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₹5 Lakh Home Loan

Your dream of Home ownership starts with Axis Bank

Buy an entry level home with a ₹5 lakh Home Loan

At Axis Bank, we understand the pivotal role homeownership plays in financial stability and personal fulfillment. Our home loan for ₹5 lakh provides a convenient and accessible entry point into the property market. Utilise our online platform to efficiently assess your eligibility, submit your application, and receive a personalised quote.

₹5 Lakh Home Loan EMI for 10 Years

Let us calculate EMI for ₹5 lakh Home Loan with the following details.

Loan Amount (₹)5,00,000
Tenure (years)10
Interest Rate (p.a.) 8.75% - 9.15%

Note: Considering 8.75% interest in the below scenarios.

₹5 Lakh Home Loan EMI

EMI for 10 YearsEMI for 15 YearsEMI for 20 YearsEMI for 25 Years
Equated Monthly Instalments (EMI in ₹)6,2664,9974,4194,111
Principal Amount (₹)5,00,0005,00,0005,00,0005,00,000
Interest Amount (₹) 2,51,9613,99,5045,60,4537,33,215
Total Amount Payable (₹) 7,51,9618,99,50410,60,45312,33,215

Similarly, you can calculate ₹5 lakh Home Loan EMI for 5 years using Home Loan EMI Calculator.

How to apply for ₹5 lakh Home Loan online at Axis Bank?

To apply for Axis Bank Online Home Loan

  • Check your eligibility criteria before applying for the Home Loan
  • Use the Home Loan Eligibility Calculator to know if you can afford the Home Loan
  • Visit the Axis Bank Home Loan page and click the "Apply Now'' button
  • Fill in your details and click on Submit (confirm whether you are an existing customer or a new customer, provide name, mobile number, email ID, city and state)
  • Wait for a call from the Axis Bank representative to explain details of the product
  • Submit all documents
  • Once sanctioned, submit the property documents for verification
  • Get approval in 15 days, subject to availability of all required documents

Eligibility to get Home Loan of ₹5 lakh

  • You have to be a salaried employee (permanent government employee or working in a reputed private company). You should be above 21 years of age when applying for the loan and 60 years or at the age of superannuation at the time of the loan maturity.
  • Professionals (i.e. doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries and management consultants) or self-employed individuals who fall in the income-tax bracket, are also eligible for a Home Loan of Rs 5 lakh. But in this case the age limit is 21 years at the time of applying for the loan and 65 years at the time of the loan maturity.
  • The bank will also consider your annual income, number of dependents, employment status, existing assets, ongoing loan repayments, and credit score when considering your application for a Home Loan for ₹5 lakh. Essentially the bank will check if you can afford to repay the ₹5 lakh Home Loan EMI and whether the EMIs on all your loans together exceed 40% of your take home pay.

₹5 lakh Home Loan Fees and Charges

  • Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable).
  • An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
  • The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.

Factors that affect interest rate applicable on a ₹5 lakh Home Loan

  • RBI’s repo rates – Since Home Loan rates are linked to the RBI’s repo rates, any change in the RBI’s rates will impact the Home Loan interest rate
  • Type of loan chosen – Whether it is a Floating Rate Home Loan or a Fixed Rate Home Loan will impact the interest rate. The interest rate on a Fixed Rate Home Loan is higher than a Floating Rate Home Loan
  • Your job profile and credit score also impact the interest rate. A borrower with a stable job and high credit score may get a Home Loan of ₹5 lakh at a better rate of interest

Documents required for ₹5 Lakh Home Loan

  • Mandatory Documents- Application Form and PAN Card
  • Any one of the following for Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID
  • Any one of the following for Proof of Address- Aadhdaar Card, Gas Bill, Driving License, Voter Id, Electricity Bill, Telephone Bill (Landline) Property Tax Receipt, Job Card by NREGA duly signed by an officer of the State Government, Letter issued by National Population Register confirming details of Name, Address, Photograph
  • Any one of the following for Date of Birth proof - Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
  • Any one of the following for Signature Proof - Passport, PAN Card, Banker’s verification, Notarized affidavit with ID and Address proof (not applicable for financial applicant)

Additional Documents for Self-employed

  • 2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • For Asha Home Loan - 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • Tax Audit Report (required for individuals whose sales turnover exceed the norms stipulated by the Income Tax Act)
  • 6 months bank statements of personal and business accounts
  • If ITR is filed without digital sign - CPC and tax paid challan
  • Three years business continuity proof

For NRI salaried

  • 3 months pay slip
  • Appointment letter/contract letter
  • Continuous Discharge Certificate for Shipping cases
  • 6 month Domestic NRE/NRO A/C statement
  • 6 months international Salary A/C statement
  • Overseas credit report
  • Valid visa copy/OCI card
  • Passport copy
  • POA details

Additional Documents for Salaried

  • 3 months pay slip
  • 6 months pay slip showing all deduction for variable income
  • 6 months bank statement showing salary credits
  • 2 years Form 16 (or employment continuity proof)

Frequently Asked Questions

The higher your credit score, higher are the chances of your loan getting approved. Any score above 750 is considered good.

No, you will need documents showing KYC and income proof, in addition to property and stamp duty papers of the house you are buying.

Ideally, your income should be 3-4 times the loan amount to be eligible for the loan. This will ensure that you would be able to afford the ₹5 lakh Home Loan EMI and repay your loan without a burden on your finances.