Fast Forward Home Loan in Axis Bank

Home Loan  Updated date : December 7, 2017 9

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

✔ Loan should be live for atleast 10 years to avail waiver

✔ Transfer an existing home loan to Axis Bank without any hassle

✔ Minimum - Rs. 30,00,000

✔ Maximum - Depends on combined income

Fast Forward Home Loan Features and Benefits

12 EMIs waived off* at no extra cost on regular payment of EMIs. 6 months waived on completion of 10 years, and another 6 months on completion of 15 years from 1st disbursement.

*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 10 years, to avail waiver.

Fast Forward Home Loan Eligibility and Documentation

  • All salaried, self employed and professionals are eligible
  • Minimum loan tenure of 20 years at the time of disbursement
  • Clean track record during the life of the loan i.e. (a) Not more than 3 instances of any customer dues pending for 30 days and above (b) No instance of any customer dues pending for 90 days and above
  • Loan should be live for the minimum stipulated period of 120 months from 1st disbursement
  • No penal interest / other charges to be due from borrower at the time of waiver

Check your borrowing limits

  • Minimum Limit - Rs. 30,00,000
  • Maximum Limit – Depends on combined income
  • 20% margin on loans from Rs. 30,00,000 to Rs. 75,00,000
  • 25% margin on loans above Rs. 75,00,000

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 (Not more than 2 months old)/ Passport/Aadhar card/ Voter ID/ Driving  License

Fast Forward Home Loan Interest Rates and Charges

For Salaried:

Sr. NoTypeLoan amount (Rs.)MCLR + Mark UpEffective Rate Of Interest
1Floating RateLoan amount upto Rs 30 lacsMCLR + 0.20%8.35% p.a.
Loan amount upto Rs 75 lacsMCLR + 0.50%8.65% p.a.
Loan amount above Rs 75 lacsMCLR + 0.55%8.70% p.a.
Top Up for existing customersUpto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable

For Self Employed:

Sr. NoTypeLoan amount (Rs.)MCLR + Mark UpEffective Rate Of Interest
1Floating RateLoan amount upto Rs 30 lacsMCLR + 0.25%8.40% p.a.
Loan amount upto Rs 75 lacsMCLR + 0.55%8.70% p.a.
Loan amount above Rs 75 lacsMCLR + 0.60%8.75% p.a.
Top Up for existing customersUpto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable
Marginal Cost Based Lending Rate (MCLR) - 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)NA
Switching Fees (Fixed Rate to Floating Rate)NA
Switching Fees (Higher Floating Rate to Lower Floating Rate )NA
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 ChargesAs applicable in the state
CERSAI chargesRs 50/- For Loans up to 5 Lakhs
Rs 100/- For Loans above 5 Lakhs

* 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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