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Axis Bank Home Loans

Fast Forward Home Loans


 

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EMIs Waived Off*

 12 EMIs can be waived off if all other EMIs have been paid regularly

No Prepayment Charges*

Loan should be live for atleast 10 years to avail waiver

Balance Transfer Facility

Transfer an existing home loan to Axis Bank without any hassle

Loan Amount

Minimum - Rs. 30,00,000
Maximum - Depends on combined income

Features and Benefits

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

For loans greater than Rs. 30 lakhs & up to Rs.75 lakhs – 85% of Documented Cost or 80% of the Market Value (Whichever is Lower)
For loans above Rs. 75 lakhs – LTV up to 85% of the Documented cost or 75 % of the Market Value (Whichever is Lower)

The minimum tenure under this scheme is 20 years.
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.
- 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
Yes, you can switch (if offered by the bank at the time of your request) to a lower interest 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.
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 120 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.
Yes. However, on doing so your loan will be disqualified from the EMI waiver benefit offered as a part of this product.
Yes. Movement in the base rate/MCLR 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 120 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.
The waiver benefit will be given to you for only 5 EMIs. Under this product, if the residual EMIs are less than 6 EMIs, then the residual tenure will be waived off. (subject to no other dues pending)

Yes. The benefit passes on to you is in the form of reduction in tenure twice during the tenure of the loan on the completion of 10th and 15th year from the date of 1st disbursement. In case of any change in EMI amount due to prepayments or fluctuations in Base Rate/MCLR, the EMIs existing at the time of waiver will be considered

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.

Yes. Post 120/180 months, if you are eligible for the benefits of the product, you shall be eligible for waiver of 6 EMIs.

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

Loan Application – Submit a completely filled application along with necessary documents

Loan Sanction – An approval for specific loan amount post necessary credit checks on the basis of financial eligibility

Legal & technical appraisal – Legal and technical appraisal of the property

Part Disbursement – Loan disbursement linked to the stage of construction for under construction property

Disbursement – Full Loan disbursal for the completed properties

An Equated Monthly Instalment (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.
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

Axis Bank's PAN is AAACU2414K and its registered office address is Axis Bank Limited, TRISHUL, Third Floor, Opp. Samartheshwar Temple, Nr. Law Garden, Ellisbridge, Ahmedabad - 380 006

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.
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.
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.

No, you will not be eligible to take a loan under the Fast Forward Home Loans scheme.

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