Documents Required for Axis Bank Home Loan
1. Loan Application Form and Photographs
- • Complete and sign Axis Bank’s home loan application form.
- • Recent passport-sized photographs of the applicant and co-applicants (usually 2-4 copies).
2. Proof of Identity
- • PAN Card (mandatory for tax purposes)
- • Aadhaar Card
- • Passport
- • Voter ID Card
- • Driving License
3. Proof of Address
- • Aadhaar Card
- • Passport
- • Voter ID Card
- • Driving License
- • Utility Bills (Electricity, Telephone, Water bill) not older than 3 months
- • Registered Rent or Lease Agreement (if applicable)
4. Proof of Age
- • PAN Card
- • Passport
- • Birth Certificate
- • School Leaving Certificate or 10th Class Marksheet
5. Income Proof
Salaried Individuals:
- • Last 3 months’ salary slips
- • Form 16 for the last 2 years showing tax deducted at source
- • Income Tax Returns (ITRs) filed for the last 2 years
- • Bank statements for the last 6 months reflecting salary credits
- • Appointment or employment letter (especially if recently joined current employer)
Self-Employed Professionals and Business Owners:
- • Income Tax Returns (ITRs) for the last 2-3 years duly acknowledged by the Income Tax Department
- • Audited Profit & Loss Statement and Balance Sheet for the last 2-3 years certified by a Chartered Accountant
- • Bank statements of both business and personal accounts for at least the last 6 months
- • Business registration certificates such as GST, trade license, or company registration documents
- • Partnership deed or Memorandum of Association and Articles of Association if applicable
6. Property Documents
For New or Under-Construction Properties:
- • Allotment letter or agreement to sell provided by the builder
- • Receipts and proof of payments made to the builder or developer
- • Approved building plan and layout sanctioned by the municipal authority
- • Occupancy Certificate (OC) or completion certificate for ready-to-move-in properties
- • No Objection Certificate (NOC) from the builder or housing society
- • Encumbrance certificate ensuring the property is free from legal dues
- • Property tax receipts
For Resale Properties:
- • Registered sale deed or agreement to sell
- • Chain of previous ownership and title deeds
- • No Objection Certificate (NOC) from the property owners’ association
- • Payment receipt and property tax receipts
- • Proof of maintenance fee payment wherever applicable
7. Other Supporting Documents
- • Cancelled cheque for bank account details to facilitate EMI deductions
- • Processing fee cheque payable to "Axis Bank Ltd."
- • Statements of loans currently being serviced by the borrower
- • For NRIs: valid passport, visa documents, overseas address proof, employment contract or work permit, and recent bank statements
- • Power of Attorney document, if loan is applied by a representative or legal heir
Major Details About Axis Bank Home Loans
1. Eligibility Criteria
- • Age - Minimum 21 years and maximum 65 years at loan maturity
- • Income - Applicants must prove steady income through salary slips, tax returns, or audited financials
- • Employment - Applicable for salaried individuals, self-employed professionals, and business owners
- • Credit Score - A good credit history (generally above 700) improves chances for loan approval and lower interest rates
- • Co-applicants are allowed and their incomes can be pooled to increase loan eligibility
2. Loan Amount and Tenure
- • Loan amount can range from ₹5 lakhs to ₹5 crores or higher subject to income and property value
- • Flexible repayment tenure options up to 30 years depending on age, income, and preference
3. Interest Rates and Charges
- • Interest rates start from around 6.65% per annum and vary depending on borrower profile, loan amount, and interest rate type (fixed or floating)
- • Processing fee typically ranges between 0.35% and 1% of the loan amount
- • Other applicable charges include legal fees, registration stamp duty, and administrative costs
4. Repayment and Prepayment Options
- • EMIs are payable monthly via ECS, NACH, or post-dated cheques
- • Borrowers may opt for prepayment or foreclosure with little to no penalty when repaid with own funds for floating rate loans
- • Flexible repayment options like step-up or step-down EMIs are available under certain schemes
5. Tax Benefits
- • Principal repayments are eligible for tax deduction under Section 80C up to ₹1.5 lakh annually
- • The interest paid on the home loan qualifies for deduction under Section 24(b) up to ₹2 lakh per annum
- • These tax benefits help reduce the overall home loan cost
6. Advantages of Applying for Axis Bank Home Loan
- • Wide range of home loan products suitable for salaried, self-employed, professionals, and NRIs
- • Efficient and transparent loan application and approval process with digital facilities
- • Competitive interest rates with flexible tenures
- • Expert loan advisory and customer support
- • Online tools for assistance with eligibility and EMI calculations
- • Access to balance transfer, top-up loans, and home improvement loans
7. Tips for a Smooth Axis Bank Home Loan Process
- • Arrange all identity, income, and property documents in advance
- • Regularly check and maintain a healthy credit score
- • Verify property ownership and title to avoid legal hassles
- • Stay updated on loan policies and interest rates
- • Reach out to official bank representatives for guidance if needed
- • Use Axis Bank’s online resources for eligibility checks and EMI estimates
Applying for an Axis Bank home loan requires submitting a set of documents covering identity, address, income, and property ownership. Accurate and complete documentation speeds up the approval process while competitive rates and flexible options make Axis Bank a convenient and reliable lender. By understanding the documentation checklist and loan features described here, prospective homebuyers can confidently navigate the Axis Bank home loan process and take a significant step towards owning their dream home.