Axis Bank Home Loan for Construction

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Axis Bank offers construction loans to individuals and businesses looking to build or renovate their properties. These loans provide the necessary funds to cover the expenses associated with construction, including materials, labour, and related costs. The bank provides flexible repayment options and competitive interest rates to suit the needs of borrowers. Whether you are constructing a residential or commercial property, Axis Bank's construction loans can help bring your vision to life.

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Table of Content

1. Axis Bank Home Construction Loan Highlights

2. Axis Bank Construction Loan Interest Rates

3. Axis Construction Loan Fees and Charges

4. Axis Construction Loan Eligibility Criteria for Salaried

5. Axis Construction Loan Eligibility Criteria for Self-employed

6. Axis Construction Loan Documents Required for Salaried Individuals

7. Axis Construction Loan Documents Required for Self-Employed

8. Features of Axis Construction Loans

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Written By
Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Axis Bank Home Construction Loan Highlights

Purpose of Loan Purchase of land and construction of home
Loan Amount Up to 80% of the property value
Interest Rate 8.70% – 9.40% p.a.
Tenure Up to 30 years
Processing Fee Up to 1% of the loan amount or Rs 10,000.

Axis Bank Construction Loan Interest Rates

Discover the current interest rates for Axis construction loans and explore essential parameters defining an Axis Bank home construction loan:

Category Parameter
Interest rate 8.70% onwards
Loan Amount 90% of the Loan-to-Value (LTV) ratio
Processing fees 1% of the loan amount
Loan Tenure 30 years

Axis Construction Loan Fees and Charges

Let’s review the fees and charges linked to the Axis Bank home construction loan:

Fee/Charge Amount
Processing Fee 1% of the total loan amount
Prepayment charges NIL
Late payment charges Up to 18% p.a. on overdue instalment amounts
Interest rate conversion fees Up to 0.50% of the Principal Outstanding amount
Cheque bounce charges Rs. 300 per incidence
Repayment mode swap charges Rs 500
Stamp duty & other statutory charges As applicable in the respective States.

Axis Construction Loan Eligibility Criteria for Salaried

Mentioned below are the eligibility criteria for an Axis Bank construction loan for salaried individuals:

  • Individuals with permanent service with a government or reputable private establishment.
  • Individuals should be between the ages of 21 and 60

Axis Construction Loan Eligibility Criteria for Self-employed

Mentioned below are the eligibility criteria for an Axis Bank construction loan for self-employed individuals:

  • Individuals must be between the ages of 21 and 65
  • Any individual filling income tax return is eligible
  • Professionals such as Doctors, lawyers, Architects, Dentists, etc.

Axis Construction Loan Documents Required for Salaried Individuals

The following are the required documents for Axis Bank home construction loans, applicable to salaried employees:

  • Proof of Identity: PAN Card (mandatory), Aadhaar Card, Driving license, or Passport.  
  • Duly Filled Application form
  • Proof of Address: Utility Bills, Voter ID Card, or Ration Card.
  • Proof of Income: Salary slips for the past three months, bank statements for the last six months, and the latest Form-16 and income tax returns.
  • Proof of Property: Non-encumbrance certificate on the property, title deeds of the plot, a copy of the plans duly approved by the local authorities, and a construction estimate prepared by an architect/civil engineer.

Axis Construction Loan Documents Required for Self-Employed

For self-employed individuals seeking Axis Bank construction loans, specific documents are required. These include proof of identity such as a PAN Card, Aadhaar Card, Driving license, or Passport, along with a duly filled application form. Proof of address entails utility bills, a Voter ID Card, or a Ration Card. Proof of income necessitates balance sheets, profit & loss account statements for the past two years, bank statements covering the last 12 months, and income tax returns with income computation for at least the last two assessment years. Additionally, proof of property involves a non-encumbrance certificate, title deeds of the plot, approved copies of plans from local authorities, and a construction estimate prepared by an architect/civil engineer.

Features of Axis Construction Loans

The Axis Bank home construction loan comes loaded with many benefits and features. A standout few have been discussed below:

  • Easily choose between  fixed or floating interest rates
  • No prepayment charges
  • Unparalleled interest rates 
  • Hassle-free application process
  • Door-step service
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