Axis Bank QuickPay Home Loan

The Axis Bank QuickPay Home Loan has been specially designed to help you repay a larger portion of your principal loan amount in the earlier part of your loan tenure. This will reduce your monthly instalment payments and allow you to maximise savings on interest payments.

Axis Bank QuickPay Home Loan Interest Rates

Axis Bank offers floating interest rates on their QuickPay Home Loan that are pegged to their MCLR or Marginal Cost of Funds Based Lending Rate which is currently 8.50%. The interest rate that you are finally offered will depend on whether you are a salaried employee or are self-employed. The rates also depend on the loan amount. However, salaried employees are offered lower interest rates.

Effective interest rates for salaried employees start from 9.05% p.a. and for self-employed individuals start from 9.15% p.a.

Eligibility Criteria

If you wish to apply for this home loan from Axis Bank, you need to meet the following criteria for application:

  1. Minimum age – 21 years.
  2. Maximum age – 65 years.
  3. Employment type – Salaried employees, professionals, and self-employed individuals are eligible.
  4. Minimum loan amount – Rs.3 lakh.

Features and Benefits

Here are the features and benefits that Axis Bank offers for this home loan scheme:

  • This home loan can be used to purchase ready/under construction/self-construction/resale house/plot + construction or home.
  • Higher principal amount paid in the earlier part of the tenure, thereby reducing monthly instalments.
  • Lower payments compared to regular home loans.
  • Your can transfer your existing home loan to this Axis Bank home loan for enhanced benefits.
  • There are no prepayment charges imposed on closing your home loan early.

Documents Required

In order to successfully apply for this home loan, all applicants are required to submit certain documents which are mentioned below:

Mandatory documents:

  • PAN card.
  • Completed application form.

Identity proof documents (one of the following):

  • Aadhaar card.
  • Passport.
  • Voter ID.
  • Driving License.
  • Government Employee ID card.
  • GOI issued photo ID card.

Address proof documents (one of the following):

  • Driving License.
  • Aadhaar card.
  • Voter ID.
  • GOI issued photo ID card.
  • Government Employee ID card.
  • Gas bill.
  • Electricity bill.
  • Property Tax receipt.
  • Telephone bill (landline only).

Date of Birth (DOB) proof (one of the following):

  • Birth Certificate.
  • PAN card.
  • Aadhaar card with DOB.
  • Passport.
  • SSC Marksheet.
  • Driving License.

Signature proof (one of the following):

  • PAN card.
  • Passport.
  • Banker’s verification.

*Notarised affidavit along with the ID and Address proof (not required for financial applicants).

Income proof documents for salaried employees (one of the following):

  • Payslips for the last 3 months; For variable pay employees – Payslips for the last 6 months or bonus proof for the last 2 years.
  • Last 6 months bank account statement showing salary credits.
  • Form 16 for the last 2 years or an employment continuity proof document.

Documents for NRI salaried employees:

  • Passport copy
  • Valid OCI card or Visa copy.
  • POA details.
  • Payslips for the last 3 months.
  • Contract Letter or Appointment Letter.
  • In case of shipping cases – Continuous Discharge Certificate.
  • Domestic NRE/NRO account statements for the last 6 months.
  • International salary account statements for the last 6 months.
  • Overseas credit report.

Income proof documents for self-employed individuals (one of the following):

  • Income Tax Return (ITR) for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
  • For Asha Home Loan – Income Tax Return for the last year, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
  • If Gross Receipts exceed Rs.25 lakh/Gross Turnover exceeds Rs.1 crore – Tax Audit Report.
  • Personal and business accounts’ bank statements for the last 6 months.
  • If Income Tax Returns are filed without a digital sign – CPA along with the tax paid challan.
  • 3 years’ business continuity proof for home loan and 5 years’ proof for LAP (loan against property).

Documents for balance transfer/home loan takeover from another bank or financial institution:

  • Existing loan details.
  • Loan account statement for the past 12 months and the current outstanding letter.
  • Bank statement for the last 6 months from the account where the EMIs are deducted.

Documents for lease rental discounting:

  • Bank statement for the past 6 months where the rent is credited.
  • Registered lease agreements (valid).
  • 1 year’s 26 AS.
  • Income Tax Return for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
  • For partnership firms – Partnership Deed, audited financial for 2 years, operative account, partnership authority letter, and KYC.

Documents for partners in a firm:

  • List of partners, Partnership Deed, and No Objection Certificate according to Axis Bank’s format.
  • Audited ITR of the firm along with complete financials.
  • If the firm acts as the guarantor – Partnership authority letter on the firm’s letterhead with signatures from all partners.

Documents for directors of a company:

  • ITR for the last 2 years, Income Computation, P&L account, Balance Sheet with seal and signature from a CA.
  • If Gross Receipts exceed Rs.25 lakh/Gross Turnover exceeds Rs.1 crore – Tax Audit Report.
  • If company is the applicant – Board Resolution according to Axis Bank’s format.
  • Certificate of Incorporation, AOA, and MOA.
  • Most recent Share Holding Pattern with signatures from List of Directors/Company Secretary.

Other documents to be submitted:

  • Completed application form with signature and passport size photographs of all applicants.
  • For Credit Linked Subsidy Scheme (PMAY) – Aadhaar card.
  • PAN card to be mandatorily submitted by all financial applicants.
  • All documents to be self-attested by borrowers.