40 Lakh Home Loan Axis Bank

Axis Bank offers a range of home loan products to help you make your dream of owning a home a reality. The bank caters to salaried individuals, self-employed individuals, salaried NRIs, and low-income groups with loan amounts ranging from 1 Lakh to 5 Crore rupees. The tenure for Axis Bank's 40 Lakh Home Loan is up to 30 years, giving you ample time to repay your loan at your convenience. The bank also offers unique products like the Shubh Aarambh Home Loan, which rewards you 12 EMIs off on regular payments and QuikPay Home Loan, which reduces monthly instalments.

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Written By
Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

40 Lakh Home Loan Axis Bank – Highlights 

Feature Description
Interest Rate
  • Salaried: 8.70% onwards
  • Self-employed: 9.10% onwards
Loan Amount Up to 5 Crore
Tenure 30 years
Any Hidden Charges No hidden charges

40 Lakh home loan emi for 10 years Axis Bank 

It is easy to calculate the EMIs on your loan with a 40 Lakh loan emi calculator of Axis Bank. Here is a general projection of 40 Lakh home loan emi for 10 years in Axis Bank using the same principle that the EMI calculator uses.

Loan Amount Tenure Interest Rate EMI per Month Total Interest Paid on Loan Amount Total Amount Repaid
40,00,000 10 years 8.70% (Salaried) 50,023 20,02,779 60,02,779
40,00,000 10 years 9.10% (Non-salaried) 50,887 21,06,445 61,06,445

40 Lakh home loan emi for 20 years Axis Bank 

Here is a general projection of 40 Lakh home loan emi for 20 years in Axis Bank.

Loan Amount Tenure Interest Rate EMI per Month Total Interest Paid on Loan Amount Total Amount Repaid
40,00,000 20 years 8.70% (Salaried) 35,221 44,53,020 84,53,020
40,00,000 20 years 9.10% (Non-salaried) 36,247 46,99,207 86,99,207

40 Lakh Axis Bank home loan – Fees and Charges 

Particulars Fees/Charges (not inclusive of GST)
Processing Charges Up to 1% of the loan amount, subject to a minimum of Rs. 10,000
Prepayment Charges, including part prepayment for floating rate loan Nil
Prepayment Charges for a fixed-rate loan 2% of the principal outstanding
Penal Interest Rate 24% per annum, 2% per month
Switching Fees (Base Rate/BPLR to MCLR) When the effective rate is to be kept the same – No fees
When an effective rate is to be revised – 0.5% on the outstanding principal, with a minimum of Rs. 10,000
Switching Fees (Floating Rate to Fixed Rate) 1% on the outstanding principal with a minimum of 10,000/-
Switching Fees (Fixed Rate to Floating Rate) 2% on the outstanding principal amount
Repayment Instruction/Cheque Return Charges Rs. 500 per instance
Cheque/Instrument Swap Charges Rs. 500 per instance
Duplicate Statement Issuance Charges Rs. 250 per instance
Duplicate Amortization Schedule Issuance Charges Rs. 250 per instance
Duplicate Interest Certificate (Provisional/Actual) Issuance Charges Rs. 250 per instance
CERSAI charges For loans up to Rs. 5 lakh – Rs. 50
For loans above Rs. 5 lakh – Rs. 100
Loan Cover/ Insurance As per the bank’s agreement

40 Lakh Axis Bank home loan – Documents Required 

  • Application Form and PAN Card (mandatory)
  • Aadhar Card (mandatory for PMAY subsidy)
  • Proof of identity
  • Proof of address
  • Date of Birth Proof 
  • Signature proof
  • Proof of Income

3 months salary slips (salaried applicants)

6 Bank Statement

  • 2 years ITR and P&L sheet of business (self-employed applicants)
  • Documents of Existing Loans
  • Property Insurance form (mandatory)
  • Property Sale/Lease Documents

Apart from the listed documents, the bank may require other additional documents.

40 Lakh Axis Bank home loan – Eligibility Criteria

The criteria for 40 Lakh home loan eligibility in Axis Bank is highly flexible, offering accessibility to a greater number of borrowers.

For Salaried Individuals

  • Minimum age: Over 21 years of age at the start of the loan. 
  • Maximum age: Under 60 years at the time of loan maturity or time of retirement.
  • Professional background: Employed in permanent positions in a government sector or private sector.

For Professionals

  • Minimum age: Over 21 years of age at the start of the loan. 
  • Maximum age: Under 65 years at the time of loan maturity.
  • Professional background: Qualified professionals with an education degree to pursue the profession. (Doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, and management consultants)

For Self-Employed Individuals

  • Minimum age: Over 21 years of age at the start of the loan. 
  • Maximum age: Under 65 years at the time of loan maturity.
  • Professional background: Proven source of recent income

Frequently Asked Question (FAQs)

What is the EMI for 40 Lakh Home Loan for 20 years in Axis Bank?

The monthly 40 Lakh home loan emi in Axis Bank is Rs. 35,221 at the monthly interest rate of 8.70%.

Who is eligible for 40 Lakh Home loan in Axis Bank?

As the 40 Lakh home loan eligibility in Axis Bank is flexible, anyone in the age group of 21-65 can apply for the loan if they have a stable source of income.

What is the monthly interest rate of 40 Lakh home loan in Axis Bank?

The monthly Axis Bank home loan interest rate for 40 Lakh ranges from 8.70%  to 9.10%.

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