You may consider opting for an Axis Bank home loan transfer in various situations.
When interest rates fall. If you have availed a floating interest rate loan, any change in the general interest rate scenario will affect your loan rate. But when the interest rates fall, not all lenders reduce their rates in equal measure. This is when you could consider a home loan transfer, especially if you get lower interest rates.
If your eligibility improves. This facility is also beneficial for individuals who purchased a home loan at higher interest but are now eligible for lower rates due to their improved credit profile.
Thus, our home loan balance transfer offers a lower interest rate or extended tenure that helps you reduce your overall interest cost. The extent of savings, however, depends on the outstanding loan amount, tenure, difference in interest rates, and home loan transfer charges.
So, don't miss an opportunity to save by switching your existing home loan to Axis Bank. Moreover, a home loan transfer with a top-up facility can be used for various personal purposes.
Due to the differences in home loan rates, borrowers can benefit by switching over to loans with lower interest rates via home loan transfer.
- Lower interest rate : Refinancing your existing loan at lower rates means paying lower EMIs, thus increasing your savings.
- Alter loan terms : With Axis Bank's home loan balance transfer, you can alter or change the loan tenure and even restructure loan terms.
- Hassle-free processing : The entire process is hassle-free, with basic eligibility criteria and requiring minimum documentation.
- Customised repayment options : Choose repayment options as per your preference.
- Top-up loan : Get a home loan balance transfer with a top-up facility, which comes at a lower interest rate than personal loans.
- No prepayment penalty : RBI guidelines prohibits lenders from imposing any prepayment penalty in the case of home loan balance transfers in the case of floating interest rates. Loans on fixed interest rates attract a nominal charge.
- Overdraft facility : Avail overdraft facility on the balance transfer home loan.
- Better service : Choose from the host of Insta services online, reach our nearest branch or connect through our customer service team.
- Tax-benefits : The home loan transfer facility will continue to offer the tax benefits for principal and interest repayment under the applicable sections of the Income Tax Act.
- Salaried individuals (working in government and private sector)
- Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, management consultants, etc.)
- Self-employed in business and filing Income-Tax Returns
These individuals must fulfil the following conditions:
1. Must be an Indian resident
2. Should be between 21 years and 60 years (for self-employed, the maximum age is 65 years)
3. Loan tenure can be the same as with the previous bank or can be extended at the bank's discretion.
4. The minimum loan amount must be ₹3 lakh, and the maximum amount may vary depending on the borrower's repayment capacity.
If you are Axis Bank's premium banking customer, you may contact your relationship manager for details on more benefits.
The following documents must be submitted to avail of this benefit.
- All property documents in possession of the existing home loan lender
- Attested copy of the loan statement
- Last 12 months' bank statement reflecting EMIs deducted.
- NOC or consent letter from the existing bank
- Income statements
- Salary slips and Form 16
- Latest Income-Tax Returns
- KYC documents (Aadhaar, Passport, PAN card, Voter id, Driving licence, etc.)
- Application form duly filled to new lender/bank.
