Axis Bank

Home Loan For Self Employed


We, at Axis Bank strive to offer products and services, tailored exclusively for you. That is why we have come up with Empower Home Loans for Self-employed wherein you get instant loans on the basis of your good banking track. In addition, you get 3 assured rate reductions on maintaining a good repayment track with us for 24, 36 and 60 months from the date of first disbursement for availing the 1st, 2nd and 3rd rate reduction respectively.
Under this Product, you can avail a Home loan for purchasing an under construction/ready/resale house/self-construction, plot plus construction or Home extension & improvement loans
3 Assured rate reductions upon maintaining a good repayment track.
Attractive housing finance rates: We offer attractive interest rates to make your housing loans affordable and easier on your pocket every month.
Balance transfer facility: Not satisfied with your existing Home Loan provider? Transfer your Home Loan to us in a hassle-free manner.
Doorstep service: You don't have to go to the bank for Home Loans; the bank will come to your doorstep. Perfect for those leading busy lives.
Nil prepayment charges: You can do that at Axis Bank without worrying about prepayment charges.
Quick and transparent processing

Purpose Self Employed Professionals & Non Professionals for all applicants & Co-applicants
Proof of identity Passport or Voter's ID card or Driving license or PAN card or photo credit card.
Proof of residence& Office address proof Bank account statement or latest electricity bill or latest mobile or telephone bill Bank statement Last 6 months statement of all savings / current accounts. Accounts should be operational for minimum 1 year.
Proof of Business Latest ITR copy and Business continuity proof of 5 years
Others Application form duly filled in with photograph, PAN card, Processing fee cheque
Borrowing limit
Loan amount (Rs.) Margin
For Housing Loan upto Rs. 150 lacs 35%
Schedule of charges
Description of charges Amount (Rs.)
Processing fees Upto 1% of the loan amount subject to minimum of Rs. 10,000/-
Default Interest rate @24 % per annum, 2% per month
Repayment Instruction / Cheque Return charges Rs. 500 Per Instance
Cheque / Instrument Swap Charges Rs. 500 Per Instance
CERSAI Charges Rs. 500/-
Duplicate Statement issuance charges Rs. 250 Per Instance
Duplicate Amortization Schedule issuance charges Rs. 250 Per Instance
Duplicate interest certificate (Provisional/Actual) issuance charges Rs. 250 Per Instance
Issuance charges for Photocopy of title documents Rs. 250 Per document set
Charges in customer initiated requests for copies of documents Rs. 250 Per document set
Prepayment charges including part prepayment for floating rate loan NIL
Equitable mortgage creation charges As applicable in the State
Crefaq,sdit Bureau report issuance charges Rs. 50 Per instanc
PREPAYMENT CHARGE 0.25% APPICABLE SUBJECT TO APPROVAL OF TATA CAPITAL
TOP-UP LOAN USED Renovation of property Asset acquisition Business needs Consolidation of debt Refinance on self financed property
COMMITMENT charges AS PER COMPANY POLICY IF APPICABLE


FAQ's


Is this Product extended to all customers?
Salaried customers are not eligible under this Product. This Product is applicable to only Resident Self-employed customers (professionals & non-professionals).

Which products can I avail under this Product?
Under this Product, avail a Loan for purchasing an Under-construction/Ready/Resalehouse, plot plus construction and Home extension/Improvement loans

What is the minimum loan amount to be availed under this Product?
Rs. 10 lacs

What is the maximum loan amount I can avail under this product?
Rs. 150 lacs in tier 1 & 2 cities, Rs. 50-75 lacs in tier 3 cities and Rs. 50 lacs in other cities. Please get in touch with our sales representative for more details on city categorization.

How do I get Part disbursement at every stage of construction completion?
For every disbursement request, the customer would have to come to nearest Axis Bank Loan center with the builder demand letter and other supporting documents including disbursement request form. On the basis the appraisal of the stage of construction of the property, the bank would disburse the funds.
Can I avail of this offer under 'Fixed rate' option
This product is offered only under 'Floating rate' option

What is the maximum loan as a percentage to the property value permissible under this Product?
Lower of 65% of the documented property cost or market value of the property ascertained by us.

I have opened current account with a private sector bank 7 months ago. Can I submit the statements from this account?
The bank accounts must be operational for at least 12 months hence the same will not be acceptable.

What is the maximum tenure option I can avail under this product?
15 years subject to age of borrower not exceeding 65 years at loan maturity.

I have availed one Home loan under this offer from Axis Bank; now can I avail another loan under the same Product?
Under this Product a customer can acquire only one residential property. Apply under the Vanilla Home product of Axis Bank for the second loan.

I am a self-employed NRI and want to purchase a property in India. Can I apply for a loan under this Product?
Only Resident Indian self-employed customers are eligible to apply for this home loan.

I have a savings account on the basis of which I want to apply for a loan under this Product. However, I am also a partner in a Partnership and wish to provide the current accounts of the firm along with my savings bank account for enhancing my eligibility. Can I do this?
Yes provided the property is not being purchased in the name of the firm and the firm is a guarantor to the loan.

What are the documents that I need to submit for availing a loan under this Product?
I am a director with 100% shareholding within my family. I wish to avail a loan under this product wherein the property will be purchased in the name of my company. Will this be permitted?
The property cannot be in the name of the firm/company hence this will not be permitted under this product.

Are statements of all banks accepted under this product?
Statements of Indian bank accounts held with Leading Indian and Foreign private sector banks and public sector banks are accepted.

What are the types of bank accounts that are accepted?
Only Current & Savings bank accounts are accepted. Cash credit/Overdraft accounts are not eligible under this Product.

Will my interest rate be impacted by the movement in the Base rate of Axis Bank?
Yes. Any change in the Base rate will also result in the change in interest rate offered. However, the mark-up will be reduced as per the Product offering to all eligible customers at pre-determined dates and the impact of the same shall be effected in your rate of interest.

I want to reduce my EMI under this Product on being passed on the rate reduction instead of tenure reduction. Is it possible?
For all the customers eligible under this Product, only the tenure will be reduced by Axis bank.

I want to change my EMI cycle date to 5th of every month instead of the current 10th of every month. Will I be allowed to do so?
Under this Product, the EMI cycle will remain 10th of every month only.

What happens if there is a change in the Base Rate at the same time when the mark up reduction is due to me?
The effect of change in the Base rate (upwards or downwards) will be given as per the existing internal policy of Axis Bank applicable to Home loans. Based on the logic of rate reduction either the EMI or the tenure or both will be revised.
Post giving the effect of Base rate movement, the mark-up will be reduced and the effect of the same will be given in the tenure.
Hence, the net effect will be passed on to you and communication to that effect will also be made to you.

There is a special subvention Product launched by a builder and I am interested in availing the subvention under this Product?
After rate change, will I be required to give my repayment cheques afresh?
In case of the eligible customers under this Product, the mark-up will be reduced as applicable and the effect of the same will be given by reducing the tenure. Hence, fresh repayment instrument is not required.
However, fresh repayment instruments may be required if there is a change in the Base rate of the bank and the applicable interest rate charged to you is revised.

I can convert my loan from 'floating' rate to 'fixed' rate?
No. Loans under this Product are not eligible for switching the 'floating' rate to 'fixed' rate.

Can I switch from the higher 'floating' rate to a lower 'floating' rate by paying the switch fee under the Product?
No. Loans under this Product are not eligible for switch.

Kindly advice the best option for ECS or PDC or SI?
From customer ease perspective, most of our customers today opt for Standing Instructions or Electronic Clearing Services and we too promote the same in centers where this facility is available. PDC's are acceptable in the centers where ECS is not available.
When my loan was disbursed, I had submitted an ECS mandate towards payment of my monthly EMIs to Axis Bank from my existing savings bank account maintained with a MNC bank. However, there was a delay on the part of my existing savings account banker to update their records resulting in delay in the payment of my 1st EMI by 45 days. Now I have been told by Axis Bank that I will not be eligible under this Product as one of the conditions of this Product is that any outstanding against my loan should not have been due beyond 30 days. Since, the delay was not from my end, I request you to kindly pass on the benefit to me under this Product.
We regret to inform you that we will not be able to extend the benefit to you under this Product on account of the delay in any of your payments beyond 30 days which is a qualifying condition under this Product.

What are the stages involved in taking a Home Loan?
Loan Application – Submit a completely filled application along with necessary documents
Loan Sanction – An approval for specific loan amount post necessary credit checks
Legal & technical appraisal – Study of the property for its legal and technical soundness
Part Disbursement – Get finance as per construction stage (in under construction project)
Disbursement – Get finance for your property

What is a Monthly Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principle on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.

What is Pre-EMI interest?
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

When will I get my provisional / final Interest certificate?
You may download the provisional certificate from our website under Home Loan section. Alternatively, you may apply for the same by submitting your application to your nearest Loan center/Branch .The Final Interest certificate shall be mailed to your last known address once in a year by the Bank

Can you get IT certificates in the name of the applicant and co-applicant separately?
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co-applicant.

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CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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