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Axis Bank Home Loan Review

Discussion in 'Home finance' started by ramdev, Dec 18, 2012.

  1. ramdev Member

    Features of Axis Bank Home Loans

    • Axis Bank housing loans are designed for today’s home-hunter. Our easy home loans are rich in features and offer a number of benefits.
    • Attractive housing finance rates: We offer attractive interest rates that make your housing loans affordable and easier on your pocket every month.
    • Flexible rates: Choose between fixed and floating rate options depending on which way you think interest rates are moving.
    • Balance transfer facility: Not satisfied with your existing Home Loan provider? You can transfer your Home Loan to us without any hassles.
    • Doorstep service: You don't have to go the bank for Home Loans; the bank will come to your doorstep.
    • Perfect for those leading busy lives.
    • Nil prepayment charges: Come into some money and want to pay off your housing loan early? You can do that at Axis Bank without worrying about prepayment charges.

    Land Loan features and benefits
    • You can use the land purchase loan to buy a plot of land and to construct the house.
    • You can take a land loan to build a house on a plot of land that you already own.
    • The land loan can be used to buy a new house/ flat.
    • Purchase an old house/ flat. To avail of the loan, the residual age of the property as confirmed by our empanelled valuators at the maturity of the loan should not be less than 10 years.
    • Takeover of existing housing loans.

    Home Improvement Loan features and benefits
    • You can use our home improvement loans for a variety of purposes. You can utilize it to make renovations, paint the house, carry out repairs to the walls and floor etc.
    • You also get the benefit of attractive interest rates on home renovation loans.

    Home Loan Eligibility Criteria
    A) - Salaried Individuals
    Individuals in permanent service in the Government or reputed companies meet our Home Loan eligibility criteria
    Applicants should be above 24 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.
    B) - Professionals
    Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply.
    Applicants above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity meet our housing loan criteria.
    C) - Self Employed Individuals
    Any individual filing income tax returns can apply
    Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

    Interest Rates

    Type Loan amount (Rs.) Base Rate + Mark Up Rate Of Interest
    Floating Rate Less than Rs. 25 Lac Base Rate + 0.75% 10.75% p.a.
    Rs.25 lac - Rs. 75 lac Base Rate + 1.00% 11.00% p.a.
    Rs. 75 lac & above Base Rate + 1.25% 11.25% p.a.
    Top Up - All loans Base Rate + 2% 12.00% p.a.

    Base Rate - 10.00%

    NISHCHINT - Home Loan with Fixed Rate of Interest

    Fixed Rate -- 11.75% p.a.

    Repayment Instruction/Instrument Return charges -- Rs.500/- per instance
    Cheque/Instrument Swap charges -- Rs.500/- per instance
    Duplicate Statement issuance charges-- Rs. 250/- per instance
    Duplicate Amortization schedule issuance charges-- Rs. 250/- per instance
    Duplicate Interest Certifcate (Provisional/Actual) issuance charges-- Rs. 250/- per instance
    Issuance charges for Photocopy of title documents -- Rs.250/- per document set
    Charges on customer initiated requests for copies of documents-- Rs. 250 per document set
    Equitable mortgage creation charges-- As applicable in the state
    Credit Bureau report issuance charges-- Rs.50/- Per Instance

    Switching Cost:
    Switching from the floating rate scheme to the fixed rate scheme and vice versa is permissible. If a fixed rate customer wants to reschedule loan to the present fixed interest rate applicable to the new customers, the same is also permissible. The existing customers can also switch over to the new rate of interest applicable for the new customer. For all of the above changes, a nominal switching fee is applicable.

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