| Axis Bank NRI Home Loan Highlights | |
| Interest Rates | 8.75% p.a. onwards |
| Loan Amount | Rs 1 lakh – Rs 5 crore |
| Repayment Tenure | Up to 30 years |
| Processing fee | Up to 1% of the loan amount (minimum Rs 10,000) + GST |
Note: Interest rates as on 27th November 2024.
Table of Contents
Axis Bank NRI Home Loan Interest Rates
Axis Bank has offers NRI Home Loan to its loan applicants at the same rates as the interest rates of its regular home loan scheme. The Axis Bank Home Loan Interest Rates and the interest rates for Axis Bank NRI Home Loans are mentioned below:
For Bureau Score 751 and above
| Applicant Type | Interest Rate (p.a.) |
| Salaried | 8.75% p.a. |
| Self-employed | 9.10% p.a. |
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Axis Bank Standard Home Loan Interest Rates
Vanilla Salaried (Home Loans including Plot)
| Bureau Score | Interest Rates (p.a.) |
| 751 and above | 8.75% |
| 700-750 | 9.50% |
| 700 and above | 9.65% |
| No Hit | 9.30% |
Axis Bank Asha Home Loans
| Type | Interest Rates (p.a.) | |
| Salaried | Self Employed | |
| Floating Rate | 10.50%-12.85% p.a. | 12.00%-13.30% p.a. |
Axis Bank Home Loans (Fixed Interest Rates)
Axis Bank offers fixed home loan interest rates at 14% p.a.
The home loan interest rates offered by Axis Bank depend on factors like the interest rate type, i.e. fixed or floating, home loan variant and the credit profile of its loan applicants.
Axis Bank NRI Home Loan Fees and Charges
Processing Fees
Axis Bank charges the same processing fee for NRI Home Loan and other Axis Bank Home Loan schemes. The bank charges a processing fee of up to 1% of the loan amount, with the minimum fee being Rs 10,000.
Prepayment charges
| Particulars | Rates |
| For floating rate home loan (including part payment) | NIL |
| For fixed rate home loan (including part payment) | 2% of outstanding principal / amount prepaid |
Other fees and charges
| Particulars | Rates |
| Duplicate Statement issuance charges | Rs 250 per instance |
| Cheque / Instrument Swap charges | Rs 500 per instance |
| Duplicate Amortization Schedule issuance charges | Rs 250 per instance |
| Charges for document copy | Rs 500 per set |
| CERSAI charges | Rs 50 for loans up to Rs 5 lakhs
Rs 100 for loans above Rs 5 lakhs |
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Types of Axis Bank NRI Home Loans
NRI Home Loan
Purpose: NRI applicants can avail the Axis Bank NRI Home Loan scheme for the purchasing flats/houses/plots, home construction and home repair/renovation.
Loan amount: Up to 90% of property value
Repayment tenure: Up to 25 years
Loan to Value ratio:
- For home loans of up to Rs 30 lakh: 90%
- For home loans above Rs 30 lakh and up to Rs 75 lakh: 80%
- For home loans above Rs 75 lakh: 75%
Axis Bank NRI Top-up Home Loan
Purpose: Axis Bank NRI Top-up Home Loan enables its NRI customers to raise finance for construction of residential or commercial properties and for meeting various personal or business requirements without any end usage restriction, except for speculation, illegal purposes, litigation or other notorious activities. Note, loan applicants cannot avail Axis Bank NRI Home Loan Top-Up facility for purchasing another residential or commercial property.
Loan amount: Up to Rs 50 Lakh
Repayment tenure: Up to 25 years
Axis Bank Home Loan for Self-employed NRIs
Purpose: Axis Bank Home Loan for Self-employed NRIs enables self-employed NRIs to avail home loans for purchasing/constructing housing properties and for balance transfer of their existing home loans from other banks/HFCs. They can also avail this loan facility for the purpose of home renovation/extension. However, loan applicants cannot avail this home loan scheme for agricultural purposes, purchasing plots, buying commercial properties, etc.
Loan amount: Rs 20 Lakh to Rs 50 Lakh, with minimum property cost of Rs 30 lakh
Repayment tenure: Up to 15 years
Loan to Value ratio:
- For properties under construction: 90% of the cost of property
- For completed properties: 60% of the cost of property
- For all other cases: 50% of the cost of property
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Axis Bank NRI Home Loan Eligibility Criteria
The home loan eligibility criteria for Axis Bank NRI Home Loan applicants are mentioned below:
- Non-Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI), except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan, can avail Axis Bank NRI Home Loans.
- The minimum age of the NRI Home Loan applicant should be 24 years.
- The loan applicant’s maximum age limit is 60 years or retirement age (whichever is earlier), at the time of loan maturity.
- Applicants should have a total work experience of 2 years with at least 6 months of overseas work experience.
- The minimum net monthly income of Axis Bank NRI Home Loan applicants are mentioned below:
- For Gulf Cooperation Council (GCC) countries: AED 6000 per month (or equivalent)
- For USA and other countries: USD 3000 per month (or equivalent)
- For Merchant Navy: USD 2000 per month for 9 months
In addition to the above-mentioned eligibility criteria, Axis Bank may also consider the occupation profile, credit score, employer’s profile, etc. of its NRI home loan applicants to evaluate the eligibility of their home loan applicants.
Eligibility Criteria for Availing Axis Bank NRI Top-up Home Loan
- The NRI should own the property either individually or in joint ownership (Applicable for NRI customers only).
- The lender can extend home loan top-up against the complete residential property provided the borrower has completed the post disbursal documentation.
- The existing home loan borrower should have a clear repayment history with not more than 1 EMI bounce within the last 1 year, which the borrower should have cleared before the next EMI date.
- Existing home loan borrowers are eligible for availing the top-up facility after 6 months of clear repayment. Customers availing top-up loans with home loan takeover from another bank need to have minimum 1 year of clear repayment track record.
Axis Bank Home Loan Eligibility for Self-employed NRIs
- Work experience of at least 5 years of which minimum 3 years should be in a single country. The applicant needs to provide documentary evidence of his/her work experience.
- Age: 24 years to 60 years at loan maturity
- Customers should have at least one operative overseas account and one NRE / NRO account for 1 year. The customer should also submit the bank statement of his/her overseas bank account.
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Axis Bank NRI Home Loan Documents Required
Mandatory documents:
- Application form and PAN Card
Identity proof (any one):
- Aadhaar Card, Passport, Voter ID, GOI issued Photo ID, Driving License or govt. employee ID
Address proof (any one):
- Aadhaar Card, Voter ID, Driving License, GOI Issued Photo ID, Govt Employee ID, electricity bill, gas bill, telephone bill (landline) or Property Tax Receipt
Date of Birth Proof (any one):
- Passport, Aadhaar Card with DOB, PAN Card, Driving License, Birth Certificate or SSC Marksheet
Signature proof (any one):
- PAN Card, Passport, banker’s verification, Notarized affidavit with ID and address proof (not applicable for financial applicants)
Income proof:
- For salaried (any one): Pay slip of 3 months, pay slip of 6 months/proof of bonus for 2 years (in case of variable pay), Form 16 of 2 years/employment continuity proof or bank statements of 6 months showing salary credits
- For NRI Salaried: Pay slip of 3 months, appointment/contract letter, domestic NRE/NRO account statements of 6 months, international salary account statements of 6 months, continuous discharge certificate for shipping cases, overseas credit report, valid OCI card/visa copy, passport copy or details of Power of Attorney (POA)
- For self-employed (any one): Income tax returns of 2 years, computation of income, profit and loss account statement, balance sheet with sign and seal of a Chartered Accountant, tax audit report in case the gross turnover is above Rs 1 crore or the gross receipts exceeds Rs 25 lakh, bank statements of 6 months of the borrower’s personal and business accounts, CPC and tax paid challan if the ITR is filed without digital signature or business continuity proof of 3 years
For balance transfer/takeover of loan from other lender:
- Loan account statement of 12 months with the latest outstanding letter
- Details of existing loan and bank statement of 6 months from where the EMI is deducted
Check: Axis Bank Home Loan EMI Calculator
Documents to be submitted before loan disbursement:
Loan agreement and annexures:
- Loan agreement as per type of product
- Annexures to be filled, signed and stamped as per the state law:
- MCLR consent letter
- Most important information pages
- Loan agreement schedule
- Loan restriction letter (if any)
- List of documents
- Letter of request for disbursement
- Franked GPA document for NRIs
- Guarantor agreement (if applicable)
- Indemnity for under construction cases in plot loans
- Any alteration or correction to be authenticated by loan applicants
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National Automated Clearance House (NACH) mandate/Standing Instruction (SI) form and Security Cheques (SPDC):
- NACH/SI mandate along with a signed cancelled cheque having the account holder’s name as per the bank records
- SPDC – 3 undated security PDCs equivalent to the EMI amount
- 1 cheque towards the PEMI amount
- 1 undated cheque with the amount kept as blank
- SPDC favouring “AXIS BANK LTD LOAN A/C Customer Name”
Loan cover or insurance details:
- Property insurance application form (mandatory)
- Life insurance application form (if applicable)
- General insurance application form (if applicable)
Processing Fee or Equitable Mortgage cheques
- Cheque for balance processing fees (with clearance details)
- Equitable mortgage charges or stamping charges favouring “AXIS BANK LTD A/C Service Charges”
Property documents:
- Property documents as per the type of transaction, according to the bank’s policy
For balance transfer/ loan takeover from other banks or financial institutions:
- Original list of documents from the previous financer
- Loan account statement of last 12 months with the latest outstanding letter
- Existing loan details and bank statement of 6 months from where the EMI is deducted
- Undertaking of indemnity, indenture of guarantee, forwarding letter and annexures in the Axis Bank format
Sanction letter:
- Duly accepted & signed by all home loan applicants / power of attorney. Loan applicants should meet all the sanction conditions
Own contributions receipts:
- Receipts of own contribution
- Bank statements reflecting debit for own contribution paid
Tax Deducted at Source (TDS):
- If the loan applicant is paying TDS: TDS challan & bank statement reflecting the debit of TDS payment
- If the loan applicant is not paying TDS: Undertaking cum indemnity to deduct the TDS amount from disbursement
PSL Documents:
- Financial documents (any one): Audited balance sheet, CA certificate for original investment in Plant & Machinery or invoice copy for investment in Plant & Machinery
- Additional documents (any one): Audited/unaudited P&L Account or certificate of GST registration
Other documents (if applicable):
- Customer’s letter towards opting for EMI in case of partly disbursed loan
- Vernacular or indemnity bond and dual name/dual sign affidavit
- Affidavit for Credit Linked Subsidy Scheme (PMAY)
- Amenities agreement signed by 3rd party or sellers
- End use letter for home loan top up cases
Note: Axis Bank may ask its NRI home loan applicants to submit additional home loan documents based on the credit profile of its loan applicant.