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Axis Bank NRI Home Loan: A Complete Guide

Unlock the Doors to Your Dream Home with Axis Bank NRI Home Loan: A Complete Guide
5
min read
February 3, 2024
axis_bank_nri_home_loan_guide

Looking for a home loan but residing overseas? No worries. Axis Bank has got your back with its NRI Home Loan options. Designed to cater to the unique requirements of Non-Resident Indians (NRIs), Axis Bank’s NRI Home Loans offer the perfect blend of flexibility and competitive interest rates. This 2023 guide aims to cover all the nuts and bolts of Axis Bank NRI Home Loans—so let's get into it!

Interest Rates

The interest rates for Axis Bank NRI Home Loans are in line with their regular home loan scheme, ensuring you don't have to shell out extra just because you're abroad. Depending on your employment status, the rates may vary a bit. Let's break it down:

Interest_Rates

Axis Bank has an NRI home loan rate that should fit your bill.

Fees and Charges

When it comes to home loans, the devil is often in the details—or in this case, the fees and charges. Axis Bank keeps it transparent, so you know exactly what you're signing up for.

Processing Fees

Charge: Up to 1% of the loan amount, minimum being Rs 10,000 + GST

Prepayment Charges

  • For Floating Rate Home Loans
  • Rate: NIL
  • For Fixed Rate Home Loans
  • Rate: 2% of the outstanding principal or the amount prepaid

Other Fees

  • Duplicate Statement issuance: Rs 250 per instance
  • Cheque/Instrument Swap: Rs 500 per instance
  • Duplicate Amortization Schedule issuance: Rs 250 per instance
  • Document Copy Charges: Rs 500 per set
  • CERSAI Charges: Rs 50 for loans up to Rs 5 lakhs, Rs 100 for loans above Rs 5 lakhs

Table of Fees and Charges

Table_of_Fees and_Charges

Types of Axis Bank NRI Home Loans

NRI Home Loan

  • Purpose: Perfect for buying flats, houses, plots, or even for home construction and repair.
  • Loan Amount: Up to 90% of the property value
  • Repayment Tenure: Up to 25 years

Loan to Value Ratio

  • Loans up to Rs 30 lakh: 90%
  • Loans above Rs 30 lakh and up to Rs 75 lakh: 80%
  • Loans above Rs 75 lakh: 75%

Axis Bank NRI Top-up Home Loan

  • Purpose: Need extra funds? This top-up loan is for construction or meeting various personal or business needs.
  • Loan Amount: Up to Rs 50 Lakh
  • Repayment Tenure: Up to 25 years

Axis Bank Home Loan for Self-employed NRIs

  • Purpose: Specifically designed for self-employed NRIs looking to buy or construct residential properties.
  • Loan Amount: Rs 20 Lakh to Rs 50 Lakh, with a minimum property cost of Rs 30 lakh

Repayment Tenure: Up to 15 years

Eligibility Criteria

Knowing if you fit the bill for an NRI Home Loan can save you a lot of time and hassle. Here's the rundown on the Axis Bank NRI Home Loan eligibility criteria:

General Eligibility

  • Nationality: Non-Resident Indian (NRI), Person of Indian Origin (PIO), Overseas Citizen of India (OCI), but excluding citizens of certain countries like Pakistan, Bangladesh, etc.
  • Age Limit: Must be at least 24 years old and not more than 60 years at the time of loan maturity.
  • Work Experience: A total of 2 years' work experience, with at least 6 months of it being overseas.

Financial Requirements

  • For GCC Countries: Minimum net monthly income of AED 6000 or equivalent.
  • For USA and Other Countries: Minimum net monthly income of USD 3000 or equivalent.
  • For Merchant Navy: USD 2000 per month for 9 months.

Special Criteria for Axis Bank NRI Top-up Home Loan

  • The NRI should own the property either individually or in joint ownership.
  • Clear repayment history with not more than 1 EMI bounce within the last year.

For Self-Employed NRIs

  • Work experience of at least 5 years, 3 of which should be in a single country.
  • Must have an operative overseas account and an NRE/NRO account for at least 1 year.

Documents Required

Paperwork might be a drag, but it's essential. Axis Bank requires the following documents for its NRI Home Loan applications:

Mandatory Documents

  • Application form and PAN Card
  • Identity proof: Aadhaar Card, Passport, Voter ID, etc.
  • Address proof: Aadhaar Card, Voter ID, Driving License, etc.

Financial and Income Proof

  1. For salaried: Latest 3 months' pay slips, Form 16 for 2 years, or bank statements showing salary credits.
  2. For NRI salaried: Overseas credit report, valid OCI card, international salary account statements for 6 months, etc.
  3. For self-employed: Income tax returns, balance sheet, bank statements, etc.

Property-Related Documents

  • Loan agreement and annexures
  • Property documents as per the type of transaction
  • Receipts of own contribution

Others

  • NACH/SI mandate and Security Cheques
  • Loan cover or insurance details
  • Tax Deducted at Source (TDS) documents

How to Apply for Axis Bank NRI Home Loan

Applying for an Axis Bank NRI Home Loan is a straightforward process but does require some preparation. Here’s how you can go about it:

  1. Check Eligibility: Before you apply, make sure you meet all the eligibility criteria. This includes age, employment type, and minimum income requirements.
  2. Gather Required Documents: Prepare all the documents listed under the 'Axis Bank NRI Home Loan Documents Required' section. This would generally include your identity proof, address proof, and income proof among others.
  3. Online Application: Visit the Axis Bank website and navigate to the home loan section. You can start your application process online. You’ll need to fill in details and upload necessary documents. Here's the application form to get started.
  4. Offline Application: Alternatively, you can visit the nearest Axis Bank branch or contact a loan agent for an in-person application process.
  5. Loan Assessment: After your application is submitted, the bank assesses your eligibility, property details, and other factors before approving the loan.
  6. Approval and Disbursement: Once approved, you will be given a sanction letter. Upon acceptance, the loan amount will be disbursed as per the agreement terms.

Conclusion

Axis Bank's NRI Home Loan offers a comprehensive suite of features tailored for Non-Resident Indians looking to invest in property back home. With competitive interest rates and flexible repayment options, it's a strong choice for overseas residents. With this guide, you now have all the information you need to make an informed decision about Axis Bank NRI Home Loans.

FAQs

What is the maximum loan amount I can get?

You can get up to 90% of the property value, with the actual amount varying based on the property type and your eligibility.

Is there an option for a fixed or floating interest rate?

Yes, Axis Bank offers both fixed and floating interest rate options.

What is the loan repayment tenure?

The repayment tenure can go up to 25 years, offering flexibility based on your financial situation.

Are there any prepayment charges?

For floating rate home loans, there are no prepayment charges. However, fixed-rate loans have a 2% prepayment charge on the outstanding principal.

Can I apply for the loan online?

Yes, you can apply for an Axis Bank NRI Home Loan online through the Axis Bank website.

What types of properties can I purchase with this loan?

You can use the loan to purchase flats, houses, plots, or even for home construction and renovation.

Is there any age restriction for applying?

The minimum age is 24 years, and the maximum age is 60 years or retirement age, whichever is earlier.

Do I need a co-applicant for the loan?

A co-applicant is not mandatory but can be beneficial in enhancing your loan eligibility.

How do I check the status of my loan application?

You can check the status of your loan application by logging into your account on the Axis Bank website or by contacting customer service.

Are there any additional charges I should be aware of?

Apart from the processing fee, there could be other charges like documentation charges and late payment fees. Make sure to read all the terms and conditions carefully.

Tejas is an accomplished Chartered Accountant with a passion for finance. With a decade's worth of extensive experience in the banking and credit domain, he has a deep understanding of the financial landscape across consulting and start-ups. In his time away from work, Tejas enjoys sharing his knowledge and helping others understand the intricacies of this complex domain.

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