A house door with your name on it is the ultimate dream of any living being. In India, owning your own house is considered as one of the major signs of success. Axis Bank’s Asha Home Loan is a tailor-made product specially designed for customers who are buying their first house. The Asha Home Loan plans are designed to fulfill even the most basic home loan requirements for customers like property area (unit size), loan amount or attractive rate of interest. If you apply for Asha Home Loan, Axis Bank gives you the loan based on your banking behavior or previous repayment track. They make a customized plan for every buyer and ensure that your monthly income or profession does not get in the way of you owning a house.
You can opt for Asha Home Loans, if you are purchasing a ready, under construction or a resale property or purchasing a plot and constructing a house thereon or for constructing a house on a plot already owned. And Ruloans help you in every step of getting the loan.
Exciting features and benefits of Axis Bank’s Asha Home Loan:
- The interest rates start from 9.75%.
- Asha Home loans can be used to purchase an under construction/ready/resale house, repair/extension, self-construction and plot plus construction.
- For loans amounting up to Rs. 28,00,000 you can avail 85% funds of the property value.
- Get 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).
- Asha home loan offers you tenure as long as 30 years to repay the loan.
- Through Asha home loan you can apply for a loan with low combined income. It requires at least Rs. 8,000 p.m. or Rs. 10,000 p.m. depending on location. You can also avail benefits under Credit Linked Subsidy Scheme.
- Based on your banking behavior, you can get a customized loan, providing better eligibility.
- You can avail Asha home loan for small spaces starting from 300 (saleable) sq. ft. area.
- You can utilize Asha home loan for any project across India.
Easy Eligibility Criteria:
- Asha home loan can be availed to individuals with a combined income of minimum Rs. 8,000 or above. Salaried, Professionals & self-employed individuals can apply for this loan.
| Minimum loan amount | Rs 1,00,000 |
| Maximum loan amount | Up to Rs. 28,00,000 |
- Borrowing Limits
15% margin on loans up to Rs.30 lakh
Minimum Documentation:
| Document Needed | Salaried | Self Employed |
| Proof of identity | Valid passport/Voter’s ID/Valid Driving license with photograph /Pan card /Aadhar card | |
| Proof of Income | Latest 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 Residence | Latest Electricity bill/ utility bill/ piped gas bill/ telephone bill/ Passport/(Not more than 2 months old), Passport/Aadhar card/ Voter ID/ Driving License. | |
Special Interest Rates and Other Charges:
| Floating Rate of Interest | MCLR plus Mark-up | Effective 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. |
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Other Charges**
| Description of charges | Amount (Rs.) |
| Processing Fee Charges | Up 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 feesWhen 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 charges | 500/- Per Instance |
| Cheque/Instrument Swap Charges | 500/- Per Instance |
| Duplicate Statement Issuance Charges | 250/- Per Instance |
| Duplicate Amortization Schedule Issuance Charges | 250/- Per Instance |
| Duplicate Interest Certificate (Provisional/Actual) Issuance Charges | 250/- Per Instance |
| Issuance Charges of Credit Report | 50/- Per Instance |
| Issuance Charges for Photocopy of title documents | 250/- Per document set |
| Charges on customer initiated requests for copies of documents | 250/- Per document set |
| Prepayment Charges including part prepayment for floating rate loan | NIL |
| Prepayment Charges for fixed rate loan | 2% of the principal outstanding |
| Equitable Mortgage Creation Charges As applicable in the | As applicable in the state |
| CERSAI charges | Rs 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).
Easy Terms and Conditions:
- You can avail loans up to Rs. 28,00,000 for locations with population above 10 lakh and loans up to Rs. 20,00,000 for locations with population up to Rs. 10 lakh.
- Minimum income norm to avail a Asha home loan 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 installments, 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 of Asha home loan is 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).
- There is no penalty for early closure on floating interest rate Home Loans.
*Terms and Conditions Apply
To easily check your eligibility and quick approval of Axis Asha Home loan
