To have one’s own house is a dream shared
by all- whether a businessman or a salaried professional, a shopkeeper or a
teacher. While it is easier for some to buy that home through home loan, for
others this dream is still a distant one. Lack of proper documents like income
proof or ITR makes it hard for home-seekers to fund their purchases through
loan, even if they are financially sound to pay monthly EMIs. Axis Bank has
been the perfect home buying companion of many homebuyers for a long time. To
help the individuals belonging to the low income group buy their dream homes, a
new Axis Bank Home Loan
has been launched under the name Asha Home Loan.
Axis
Bank Asha Home Loan
This Axis
Bank Home Loan product is targeted at individuals who do not have complete
and proper documentation
to avail a normal home loan, mainly the first-time homebuyers. This
includes people like grocery shop owner, tailor, salon owner, taxi driver, etc.
In such professions, people make daily earnings which are not properly
recorded, and even if books are maintained, they are not accepted as valid
proofs of income. This is why Axis Bank offers customized variants of their
home loans to individuals on the basis of their banking behaviour and a
personal discussion regarding their earnings.
Axis
Bank Home Loan Eligibility
All individuals whether salaried,
self-employed or professionals can apply for Axis Bank Asha home loan provided
that the minimum income per month is Rs 8,000. For joint loan, the minimum
combined income of all applicants should be Rs 8,000 per month. The minimum and
maximum amount of loans is Rs 1 Lakh and Rs 50 Lakhs respectively. There is a
15% margin on the borrowing limits for loans up to Rs 30 Lakhs; for loans above
Rs 30 Lakhs and up to Rs 50 Lakhs, this margin is 20%. The loan is available at
both fixed rate and floating rate of interest. Foreclosure charges are nil in
case of floating rate.
Other Terms and Conditions-
·
The minimum income requirement
is Rs 8,000 to Rs 10,000 per month, depending on the location and cost of
living.
·
Maximum loan amount is up to Rs 28 Lakhs for locations with population above
10 lakhs and up to Rs. 20 lakhs for locations with population up to Rs. 10
lakhs
·
Repayment period for Home Loans
shall not exceed 30 years
·
Processing fee will be charged
at 1% of the loan amount or Rs 10000, whichever is higher
Documentation
for Axis Bank Asha Home Loan
Applicants have to submit the following
documents to be eligible for an Axis Bank Home Loan-
·
IIdentity Proof- Valid passport/Voter’s
ID/Valid Driving license with photo graph/Pan card/Aadhar card;
·
Residence Proof- Latest Electricity
bill/ utility bill/ piped gas bill/ telephone bill/ Passport/ Registered lease
Agreement with a utility bill in the name of landlord.
·
Income Proof- For individuals- Last 3
months salary slip/Latest Form 16, Last 6 months Bank statement/passbook of the
salary account; For Self-employed- Income Tax
Returns for the last 2 years along with an income certificate by a CA, Last
6 months Bank statement for operative account.
In case you do not have complete documents
to prove your monthly income or the earnings from your small business, Axis
Bank can also extend loans to you based on a personal discussion. Loan
executives will check the casual books you maintain at business and if
satisfied, the loan will be processed.
Home is a basic requirement and everyone
deserves to have a roof over the head. The government is also going that extra
mile to provide basic housing to those with modest means. Asha Home Loan is an
effort by Axis Bank in this direction as they believe that someone’s profession
or lack of papers should not come in the way of owning a house.
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