Axis Bank Home Loan Balance Transfer
Axis Bank Home Loan Balance Transfer
Designed to empower borrowers with greater flexibility and savings in managing their housing loans, the Axis Bank Home Loan Balance Transfer offers significant advantages like reduced EMIs and lower rates of interest. Axis BT home loan starts with a minimum loan amount of Rs. 3 lakh at an interest rate starting 8.75% p.a. The maximum tenure for repayment for an Axis Bank Balance Transfer Home Loan is similar to or more than the tenure offered by the previous lender.
Axis Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Axis Bank Home Loan Balance Transfer Interest Rates
With competitive interest rates, flexible repayment options, and transparent fee structures, Axis Bank enables borrowers to manage their home loans effectively to save on overall interest costs. The Axis Bank home loan balance transfer interest rate begins at 8.75% per annum both for floater and fixed rate basis plans.
Feel free to understand Axis Bank home loan interest rate for balance transfer by looking at the table below:
| Rate Package | Rate of Interest |
|---|---|
| For All Loan Amounts | 8.75% p.a. - 13.30% p.a. |
Axis Bank Home Loan Balance Transfer Eligibility Criteria
Setting eligibility criteria helps Axis Bank maintain consistency in its lending standards, aligning with regulatory guidelines, and internal risk management policies. For this, the bank asks for general factors like age, credit score, nationality, and minimum income earned by the applicant.
The Axis Bank home loan balance transfer eligibility factors that are applicable for salaried and self-employed people applying for a BT scheme:
For Salaried Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 3 lakh per annum
Credit Score
700 and above (preferred)
For Self-Employed Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 3 lakh per annum
Credit Score
700 and above (preferred)
Axis Bank Home Loan Balance Transfer Processing Fee and Charges
The Axis home loan transfer charges are charged to ensure smooth and efficient handling of the balance transfer process, including the assessment of the borrower’s creditworthiness, verification of property documents, and other legal processes.
The table below will acquaint you with the Axis Bank home loan balance transfer charges and processing fees:
| Processing Fee | Up to 1% of the loan amount (Minimum of Rs. 10,000) |
| Prepayment Charges | Floater Plans: Nil; Fixed Plans: 2% of the outstanding principal |
| Switching Fee | Floater to Fixed: 1% of the outstanding principal with a minimum of Rs. 10,000; Fixed to Floater: 2% of the outstanding principal |
| Cheque Return Charges | Rs. 500 per instance |
| Penal Interest Rate | 24% per annum/ 2% per month |
| CERSAI Charges | Loans up to Rs. 5 lakhs: Rs. 50; Loans above Rs. 5 lakhs: Rs. 100 |
| Stamp Duty | As per actuals |
| Duplicate Statement Issuance Charges | Rs. 250 per instance |
| Duplicate Amortization Schedule Charges | Rs. 250 per instance |
| Duplicate Interest Certificate Issuance Charges | Rs. 250 per instance |
| Loan Insurance | Mandatory |
Axis Bank Home Loan Balance Transfer comparison with other Top Banks
Axis Bank offers competitive interest rates, often tailored to market conditions to help lower the monthly repayments for the borrowers. Still, we feel before finalizing the Axis Bank Home Loan Balance Transfer you must do a comparison with other competitors:
- Rate of Interest - 8.75% p.a. - 13.30% p.a.
- Processing Fee - Up to 1% of the loan amount (Minimum of Rs. 10,000)
- Rate of Interest - 8.50% p.a. onwards
- Processing Fee - Nil
- Rate of Interest - 8.70% p.a. onwards
- Processing Fee - Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)
- Rate of Interest - 8.75% p.a. onwards
- Processing Fee - Up to 2.00% of the principal loan amount
- Rate of Interest - 8.75% p.a. onwards
- Processing Fee - Up to 1% of the principal loan amount + taxes
- Rate of Interest - 9.00% p.a. onwards
- Processing Fee - Rs. 5,000 (including GST)
Documents Required For Axis Bank Home Loan Balance Transfer
Submitting Know Your Customer (KYC) documents is crucial when applying for a balance transfer scheme for several important reasons. It helps the bank to verify the borrower’s identity, address, age, and financial stability, and also ensures the regulatory standards to prevent fraudulent activities.
We urge you to proceed further to understand in-depth the Axis Bank home loan balance transfer document required list shared below:
| For Salaried Loan Applicants | Processing Fee Cheque In Favour Of Axis Bank
Latest Passport Size Photographs
Duly-Filled Application Form
Proof Of Income (Salary Slip For The Last 3 Months, Bank Statements For The Last 6 Months)
Proof Of Identity (Voter ID Card, PAN Card, Driving License)
Proof Of Address (Voter ID Card, Latest Electricity Bill)
Copy Of All Property Documents
A No Objection Certificate (NOC) From The Existing Lender Of The Home Loan
A Letter Stating The Outstanding Balance From The Existing Lender |
| For Self-Employed Loan Applicants | Processing Fee Cheque In Favour Of Axis Bank
Latest Passport Size Photographs
Duly-Filled Application Form
Proof Of Income (Latest ITR, Balance Sheet, P&L Account Statement Of The Last 3 Years)
Proof Of Identity (Voter ID Card, PAN Card, Driving License)
Proof Of Address (Voter ID Card, Latest Electricity Bill)
Business Profile
Latest Form 26AS
Partnership Deed (For Partnership Firm)
Articles Of Association And Memorandum Of The Company
Copy Of All Property Documents
A No Objection Certificate (NOC) From The Existing Lender Of The Home Loan
A Letter Stating The Outstanding Balance From The Existing Lender |
How to Apply for Axis Bank Home Loan Balance Transfer
The Axis Bank Home Loan Balance Transfer apply online procedure can be done anytime from anywhere by following these steps:
Choose ‘Repay Right’
Go to the official website of BASIC Home Loan and choose ‘Repay Right’ from the drop-down menu under ‘Calculators’
Enter Your Loan Details
Enter the details like current outstanding loan amount, existing tenure, rate of interest, EMI, and new rate of interest, and click ‘Next’
Check Your Savings & Apply
You can now see your total savings; proceed ahead by selecting any of the below three options: Saving As Per Your New ROI, Adjust Your Tenure Or EMI, Top Up. Then, ‘APPLY’ by filling out the online form.
Our Expert Will Reach Out to You
The BASIC Home Loan team will then reach out to you for further assistance in applying for an Axis Bank Balance Transfer Loan.
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