Axis Bank Home Loan Interest Rate
You dream it, and Axis Bank will help you fulfill it by providing you with home loans to own a dream home in any popular Indian city. Axis Bank has become the first choice for many aspiring homeowners to get a housing loan scheme, offering a host of benefits and flexible EMI repayment options. The Axis home loan interest rate is competitive with several other top banks and NBFCs in India. Axis Bank home loan interest rate starts at 9.00% p.a. for a floater and 14.00% p.a. for a fixed-rate basis. The processing fee charged for each home loan application is up to 1.00% of the loan amount plus GST, which is subject to a minimum of Rs. 10,000. The minimum loan amount for an Axis home loan starts at Rs. 3 lakhs and goes up to Rs. 5 crores. The maximum loan repayment tenure is up to 30 years. Both salaried and self-employed applicants can easily apply for Axis home loans with minimum documentation.
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Axis Bank Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 9.00% p.a. - 14.00% p.a. |
| Processing Fees |
Up to 1% of the total loan amount + GST (Minimum of Rs. 10,000) |
| Max Tenure for Loan Repayment | 30 years |
Axis Bank Home Loan Interest Rates in 2024
Axis Bank offers all kinds of home loan schemes at affordable interest rates, starting at 9.00% per annum for a floater rate basis and 14.00% per annum for a fixed rate basis. The tables given below enlist the Axis home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Floater Rate | 9.00% - 9.40% p.a. (Salaried) | 9.10% - 9.40% p.a. (Self-Employed) |
| Fixed Rate | 14.00% p.a. (Salaried) | 14.00% p.a. (Self-Employed) |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 10.50% - 10.95% p.a.
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Floater Rate (Salaried) | Policy Repo Rate + 2.50% to Repo Rate + 2.90% = 9.00% - 9.40% p.a. |
| Floater Rate (Self-Employed) | Policy Repo Rate + 2.60% to Repo Rate + 2.90% = 9.10% - 9.40% p.a. |
| Fixed Rate (Salaried/ Self-Employed) | Repo Rate + Spread = 14.00% p.a. |
Axis Bank Asha Home Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Floater Rate | 10.50% - 12.85% p.a. (Salaried) | 12.00% - 13.30% p.a. (Self-Employed) |
| Fixed Rate | 12.50% - 14.00% (Salaried/ Self-Employed) |
Top-Up Loans Interest Rates
| Top-Up for Existing Bank Customers (Floater) | 10.50% p.a. onwards (Salaried) | 10.90% p.a. onwards (Self-Employed) |
|---|---|
| Top-Up for Existing Bank Customers (Floater) | 10.50% p.a. onwards (Salaried) | 10.90% p.a. onwards (Self-Employed) |
| Top-Up for Existing Customers (Fixed) | 14.00% p.a. (Salaried/ Self-Employed)) |
Interest rates were last updated on 9th October 2023
Axis Bank Home Loan Interest Rates for All Schemes in India
Axis Bank offers a wide range of housing loan schemes to salaried and self-employed applicants in India. The table below lists some of the popular home plan schemes offered by the Axis Bank on the floater and the fixed rate of interest offered on each.
| Rates of Interest for Each Plan | Rates of Interest for Each Plan |
|---|---|
| Axis Home Loan | Floater:
Fixed:
|
| Axis QuickPay Home Loan | Floater:
Fixed:
|
| Axis Power Advantage Home Loan | Floater:
Fixed:
|
| Axis Shubh Aarambh Home Loan | Floater:
Fixed:
|
| Axis Fast Forward Home Loan | Floater:
Fixed:
|
| Axis Asha Home Loan | Floater:
Fixed:
|
| Axis Super Saver Home Loan | Floater:
Fixed:
|
| Axis Top Up Home Loan | Floater:
Fixed:
|
Axis Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
In order to give its customers a seamless and overall comfortable experience, Axis Bank offers three different ways of getting additional benefits on home loans, and these are mentioned below:
Axis Bank Home Loan Balance Transfer
Axis Bank encourages existing home loan borrowers from other lenders to transfer their outstanding loan amount to Axis Bank at a lower interest rate. For this, it offers Axis Home Balance Transfer Home Loans with minimum documentation and quick processing. The Axis Bank Balance Transfer home loan interest rate starts at 9.00% per annum.
Axis Bank Home Loan Top-Up
Get that additional financial help with reduced EMI repayments by opting for an Axis Bank top-up home loan. Axis Bank home loan top-up interest rate starts at 10.50% p.a. for salaried and at 10.90% p.a. for self-employed borrowers on a floater rate basis. Axis Home Loan top-up interest rate starts at 14.00% p.a. for both salaried and self-employed borrowers on a fixed rate basis.
Axis Bank Home Loan Overdraft Option
Axis Bank’s overdraft facility on home loans is an incredible facility that allows existing customers to get additional funds to meet their private and professional financial needs. Through this facility, the customers can enjoy reduced overall interest payable for a home loan and can invest these savings in cash to generate interest, which can be withdrawn as and when required. This Overdraft Facility is also known as the Axis Bank Super Saver Home Loan Scheme.
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Compare Axis Bank Home Loan Interest Rate with Top Banks
There can be much confusion when choosing a lender for a home loan in India. So, you are advised to compare interest rates on home loans of top banks before making a final decision. The table below highlights the interest rates and processing fees of other leading banks in India offering home loans so that you can easily compare it with the Axis Bank home loans:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of loan amount + taxes |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Rs. 10,000 max) |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| State Bank of India | 9.15% - 12.95% p.a. | Up to 0.25% (Rs. 10,000 max) |
| Axis Bank | 8.70% p.a. onwards | Up to 1% of loan amount (subject to at least INR 10,000) + GST |
Axis Bank Home Loan Balance Transfer Interest Rates
Axis Bank happily allows existing home loan borrowers from other banks and NBFCs to transfer their outstanding amount to Axis. Through the balance transfer home loans from Axis Bank, customers can reap several benefits, like reduced EMIs, lower interest rates, better customer service, and improved loan terms.
Axis Bank home loan transfer interest rates for salaried and self-employed individuals range between 9.00% and 14.00% per annum for all loans. The easiest way to apply for an Axis Bank balance transfer process is as follows:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with all your key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Axis Bank Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with Axis Bank Balance Transfer on home loans.
Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan
How to Calculate Axis Bank Home Loan Interest Rates?
There is no need to visit the Axis Bank branch to learn about the interest rates on home loans. You can easily determine the same using the online home loan interest rate calculator available at EMI. Plan your monthly finances by using this online EMI calculator for an Axis Bank home loan. The table below provides a detailed estimate of the EMI payable and the interest rate on Axis home loans so that you get a better understanding of the same before applying for one.
Axis Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 9.0% p.a. | Rs. 12,668 | Rs. 8,997 | Rs. 8,046 |
| Rs. 20 lakh | 9.0% p.a. | Rs. 25,335 | Rs. 17,995 | Rs. 16,092 |
| Rs. 30 lakh | 9.00% p.a. | Rs. 38,003 | Rs. 26,992 | Rs. 24,139 |
| Rs. 40 lakh | 9.00% p.a. | Rs. 50,670 | Rs. 35,989 | Rs. 32,185 |
| Rs. 50 lakh | 9.00% p.a. | Rs. 63,338 | Rs. 44,986 | Rs. 40,231 |
| Rs. 60 lakh | 9.00% p.a. | Rs. 76,005 | Rs. 53,984 | Rs. 48,277 |
| Rs. 70 lakh | 9.00% p.a. | Rs. 88,673 | Rs. 62,981 | Rs. 56,324 |
| Rs. 80 lakh | 9.00% p.a. | Rs. 1,01,341 | Rs. 71,978 | Rs. 64,370 |
| Rs. 90 lakh | 9.00% p.a. | Rs. 1,14,008 | Rs. 80,975 | Rs. 72,416 |
| Rs. 1 crore | 9.00% p.a. | Rs. 1,26,676 | Rs. 89,973 | Rs. 80,462 |
The figures in the table above are based on a 9.00% p.a. interest rate offered by Axis Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
The Axis Bank home loan interest rates are determined by the benchmark rate set by the RBI. This benchmark rate is also known as the Repo Rate.
Yes, like many other leading banks and NBFCs, Axis Bank offers different home loan interest rates, such as floater and fixed rates. As the name suggests, floater tends to fluctuate during the tenure, whereas fixed tends to remain fixed during the entire loan tenure.
There are several factors that may affect home loan interest rates and EMIs, such as:
- Type of Interest Rate Package
- Credit Score
- Loan Tenure
- MCLR Rate
- LTV Ratio
- Property Location
- Applicant’s Job Profile
If you choose a fixed rate basis, the interest rate will remain fixed during your Axis home loan tenure. However, if you choose a floater rate basis, the interest rate may fluctuate during your loan tenure.
The floater rate of interest on a home loan is subject to change time and again depending on the benchmark rate associated with the lender. But, in general, they are lower than the fixed interest rate on home loans.
Yes, a home loan borrower can swap a fluctuating floater rate home loan to a fixed interest rate basis. However, for this, the bank may charge a conversion fee of up to 1.00% of the outstanding loan amount.
You can easily access the historical trend of Axis Bank home loans by visiting the bank branch or the bank's official website.
Yes, all the Axis home loan schemes except the Empower Home Loan Scheme are available for salaried applicants.