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Axis Bank - Home Loans

Now get your last 12 EMIs waived off at no extra cost by paying your EMIs regularly! With Axis Bank Happy Ending Home Loans, you can now make your home your own sooner.

Under this scheme, you can avail a Home loan for purchasing an under construction/ ready/ resale house self-construction, plot plus construction loans. Other advantages include:

  • Last 12 EMIs waived off*: Now get your last 12 EMIs waived off* at no extra cost by paying your EMIs regularly. Just make sure that your repayment track record is clean, i.e., only 3 instances where dues are pending for 30 days and above but never over 90 days during the life of the loan. The minimum tenure at the time of disbursement needs to be 20 years. You can also part pay your loan, as long as the loan tenure does not fall below 180 months.
  • No hidden charges: This benefit comes to you at no extra cost!
  • Standard interest rates apply: Avail and enjoy standard interest rates on your Happy Ending Home Loan
  • Balance transfer facility: Transfer your Home Loan to us without any hassles
  • Doorstep service: The bank comes to your doorstep for your Home Loans
  • Nil prepayment charges*: Pay off your housing loan early without worrying about the prepayment charges. However, the extent of part payment should be such that the tenure does not fall below 15 years
  • Quick and transparent processing: Get your Home Loan much before than you expect
Purpose Salaried Self Employed
Proof of identity Passport or Voter's ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card Passport or Voter's ID card or driving license or PAN card or photo credit card
Proof of income Latest 3 Months salary slip showing all deductions and Form 16 IT returns for the last 2 years and computation of income for the last 2 years certified by a CA
Proof of residence Bank account statement or latest electricity bill or latest mobile or telephone bill or employers letter certifying the current mailing address Bank account statement or latest electricity bill or latest mobile or telephone bill
Bank statement or Pass Book where salary or income is credited Last 6 months Last 6 months

You can borrow a minimum of Rs. 3 Lakhs under this scheme.

Sr. No Loan amount (Rs.) Margin
1 For Loan up to Rs. 20 Lakhs 15%
2 For Loan Rs. 20 Lakhs to up to Rs. 75 Lakhs 20%
3 For Loan above Rs.75 Lakhs 25%

For Salaried:

Sr. No Type Loan amount (Rs.) Base Rate + Mark Up Effective Rate Of Interest
1 Floating Rate Loans up to Rs. 75 Lakhs Base Rate + 0.00% 10.25% p.a
Loans above Rs. 75 Lakhs Base Rate + 0.25% 10.50% p.a

For Self Employed:

Sr. No Type Loan amount (Rs.) Base Rate + Mark Up Effective Rate Of Interest
1 Floating Rate Loans up to Rs. 25 Lakhs Base Rate + 0.25% 10.50% p.a
Loans above Rs. 25 Lakhs Base Rate + 0.75% 11.00% p.a
Description of charges Amount (Rs.)
Processing Fee Charges Up to 1% of the loan amount subject to minimum of Rs.10,000/-
Default Interest Rate @24 % per annum, 2% per month
Switching Fees(Higher Floating Rate to Lower Floating Rate) 0.5% on outstanding principal with a minimum of Rs.10,000/-

The lower rate will be equal to the applicable carded interest rate
Instruction/Instrument Return charges Rs.500/- Per Instance
Cheque/Instrument Swap charges Rs.500/- Per Instance
CERSAI Charges Rs.500/-
Duplicate Statement issuance charges Rs.250/- Per Instance
Duplicate Amortization schedule issuance charges Rs.250/- Per Instance
Duplicate Interest Certificate(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
Prepayment charges including part prepayment for floating rate loan Nil
Equitable mortgage creation charges As applicable in the state
Credit Bureau report issuance charges Rs.50/- Per Instance

* Service Tax as applicable will be levied

**The rates are subject to change without prior intimation, Please visit www.axisbank.com or contact nearest Axis Bank Loan Centre to get the latest charges schedule

For what purposes can I avail a Home Loan under this scheme?

Under this scheme, you can avail a Home loan for purchasing an under construction/ready /resale house, self-construction, plot plus construction or home extension & improvement loans.

Can I avail of this scheme under a ‘fixed rate’ option?

This scheme is offered only under ‘floating rate’ option.

What is the maximum loan as a percentage to the property value permissible under this scheme?

For loans up to Rs.20 Lakhs – 85% of Documented Cost or Market Value (Whichever is Lower)

For loans greater than Rs.20 Lakhs & up to Rs.75 Lakhs – 85% of Documented Cost subject to 80% of the Market value

For loans above Rs.75 Lakhs – LTV up to 85% of the Documented cost subject to 75 % of the Market Value

What is the minimum tenure option I can avail under this product?

The minimum tenure option under this scheme is 20 years.

What is the maximum tenure option i can avail under this product?

The maximum tenure under this scheme is 30 years for salaried and self-employed customers to the age of the borrower not exceeding 60 years or 65 years respectively at loan maturity

What are the documents that I need to submit for availing a loan under this scheme?

  • Application form with photograph of applicant & co-applicant
  • Address, signature , age and identity of applicant / co-applicant
  • Copy of PAN card of applicant /co-applicant
  • 6 months bank statements from all current accounts (in case of sole proprietor / firm) & savings bank accounts (in case of individual).
  • Business continuity proof for last 3 years and ITR/ Computation of Income/ Audited financials of applicant /co-applicant for 2 years in case of Self-employed customers.
  • Last 3 salary slips and latest form 16 in case of salaried customers.
  • Processing fee cheque

I am purchasing a flat in a reputed township. The developer has agreed to provide me a subvention wherein he will bear the interest portion of my loan for 12 months. Can I club this benefit with the Happy Ending Home loan?

The ‘Happy Ending Home loan’ cannot be clubbed with the subvention scheme or any other scheme for that matter.First disbursement and part prepayments may result in tenure decrease of your loan if you opt for the same instead of EMI reduction.

Since my loan is ‘floating’, the interest rate on my loan now is higher than what Axis Bank is offering to new customers. Can I switch to the new rate under this scheme?

Yes, you can switch (if offered by the bank at the time of your request) to the new floating rate under this scheme by paying the applicable charges. You will have the option to reduce the EMI or tenure as per your requirement. However, the switch option is available only under the ‘floating rate’ option. The option to convert the ‘floating rate’ to ‘fixed rate’ is not offered under this scheme.

Can I make part prepayments under this scheme?

Yes. You can make part prepayments under this scheme with complete flexibility. However, to be eligible under this scheme your loan must be live with us for at least 180 months from the date of first disbursement and part prepayments may result in tenure decrease of your loan if you opt for the same instead of EMI reduction.

I had availed a Happy Ending Home Loan 7 years ago. Since then, my income has increased substantially and hence I want to increase my EMIs. Can I be allowed to do so?

Yes. However, on doing so your loan will be disqualified from the EMI waiver benefit offered as a part of this product.

Can I foreclose my loan after 180 months from the date of my first disbursement and still be eligible under this scheme?

Yes. The benefit passed on to you will be lower of your original 12 EMIs or opening balance of your 12th EMI from the bottom as per the schedule or the closing principle after the payment of your 180thpre-EMI/EMI if the balance EMIs due is less than 12.

Since I have availed a floating rate loan, Axis Bank will change my EMI/Tenure whenever there is a change in the Base rate. Will this impact my eligibility under this scheme?

Yes. Movement in the Base rate in either direction may impact the EMI and / or tenure of your loan. Axis Bank based on its internal credit risk policy revises the EMI/Tenure or a combination of both whenever there is a change in the Base rate. Hence, there may be instances where your tenure may increase or decrease which thereby resulting in your loan crossing /falling below the minimum requirement of being live for 180 months and making your loan disqualified under the scheme. However, you can ensure that the impact is minimized by not making part prepayments which accelerate the loan tenure reduction.

I have qualified under all parameters specified by you and now have only 12 residual EMIs to be paid. When will I get the benefit of this scheme as per my eligibility?

Any customer who qualifies as per the norms under this product and has only 12 residual EMIs, Axis Bank will waive off the Opening Principle outstanding of the residual 12 EMIs and your loan will be closed (subject to no other dues pending)

I have qualified under this scheme and my loan has been live for 180 months. However, I have 5 residual EMIs only. Will I get the benefit of 12 EMIs being waived?

The waiver benefit will be given to you for only 5 EMIs. The benefit will be given by waiving off the opening principle outstanding of your residual 5 EMIs. Under this product, the last 12 EMIs or residual EMIs over 180 months, whichever is lower, will be waived off for eligible customers.

On account of rising interest rates, Axis Bank has increased my EMI from Rs 24,959 per month at the time of disbursement to the current Rs 30,070 per month. Hence, when I am eligible for an EMI waiver, will I get the benefit computed at 30,070 EMI?

The benefit will be lower of the Principal outstanding at the beginning of last 12 EMIs of your loan or the original EMI at the time of you availing the loan. Since the principle outstanding at the beginning of the last 12 EMIs is Rs 3,34,906 the amount of waiver given to you will be Rs 2,99,514 (original 12 EMIs).

I want to reduce my EMI and increase my tenure without making a part prepayment. Will I be allowed to do so?

No, you will not be allowed to do so.

I have enquired with your customer care department about my eligibility and they have stated that I have not qualified under this scheme because of delayed EMI Payments made by me. However, I have cleared all the outstanding amounts. Will I now be eligible under this scheme?

No. As per the terms of the scheme, not more than 3 instances of a customer’s monthly dues pending for 30 days and above are permitted. Similarly, no payment due from the customer must be delayed for 90 days and above at any time during the life of the loan to be eligible under this scheme. Your payments have to Axis Bank have breached the above norms and hence you would not be eligible for the benefit under this product

Can I foreclose my loan after 180 months from the date of my first disbursement and still be eligible under this scheme?

Yes. The benefit passed on to you will be lower of your original 12 EMIs or opening balance of your 12th EMI from the bottom as per the schedule or the closing principle after the payment of your 180th Pre-EMI/EMI if the balance EMIs due is less than 12.

I want to change my EMI cycle to 10th of every month?

Under this scheme, the EMI cycle will remain 5th of every month for all customers. No deviations will be permitted.

I am interested in availing this product to purchase an under construction property. Hence, I will draw down the loan in phases and will be paying pre-EMI for atleast 18 months. From which date would my eligibility be computed i.e. from first disbursement date of from the day my final disbursement is done?

The minimum seasoning norm is computed from the date of first disbursement and not from the date of final disbursement.

When my loan was disbursed, I had submitted an ECS mandate towards payment of my monthly EMIs to Axis Bank from my existing savings bank account maintained with a MNC bank. However, there was a delay on the part of my existing savings account banker to update their records resulting in delay in the payment of my 1st EMI by 95 days. Now I have been told by Axis Bank that I will not be eligible under this scheme as one of the conditions of this scheme is that any outstanding against my loan should not have been due beyond 90 days. Since, the delay was not from my end, I request you to kindly pass on the benefit to me under this scheme.?

We regret to inform you that we will not be able to extend the benefit to you under this scheme on account of the delay in your payments beyond 90 days which is a qualifying condition under this scheme.

What are the stages involved in taking a Home Loan?

  • Loan Application – Submit a completely filled application along with necessary documents
  • Loan Sanction – An approval for specific loan amount post necessary credit checks
  • Legal & technical appraisal – Study of the property for its legal and technical soundness
  • Part Disbursement – Get finance as per construction stage (in under construction project)
  • Disbursement – Get finance for your property

What is a Monthly Reducing Balance?

An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.

When will I get my provisional / final Interest certificate?

You may download the provisional certificate from our website under Home Loan section. Alternatively, you may apply for the same by submitting your application to your nearest Loan Center/Branch .The Final Interest certificate shall be mailed to your last known address once a year by the Bank

How do I get part disbursement at every stage of construction completion?

For every disbursement request, you would have to come to nearest Axis Bank Loan center with the builder demand letter and other supporting documents including disbursement request form. On the basis the appraisal of the stage of construction of the property, the bank would disburse the funds.

Kindly advice the best option for ECS or PDC or SI?

From customer ease perspective, most of our customers today opt for Standing Instructions or Electronic Clearing Services and we too promote the same in centers where this facility is available. PDC’s are acceptable in the centers where ECS is not available.

What is Pre-EMI interest?

Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.