Axis Bank Home Loan
Axis Bank Home Loan Fulfill your dream of owning a home with the Axis Bank Home Loan, which offers home loans starting at Rs. 3,000,000. The Axis Bank home loan comes with a number of benefits, such as smaller EMIs that you can space your payment into over a longer period, attractive interest rates, a simple application process, door-to-door service, etc. Learn more about the Axis Bank home loan below.
How do Home Loans work?
Mortgage loans help you with a lump sum advance for the purchase of the desired property, this amount will be repaid with interest. However, you can repay the advanced amount through EMI (Equivalent Monthly Installments), allowing you to get closer to realizing your dream at home in a convenient and structured way.
How to Apply for Axis Bank Home Loan
Home loan applications generally follow a process such as:
Application: Axis Bank Home Loan You will need to apply for a home loan, this can be done online or at bank branches/loan centres.
Loan Sanction: Post submission of your application and review of necessary KYC and documents of financial stability, the bank shall sanction your loan amount.
Review: Once the loan is sanctioned, you will need to submit the documents pertaining to the property against which your loan is sought, for technical and legal review.
Approval & Disbursal: Upon validation of your loan amount and the property sought, the bank shall approve and disburse your loan.
With the right documents and prompt follow-up, you could have your Axis Bank Home Loan Approved in 15 days!
What are the tax benefits on home loans?
Availing of a home loan may grant you the following tax benefits
- Axis Bank Home Loan The repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction up to Rs 1.5 lakh, under section 80C of the Income-tax Act 1961. While Section 24(b) of the Income Tax Act 1961, provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However, if the house purchased is a “let out property” i.e. is rented out. the deductions can apply to the entire interest payable.
- Additionally first time home buyers may be eligible for further deductions under Section 80EE, up to Rs.50,000/- per annum after they’ve exhausted the limit for interest per Section 24(b)
- For loans taken towards re-development, reconstruction, or renovations of the property, the amount eligible for tax deduction is set at Rs.30000 irrespective of it being used to stay or let out.
What are the different types of home loans?
Axis Bank Home Loan offers a selection of home loans designed to meet the investment patterns of each client. In addition to advancing loans for home construction, purchase of built residences, and loans for existing loan refills and remodeling, etc., our variants also include repayment options and subsidy benefits.
What are some parameters to decide home loan eligibility?
Axis Bank Home Loan considers multiple factors to determine home loan eligibility, including but not restricted to:
- The Income of all applicants
- Age of the primary applicant
- Number of dependents that the applicants support
- Assets and liabilities of the applicants
- Stability and continuity of the primary applicant’s occupation
