Understanding the Axis Bank home loan processing fee is crucial for anyone planning to finance their home purchase through Axis Bank. This fee is a key part of your loan’s overall cost and knowing it helps in effective financial planning.
Axis Bank Home Loan Processing Fee
When considering a home loan from Axis Bank, it’s important to understand the associated processing fees.
| Loan Type | Processing Fee |
|---|---|
| Axis Bank Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Asha Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Quick Pay Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Power Advantage Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Fast Forward Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Shubh Aarambh Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Super Saver Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Empower Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
| Axis Bank Top-Up Home Loan | 1% of the loan amount, minimum Rs. 10,000; Rs. 5,000 +GST upfront |
Check Out: Axis Bank Home Loan EMI Calculator
Additional Fees and Charges for Axis Bank Home Loans
Apart from the standard processing fee, Axis Bank home loans come with various additional charges you might need to pay.
| Charge Type | Amount |
|---|---|
| Penal Interest on Overdue EMI | 24% per annum on the overdue amount |
| Cheque Bounce Charges | Rs. 500 per instance |
| Instrument Return Charges | Rs. 339 per instance |
| Duplicate Statement Issuance | Rs. 250 per instance |
| Document Handling Charges | Rs. 500 per set of documents |
| Prepayment Charges for Fixed Rate Loans | 2% of the outstanding principal amount |
| Switching Fees (Floating to Fixed Rate) | 1% of the outstanding principal, minimum Rs. 10,000 |
| Switching Fees (Fixed to Floating Rate) | 2% on the outstanding principal amount |
| CERSAI Charges | Rs. 50 for loans up to Rs. 5 lakh, Rs. 100 for higher loans |
| Stamp Duty and Other Statutory Charges | As per the applicable laws of the state |
Check Out: How to Check Axis Bank Home Loan Application Status?
Axis Bank Home Loan Prepayment/Part-Payment Charges
When considering early repayment of your Axis Bank home loan, it’s important to know about the applicable prepayment and part-payment charges.
| Interest Rate Type | Charges |
|---|---|
| Floating Interest Rate Loans | No prepayment charges |
| Fixed Interest Rate Loans | 2% of the outstanding principal amount for prepayment |
Read More: CIBIL Score Required for Axis Bank Home Loan
Factors Influencing Axis Bank Home Loan Processing Fees
The processing fee for a home loan from Axis Bank is not a fixed amount and can vary based on several key factors. Each of these factors plays a role in determining the final fee that you will be required to pay:
| Factor | Description |
|---|---|
| Lender Policies | Axis Bank’s policies influence processing fees based on administrative costs and risk management. |
| Loan Amount | Higher loan amounts often lead to higher processing fees due to increased risk and administrative efforts. |
| Credit Score | A higher credit score may lower the processing fee, while a lower score could increase it. |
| Property Type | Properties needing detailed verification, like commercial properties, may have higher fees. |
| Location | Urban properties may attract higher processing fees due to valuation and registration costs. |
Check Out: Home loan eligibility checklist for Axis Bank
How to Calculate Axis Bank Home Loan Processing Fees?
Axis Bank calculates its home loan processing fees as a percentage of the loan amount you borrow. This percentage can vary depending on the specifics of the loan product and your financial profile.
Axis Bank Fee Structure:
- Percentage-Based Fee: Typically up to 1% of the loan amount.
- Minimum Fee: There is a minimum fee threshold, commonly around Rs. 10,000, ensuring that the bank covers its administrative costs even for smaller loan amounts.
Example Calculation: Let’s assume you are applying for a home loan of ₹50 lakh from Axis Bank.
- Percentage-Based Fee Calculation: If the processing fee is 1% of the loan amount:
- 1% of ₹50,00,000 = ₹50,000
Since there is no maximum cap mentioned specifically for Axis Bank like the example given for HDFC, the entire calculated fee of ₹50,000 applies as long as it meets any stated minimum.
Check Out: Axis Bank Home Loan Documents Required
Additional Costs to Consider
When securing a home loan from LIC Housing Finance Limited (LIC HFL), it’s important to be aware of various additional costs beyond the basic processing fees. These extra charges can significantly impact the total cost of your loan. Here are the key additional expenses to keep in mind:
- Legal Fees
- Technical Valuation Charges
- Stamp Duty and Registration Fees
Home Loan Processing Fees from Top Banks in India
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Also Read: Home Loan Charges and Fees
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.15% onwards | 8.15% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Get the Best Axis Bank Home Loan Offers with Credit Dharma
Credit Dharma is your trusted partner for securing the best Axis Bank Home Loan offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.
Why choose Credit Dharma? We provide:
- Lowest Interest Rates: Save more with every EMI.
- Maximum Funding: Get up to 100% funding for your dream home.
- Simple & Digital Process: No tedious paperwork or branch visits.
- Expert Guidance: Lifetime support from our team of specialists.
Compare, choose, and secure the best Axis Bank Home Loan offer with Credit Dharma — your home loan journey starts here!
Conclusion
The Axis Bank home loan processing fee plays a crucial role in the overall cost of your home financing. Understanding this fee helps you plan your budget effectively and ensures there are no surprises during your loan application process. Remember, this fee is just one part of the total cost when securing a home loan from Axis Bank.
Frequently Asked Questions
Axis Bank’s home loan processing fee may reach 1% of the loan amount, with a minimum charge of ₹10,000 plus GST, paid upfront.
Axis Bank charges a 1.5% processing fee, with a minimum of Rs. 150, on credit card EMIs. This is in addition to a 14% annual interest rate and applicable taxes.
Axis Bank charges include a monthly service fee of Rs. 150, cash deposit fees ranging from Rs. 4 per thousand for 2-3 lakhs to Rs. 5 per thousand above 3 lakhs, and a Rs. 250 annual fee for a Business Classic Debit Card.
Axis Bank does not charge a convenience fee for cash deposits at machines. However, a fee of Rs. 50 applies per transaction for all savings accounts.
To lower your Axis Bank EMI, try making a part-prepayment, choosing a step-down EMI plan, or transferring your balance. Also, ensuring timely EMI payments and selecting the appropriate loan tenure can help manage your monthly outgo effectively.
Axis Bank provides personal loans at rates between 11.1% and 22% annually. Home loan rates begin at 8.75% per annum.
Axis Direct charges include Rs. 100 per certificate for Demat, Rs. 200 for every 100 securities for Remat, and Rs. 100 for each courier or ad-hoc statement.
HDFC Home Loan
SBI Home Loan
