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Axis Bank Home Loans

Happy Ending Home Loan

Pay your home loan EMIs regularly and get
the last 12 EMIs waived off*, at no extra cost

 

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EMIs Waived Off*

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

No Prepayment Charges*

As long as tenure does not fall below 15 years

Balance Transfer Facility

Transfer an existing home loan to Axis Bank without any hassle

Loan Amount

Minimum - Rs. 3,00,000
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 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
The minimum tenure option 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
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.
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.
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.
Yes. However, on doing so your loan will be disqualified from the EMI waiver benefit offered as a part of this product.
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.
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 minimised by not making part prepayments which accelerate the loan tenure reduction.
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)
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.
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).
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. 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.
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
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
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
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.

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