FAQs - QuikPay Home Loans

How is Quikpay Home Loan different from a regular Home Loan?

With QuikPay Home Loan you get to pay higher principal earlier in the loan tenure. Unlike a regular Home Loan, here the monthly instalments are not equal every month but decrease each month. This helps you repay your principal faster and reduces your interest payments. For more details click here.

How much will I save on my loan if I opt for the QuikPay Home Loan?

With QuikPay Home Loan you get to pay higher principal earlier and thus make savings on interest paid . Our savings calculator will help you know how much you will save on your Home Loan.click here

What is the best way to apply for an Axis Bank Home Loan?

You can start the process of applying for a Home Loan in any of the following three ways:

Online by clicking here

In person at any Axis Bank Loan Center. To find the one closest to you, please click here

By calling our Call Center at 1-860-419-5555 and 1-860-500-5555 (charges applicable as per service provider)

SMS Home to 5676782

Can I also avail of a Home Loan for home improvements or a home extension?

Yes! You can avail of an Axis Bank Home Loan from for any of the following:

Purchase of a home

Construction of a home

Home repairs

Home improvements

Home extension

Purchase of plot and construction of a house thereon

Under the QuikPay Home Loan can I opt for fixed rate of interest?

No, under QuikPay Home Loan fixed rate of interest is not applicable. Only floating rate of interest can be availed. The applicable floating rate of interest will change with change in the Bank's MCLR rate. For more details on interest rates offered by Axis Bank, please click here

What criteria will Axis Bank look at to decide my eligibility for a Home Loan?

Among the multiple factors that Axis Bank considers in determining Home Loan eligibility are:

Income of all applicants

Age of the primary applicant

Number of dependents that the applicants have to support

Assets and liabilities of the applicants

Stability and continuity of the primary applicant's occupation.

To check your eligibility online, please click here

I am an NRI. Can I avail the QuikPay Home Loan?

Yes. Non Resident Indians can avail the QuikPay Home Loan.

Can I transfer the Home Loan I have taken from another bank to Axis Bank and save interest with QuikPay Home Loan?

Yes, you can transfer your existing Home Loan to Axis Bank and receive high interest savings with QuikPay Home Loan.

How and when does the floating rate of interest change?

The Home Loan floating rate will change when either of below rate changes:

Axis Bank's Marginal cost of lending rate (MCLR) change on the reset date for loans sanctioned from 1st April, 2016

Axis Bank's Base Rate (BR) for loans sanctioned from 1st July, 2010

Axis Bank's Mortgage Reference Rate (MRR) for loans sanctioned before 1st July, 2010

Axis Bank reassesses the MCLR, BR and MRR from time to time after considering numerous factors including the cost of funds, cost of operations, prevailing interest rates, and provisioning requirements.

On availing the QuikPay Home Loan, will my monthly instalment change if the MCLR increases or decreases?

On availing the QuikPay Home Loan, the monthly instalment on your home loan may increase or decrease if the MCLR increases or decreases respectively. This is because even though your rate of interest changes with the change in MCLR, the total loan tenure remains the same.This will be communicated to you via SMS/email on your registered contact details.

Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?

Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

What documents do I need to submit along with my application for a Home Loan?

For the List of Documents to be submitted along with your Home Loan application, please click here

What process does the Bank follow after I apply for an Axis Bank Home Loan?

Once we receive a completed application form along with the necessary supporting documents two things happen:

Determination of your eligibility for the Home Loan: For this we consider our internal policy guidelines and also examine all the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete. The computation of 30 days shall start from the day on which all documents required for a proper appraisal of the application are provided by the borrower to Axis Bank.
If we find we are unable to extend the loan to you, we will communicate the same to you promptly through SMS/email/letter at your registered contact details with us.

Legal and Technical verification: Lawyers and property valuers empanelled by Axis Bank will verify your title documents conduct a technical evaluation of the property.
Once both these are complete, the Bank will process the disbursement of your Home Loan.

Do I need to pay a fee to apply for an Axis Bank Home Loan?

Yes. Total processing fees of 1% of the loan amount with a minimum of Rs. 10,000 plus GST will be charged. Upfront processing fee of Rs. 2500 plus GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrawal of the loan application etc., non-disbursement of loan for the reasons solely attributable to the customer. Balance processing fee as applicable shall be collected at the time of loan disbursement.

Are there any charges after I get an Axis Bank Home Loan?

To check the schedule of charges associated with transactions, click here

What is Pre-MI interest?

Pre-MI interest is the interest on the loan amount disbursed by the Bank. It is payable every month from the initial date of disbursement until the commencement of the Monthly Instalment payments.

How will my Monthly Installment (MI) be calculated?

The Monthly Instalment consists of the principal amount and the interest on the balance outstanding.

It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum.

Every month, part of the Monthly Instalment is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal

In QuikPay Home Loan, the total loan amount will be divided by the loan tenure to arrive at the principal amount to be paid each month.

The interest is then calculated on the outstanding principal balance each month.

The monthly instalment amount is the highest in the beginning of the loan and reduces each month resulting in high interest savings.

The Monthly Instalment may be subject to change when interest rate changes or a part-payment of the loan is made.

Can I start paying my Monthly Instalment if my Home Loan is partly disbursed?

Yes! The Monthly Instalment consists of the principal amount and the interest on the balance outstanding amount. Since only a part of your loan has been disbursed, the interest component of your Monthly Instalment will be proportionately lower to reflect this.To start paying Monthly installments (Interest and Principal) you are requested to visit nearest Loan Centre and raise request for the same

When is my Monthly Instalment due?

The Monthly Instalment will be due on a fixed date each month. This date will be notified when your loan is disbursed.

Can I convert my floating rate loan to a fixed rate loan or vice versa? Will there be any charge for the switch?

No. The QuikPay Home Loan cannot be converted from a floating rate to a fixed rate and vice versa.

Can I make part prepayments towards my QuikPay Home Loan? Will any charge be applicable?

Yes, you can make a part prepayment towards your Home Loan at your nearest Axis Bank Loan Center. If all borrowers are individuals and on a floating interest rate, no charge will be applicable.

Can I request to increase/decrease my monthly instalment amount / loan tenure after the loan disbursement?

Request for change in monthly instalment amount / loan tenure are not allowed after loan disbursement, except on account of part prepayment made by the customer. On part prepayment, both the loan tenure and the monthly instalment will decrease.

Do I get a tax benefit on my Axis Bank Home Loan?

Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act. Please consult your tax advisor for details.

What is Axis Bank's PAN and registered office address, for submitting Axis Bank Home Loan details in Income Tax return?

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

How do I keep track of my Axis Bank Home Loan? For example, how do I get my statements, repayment schedule and interest certificate?

Download the Axis Mobile Application or log onto Internet Banking to get access to all account details pertaining to the loan.

SMS MBANK to 5676782 to download the Axis Mobile App.

What are my different options for making my Monthly Instalment payments? Is there a preferred one?

You may repay your Home Loan in any of the following three ways:

Standing Instruction (SI): This mode can be used if you have an existing Savings, Salary, or Current Account with Axis Bank. You may wish to open a Savings account with Axis Bank to use this option. Your Monthly Instalment amount will be amount debited automatically at the end of the monthly cycle from the Axis Bank account you specify

National Automated Clearing House (NACH): This mode can be used if you have a non-Axis Bank Account and would like your Monthly Instalments to be debited automatically at the end of the monthly cycle from this account.

Post Dated Cheques (PDCs) cannot be accepted as a mode of repayment for QuikPay Home Loans.

How do I update my mobile number and the email address registered under my Home Loan account?

You may update your mobile number and email address in either of the following ways:

By calling our Call Center at any of these numbers: 1860 419 5555 or 1860 500 5555.

Visit www.axisbank.com/support

You can update you email ID by using Axis Bank Mobile App

How do I update my new mailing address?

If your new mailing address is the same for which the loan has been taken, you may change the address in either of the following ways:

You can visit us in person at your nearest Axis Bank Loan Center along with an original and self-attested copy of your new address proof and photo identity.

By using Axis Mobile App > Menu > Insta Services.

How do I foreclose my Home Loan? Will there be any charge for the foreclosure?

Before we process a foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Home Loan by requesting a foreclosure statement from your nearest Axis Bank Loan Center.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
To check the charge applicable for the foreclosure, please click here

How soon after the foreclosure will I get back my original property documents?

Property papers will be handed over to you at Axis Bank Loan center within 15 days from the date of repayment of all dues.

What is MCLR?

MCLR stands for Marginal Cost of Funds based Lending Rate.
MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned & credit limit renewed from April 1, 2016 onwards.

What are the various types of benchmark under MCLR?

Currently, the Bank has published the following MCLR:

Overnight MCLR

One-month MCLR

Three-month MCLR

Six month MCLR

One year MCLR

Two year MCLR

Three year MCLR

What is the benchmark MCLR applicable for Axis Bank Home Loan / Loan against property (LAP) and what would be the reset period for Axis Bank Home Loan/ LAP ?

The benchmark MCLR for Axis Home Loan/ LAP is 6 months. The reset period would be every 6 months.

What does periodicity of reset mean?

Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR. The MCLR prevailing on the day the loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark in the interim. The exact periodicity of reset will form part of the terms of the loan contract.
For example, if the periodicity of reset is six months, then Home Loan/ LAP disbursed in the month of April 2016, would be due for reset in the month of Oct 2016, similarly all such loans disbursed in the month of May 2016 would be due for reset in the Nov 2016 and so on.

When will be the reset date decided for the loan? How will the reset impact the current rate of interest (ROI) in case the MCLR increases or decreases?

The reset period and date will be decided on the date of first disbursement.
In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the monthly instalment of the loan as per Bank’s policy and will be communicated to the customer.
In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the monthly instalment of the loan as per Bank’s policy and will be communicated to the customer.
It may be mentioned that the spread/margin of the loan would continue to remain the same.

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