Axis Bank offers a wide array of banking and financial products to its domestic as well as NRI customers. NRI home loan is one of the key products offered by Axis Bank to Non-Resident Indian customers. NRI customers can get a home loan at affordable interest rates and minimal processing fees for a variety of purposes.
Also Read: Why should an NRI buy a house in India?
Axis Bank NRI Home Loan Interest Rate 2021
Axis Bank NRI home loan interest rates are one of the lowest in the market starting from as low as 6.90% per annum with minimal processing fees. The loan can be availed for a flexible repayment tenure ranging from 1 to 25 years.
| Particulars | Rate |
|---|---|
| Interest rate for salaried | 6.90% – 8.40% p.a. |
| Interest rate for self-employed | 7.00% – 8.55% p.a. |
| Loan repayment tenure | Up to 25 years |
| Processing fee | 1% of the loan amount + GST |
| Prepayment charges | – Nil (Floating interest rates) – 2% + GST (Fixed interest rates) |
Note: Axis Bank NRI interest rates and fees are subject to periodic charges, depending on the repo rate and market conditions.
Axis Bank NRI Home Loan Eligibility Criteria
Axis Bank extends a home loan to salaried and self-employed Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs), except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan.
You need to meet the following eligibility criteria to get a home loan from Axis Bank;
| Particulars | Criteria |
|---|---|
| Age | 24 years to 60 years or retirement age (whichever is earlier) |
| Work experience | Minimum 6 months overseas experience with a total work experience of 2 years |
| Minimum income | – For GCC countries: AED 5000/ month (or equivalent) – Other countries & USA: USD 3000/ month (or equivalent) – For merchant navy: USD 2000/ month for 9 months |
Documents required for Axis Bank NRI Home Loan
Here is the checklist of documents you will need to submit at the time of application:
Mandatory documents
- Filled home loan application form with latest passport size photo of applicant(s)
- PAN card
- Processing fees and CERSAI cheques
- Signatures of borrowers on all documents
Identity & address proof
- Identity proof: Any one of – passport, Aadhaar card, driving license, voter ID, Govt ID
- Address proof: Any one of – passport, driving license, Aadhaar card, voter ID, Govt ID, electricity bill, gas bill, telephone bill, property tax receipt
- Date of birth proof: Any one of – passport, PAN, birth certificate, SSC marksheet
- Signature proof: Any one of – passport, PAN card, banker’s verification
Income proof
For salaried applicants
- 3-month salary slips
- Appointment letter/ contract letter
- Continuous discharge certificate for shipping cases
- 6-month domestic NRE/NRO account statement
- 6-month international salary account statement
- Overseas credit report
- Valid visa copy/OCI card
- Passport copy
- POA details
For self-employed
- 2 years ITR, computation of income, balance sheet audited by a chartered accountant
- For Asha home loan – 1-year ITR, computation of income, P&L, balance sheet audited by a CA
- Tax audit report (in case the gross turnover is over Rs. 1 cr or gross receipts are over 25 lakh)
- 6 months bank statements of personal and business accounts
- If ITR is filed without digital sign, CPC and tax paid challan
- Business continuity proof at least 2 years for a home loan and 5 years for a loan against property
Features and Benefits
Home loan borrowers will get the following benefits by getting an Axis NRI home loan:
- Attractive interest rates starting from as low as 6.90% per annum.
- Nominal processing fees for easier and faster application.
- Flexible repayment tenure between 1 year and 25 years.
- Transparent processing, no hidden charges throughout the loan tenure.
- Multiple repayment options, such as NACH (National Automated Clearing House) mandate, Standing Instruction (SI), PDC from NRE/NRO accounts.
- You can instantly apply for an Axis Bank NRI home loan.
- Tax deduction: Home loan borrowers can avail a deduction of up to 1.5 lakh on the principal payment of your home loan EMI under Section 80C of the Income Tax Act. and a deduction of up to Rs. 2 lakh for the interest component of the home loan EMI under Section 24(b) of the Income Tax Act for self-occupied property.
Also Read: Investment in India by NRI: Real Estate 2021
Axis Bank NRI Home Loan Eligibility Calculator
If you are planning to get a home loan from Axis Bank, you can use Axis Bank home loan eligibility calculator to know your eligibility depending on your income, loan amount required and repayment capacity. The home loan eligibility calculator is easy to use, you need to enter inputs like your age, loan tenure, net adjusted monthly income, other EMIs, if any, and expected rate of interest.
Axis Bank NRI Home Loan Calculator
Axis Bank NRI home loan calculator is an automatic tool that can be used to find out a monthly payment or EMI a home loan borrower will need to make to pay off the home loan over the loan tenure. Axis Bank home loan EMI calculator is easy to use and provides accurate results in a couple of seconds based on the inputs entered. Users need to type loan amount, interest rate and loan tenure (years) to view the Axis Bank home loan EMI along with the amortization schedule.
You may have several questions about Axis Bank NRI Home Loan or Axis NRI loans. We at SBNRI, are here to help you out with everything related to home loans and other financial and legal services required by NRIs. You can get in touch with our expert directly on WhatsApp using the button below to resolve your doubts and queries. Also visit our blog and YouTube Channel for more details.
FAQs
Axis Bank offers a minimum home loan of Rs. 3 lakh.
Axis Bank home loan EMI will be due on a fixed date each month. The date will be communicated to you at the time of loan disbursal.
Yes, you can get a home loan from Axis Bank for multiple purposes including home repair, renovation and extension.
If you pay interest in India, yes, you can get up to Rs.1.50 lakh deduction on the principal portion of your home loan EMI under section 80C of Income Tax Act, 1961 and up to Rs. 2 lakh on interest paid for a home loan.
