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Home Loan Interest Rates
Knowing the home loan interest rates is paramount when you are planning to buy a home. The interest rate directly affects the total cost of your home loan and even a slight difference can add up to a significant amount of money over time. Want to stay ahead of the game and plan your dream home purchase wisely? Check out the current Home Loan interest rate here.
Benefits of Home loan
Axis Bank’s Home Loan products are tailored to fit your unique financial goals. Here's what you can expect:
Tax benefits on the home loan interest paid under Section 24.
Loan amount ranging from ₹3 lakhs to ₹10 cr, so you can fund your dream property.
Choice of fixed or floating housing loan interest rates to match your risk appetite.
Manage your loan from the comfort of your own home.
No prepayment charges on floating-rate home loans, so you can pay off your loan at your own pace.
Interest Rates
Please refer the below table to view the interest rates based on the CIBIL Score for salaried and self-employed individuals.
| Interest Rates (per annum) | |||||
|---|---|---|---|---|---|
| Cibil Score | REPO + Spread | Effective Rate of Interest | |||
| Cibil Score - 751 and above | REPO + 2.85% to REPO + 3.60% | 8.35% to 9.10% | |||
| Between 750 and below / No credit history | REPO + 3.10% to REPO + 3.85% | 8.60% to 9.35% | |||
*The rates will vary as per the profile of the customer, loan variant and other risk factors
*The range covers all types of home loans including the variants of Super Saver, QuikPay, Shubh Aarambh, Fast Forward, Plot Loans, Banking
Surrogate, Plot Equity Loan or any variant other than Vanilla
For Home Loan Rate of Interest Disbursed Click Here
Axis Bank Fixed Home Loans come with a competitive fixed interest rate of 14.00% per annum. This fixed rate applies to all other Home Loan product variants which means you will get a predictable and stable repayment plan with no surprises along the way.
| ASHA Home Loans Interest Rates (per annum) | ||
|---|---|---|
| Programs | REPO + Spread | Effective Rate of Interest |
| Salaried | REPO + 4.65% to REPO + 6.40% | 10.15% to 11.90% |
| Self Employed | REPO + 5.65% to REPO + 6.40% | 11.15% to 11.90% |
*The rates will vary as per the profile of the customer, loan variant and other risk factors
For further details click here
Fees & Charges
Home loan interest rates fees & charges
Axis Bank's Housing Loan interest rates start from as low as 8.35% making your dream home more affordable. Apart from the interest rates, there are also other charges that you should know about.
Here are the fees and charges associated with Home Loans:
| Type of Charge | Charges Applicable | ||
|---|---|---|---|
| Processing charge |
| ||
| Admin Charges | ₹0/- | ||
| Type of Charge | Charges Applicable | Type of Charge | Charges Applicable |
| Repayment Instruction/Instrument Return | ₹339/- per instance | Issuance Charges of Credit Report | ₹50/- per instance |
| Duplicate Statement issuance charges | ₹250/- per instance | Cheque/Instrument swap charges | ₹500/- per instance |
| Issuance charges for Photocopy of title documents | ₹500/- per document set | Duplicate Amortization Schedule issuance Charges | ₹250/- per instance |
| Charges of Customer initiated requests for copies of documents | ₹500/- per document set | Duplicate Interest Certificate | ₹50/- per instance |
| (Provisional/Actual) issuance charges | |||
| Prepayment charges for floating rate loan (including part payment) | NIL | Prepayment charges for fixed rate loan (including part payment) | 2% of outstanding principal/amount prepaid |
| Equitable mortgage creation charges | As applicable in the state | Duplicate no dues certificate/NOC | ₹50/- per instance |
| Stamp Duty & other statutory charges | As per applicable laws of the state | ||
| Equitable mortgage cancellation charges | As applicable in the state | ||
| Penal Charges |
| ||
Know more about Home loans fees and charges before applying.
Home Loan in your City
Look through at the available Home Loan options in your city.
Factors that affect Home Loan Interest Rate and EMI
By carefully considering these factors, you can take a well-informed approach that results in substantial savings and a more manageable repayment schedule.
Great plans start with well-calculated decision
Home Loan EMI Calculator
Calculating your Home Loan EMI is now easier than ever with our user-friendly and efficient Home Loan EMI Calculator. Whether you have a ₹30 lakh home loan EMI for 20 years or a ₹20 lakh home loan EMI for 10 years, use our Home Loan EMI calculator to effortlessly manage your repayments and make your dream home a reality.
3L
5Cr
Your EMI*₹ 1,14,678
Get a call back*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
Home Loan Eligibility Calculator
A place to call our own is an aspiration for most of us. But owning a home requires a lot of planning, given the costs involved. However, with the right kind of financial support, buying your own home is a dream that you can fulfil easily.
Loan Amount
₹ 1,55,455.03
Which type of home loan interest rate should you choose?
Choosing between a fixed and a floating home loan interest rate hinges on your financial outlook and risk appetite. Here’s how to determine the best fit for your circumstances:
Fixed interest rate
- Ideal for those seeking consistency and risk aversion in their financial plan
- Best suited if there's an anticipation of rising interest rates
- A fixed-rate remains constant, which benefits planning but may result in higher costs if market rates decrease.
Floating interest rate
- Suitable for individuals comfortable with market fluctuations and possessing a more flexible financial plan.
- It is preferred if you predict a decline in interest rates, potentially lowering your overall interest costs.
- Floating rates vary with market conditions, which could be less favourable during high volatility and rising rates, increasing the cost over time.
Your decision should balance your need for financial stability and your willingness to navigate possible market changes. A fixed-rate offers peace of mind, while a floating rate can offer savings if market conditions are favourable. Consider current trends and future market forecasts to make a prudent decision that aligns with your long-term financial goals.
How to reduce home loan interest burden?
Mitigating the impact of home loan interest rates on your finances can be strategic. Here's how you can lessen the interest burden effectively:
- Higher down payment: A larger initial payment can significantly lower your outstanding loan balance and, consequently, the interest.
- Increase your EMI: If affordable, increasing your monthly repayment can shorten the loan tenure, thus reducing the total interest paid.
- Shorten loan tenure: Opting for a shorter loan period decreases the interest accumulation over the life of the loan.
- Consider balance transfer: Transfer your loan to a lender offering lower interest rates. For instance, switching to a bank like Axis Bank could result in more competitive rates, easing your interest burden with a straightforward transfer process.
Fees & Charges
Download these documents for more information on fees and charges.
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Track NowHome Loan Interest Rates FAQs
The Interest Rate on a Home Loan depends on several factors, including the principal amount, loan repayment term, credit score, income, etc. The Home Loan interest rate today from Axis start from as low as 8.75%.
Yes, Axis Bank offers a variety of Home Loan Interest Rate options to fit different customers' needs. You can choose between fixed and floating-rate loans to align with your financial goals and your perception of the market.
The Home Loan interest rate remains tied to the RBI's repo rate and other economic factors. This means that when the repo rate changes, the Interest Rate on your floating-rate Home Loan will also change. The bank reviews and adjusts these rates regularly so your Interest Rate might fluctuate over time.
With a floating-rate loan, your Home Loan interest rate can fluctuate over time which means your monthly payments might increase or decrease. On the other hand, if you opt for a fixed-rate loan, you will have the same Interest Rate for the entire loan period.
When you apply for a Home Loan with Axis Bank, there are some extra costs to keep in mind:
- Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable)
- An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
- The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.
Yes. If you have a good credit score, you will be more likely to enjoy a lower Home Loan interest rate. But, if your credit score is poor, you might end up with a higher Interest Rate.
Current Home Loan rates can change periodically, depending on different factors, such as market conditions, economic indicators, loan rates and lender policies. Additionally, the frequency of these changes also depends on the benchmark Interest Rates your bank uses and its Interest Rate reset schedule.
The main factors that influence your Home Loan Interest Rate include market condition, credit score, loan amount and tenure, the type of Home Loan interest rate you choose, the lender's policies, loan-to-value ratio and income stability.
The processing fee for a Home Loan is calculated as follows:
- Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST is levied
- An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.
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