Power Advantage Home Loans - FAQs

Home Loan tenure can be upto a maximum of 30 years. However the fixed rate tenure is restricted to two years. Under Power Advantage Home Loan you can avail fixed rate upto 2 years of loan tenure. Post which the ROI will be converted to Floating ROI for the remaining loan tenure

The loan eligibility of the borrower would be calculated as per existing Home Loan norms at the normal floating rate offered at the time of sanction

Yes, you can opt for Balance Transfer under Power Advantage Home Loan provided it fits in the scheme Yes, you can do a Balance Transfer under Power Advantage Home Loan variant provided it fits in the policy

Scenario 1: In case your loan is in Pre EMI initially and the loan gets disbursed fully during the fixed rate loan tenure, you will get the benefit of fixed rate till a maximum of two years under Power Advantage Home Loan from the date of first disbursement.

Scenario 2: In case your loan remains in Pre EMI for the full fixed rate tenure, then the benefit of fixed rate will also be given to a maximum tenure of two years under Power Advantage Home Loans from the date of first disbursement

EMI for the fixed tenure will be calculated based fixed tenure ROI as stated in sanction letter however for the floating tenure the EMI will be calculated based on MCLR at the time of conversion with a constant markup which is offered to the customer at the time of sanction

Yes. You can make part payments/ foreclosure towards your loan account under this product variant with complete flexibility as per existing process. However we will be charging a fee of 2%+GST on the principal outstanding in case of foreclosure or 2%+GST on prepayment amount in case of part payment, if the foreclosure/ part payment is being done within fixed rate tenure i.e. during the time the loan account is in fixed rate tenure in the initial two years

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

Under the Fixed plus Floating Home Loan variants, you will not be allowed to switch your Loans from fixed to floating rate and vice versa as per your requirement. Under Power Advantage Home loan will automatically get converted to floating rate after two years of the first loan disbursement date.

No, fixed rate tenure benefit cannot be extended under the said product variant

You may obtain the provisional/final interest certificate in the following ways:

• Download the provisional/final interest certificate from our website through Internet Banking under loan section
• Download the provisional/final interest certificate from our Mobile Banking App under loan section
• Reach out to our Call Centre and request for your interest certificate
• Apply at your nearest Axis Bank loan centre/Branch

The final/provisional interest certificate will be mailed to you once a year by the Bank

Yes, you will be eligible to take a loan under the Power Advantage Home Loan.

Yes, you can apply for both the schemes together

Yes, a self-declaration affidavit in the format as available in Axis Bank offices.

You will be charged a constant mark-up on the MCLR/Repo Rate at the time of sanction projecting a future EMI. However if the MCLR/Repo Rate increases/ decreases at the time of conversion from fixed to floating rate , the tenure will be adjusted keeping the projected EMI constant. However, in case of increment in loan tenure if the EMI is not adequate to cover the interest payment, then the EMI amount will be increased.

SALARIED CUSTOMERS:

• Application Form with Photograph duly signed by all applicants
• Identity, Residence and Age Proof
• PAN Card Copy
• Last 3 months Salary Slips
• Form 16 / Income Tax Returns
• Last 6 months Bank Statements
• Processing Fee Cheque
• Affidavit, if eligible under Pradhan Mantri Awas Yojana scheme (optional)

SELF EMPLOYED CUSTOMERS:

• Application Form with Photograph duly signed by all applicants
• Identity, Residence and Age Proof
• PAN Card Copy
• Education Qualification Certificate (for professionals only)
• Proof of Business existence
• Last 2 years Income Tax Returns with Computation of Income
• Last 2 years CA certified / Audited Balance Sheet and Profit & Loss accounts
• Last 6 months Bank Statements
• Processing Fee Cheque
• Affidavit, if eligible under Pradhan Mantri Awas Yojana scheme (optional)

Yes, you can switch (if offered by the bank at the time of your request) to a lower interest as per applicable offer under this variant 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 variant.

Eligibility will be calculated based on KYC/ income norms based on the floating rate interest which is applicable at the time of sanctioning the loan

No, you will not be allowed to do so.

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.

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 visit 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.

If your loan is partially disbursed, we charges only interest component upto 30 months of initial disbursement.
This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of disbursement up to the loan is becoming fully disbursed or upto 30 months.

Please refer Pradhan Mantri Awas Yojna scheme details

Yes, beneficiary can avail a longer term beyond 20 years as per Axis Bank credit norms but the subsidy will be restricted to a max term of 20 years

Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:

1. Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
2. Excess amount equal to (=) EMI: If service request (SR) / instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded to your operative account.
3. Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the Loan account for 15 days. Post 15 days, the excess funds shall be adjusted towards principal outstanding as a part payment.
4. Excess amount equal to (=) or greater than (>) foreclosure / pre-closure amount : In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account and:
1. Excess amount is equivalent (=) to the foreclosure amount, Loan account will be proactively closed by the Bank.
2. Excess amount is greater than (>) the foreclosure amount, adjustment in Loan account would be as follows:
1. If excess amount is up to INR 20,000, Loan account would be closed by the Bank and after closure, excess funds would be credited to the Loan repayment account.
2. If excess amount is greater than INR 20,000, the Bank will connect with you telephonically for verification of payment. Alternatively, you may connect with the Bank on 18604195555 to confirm the credit adjustment in your Loan account.
5. Excess amount less than (<) the foreclosure amount: In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account, then excess amount will be adjusted against the outstanding principal, leaving an amount equivalent to one EMI for forthcoming EMI presentation. However, in case you would like the entire amount to be adjusted against the outstanding principal, please place a request at Phone Banking / Loan Centre at the earliest.