Apply Asha Home Loan online in Axis Bank

Home Loan  Updated date : December 7, 2017 27

✔ Minimum Income Requirements
✔ Avail of loans with a combined monthly income of Rs. 8,000/Rs. 10,000
✔ 85% Property Value Loan
✔ For loans upto Rs. 28,00,000
✔ Minimum - Rs. 1,00,000
✔ Maximum - Rs. 28,00,000
✔ Floating Rate Loan: Nil
✔ Fixed Rate Loan: 2% of outstanding principal/amount prepaid

Asha Home Loan Features and Benefits

  • Starting as low as 9.75%
  • Home loans can be used to purchase an under construction/ready/resale house, repair/extension, self construction and plot plus construction.
  • On loans upto Rs. 28,00,000, avail of a loan equal to 85% of the property value
  • 12 EMIs waived off* at no extra cost on regular payment of EMIs. 4 EMIs waived off at the end of the 4th, 8th & 12th year. Repayment track record should be clean, i.e., only 3 instances where dues are pending for 30 days and above but never over 90 days during the life of the loan. The minimum tenure at the time of disbursement should be 20 years. Loan can also be part paid, as long as the loan tenure does not fall below 48 months (4 years).
  • Move existing home loans to Axis Bank without any trouble with a good repayment track record
  • Upto 30 years, allowing for higher eligibility
  • At least Rs. 8,000 p.m. or Rs. 10,000 p.m. depending on location
  • Based on banking behaviour, providing better eligibility
  • Properties starting from 300 (saleable) sq. ft. area
  • Choose from our large base of approved projects across India

Terms and conditions

  • Loans upto Rs. 28 lakhs for locations with population above 10 lakhs and loans upto Rs. 20 lakhs for locations with population upto Rs. 10 lakhs
  • Minimum income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on location
  • *Repayment period for Home Loans shall not exceed 30 years
  • Equitable mortgage of the property to be financed by way of deposit of title deeds
  • The loan will be disbursed in full or in suitable instalments, taking into account the requirement of funds and progress of construction, as assessed by the Bank directly to seller or builder or local development authority or supplier of materials etc.
  • Processing fee equivalent to 1% or Rs 10000/- (whichever is higher) of the loan amount (applied for) will be collected along with the application form (Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable))
  • Nil on floating interest rate Home Loans
  • Axis Bank will convey its decision within 30 working days from the date of receipt of the application, provided the application is complete in all respects, and is submitted along with all the documents as per 'check list' provided in the application for loan and/or any additional documents as may be required by the bank for proper appraisal of the application. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank

Asha Home Loan Eligibility and Documentation

Individuals with a combined income of Rs. 8,000 or above.Minimum combined income of Rs.8, 000pm. Salaried, Professionals & self employed individuals.

 Asha Home Loan
Minimum loan amountMinimum: Rs 1 Lac
Maximum loan amountMaximum: Up to Rs. 28 Lacs

Borrowing Limits

  • 15% margin on loans up to Rs.30 lakh

Keep your documents ready

Document NeededSalariedSelf Employed
Proof of identityValid passport/Voter’s ID/Valid Driving license with photo graph /Pan card /Aadhar card
Proof of IncomeLatest 3 months salary slip / certificate for fixed salary/Latest Form 16
-and-
Last 6 months bank statement/Passbook of the salary account
IT- returns for the last 2 years along with computation of income certified by CA
-and-
Last 6 months Bank statement for operative account both personal and business.
Proof of ResidenceLatest Electricity bill/ utility bill/ piped gas bill/ telephone bill/ Passport/(Not more than 2 months old), Passport/Aadhar card/ Voter ID/ Driving  License.

Asha Home Loan Interest Rates and Charges

Floating Rate of InterestMCLR plus Mark-upEffective Interest Rate (p.a)
Salaried customers
(Vanilla Variant)
MCLR + 1.60%9.75% p.a
Self Employed customers
(Vanilla Variant)
MCLR + 1.80%9.95% p.a
Salaried customers
(All other variant)
MCLR + 2.35%10.50% p.a.
Self-Employed
(All other variant )
MCLR + 2.35%10.50% p.a.

Marginal Cost Based Lending Rate - 8.15%

MCLR Reset frequency for Home Loans - Half Yearly

Base Rate - 9.00%

Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

Other Charges**

Description of chargesAmount (Rs.)
Processing Fee ChargesUp to 1% of the Loan amount subject to minimum of Rs.10,000/-
Penal Interest Rate@24 % per annum, 2% per month
Switching Fees (Base Rate/BPLR to MCLR)#
  • When effective rate is to be kept the same - No fees
  • When effective rate is to be revised - 0.5% on outstanding principal with minimum of Rs 10000/-
Switching Fees (Floating Rate to Fixed Rate)#1% on the outstanding principal with a minimum of 10,000/-
Switching Fees (Fixed Rate to Floating Rate)#2% on the outstanding principal amount
Switching Fees (Higher Floating Rate to Lower Floating Rate )#Switching Fees (Higher Floating Rate to Lower Floating Rate )#
Switching Fees (Higher Floating Rate to Lower Floating Rate )#0.5% on outstanding principal with minimum of `10,000/-The lower rate will be equal to the applicable carded interest rate only
Repayment Instruction/Cheque Return charges500/- Per Instance
Cheque/Instrument Swap Charges500/- Per Instance
Duplicate Statement Issuance Charges250/- Per Instance
Duplicate Amortization Schedule Issuance Charges250/- Per Instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges250/- Per Instance
Issuance Charges of Credit Report50/- Per Instance
Issuance Charges for Photocopy of title documents250/- Per document set
Charges on customer initiated requests for copies of documents250/- Per document set
Prepayment Charges including part prepayment for floating rate loanNIL
Prepayment Charges for fixed rate loan2% of the principal outstanding
Equitable Mortgage Creation Charges As applicable in theAs applicable in the state
CERSAI chargesRs 50/- For Loans up to 5 Lakhs
Rs 100/- For Loans above 5 Lakhs

# For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed portion of sanctioned amount.

** Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).

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