| Axis Bank’s Asha Home Loan Highlights | |
| Interest Rates | 10.05% p.a. onwards |
| Loan Amount | Rs. 1 lakh to Rs. 35 lakh |
| Processing Fees | 1% of the outstanding principal with minimum Rs. 10,000 + GST |
| Repayment Tenure | Up to 20 years – For Fixed Rate Loans |
| LTV Ratio | Up to 90% of Property Value on loan amount up to Rs. 30 lakh |
| Margin | 10% on loans up to Rs. 35 lakh |
Note: Interest rates as of 19th Nov 2024.
Purpose of Asha Home Loan
Asha Home Loan can be availed for the purchase of an under construction or ready to move property, resale home, self-construction, plot plus construction, and repair and extension of property. Under this home loan scheme, 12 EMIs are waived off for its customers during the loan tenure as per the loan’s terms and conditions. The borrowers need to have a clear repayment history in order to avail the EMI waiver benefits. The home loan can also be part prepaid, as long as the tenure does not fall below 4 years.
Asha Home Loan Interest Rates
Asha Home Loan Interest Rates offered to its customers are 10.05% p.a. onwards depending upon the applicant’s creditworthiness, payment history and financial capacity.
Asha Home Loan Interest Rates vs Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Check Eligibility |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
LTV Ratio for Axis Bank Asha Home Loan
- Loan amount up to Rs. 30 lakh: Up to 90% of the property value
- Loan amount from above Rs. 30 lakh to Rs. 75 lakh: Axis bank has not disclosed LTV ratio of Asha Home Loan of above Rs. 30 lakh to Rs. 35 lakh. However, the RBI has capped the LTV ratio of such home loan amounts at 80% of the property value
Asha Home Loan Eligibility Criteria
Below mentioned is the eligibility criteria and documents required for Asha Home Loan:
Eligibility Criteria
- Age: Minimum 21 years at the time of loan commencement and maximum up to 65 years (60 years for salaried individuals) at time of loan maturity
- Individuals with combined income of Rs. 8000 or above are eligible to apply for Asha home loan
Documents Required
Find below the information related to the documents required for Axis Bank’s Asha Home Loan:
Mandatory Documents: Application form and PAN card
Proof of Identity: Passport, Aadhaar card, Driving License, Voter ID card, GOI issued photo ID, Govt. Employee ID (Any One)
Proof of Address: Aadhaar card, Driving License, Voter ID, Utility Bills (Water, Gas, Electricity), Property Tax Receipt (Any One)
Date of Birth Proof: Passport, PAN card, Aadhaar card with DOB, Driving License, Birth certificate, SSC mark sheet (Any One)
Signature Proof: Passport, PAN card, banker’s verification (Any One)
Salary Proof:
For Salaried: 3 months’ salary slips, 6 months’ pay slips, 6 months’ bank statement, last 2 year’s Form 16 (Any One)
For Self-Employed:
- 2 years’ ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
- For Asha HL – 1 year ITR, Computation of Income, P&L, Balance Sheet with CA seal and sign
- Tax Audit Report (If Gross Turnover exceeds Rs. 1 crore), 6 months’ bank statement (both personal and business) and Business continuity proof (3 years of HL/ 5 years for LAP)
For Balance Transfer: 12 months’ loan account statement with latest outstanding letter