to cater to various types of customer profiles. Axis Bank has some unique Loan Eligibility Calculation products. Read further to know more about Axis Bank Home Loans....

Home Loan Schemes:

1. Normal Home Loans:

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

♦  NRI Salaried & Self-Employed

 

Purpose:

♦  For New / Old Home Purchase

♦  For Home Improvement

♦  For Home Construction

♦  For Plot Purchase

♦  Balance Transfer

♦  Top-up with BT or existing home loans

♦  Home Loan for NRIs

 

Age Limit:

♦  For Salaried: Minimum 24 years at loan application and Maximum Retirement age on loan maturity

♦  For Self-Employed: Minimum 24 years at loan application and Maximum 65 years on loan maturity

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 90% of Property Cost for Home Purchase

♦  Upto 75% of Property Cost for Plot Purchase

 

Tenure:

♦  Upto 30 years for Home Purchase ( 25 years for NRIs)

♦  Upto 15 years for Plot Purchase

 

Home Loan Interest Rate:

♦ Axis Bank Home Loan interest range from 8.25% to 8.85%

Click here to compare Home Loan interest rates with other Banks

 

Type of Interest Rates:

♦ Both Floating or Fixed rate are available

 

Processing Fees:

♦ Minimum 10,000/- and Maximum upto 0.30% + GST

 

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

 

Prepayment Penalty:

♦ 0% for Floating rate home loans

 

Tax Benefits:

Multiple Tax Benefits on both Interest and Principal repayment under the following sections of the Indian Income Tax Act, 1961:

S.No.

 IT Act Section

Principal / Interest

Maximum        Amount

    1.

   Sector-24(d)

    Interest

    2,00,000

    2.

   Sector-80C

    Principal

    1,50,000

    3.

   Sector-80EEA 

    Interest

    150,000

 

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

♦ Axis Bank Home Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your PMAY Interest Subsidy amount…

 

Click here to Apply for Axis Bank Home Loans

 

2. SuperSaver Home Loans:

Convert your Normal Home loan into a Home Loan OD facility thru Axis Bank SuperSaver Home Loans:

 

Key Features & Benefits:

♦  Get benefit on the excess funds lying in your Savings or Current A/c by parking them in Axis Bank SuperSaver A/c

♦  Home Loan interest will be charged only on the Net Loan Amount ie. Principal outstanding minus the funds parked in the account.

♦  Lower EMI outgo every month depending on the funds parked

♦  Option to withdraw the fund parked like in a normal bank account

♦  Effectively, you earn a return equivalent to Home Loan Interest & that too without any tax deduction

 

Example:

 ♦ Your home loan principal outstanding is Rs.100 lacs

♦  You deposit Rs.3 lacs in the Axis Bank SuperSaver A/c linked to this home loan

♦  Axis Bank will charge interest on Rs.97 lacs only for the month

♦  Rs.3 lacs deposited is also available for withdrawal. Benefit of interest will be given for the number of days this 3 lacs remains parked in the account.

 

How it Works:

♦  Customer opts for a SuperSaver Home Loan while filling up the Application form

♦  Home Loan is sanctioned in the usual manner

♦  Savings A/c is opened in Axis Bank unless the customer already has account in Axis Bank

♦  Home Loan is disbursed in the usual manner

♦  Customer receives for the Axis Bank A/c - Cheque Book, Internet Banking, ATM card etc.

♦  Customer can immediately start parking funds in this account and use it like a Bank A/c

♦  Interest is charged only on the Principal Outstanding minus any excess funds parked in the account calculated on a daily basis, similar to an Overdraft account

 

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

 

Purpose:

♦  For New / Old Home Purchase

♦  For Home Construction

♦  For Plot Purchase + Construction

♦  Balance Transfer

 

Loan Amount:

♦ Minimum 50 lacs and Maximum - As per Income

 

Tenure:

♦  Upto 22 years for Home Purchase

 

Home Loan Interest Rate:

♦  Axis Bank Home Loan interest range from 8.45%

Click here to compare Home Loan interest rates with other Banks

 

Type of Interest Rates:

♦ Only Floating rates are available

 

Processing Fees:

♦ Upto 0.30% + GST

 

Documentation:

♦ Normal Home Loan Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  0% for Floating rate home loans

 

Tax Benefits:

Same as for Axis Bank Home Loan above

 

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

  • Axis Bank SuperHome Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your interest subsidy amount…

 

Click here to Apply for Axis Bank SuperSaver Home Loans

 

3. ASHA Home Loans:

PSL / Non-PSL Lending

Maximum Loan

Maximum Funding

Maximum Prop Cost / Market Value

PSL Lending

28 lacs

Upto 90%

Upto 35 lacs

Non-PSL Lending

50 lacs

Upto 80%

Upto 65 lacs

 

Customer Profiles:

♦  Salaried Individuals (Minimum Salary 10,000/- per month)

♦  Self-Employed Individuals (Minimum Income 120,000/- per annum)

 

Purpose:

♦  For New / Old Home Purchase (Minimum area to 300 sq.ft.)

♦  For Home Improvement

♦  For Home Construction

♦  Balance Transfer

 

Tenure:

♦  Upto 30 years for Normal Asha Home Loans

 

Home Loan Interest Rate:

Axis Bank ASHA Home Loans interest rate start from 9.75%

Click here to compare ASHA Home Loans interest rate with other Banks

 

Processing Fees:

♦  Minimum 10,000/- and Maximum upto 0.50% + GST

 

Documentation:

♦  Normal Home Loan Documentation is required. Click here to know

 

Prepayment Penalty:

♦  0% for Floating rate home loans

 

Tax Benefits:

♦  Same as for Axis Bank Home Loan above

 

Pradhan Mantri Awas Yojana (PMAY) Interest Subsidy:

♦  Axis Bank ASHA Home Loans are eligible for Interest Subsidy under the PMAY Scheme. 

Click here to calculate your PMAY Interest Subsidy amount...

 

Click here to Apply for Axis Bank Home Loans

4. Axis Bank Top-up Loans:

Internal Top-up for Existing Home Loans:

EMIs paid Track Record

 6-12 months

12-24 months

>24 months

Max. Top-up Amt.

10%

20%

30%

 

Top-up with Balance Transfer Home Loans:

EMIs paid Track Record

12-18 months

18-24 months

>24 months

Max. Top-up Amt.

10%

20%

30%

 

Customer Profiles:

♦  All existing Home Loan customers are eligible subject to fulfilling below conditions

 

Purpose:

♦  For any personal expenditure

♦  For any business expansion

♦  For purchase of any capital asset

♦  For child education and so on.

 

Loan Amount:

♦  Maximum 50lacs

 

Maximum Funding:

Overall Exposure of existing Home loan & proposed Top-up is restricted to:

Upto 75 lacs Overall Exposure

Maximum 80% of Property Market Value

More than 75 lacs combined exposure

Maximum 75% of Property Market Value

 

Tenure:

♦  Same as existing balance tenure of existing home loan

 

Eligibility Conditions:

♦  Property should be 100% complete

♦  All property documents should be deposited with Axis Bank

♦  For Existing home loan customers - Clear 6 months EMI paid track record required

♦  For Balance Transfer loan customers - Clear 12 months EMI paid track record required

♦  Maximum 1 EMI bounce permitted in last 1 year

♦  Subject to Income norms as per normal home loan

 

Top-up Loan Interest Rate:

♦  Axis Bank Top-up Loans interest rate start from 8.25%

Click here to compare Top-up Loans interest rates with other Banks

 

Processing Fees:

♦  Minimum 5,000/- and Maximum upto 0.50% + GST

 

Documentation:

♦  Normal Home Loan Documentation is required in Top-up loans also.

Click here to know more

 

Prepayment Penalty:

♦  0% for Floating rate Top-up home loans availed by Individuals other than for Business purpose

♦  2% for all other types of Top-up loans

 

Tax Benefits:

♦  Tax benefit is available u/s 24 only if the Top-up is utilised for the purpose of Home Improvement or renovation or extension. 

♦  A Businessman profile can avail deduction of interest paid on Top-up loan u/s 37 if the funds are utilised for Business purposes.

 

Click here to Apply for Axis Bank Top-up Loans

5. Shubh Aarambh Home Loans:

♦  Maximum Home loan upto 30 lacs

♦  4 EMIs waived after every 4, 8 and 12  years. So in total 12 EMIs can be waived-off.

♦  Regular Repayment Track Record. Only 3 EMIs delays permitted

♦  Minimum loan tenure should be 20 years at the time of loan disbursement

♦  Balance Transfer your existing home loan to this unique Axis Bank scheme

♦  Prepayment is allowed subject to minimum loan tenure remaining of 4 years

♦  PMAY Interest subsidy available like Normal Home Loan

♦  Available only for Resident Indians

♦  Not available for Plot Loans or Top-up loans

 

** All other benefits and features are same as a Normal Home loan as mentioned above

6. Fast Forward Home Loans:

♦  Minimum Home loan of 30 lacs and Maximum depending on your income

♦  6 EMIs waived after completion of 10 years and another 6 months after completion of 15 years tenure. So in total 12 EMIs can be waived-off at the end of 15 years loan tenure

♦  Regular Repayment Track Record. Only 3 EMIs delays permitted

♦  Minimum loan tenure should be 20 years at the time of loan disbursement

♦  Balance Transfer your existing home loan to this unique Axis Bank scheme

♦  Prepayment is allowed subject to loan tenure not reducing below 10 years

♦  PMAY Interest subsidy available like Normal Home Loan

♦  Available only for Resident Indians

♦  Not available for Plot Loans or Top-up loans

 

** All other benefits and features are same as a Normal Home loan as mentioned above

7. Power Advantage Home Loans:

♦  Get Benefits of both Fixed and Floating home loan interest rates

♦  Fixed interest rate for 1st 2 years and then Floating interest rate thereafter

♦  PMAY Interest subsidy available like Normal Home Loan

♦  Balance Transfer your existing home loan to this unique Axis Bank scheme

♦  Not available for Plot Loans or Top-up loans

 

** All other benefits and features are same as a Normal Home loan as mentioned above

For Axis Bank Fixed and Floating Interest Rates, Click here

8. QuickPay Home Loans:

Get Benefits of both Fixed and Floating home loan interest rates in this product:

♦  Fixed interest rate for 1st 2 years and then Floating interest rate thereafter

♦  PMAY Interest subsidy available like Normal Home Loan

♦  Balance Transfer your existing home loan to this unique Axis Bank scheme

♦  Not available for Plot Loans or Top-up loans

 

** All other benefits and features are same as a Normal Home loan as mentioned above

For Axis Bank Fixed and Floating Interest Rates, Click here

Axis Bank Home Loans - Pradhan Mantri Awas Yojna (PMAY Scheme):

PMAY or Credit Linked Subsidy Scheme (CLSS) - ‘Housing for all’ is a Govt. scheme launched in the year 2015. The scheme envisions 'Housing for All' by the year 2022 and provides interest subsidy upto Rs.2.67 lacs with following criteria:

Subsidy  Category:

  LIG

  MIG1

   MIG2

 

 

Annual Household Income* (Rs.)

3,00,001 to 6,00,000

6,00,001 to 12,00,000

12,00,001 to 18,00,000

 

 

Maximum Allowed Carpet Area* of Prop (sqm)

 No limit

 160 sqm

 200 sqm

 

 

Subsidy Calculated on Maximum Loan of (Rs.)

  600000  

  900000

  1200000

 

 

Interest Subsidy (%):

    6.5%

  4%

   3%

 

 

Loan Tenure (Years):

     20

  20

   20

 

 

Subsidy Amount as per PMAY Scheme (Rs.)

2.67 Lacs

2.35 Lacs

2.30 Lacs

 

 
   

 

Terms & Conditions:

♦  Any of the household members should NOT own a pucca house anywhere in India.

♦  You should NOT have availed central assistance under any housing scheme from Govt. or any benefit under PMAY earlier.

♦  In case of married couples, either the spouse or both together in joint ownership will be eligible for a single subsidy.

♦  The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.

♦  The interest subsidy will be credited upfront to the loan account of beneficiaries resulting in reduced effective housing loan and Equated Monthly Installment (EMI).

♦  The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.

♦  There is no cap on the loan amount or the cost of the property.

 

What is a Household?: 

A family consisting of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.

 

What is Carpet Area?: 

It is the area enclosed within the walls, the actual area to lay the carpet. It excludes the area covered by the external walls, but includes the area covered by internal partition walls of the apartment.

Axis Bank - LAP Schemes:

If you are an owner of Residential or Commercial property and looking for funding, then you can unlock the value of your property by taking a Loan Against Property (LAP) without losing its ownership or possession. Following are the schemes of Axis Bank LAP:-

Axis Bank - Loan Against Property:

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

♦  NRI Salaried

 

Purpose:

LAP is essentially an unmonitored loan, which means unlike Home Loan, end-usage of LAP is generally not monitored by Axis Bank. The funds are paid in the hand of the property owner and can be used for legitimate purpose as follows:

♦  Business Expansion for working capital or for buying machinery / raw materials etc.

♦  Children Education 

♦  Marriage Expenditure

♦  Acquiring any long term capital asset like Car, household goods etc.

♦  Any Medical expenditure

♦  Funding your dream vacation

♦  Any other capital expenditure

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 65% of Property Market Value for Residential Properties

♦  Upto 55% of Property Market Value for Commercial Properties

 

Tenure:

♦  Upto 20 years for Residential Property LAP (10 years for NRIs)

♦  Upto 15 years for Commercial Property LAP

 

Age Limit:

♦  For Salaried: Minimum 24 years at loan application and Maximum Retirement age on loan maturity

♦  For Self-Employed: Minimum 24 years at loan application and Maximum 65 years on loan maturity

 

LAP Interest Rate:

♦  Axis Bank LAP interest range from 9% to 10%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

♦  Upto 1% + GST

 

Documentation:

♦  Normal LAP Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  0% for LAP availed by Individuals other than for Business purpose

♦  3% for LAP availed by Non-Individuals 

 

Tax Benefits:

♦  Interest and other charges paid towards a LAP is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his Income tax returns.

 

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

Axis Bank - Overdraft Facility Against Property:

This is a Dropline Overdraft (DOD) facility against residential or commercial property to meet the fluctuating needs of the Business community or Professionals.

 

Customer Profiles:

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

 

Purpose:

♦  Property Overdraft facilitates your working capital requirements. It is a revolving credit facility extended to a Self-employed borrower. The funds can be utilized for Business Expansion for working capital or for buying machinery / raw materials etc.

 

Loan Amount:

♦  Minimum 50 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 60% of Property Market Value for Residential Properties

♦  Upto 50% of Property Market Value for Commercial Properties

 

Tenure:

♦  Upto 10 years for Residential or Commercial Property

 

Property Overdraft Interest Rate:

♦  Axis Bank Property Draft interest range from 9.50% to 10.50%

Click here to compare OD interest rates with other Banks

 

Processing Fees:

♦ Upto 1% + GST

 

Renewal Charges:

♦  0.50% of the renewal limit set or Rs.5000/- whichever is less is charged after every 12 months

 

Documentation:

♦  Normal LAP Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  2% on the limit set in the year the OD facility is foreclosed

 

Tax Benefits:

♦  Interest and other charges paid towards a Property Overdraft is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his Income tax returns.

Axis Bank - Commercial Property Purchase:

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

 

Purpose:

This type of loan is extended for the purchase of a commercial property such as

♦  Commercial Office space 

♦  Retail shop or showroom

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 65% of Property Cost

 

Tenure:

♦  Upto 15 years for Commercial Property purchase

 

Commercial Property Loan Interest Rate:

♦  Interest rates are same as for Normal LAP and range from 9% to 10%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

♦  Upto 1% + GST

 

Documentation:

♦  Normal LAP Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  3% for Commercial loan availed on the principal outstanding amount 

 

Tax Benefits:

♦  Interest and other charges paid towards a Commercial Property loan is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his IT returns.

 

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

Axis Bank - Lease Rental Discounting (LRD):

A loan extended to a borrower entity based on hypothecation of rentals on the commercial property leased out to a tenant.

 

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

 

Purpose:

♦  LRD is similar to a LAP and is essentially an unmonitored loan. The funds are paid in the hand of the property owner and can be used for legitimate purposes similar to a normal LAP.

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - As per Income

 

Maximum Funding:

♦  Upto 85% of the Net Present Value (NPV) of the future rentals or 50% of the Market value of Commercial property, whichever is lower

 

Tenure:

♦  Upto 9 years based on the balance period of lease agreement of the commercial property

 

Lease Rental Discounting (LRD) Interest Rate:

♦  Interest rates are same as for Normal LAP and range from 9% to 10%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

♦  Upto 1% + GST

 

Documentation:

♦  Normal LAP Documentation is required. Click here to know more

 

Prepayment Penalty:

♦  Similar to a Normal LAP as mentioned above. 

 

Tax Benefits:

♦  Interest and other charges paid towards a LRD loan is a usual business expenditure and is allowed as a deduction u/s 37(1) from the borrower’s business income while filing his IT returns.

Axis Bank - Reverse Mortgage Loan:

A loan extended to a Senior Citizen who owns a residential built up property in which he/she resides. The Individual has no other source of income and the property serves as a security for the bank to extend a monthly income to him/her. Alternatively a lump sum payment can also be made to the individual. The senior citizen continues to remain owner of the property and continues to stay in it.

 

Customer Profiles:

♦  Individual Retired persons with minimum age of 60 years

 

Purpose:

♦  The monthly income can be utilized for day to day living expenses of senior citizens

♦  Lump sum loan payment can be utilized for any personal expenditure or to acquire any asset.

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - 1 Cr.

 

Maximum Funding:

♦  Upto 40% to 60% of Property Market value

 

Tenure:

♦  Upto 15 years' Reverse Mortgage loan can be extended.

 

Age Limit:

♦  Minimum 60 years at the time of loan application

♦  Maximum 80 years on loan maturity

 

Reverse Mortgage Interest Rate:

♦  Interest rates for Axis Bank Reverse Mortgage LAP range from 10% to 11%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

♦  Upto 1% + GST

 

Prepayment Penalty:

♦  0% as these are taken by individual senior citizens other than for Business purposes.

 

Settlement of Loan:

♦  At the end of the loan tenure, the senior citizen can pay-off the loan either from his own sources or by selling off the property.

♦  If during the loan tenure the senior citizen expires, then either the legal heirs can pay-off the Bank loan dues and take over the property or the Bank will be required to sell the property, recover its loan dues and pay balance sales consideration if any to the legal heirs.

 

Axis Bank Third Party LAP:

♦  Loan is extended based on the income profile of a Borrower who is not the Property Owner. The Property is owned by another who is related to him and his income can also be clubbed.

 

Property ownership & Borrower Combinations:

♦  GrandFather, GrandMother, Father, Mother, Son and Daughter-in-Law

♦  Father-in-Law, Mother-in-Law, Son-in-Law and Daughter

♦  Father-in-Law, Mother-in-Law, Son & Daughter-in-Law

♦  Father, Mother, Brother1, Brother 2, Sister-in-Law 1 and Sister-in-Law 2

♦  Brother-in-law, Husband and wife

♦  Partnership firm and Partners of a partnership firm

♦  Pvt. Ltd. Company and shareholders of a closely held private limited company

 

Customer Profiles:

♦  Salaried Individuals

♦  Self-Employed Professionals like Doctors, CAs, Architects

♦  Self-Employed Businessmen

 

Purpose:

♦  This is a variant of LAP and is essentially an unmonitored loan. The funds are paid in the hand of the Borrower and can be used for legitimate purposes similar to a normal LAP.

 

Loan Amount:

♦  Minimum 20 lacs and Maximum - 1 Cr.

 

Maximum Funding:

♦  Upto 60% of Property Market Value for Residential Properties

♦  Upto 50% of Property Market Value for Commercial Properties

 

Tenure:

♦  Upto 10 years for Residential or Commercial Property 3rd Party LAP

 

Third Party LAP Interest Rate:

♦  Interest rates for Axis Bank Third Party LAP range from 10% to 11%

Click here to compare LAP interest rates with other Banks

 

Processing Fees:

♦  Upto 1% + GST

 

Prepayment Penalty:

♦  0% for LAP availed by Individuals other than for Business purpose

♦  3% for LAP availed by Non-Individuals 

 

RBI Notification - Nil Prepayment Charges - Individual LAP other than Business

Axis Bank - Loan Eligibility Calculation Methods

For Salaried:

 

1.  Income Method:

Axis Bank calculates FOIR ie. Fixed Obligations to Income Ratio.

Total fixed EMIs including the proposed Home Loan EMI is divided by Net Salary to arrive at FOIR. 

   Net Income as per Salary Slip

  FOIR

           Less than 20,000/-

    60%

         20,000/- to 100,000/-

    65%

          Above 100,000/-

    70%

 

2.  Takeover on EMI Track record Method: (BT Dhamaka Scheme):

♦  Existing home loan borrowers can shift their loan to Axis Bank on the basis of clear EMI paid track record.

♦  Minimum 18 months EMI track record required for Salaried

♦  Not more than 1 EMI bounce is allowed in last 12 months track record

♦  Salary income is NOT required to analysed in this method

♦  No new loan should have been taken in the last 6 months

♦  Takeover allowed from approved Banks & HFCs only

♦  Top-up loan upto 30% of the original loan amount can also be availed

♦  LTV is restricted to 75% of the Property Market Value.

♦  Not applicable for Plot Loans

♦  Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method


 

For Self-Employed Professionals & Business Owners:

 

1.  Income Method:

♦  Borrower entities include - Proprietors, Partners of firm and Directors of Pvt. Ltd. Co.

♦  Business continuity should be atleast 3 years in same field

♦  Net Income is calculated from the Business or Professional income shown in last 2 years Income tax returns

♦  FOIR can be upto 85%

 

2.  Gross Professional Receipts:

♦  Borrower profiles include - Practising CAs / CSs, Architects and Doctors

♦  Business continuity should be atleast 3 years in same field

♦  Net Income is calculated as Average of last 2 years of Gross Professional Receipts per month

♦  Net Income is then multiplied by 1.5 for Doctors & CAs and by 1 for Architects & CSs

♦  FOIR can be upto 50%  

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

 

3.  Gross Turnover Method:

♦  Borrower profiles include - Traders or Manufacturers into Business

♦  Business continuity should be atleast 3 years in same field

♦  Minimum Audited Turnover should be 100 lacs as per last Income tax return or last 12 months GST returns

♦  Net Income is assumed as 10% for Manufacturers and 5% for Traders of the Turnover shown in Income tax returns or last 12 months GST returns.

♦  This is irrespective of the actual income shown in Income tax returns which should be under loss.

♦  FOIR can be upto 60%

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

 

4.  Surrogate Banking Method:

In this method, the loan eligibility is worked out on average bank balances maintained in savings / current accounts rather than on Income tax returns.

♦  Business continuity should be atleast 3 years in same field

♦  Average Bank Balances of the last 6 months is taken for the dates 5th, 15th and 25th of each month.

♦  Both savings and current accounts can be clubbed

♦  The Bank accounts should have minimum 20 transactions per quarter

♦  This average balance should be more than 1.5 times of the Axis Bank proposed EMI

♦  LTV is restricted to 65% of the Property Market Value.

♦  Not applicable for Plot Loans

♦  Interest rates are charged higher by 0.50% as compared to Income Method

♦  Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method

 

5.  Takeover on EMI Track record: (BT Dhamaka Scheme):

♦  Existing home loan borrowers can shift their loan to Axis Bank on the basis of clear EMI paid track record.

♦  Minimum 24 months EMI track record required for Self-employed

♦  Not more than 1 EMI bounce is allowed in last 12 months track record

♦  Business income is NOT required to analysed in this method

♦  No new loan should have been taken in the last 6 months

♦  Takeover allowed from approved Banks & HFCs only

♦  Top-up loan upto 30% of the original loan amount can also be availed

♦  LTV is restricted to 75% of the Property Market Value.

♦  Not applicable for Plot Loans

♦  Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method

 

6.  Saksham Product: (Low LTV Home Loan Product of Axis Bank):

♦  Applicable to Business Profiles who have insufficient income as per Income Tax returns or GST Returns or low average Bank Balances.

♦  Business Continuity of minimum 5 years required

♦  Property should be ready-move-in and getting registered

♦  Maximum Home Loan tenure will be 10 years

♦  Maximum Home Loan Amount will be 40% of the Property Market Value

♦  Not applicable for Plot Loans

♦  Home Loan upto Rs.3 Crs. can be funded in this method

 

7.  EMI Equalizer: (Takeover on EMI Track Record for LAP):

♦  Existing loan borrowers can shift their loans to Axis Bank on the basis of clear EMI paid track record.

♦  Minimum 18 months EMI track record required for Mortgage Loans and 12 months EMI track record required for all other loans like Car Loans, Business loans, etc.

♦  Not more than 1 EMI bounce is allowed in last 12 months track record

♦  Business income is NOT required to analysed in this method

♦  No new loan should have been taken in the last 6 months

♦  Takeover allowed from approved Banks & HFCs only

♦  LTV is restricted to 55% in Residential LAP and 45% in Commercial LAP

 

Total LAP amount upto Rs.2 Crs. can be funded in this method as follows:

Existing Loan Track Record

    Maximum Proposed EMI

Upto 35 months EMIs paid

  1.2 times of the current EMI

36 to 47 months EMIs paid

  1.3 times of the current EMI

48 months or more EMIs paid

  1.4 times of the current EMI

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