Axis Bank offers home loans with great features and benefits like: attractive housing finance rates, balance transfer facility, doorstep service, nil prepayment charges and quick and transparent processing. You can find your eligibility for an Axis Bank home loan by filling in a short form.  Check Now
Bank Name MCLR / PLR Interest Rates < 30 Lakh Interest Rates > 30 Lakh EMI / Per Lakh Pre Payment Fee
axis-bank 8.15% 8.35% 8.50% Rs 794 p.m. zero
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Home Purchase Loan

Buy your dream home and get your desired loan amount at ever lowest rates. You can avail this loan if you have identified your property.

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Plot Purchase Loan

Get Home Loan to buy residential land to built your dream home. Our Loan Experts are ready to maximum funding at special home loan rates .

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Construction Loan

Built your dream home using construction loan. Know about application process, documentation & avail deals @ home loan rates.

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Balance Transfer Offers

You could save money by switching your mortgage to another Bank, Rates are ever lowest now, Get full market comaparision and SAVE MORE.

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Home Loan with OD account

Now avail Home Loan with interest saving account. Use surplus fund to save on loan interest. Know how much you can save & get Best Rate Deals.

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Home Loan Pre Approval

Get quick pre approved home loan before buying a property, our loan advisor will help you getting better deals with higher loan amounts at Lowest Rates

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Axis Bank offers home loan at very attractive interest rate. You just need to submit your requirement and rest will be taken care of professionally by team of experienced home loan consultant.

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ImWhy use us for your Axis Bank Home Loan requirements?

If you’re looking for a Home Loan but don’t know where to start, there is no need to worry. Many people find Home Loans totally confusing and it’s not surprising given that there are thousands of deals to choose from, Home Loan for Flats / Apartment, Home Loan for Plot Purchase, Home Loan for Construction, Home Loan Balance Transfer, Home Loan Top-up. What’s more the ‘fear factor’ is compounded by the fact you are talking about borrowing a lot of money so it’s important to get the decision right.

However, in actual fact, Home Loans aren’t that complicated. Here we look at the basic things to think about when comparing products so you’re more confident about working out which is the best Home Loan for you.

Important Points that You Should consider before Applying for Home Loan

Buying a house is one of the most important and emotional decisions for everyone, and considering the amount requirement, most people choose to avail home loan from their preferred banks. However, careful planning is required to ensure that a bank approves your home loan and suffice your requirement with favourable terms and conditions. We have tried to prepare a list of important point need to be considered carefully before applying for a home loan:

Get Your Loan Eligibility Checked before Application

It is important to know How Much You Can Borrow as per the bank calculations before submitting your application of the bank. The easiest way to know your loan eligibility is to connect with your home loan advisor and provide him with your latest financial and bank statement. Based on your documents your home loan advisor will present you the calculation with the best home loan options.. Generally, banks do not lend an amount that would take your EMI more than 50-65% of your net monthly income. Click here you get your home loan eligibility checked online.

YOUR CIBIL RATING & CREDIT PAYMENT TRACK RECORD

The CIBIL score is most important deciding factor of your loan worthiness. If your cibil score is less than 650, your loan application may face negative decision. The score is calculated based on your track record related to credit card bill payment, bank account statement, existing loans or liabilities, loan repayments and how many times you have applied for a loan in the recent past. The score, which is provided on the scale of between 300 and 900 points, tells a bank how likely you are to pay back the loan based on your past repayment behaviour. The higher cibil score increases your chances of getting your loan application approved.

Get Latest Home Loan Interest Rate Quotes from Multiple

In order to get the best deal, one need to compare latest home loan interest rates, fees and other details. You should speak with your home loan advisor and collect latest quotes of all major banks. The details collected can help you gauge, how different banks are structuring loan agreements and fees, and which bank will work the best for you. In addition to understanding interest rates, part payment fees, pre-payment fees, switching fees etc., you should also compare the customer service that you should expect from the bank.

Banks may offer discounted rates to clients with good financial record. Also, if you have a good CIBIL score, it can also help you to get a good deal from the bank.

CHOOSING RIGHT LOAN TYPE CAN HAVE A BIG IMPACT ON YOUR OVERALL COSTS

Home loans are offered under two main financing options – fixed rate and floating rate. It is important to understand the difference between the two options, as each can have an impact on your overall home loan cost, and impact your total purchase cost.

In a fixed rate of interest, the EMI will be equal during the fixed loan period offered by the bank. Whereas in a floating rate loan, the rate of interest changes periodically, based on a combination of factors such as the inflation rate, overall economic conditions, liquidity and the Reserve Bank of India (RBI) measures. Banks use the MCLR to set the floating lending rates. Thus, monthly repayment instalments or EMI fluctuates on the basis of changing MCLR.

Floating rate loans are generally 1-2.5% cheaper than fixed rate loans. Floating rate loans are a good options in a declining interest rate markets as it prevents you from being locked-in higher rate of interest. Most of the banks in India offer home loan on floating rate of interest considering the current macroeconomic conditions.

LOANS WITH LONGER TENURE ARE MORE EXPENSIVE

With ever increasing property prices and home loan interests, a borrower in most cases has to take a long tenure loan to get the capital needed to purchase the house while keeping the EMI at affordable levels. However, one needs to remember that long-tenure loans are more expensive as you pay huge interest payments.

Consider this scenario, wherein a person takes INR 50 lac loan at 9.25% rate of interest for 20 years. In this case, his EMI works out to be INR 45793/- and he pays INR 59.90 lakh as total interest payment during the tenure period. As you may notice that the interest payment is even more than the principal that was taken from the bank. The longer tenure makes loans expensive and costs you more in the end.

Now compare this to another scenario, wherein the same loan is taken at same rate of interest for 10-year period. In this case, his EMI works out to be INR 64,016 and he pays INR 26.82 lakh as total interest payment during the tenure period. Thus, a reduction in the tenure period by 10 years reduced the interest payment by INR 33.08 lakh. This is huge, and the example demonstrates how much extra one pays by increasing the loan tenure period.

ENSURE THAT YOU UNDERSTAND LOAN AGREEMENT AND ALL PAYMENT TERMS BEFORE SIGNING THE AGREEMENT

It is important to read all terms of the agreement carefully before you sign it. Banks would generally protect their interest by putting various clauses in the loan agreement, and you should ensure that all terms are consistent with your discussion with the bank. Not reading the terms carefully can hurt you later if you decide to take an action that has financial penalties associated with it.

One should especially read and understand the terms related to additional charges. The charges range from processing fee, service and administrative fee, pre-payment fees, switching fees, etc. While signing the contract and evaluating offers from different banks one should very carefully compare terms and conditions, and additional charges that banks apply. If you are not aware of these terms while signing the contract, it can result in unexpected costs during the tenure of the loan.

As a home loan borrower, you are unlikely to fall in a trap if you remember these six points while applying for a home loan.

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