55 Lakh Axis Bank Home Loan
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Axis Bank's home loan offers a range of flexible and affordable options to help you finance your dream home. The Axis Bank 55 Lakh Home Loan is available to salaried individuals, self-employed individuals, and salaried NRIs. You can choose between fixed and floating interest rates as per your preference and enjoy a transparent and hassle-free online application process. Axis Bank also offers unique home loan products such as the Shubh Aarambh Home Loan, which provides 12 EMIs off on regular payments and waived EMIs at the end of the 4th, 8th, and 12th year. With no prepayment charges on floating interest rate home loans, you can repay the loan at your convenience, making it a great option to fulfil your dream of owning a home.
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Table of Content
Written By
Reviewed By55 Lakh Home Loan Axis Bank – Highlights
| Feature | Description |
| Interest Rate |
|
| Loan Amount | Maximum of 5 Crore |
| Tenure | 30 years |
| Any Hidden Charges | Zero |
55 Lakh Home Loan EMI for 10 Years Axis Bank
The 55 Lakh home loan EMI for 10 years in Axis Bank is easy to calculate using the Axis Bank 55 Lakh loan EMI calculator.
| Amount | Duration | Rate of Interest | Monthly EMI | Total Interest Outgo | Total Repaid Amount |
| 55,00,000 | 10 years | 8.70% (Salaried) | 68,782 | 27,53,821 | 82,53,821 |
| 55,00,000 | 10 years | 9.10% (Non-salaried) | 69,970 | 28,96,362 | 83,96,362 |
55 Lakh home loan emi for 20 years Axis Bank
Here is a general projection of 55 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 |
| 55,00,000 | 20 years | 8.70% (Salaried) | 48,429 | 61,22,903 | 1,16,22,903 |
| 55,00,000 | 20 years | 9.10% (Non-salaried) | 49,839 | 64,61,409 | 1,19,61,409 |
55 Lakh Axis Bank home loan – Fees and Charges
| Particulars | Fees/Charges (not inclusive of GST) |
| Processing Charges | Minimum of Rs. 10,000 and up to 1% of the principal outstanding. |
| Prepayment Charges, including part prepayment for floating rate loan | Zero |
| Prepayment Charges for a fixed-rate loan | 2% of the principal outstanding |
| Penal Interest Rate | 24% per annum or 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 |
55 Lakh Axis Bank Home Loan – Documents Required
These include the following:
- Address Proof
- Proof of Identity
- PAN Card
- Aadhar Card
- Date of Birth Proof
- Proof of Signature
- Proof of Income (3 months’ salary slips and 6 months’ bank statements for salaried)
- Self-employed borrowers will need to submit 2 years’ ITR and P&L sheets of business
- Application Form
- Documents of existing loans
- Property purchase documents
- Property insurance form
The bank may require extra documentation in some cases.
55 Lakh Axis Bank Home Loan – Eligibility Criteria
The 55 Lakh home loan eligibility criteria in Axis Bank are highly flexible, offering accessibility to more borrowers.
Salaried Professionals
- 21-60 years of age
- Employment in a permanent position in a private/Government organisation
Professionals
- 21-65 years of age
- Qualified professional with an education degree
Self-Employed
- 21-65 years
- Proven recent income source
Frequently Asked Questions (FAQs)
What is the EMI for a 55 Lakh Home Loan for 20 years in Axis Bank?
The monthly 55 Lakh home loan emi in Axis Bank is Rs.48,429 at the monthly interest rate of 8.70%. It is also Rs.49,839 at the monthly interest rate of 9.10%.
Who is eligible for a 55 Lakh Home loan in Axis Bank?
As the 55 Lakh home loan eligibility criteria in Axis Bank are flexible, anyone between the ages of 21 and 65 with a stable income source can apply.
What is the monthly interest rate of a 55 Lakh home loan in Axis Bank?
The monthly Axis Bank home loan interest rate for 55 Lakh ranges between 8.70% and 9.10%.
