Axis Bank Shubh Aarambh Home Loan
Axis Bank Shubh Aarambh Home Loan
he Shubh Aarambh Home Loan offered by Axis Bank provides home loan services with minimum documentation and the disbursal process is easy and quick. By qualifying for the Pradhan Mantri Awas Yojana Scheme, individuals can take advantage of the subsidised interest rates that come with the Shubh Aarambh Home Loan.
Equated Monthly Instalments (EMIs) are waived for 12 months for individuals who have a clean repayment record. Individuals can apply for a loan online by completing a 3-step process.
Shubh Aarambh Home Loan Interest Rates
The rate of interest for the Shubh Aarambh Home Loan provided by Axis Bank is mentioned in the tables below:
- Salaried individuals: The interest rates for salaried individuals are mentioned in the table below:
Type Amount of loan (Rs.) Mark-up in addition to the MCLR Effective interest rates (%) Floating Rate Up to Rs.30 lakh 0.30% plus MCLR 8.90 Floating Rate In case existing customers wish to avail a top-up Up to 30%. Same rates at which the home loan is available.
However, Loan Against Property (LAP) rate will be applicable.
- Self-employed individuals: The interest rates for self-employed individuals are mentioned in the table below:
Type Amount of loan (Rs.) Mark-up in addition to the MCLR Effective interest rates (%) Floating Rate Up to Rs.30 lakh 0.35% plus MCLR 8.95 Floating Rate In case existing customers wish to avail a top-up Up to 30%. Same rates at which the home loan is available. However, Loan Against Property (LAP) rate will be applicable.
The Marginal Cost Based Lending Rate (MCLR) is 8.60%. The reset frequency of the MCLR is half-yearly.
The eligibility criteria to avail a Shubh Aarambh Home Loan from Axis Bank are provided below:
- The minimum and maximum amount of loan that can be availed are Rs.1 lakh and Rs.30 lakh, respectively.
- Minimum tenure of the loan is 20 years.
- In order to avail the waiver benefit, the loan should be live for a minimum of 48 months.
- In order to avail the waiver benefits, no penal interest charges or any other charges must be due from the borrower. The waiver will only be approved when all dues are cleared.
- Individuals must maintain a clean repayment record. No dues must be pending for a duration of 30 days or more for a maximum of three instances. No dues must be pending for a duration of 90 days or more.
- Self-employed and salaried individuals will be able to avail a Shubh Aarambh Home Loan.
- Salaried individuals who are under permanent service with the government or work for a reputed company are eligible for a home loan. Individuals who apply for a loan must be at least 21 years old and can be a maximum of 60 years or superannuation, whichever is lower, when the home loan matures.
- Professionals such as management consultants, company secretaries, cost accountant, chartered accountants, architects, dentists, engineers, and doctors are eligible for the home loan. However, they must meet the eligibility criteria of the Axis Bank Home Loan. Professionals who are availing the loan must be at least 21 years at the time the loan commences and a maximum of 65 years at the time the loan matures.
- Self-employed individuals who are filing their Income Tax Returns are eligible to avail the loan. Individuals who are availing the loan must be at least 21 years at the time the loan commences and a maximum of 65 years at the time the loan matures.
Features and Benefits
The main features and benefits of the Shubh Aarambh Home Loan are mentioned below:
- In total individuals can avail 12 EMI waivers at no additional charges. Four EMIs are waived off after the completion of 4, 8, and 12 years.
- Subsidised interest rates are offered for individuals who come under the Pradhan Mantri Awas Yojana Scheme.
- The home loan that is being availed can be used to purchase a house that is under construction, ready, or a house that is being resold. Loans can be availed for the self-construction of a house and for the purpose of buying the plot and constructing the house. The loan can be availed for the improvement of a house as well.
- The interest rates are standard and there are no hidden charges.
- An existing home loan can be transferred to Axis Bank without any hassles.
- The home loan is provided from the comfort of your office or home.
- No prepayment needs to be made to close the loan early. In order for individuals to avail waiver benefits, the tenure should not be less than 4 years.
- The process to get the loan is transparent and quick.
The documents that must be submitted to avail the home loan are mentioned below:
- Application form
- Permanent Account Number (PAN) Card
- Identity proof such as Passport, Aadhaar Card, Driving License, Voter ID, Photo ID that has been issued by the Government of India, or a Government Employee ID.
- Address proof such as Aadhaar Card, Driving License, Voter ID, Photo ID that has been issued by the Government of India, Government Employee ID, electricity bill, gas bill, telephone bill, or a property tax receipt.
- Proof of date of birth such as Passport, Aadhaar Card with the date of birth mentioned on it, PAN Card, Driving License, SSC Marksheet, or Birth Certificate.
- Proof of signature such as Passport, PAN Card, an affidavit that has been notarised with address proof and ID proof, or verification must be done by the banker.
- Income proof: The income proof for salaried employees and self-employed individuals will vary. The income proof that must be submitted are mentioned below:
- 3 months salary slip
- 6 months bank statement
- 2 years Form 16
- 2 years Income Tax Returns
- 6 months bank statement
- Tax audit report
- Business continuity proof
- In case ITR is filed without a digital sign, tax paid challan and CPC must be submitted.
Fees and Charges
The various fees and charges of the Shubh Aarambh Home Loan are mentioned below:
|Description of charges||Charges (Rs.)|
|Processing charges||1% of the loan amount that has been availed up to a maximum of Rs.10,000.|
|Penal Interest Rate||2% on a monthly basis|
|Charges for cheque return||Rs.500 for every instance|
|Issuing a duplicate statement||Rs.250 for every instance|
|Issuing of credit report||Rs.50 for every instance|
|Issuing a photocopy of the title documents||Rs.250 for a set of documents|
|Charges in case customer requests for a copy of the documents||Rs.250 for a set of documents|