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Tenure upto 30 years

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Axis BankAxis Bank
  • Overview
  • Loan Calculations
  • Highlights
  • Home Loan Interest Rates
  • Compare With Other Banks
  • Processing Fees
  • Fees and Charges
  • Home Loan Types
  • EMI Calculator
  • Eligibility Criteria
  • Documents
  • Tenure
  • How to Apply
  • Loan Amount
  • Customer Care
  • Nearest Branches
  • Disbursement Process
  • Home Loan Insurance
  • Tax Benefits
  • Bank Features
  • Why Choose Credit Dharma

Axis Bank Home Loan

Axis Bank offers home loans with interest rates starting at 8.75% per annum and repayment tenures of up to 30 years. The minimum loan amount available is ₹3 Lakh, ensuring accessibility for a wide range of applicants. Beyond attractive interest rates and flexible tenures, Axis Bank offers EMI waivers, home loan balance transfer facility, overdraft facility, top up loan, and affordable home loans for smaller loan amounts.

Rate of Interest

8.75% - 10.30%

Loan to Value

80% - 85%

Loan Tenure

Max 30 Years

Max Loan Amount

Upto 5cr

Rate of Interest8.75% - 10.30%
Loan TenureMax 30 Years
AgeSalaried : 21 - 65 years
Self Employed : 21 - 65 years
ProfessionSalaried/Self Employed
IncomeMetro Cities : 20,000/Month & Above
Other Cities : 15,000/Month & Above
NationalityResident Indian/ NRI
Max Loan AmountUpto 5cr
Plot Purchase
Independent Building
Apartment
Resale Property
New Construction
LTV80% - 85%
Home Loan
Plot Cum Construction Loan
Balance Transfer
Overdraft Facility
Top Up Facility
Other OfferingsSuper Saver Home Loan, Fast Forward Home Loan
Processing Fees1% of the loan amount + GST or a minimum of Rs 10,000
Other ChargesPrepayment Charges: If you repay your loan before the tenure ends, a penalty applies
Overdraft Facilities-
Highlights• Competitive Interest Rates
• Hassle Free Loan Balance Transfer
• No Prepayment Charges
• Transparent Processing
• Flexible Tenure

*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.

Home Loan Calculations
₹50,00,000
20 Years
Loan Amount₹ 50,00,000
Loan Tenure20 years
Rate of Interest8.75% - 10.30%
Monthly EMI₹ 44,185 -
₹ 49,249

Axis Bank Home Loan Highlights

Axis Bank home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

CategoryDetails
Interest RateFloating: 8.75% p.a. – 9.50% p.a.
Fixed: 14% p.a.
Loan AmountUp to ₹5 Crore
Loan Tenure30 Years
Processing Charges1% of the loan amount + GST
(Minimum ₹10,000)

Axis Bank Home Loan Interest Rates

Axis Bank offers home loans at interest rates starting from 8.75% p.a. These rates vary based on factors such as CIBIL score, loan amount, occupation profile, and the specific home loan scheme you choose. 

Axis Bank Home Loan Interest Rates by CIBIL Score

CIBIL ScoreSalariedSelf Employed
751 and Above8.75% p.a. onwards9.10% p.a. onwards

Axis Bank Standard Home Loan Interest Rates (Vanilla Home Loan)

CIBIL ScoreSalaried
No CIBIL Score9.30% p.a. onwards
700 and Above9.65% p.a. onwards
700 – 7509.50% p.a. onwards
751 and Above8.75% p.a. onwards

Axis Bank Fixed Home Loan Interest Rates

CIBIL ScoreSalaried
Fixed Rate Loans14.00% p.a. onwards

Axis Bank Asha Home Loan Interest Rates

Home Loan AmountSalariedSelf Employed
Any Amount10.50% p.a. – 12.85% p.a.12.00% p.a. – 13.30% p.a.

Read More: How to Improve Axis Bank Home Loan CIBIL Score?

Get the best Home Loan interest rates tailored for you

If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.

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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.00% p.a. onwards8.00% p.a. onwards8.00% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% onwards8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

Check Out: Axis Bank vs. SBI vs HDFC Home Loans

Axis Bank Home Loan Processing Fees

Axis Bank takes processing fees to cover the cost of reviewing your documents and assessing your loan application.

FeesAmount
Processing Fees1% of the loan amount + GST
(Minimum ₹10,000)
Upfront Processing Fees₹5,000
(collected at the time of application, balance fee will be collected at the time of disbursement)
Processing fees in non-refundable

Axis Bank Home Loan Other Fees and Charges

Axis Bank applies various fees and charges on its home loans. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.

Charges CategoryFees
Repayment Instruction / Instrument Return₹339 /- per instance
Admin Charges₹0
Duplicate Statement Issuance Charges₹250 /- per instance
Issuance Charges for Photocopy of Title Documents₹500 /- per document set
Charges of Customer-Initiated Requests for Copies of Documents₹500 /- per document set
Prepayment Charges for Floating Rate LoanNIL
Equitable Mortgage Creation ChargesAs applicable in the state
Issuance Charges of Credit Report₹50 /- per instance
Cheque / Instrument Swap Charges₹500 /- per instance
Duplicate Amortization Schedule Issuance Charges₹250 /- per instance
Duplicate Interest Certificate Issuance Charges₹50 /- per instance
Prepayment Charges for Fixed Rate Loan2% of outstanding principal / amount prepaid
Duplicate No Dues Certificate / NOC₹50 /- per instance
CERSAI Charges (Loans up to 5 lakhs)₹50
CERSAI Charges (Loans above 5 lakhs)₹100
Penal Charges8% p.a. above applicable interest rate on overdue amount
CERSAI ChargesLoan up to ₹5 Lakh: ₹50Loan Above ₹5 Lakh: ₹100

Read More: What are CERSAI Charges?

Re- Pricing Charges

CategoryCharges
Switching from Floating Rate to Fixed Rate Scheme1% of the outstanding principal(Minimum ₹10,000)
Switching from Fixed Rate to Floating Rate Scheme2% of the outstanding principal
Switching from Higher Fixed Rate to Lower Fixed Rate0.5% of the outstanding principal(Minimum ₹10,000)The Lower Rate will be equal to the applicable carded interest rate only.
Note: Not applicable under Fast Forward Home Loan & Shubh Aarambh Home Loans.

Switching from Higher Floating Rate to Lower Floating Rate

Administrative charge applicable as per the following structure:

Principal Outstanding at the Time of ROI ConversionCharges
Up to 10 LacsINR 1,000/-
10.01 Lacs to 30 LacsINR 2,000/-
30.01 Lacs to 75 LacsINR 3,000/-
Above 75 LacsINR 5,000/-

Types of Home Loans Offered by Axis Bank

Axis Bank understands that owning a home is a cherished goal for everyone. Axis Bank home loan schemes are thoughtfully designed to meet your unique needs, offering flexible terms and competitive rates.

Axis Bank Subh Arambh Home Loan

Axis Bank’s Shubh Aarambh Home Loan offers up to ₹30 lakhs with interest subsidies under the Pradhan Mantri Awas Yojana (if you qualify). It can be used for purchasing under-construction or ready-to-move-in homes, resale properties, self-construction, plot plus construction, home extensions, and improvements. 

  • 12 EMIs waived off. 4 EMIs waived off every 4 years. 
  • Balance transfer facility.

Axis Bank Fast Forward Home Loan

Axis Bank’s Fast Forward Home Loan allows you to combine multiple income sources to secure maximum loan amounts starting from ₹30 lakhs. It can be used for purchasing under-construction or ready-to-move-in homes, resale properties, self-construction, plot plus construction, home extensions, and improvements.

  • 12 EMI waivers—six after 10 years and an additional six after 15 years—provided borrowers maintain a clean repayment history.

Axis Bank Asha Home Loan

Axis Bank’s Asha Home Loan is designed to make homeownership accessible and affordable for a wide range of customers. With loan amounts starting as low as ₹1 lakh and going up to ₹35 lakhs, this home loan offers flexible financing options to suit various financial needs and property values.

  • Secure up to 90% of the property’s value
  • 12 EMIs are waived. 4 EMIs waived at the end of the 4th, 8th, and 12th years.
  • Designed for individuals with a combined monthly income of as low as ₹8,000.
  • Avail benefits under the Credit Linked Subsidy Scheme (CLSS)
  • Available for properties starting from 300 square feet
  • For properties located in areas with a population exceeding 10 lakhs, the maximum eligible property value is ₹45 lakhs.
  • For properties in regions with a population below 10 lakhs, the maximum property value eligible for the loan is ₹35 lakhs.

Axis Bank Super Saver Home Loan (Overdraft Facility)

Axis Bank’s Super Saver Home Loan with Overdraft Facility is designed to help you minimize the total interest payable on your home loan while providing flexible access to your funds. It is available for a minimum loan amount of ₹10 lakh.  

  • Enjoy the convenience of a cheque book, ATM card, internet banking, and phone banking with your Super Saver account. 
  • This loan product offers only a floating interest rate.
  • Maximum tenure: 22 years.

Calculate Your Saving with an Overdraft Home Loan

How Does Axis Bank Overdraft Facility Work?

Once your home loan is approved and disbursed, a portion of the loan amount is directed to your Super Saver account. Any additional funds you deposit into the Super Saver account will directly reduce the principal outstanding on your home loan.

This effective reduction lowers the interest you pay, as it is calculated on the reduced principal amount.

The excess funds parked in your Super Saver account can be withdrawn at your convenience. Interest is charged only on the net principal amount, which is the original loan amount minus the excess funds in your Super Saver account.

Axis Bank Quick Pay Home Loan

Axis Bank’s Quick Pay Home Loan is specifically designed to help borrowers manage their home loan repayments more effectively by enabling faster principal repayment.

This loan product not only reduces the total interest payable over the loan tenure but also lowers the monthly EMIs, providing financial flexibility for individuals with increasing financial responsibilities.

Axis Bank Home Loan Balance Transfer

A Home Loan Balance Transfer is a financial service that allows homeowners to transfer their existing home loan from one lender to another.

Axis Bank’s Home Loan Balance Transfer service is designed to help you optimize your home loan by securing a lower interest rate, accessing higher loan amounts, and enjoying flexible repayment options. 

  • Take advantage of lower interest rates
  • Access higher loan amounts 
  • Avail additional top-up loans at lower interest rates compared to personal loans.
  • No prepayment fees on floating rate loans
  • Get access to an Overdraft facility

Axis Bank Home Loan Top Up/ 24×7 Top Up Loan

A Home Loan Top-Up is an additional loan amount offered to existing home loan borrowers.

Axis Bank’s Home Loan Top-Up is a flexible financial solution designed to meet your additional funding needs without the hassle of applying for a separate loan. 

  • Borrow up to ₹50 lakhs as an additional loan on top of your existing home loan.
  • Fund the construction or expansion of your property, covering personal expenses, or for business purposes.
  • The top-up loan cannot be used for purchasing another property.
  • The top-up loan carries the same tenure as your existing home loan.
  • Avail the top-up loan at the same attractive interest rate as your parent home loan.

Axis Bank Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Axis Bank Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Axis Bank to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

  1. A 20-Year Loan (240 months)
  2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

ScenariosHome Loan AmountInterest RateTenureEMIInterest PaymentTotal Payment
Scenario 1₹50,00,000 8.35% p.a.20 years₹42,918₹53,00,236₹ 1,03,00,236
Scenario 2₹50,00,000 8.35% p.a.30 years₹37,915₹86,49,548₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

  • Although the monthly EMI is higher, your total interest outflow is much lower. 
  • Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

  • You’ll pay a lower EMI each month, easing short-term financial burden. 
  • However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.

Axis Bank Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Axis Bank:

Housing Loan/ Subh Arambh Home Loan/ Home Loan Balance Transfer/ Fast Forward Home Loan/ 

AspectSalaried IndividualsProfessionalsSelf Employed
Age21 years – 65 years21 years – 65 years21 years – 65 years
Work ExperienceStable employment historyConsistent incomeConsistent income through tax returns.
Work HistoryGovernment sectors or reputed companies.Doctors/ Lawyers/ Chartered Accountants/ Management ConsultantsBusiness owners or entrepreneurs

Asha Home Loan

AspectSalaried IndividualsProfessionalsSelf Employed
Age21 years – 65 years21 years – 65 years21 years – 65 years
Work ExperienceStable employment historyConsistent incomeConsistent income through tax returns.
Work HistoryGovernment sectors or reputed companies.Doctors/ Lawyers/ Chartered Accountants/ Management ConsultantsBusiness owners or entrepreneurs
Minimum Salary₹8,000 per month₹8,000 per month₹8,000 per month

Home Loan Top Up

ConditionDetails
Property OwnershipThe property must be owned by an NRI only or in joint ownership (Applicable only for NRI customers).
Loan ExtensionTop-up loans can only be extended against complete residential property with no pending post-disbursal documentation.
Repayment HistoryFor an existing home loan borrower, clear repayment history is important.
No more than 1 EMI bounce in the last year, and it must be cleared before the next EMI date.
Eligibility for Top-Up LoanExisting home loan customers are eligible for a Top-Up Home Loan after six months of clear repayment.
Loan TakeoverFor a Top-Up Loan with takeover of a home loan from another bank, a one-year clear repayment track will be required.

Get a Home Loan
with Highest Eligibility
& Best Rates

Documents Required For Axis Bank Home Loan

When applying for a home loan with Axis Bank, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

CategoryDocuments Required
Proof of IdentityPAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of AddressDriver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement
Date of Birth ProofPassport/ Driving Licence/ PAN Card/ Birth Certificate/ 10th Marksheet
Signature ProofPassport/ PAN Card

Check Out: List of Documents required for Home Loan Disbursement

Proof of Income

SalariedNRI SalariedSelf-Employed
3 months pay slip3 months pay slip2 years ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
6 months pay slip/2 years bonus proof (in case of variable pay)Appointment letter/contract letterFor Asha HL – 1 year ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
6 months bank statement showing salary creditsContinuous Discharge Certificate for Shipping casesTax Audit Report
(if gross turnover exceeds ₹1 crore or gross receipts exceed ₹25 lakh)
2 years Form 16 (or employment continuity proof)6 months Domestic NRE/NRO account statement6 months bank statements of personal and business accounts
6 months international salary account statementCPC and tax paid challan
Overseas credit reportAtleast 3 years of business continuity proof
Valid visa copy/OCI card
Passport copy
POA details

Home Loan Balance Transfer

CategoryDetails
For Balance Transfer / Takeover of Loan from Other Bank / Financial Institution12 months loan account statement with latest outstanding letter
Existing loan details and 6 months bank statement from where EMI is deducted

Other Important Documents

Other Documents
Completely filled and duly signed application form along with all applicants’ latest passport size photo
Aadhar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSAI cheques
Self-attestation of borrowers on all documents submitted

Check Out: List of Documents Required for Home Loan Sanction

Axis Bank Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Axis Bank offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

Home Loan Type Tenure
Axis Bank Housing Loan/ Subh Arambh Home Loan30 Years
Axis Bank Super Saver Loan22 Years
Axis Bank Top Up LoanSame as the Outstanding Home Loan Tenure
Axis Bank Asha Home Loan30 Years
Axis Bank Fast Forward LoanMinimum: 20 Years
Axis Bank Quick Pay Home Loan30 Years

Impact of Home Loan Tenure on EMIs

  • EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
  • Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
  • Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
  • Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Axis Bank Home Loan Tenure?

  • Assess income, expenses, and job security for consistent repayments.
  • Opt for shorter tenures to reduce overall interest costs.
  • Choose EMIs that fit comfortably within your budget.
  • Calculate total interest to minimize long-term costs.
  • Check for prepayment options without heavy penalties.
  • Align tenure with long-term financial goals.
  • Plan to settle the loan before retirement.
  • Factor in potential salary growth for shorter tenures.
  • Balance EMI affordability with loan tenure.

How To Apply For a Home Loan From Axis Bank?

Getting your dream home is easier than ever with Axis Bank. Apply today and take the first step towards securing a home loan with competitive rates and flexible terms!

Here’s the information in a table format:

StepsDescription
1. Meet a Loan ExecutiveDiscuss your home loan requirements with an Axis Bank loan executive.
2. Submit Application and DocumentsProvide the filled application form and required documents (e.g., income proof, ID proof, address proof).
3. Document ReviewThe legal and technical teams will verify your application and documents.
4. Receive Sanction LetterIf approved, receive a sanction letter with loan terms.
5. Submit Additional DocumentsProvide any additional documents requested by the bank.
6. Loan ApprovalReceive final confirmation of loan approval.
7. Loan DisbursementThe approved amount will be disbursed within 15 days.
Note: Submitting the required documents does not guarantee loan approval, as it depends on meeting the bank’s criteria.

Read More: How to Check Axis Bank Home Loan Statement?

Axis Bank Home Loan: Minimum and Maximum Loan Amount

Axis Bank offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search.

Types of Home LoansMinimum Loan AmountMaximum Loan Amount
Subh Arambh Home Loan₹1,00,000₹30,00,000
Fast Forward Home Loan₹30,00,000Depends on income
Asha Home Loan₹1,00,000₹35,00,000
Home Loan Top Up–₹50,00,000
Super Saver Home Loan₹10,00,000–
Quick Pay Home Loan₹3,00,000–

Home Loan Down Payment

Loan Amount% of Down Payment Required
Up to ₹30,00,00010% of the property value
₹30,00,000 – ₹75,00,00020% of the property value
₹75,00,000 and Above25% of the property value

Check Out : Calculate Your Down Payment Now

Axis Bank Home Loan Customer Care

To facilitate effective communication with customers, in addition, Axis Bank offers various channels for customer support.

Contact CategoryContact Information
Toll Free Number1860 419 5555/ 1860 500 5555
Charges Applicable1860 500 4971
NRI Non Toll Free Number+91 40 67174100
NRI (Toll Free Number)USA: 1855 2055577
Saudi Arabia: 800 850 0000UK: 8008 178 5040
UAE: 8000 3750 3218
Singapore: 800 1206 355
Qatar: 00 800 100 348
Canada: 1855 436 0726
Australia: 1800 153 861
SMS for E Statement“ESTMT” to 56161600/ 9951860002
Corporate OfficeAxis Bank Limited,“Axis House”P.B Marg, WorliMumbai – 400025

Axis Bank Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Axis Bank has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest Axis Bank branch using our branch locator tool.

Axis Bank Home Loan Approval and Disbursal

Axis Bank is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

  • Completeness of documents
  • Property type and location
  • Applicant’s financial profile and credit score

Axis Bank Home Loan Disbursement Process

Axis Bank ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan: Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction: Upon submission, Axis Bank reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement: After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Home Loan Disbursement

  • Full Disbursement: Entire loan amount released if the property is fully constructed
  • Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of Axis Bank Home Loan Approval?

  • Maintain a high credit score
  • Showcase strong financial stability
  • Reduce existing debt obligations
  • Provide complete and accurate documentation
  • Pay sufficient down payment
  • Choose property in approved locations
  • Maintain consistent employment history
  • Avoid multiple loan applications simultaneously
  • Submit clear and legal property documents
  • Ensure proper property valuation
  • Keep income tax returns up to date
  • Maintain low credit utilization ratio

Axis Bank Home Loan Insurance

Axis Bank does not directly offer a home loan insurance product. However, they partner with the following insurance providers to offer home loan insurance solutions:

  • Life Insurance Corporation of India
  • Max Life Insurance
  • Tata AIG General Insurance
  • Bajaj Allianz Life Insurance
  • Aditya Birla Health Insurance
  • ICICI Lombard General Insurance
  • Niva Bupa Health Insurance
  • Go Digit General Insurance
  • Royal Sundaram General Insurance
  • The New India Assurance
  • Bajaj Allianz General Insurance
  • Tata AIA Life Insurance

Must Read: Is home loan insurance mandatory?

Axis Bank Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

SectionDeduction TypeMaximum Deduction AmountConditions
80CPrincipal Repayment of Home Loan₹1.5 Lakh per annumThe house property must not be sold within five years of possession. 
80CPayment of Stamp Duty₹1.5 Lakh per annumThese expenses can only be claimed in the year they are incurred. 
24bInterest Payment on Home Loan₹2 Lakh per annumThe loan must be taken for purchasing or constructing a house.

If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken.

If the property is let out (rented), there is no cap on the interest deduction under Section 24(b).

This allows property owners renting out their property to claim full interest payments as a deduction.
Note: Section 80C also covers other investments like Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), and more, up to a combined total limit of ₹1.5 lakh.

Must Read: Calculate Your Home Loan Tax Savings

1. Section 24B – Deduction on Home Loan Interest

What It Is: Allows you to claim a deduction on the interest paid on your home loan.

  • Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
  • Rented Property: No upper limit on the interest amount you can claim.

Example

CategoryAmount
Loan AmountRs. 70,00,000
Interest Payable Per YearRs. 4 Lakhs
Tax Deduction Rs. 2 Lakhs/ Year
Tax Bracket30%
Tax Benefits per YearRs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is: Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

  • Reduces your taxable income by the principal amount repaid.
  • Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

CategoryAmount
Loan AmountRs. 75,00,000
Principal Payable Per YearRs. 3.5 Lakhs
Tax Deduction Rs. 1.5 Lakhs per Year
Tax Bracket30%
Tax Benefits per Year50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is: When two or more people take a joint home loan and are co-owners of the property.

  • Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
  • Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
  • Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

  • Father/ Mother
  • Unmarried Daughter
  • Siblings
  • Husband/ Wife
    (Minors cannot be considered as co-applicants for a Home Loan)

Example

CategoryCo Applicant 1Co Applicant 2
Tax Deduction under 24BRs. 2 Lakhs/ YearRs. 2 Lakhs/ Year
Tax Deduction under 80CRs. 1.5 Lakhs/ YearRs. 1.5 Lakhs/ Year
Tax Deductions/ YearRs. 3.5 Lakhs/ YearRs. 3.5 Lakhs/ Year
Tax Bracket30%30%
Tax BenefitsRs. 1.16 Lakhs/ YearRs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

  • EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
  • Money Saved through Tax Deductions: ₹2,32,000
  • Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Why Should You Choose Axis Bank For Your Home Loan?

  • Flexible repayment tenure for convenience.
  • Transparent and efficient loan processing.
  • No prepayment penalty for floating rate loans.
  • Doorstep service for added convenience.
  • Competitive and attractive interest rates.
  • Hassle-free balance transfer process.

How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

  • Guaranteed up to 100% funding
  • Receive lifetime assistance and expert guidance long after your loan is approved.
  • Enjoy a fully digital process with minimal paperwork 
  • Get your loan approved within just 1-2 weeks.
What is the maximum tenure Axis offers home loan for

The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)

Are Axis housing Finance interest rates fixed or floating?

Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.

How is Interest Rate Determined for Axis Home Loan

Axis determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for Axis Home Loan?

To calculate the EMI for an Axis Home Loan, visit Axis Bank’s official website and use their EMI calculator by entering the loan amount, interest rate, and tenure. Alternatively, use Credit Dharma’s EMI calculator for quick results.

Axis Bank Calculators
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