Axis Bank Home Loan for Low-Income Individuals

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-

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IIdentity Proof- Valid passport/Voter’s ID/Valid Driving license with photo graph/Pan card/Aadhar card;

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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.

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 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.

How to apply for an Axis Bank Home Loan on Paisabazaar.com

Owning a house signifies success for the fast growing Indian middle class. As the incomes of families are increasing, so is the desire to own a house and this in turn has led to the increase in the prices of real estate. This is not just true for larger cities, but also for the smaller ones across the country. The excessive prices of property have made it impossible for the common Indian to be able to buy real estate only on the strength of their savings. This is the main reason why more and more people in the country are applying for home loans.

Online availability of home loans

The internet has changed the way we do things in life, from shopping to education and even healthcare. Nowadays whenever people want to buy some product or service, the first place that they look is the internet. This is also true for financial products because most banks and financial organizations have their own user friendly websites which provide information about their loan products. At the same time, there are many dedicated websites like Paisabazaar.com which provide information about the loan products of different banks available in the market.

How to apply for home loan on Paisabazaar.com

When you log on to the official loan website of Paisabazaar.com, you will come across an online form. The different details required in this form are:

1. What is the purpose of your loan?
2. What kind of property you want?
3. Enter amount you wish to borrow
4. How are you currently employed?
5. Your net monthly income
6. Choose your property city
7. Where do you currently reside?
8. Your email ID
9. Your mobile number

By filling out this online form, you will get the different loan options available with Paisabazaar.com. At the same time, if you wish to apply for the home loan from a particular bank like Axis Bank, then there is an option available below the online form on the right hand side of the web page. All you need to do is click on the option Axis Bank Home Loan. An online form provided by Axis Bank will open up. On this form you need to provide your full name, email ID and mobile number and submit this information. In a short time you will be contacted by the staff of the Axis Bank who will discuss your loan requirements with you.

Different loan products of Axis Bank

On the web page with the online form required to apply for Axis Bank home loan, there is information about the different home loan products provided by Axis Bank. You can study these options and decide which product you wish to opt for. Home loans offered by Axis bank have excellent features like transparent processing, flexible tenures and quick service. This bank offers doorstep service so that a borrower does not even have to visit the bank branch. The different loan products offered by Axis Bank are:

• Home loans – The interest rates charged by Axis bank are quite reasonable making them quite popular with home buyers. At the same time, you have the choice of fixed as well as floating rate of interest.

• Happy ending home loans – This is a unique product offered by Axis bank in which if the borrower pays the EMI regularly then the last 12 EMIs are waived off.

• Empower home loans – These loans are specifically designed for self employed individuals if they have a good banking track record.

• Asha Home loans – This is a tailor made home loan product which is meant for small time borrowers

• Super saver home loans – this products enables the borrower to save the interest payments on borrowings

All these products have different features which make them suitable for different requirements of the borrowers from different segments of society.