Axis Bank NRI Home Loan Singapore

Non-Resident Indians (NRIs) living in Singapore can apply for the Axis Bank NRI Home Loan to purchase a home in India. Choose from floating and fixed interest rate packages starting from 8.90% p.a. Fixed rate loans are currently charged 12% p.a. as interest. Processing fees are up to 1% of the loan amount, out of which Rs.2,500 will have to be upfront and is not refundable.

Interest Rates for the Salaried and Self-employed

DescriptionSalariedSelf-employed
NRI Home Loan Interest RatesFloating rate- Up to Rs.30 lakh- 8.90% p.a.
Rs.30 lakh to Rs.75 lakh- 9.05% p.a
Above Rs.75 lakh- 9.10% p.a.
Fixed rate (20 years)- 12% p.a.
Floating rate- Up to Rs.30 lakh- 8.95% p.a.
Rs.30 lakh to Rs.75 lakh- 9.10% p.a.
Above Rs.75 lakh- 9.15% p.a.
Fixed rate (20 years)- 12% p.a.
Loan Tenure1 year to 25 years1 year to 25 years
Loan AmountBased on your eligibilityBased on your eligibility
Processing FeesUp to 1% of the loan amount (Min.Rs.10,000) Upfront non-refundable processing fee of Rs.2,500Up to 1% of the loan amount (Min.Rs.10,000) Upfront non-refundable processing fee of Rs.2,500

*Plus GST payable at application login

Additional Fees and Charges

Description of ChargesAmount
Switching FeesFloating to Fixed- 1% of the outstanding amount (Min.Rs.10,000)
Fixed to Floating- 2% of the outstanding principal balance
Cheque Return ChargesRs.500 per cheque return
Duplicate Amortisation Schedule Issuance ChargesRs.250 per issuance
Credit Report Issuance ChargesRs.50 per report
Prepayment ChargesFloating rate loan- Nil Fixed rate loan- 2% of the total principal outstanding amount
CERSAI ChargesLoans up to Rs.5 lakh- Rs.50 Loans above Rs.5 lakh- Rs.100
Duplicate NOC Issuance ChargesRs.500 per issuance + GST

Eligibility Criteria

  • Residential status: Non-Resident Indians, Overseas Citizen of India (OCI), Person of Indian Origin (PIO) (excluding China, Iran, Bhutan, Nepal, Afghanistan, Pakistan, or Bangladesh citizens).
  • Minimum age of the applicant: The applicants should be at least 24 years of age.
  • Maximum age of the applicant: The maximum age limit is 60 years or retirement age (whichever is earlier).
  • Total work experience: Applicants should have a total of 2 years of work experience with a minimum of 6 months of overseas experience.
  • Minimum income: The minimum income for Gulf Cooperation Council Countries is AED5,000 per month or equivalent. For other countries (including the USA), the minimum income must be $3,000 per month or equivalent. The minimum income for Merchant Navy is $2,000 per month (for the last 9 months).

Documents Required for the Salaried and Self-employed

Required proofsAcceptable documents
Proof of identity (any one of the following):
  • Copy of Passport
  • PAN Card
  • Aadhaar Card
  • Driving License
  • Election ID
  • Government Employee ID Card
Proof of residence (anyone of the following):
  • Aadhaar Card
  • Recent electricity bill
  • Gas bill
  • Driving License
  • Voter ID
  • Government issued ID Card
  • Property Tax Receipt
  • Landline telephone bill
Age proof
  • PAN Card/Passport/Aadhaar Card/SSC Certificate/Birth Certificate
Income proof documents for salaried applicants
  • Copy of Passport
  • POA details
  • 3 months’ salary slips
  • Job contract letter/appointment letter
  • Last 6 months domestic account statement for NRE/NRO
  • International salary account statement (last 6 months)
  • Overseas credit report
Income proof documents for self-employed applicants
  • Last 2 years ITR/Profit and Loss Statement/Computation of Income/Balance Sheet with CA signature and seal.
  • CPC and tax paid challan required if ITR does not have a digital signature.
  • 6 months’ bank statement (personal and business accounts)
  • 3 years of business continuity proof
Other Documents
  • Visa copy or OCI card
  • Duly-filed application form with passport size photographs
  • Cheques for Processing Fee and CERSAI Charges
  • Self-attestation of the borrower in all loan-related documents

Features of Axis Bank Home Loan for Singapore NRIs

  • Interest rates starting from 8.90% p.a.
  • Transparent loan processing
  • Low processing fees
  • Flexible repayment tenures ranging from 1 year to 25 years
  • NRIs can apply for a housing loan online