24x7 Home Loan Top-Up By Axis Bank

Axis Bank’s 24x7 Home Loan Top Up is a convenient way to access extra funds without needing a new loan. This flexible option lets you use the value of your current home to cover various financial needs. With a top-up amount of up to ₹50 lakh, you can accommodate a variety of expenses. You could use it to upgrade your home’s interiors, add a new room, or make energy-efficient improvements. If you’re planning a home extension or renovation, Axis Bank’s 24x7 Home Loan Top Up can help cover costs like materials, labour, and permits. Additionally, you can consolidate existing debts and potentially reduce your interest rate.

24×7 Home Loan Top-Up – Highlights

Before applying for Axis Bank’s 24×7 Home Loan Top Up, have a close look at some of the key highlights:

24×7 Home Loan Top-Up – Features and Benefits

You can use Axis Bank 24×7 Home Loan Top Up for various purposes. It offers many features and benefits, including constructing residential or commercial properties. Additionally, You can use this scheme for personal or business needs if you follow the conditions stated in an affidavit. However, you cannot use this loan to buy another residential or commercial property.

• The interest rates are attractive for customers seeking an affordable home loan. 
• The customer has the provision to select the interest rate type. They can repay their loan with either a fixed or variable interest rate. 
• The bank has streamlined the application process to provide customers with the utmost convenience. However, applicants can apply through Urban Money, wherein the loan sanction is taken care of from application to disbursement. 
• One can take advantage of the balance transfer facility. 
• If borrowers want to repay their loan, they shall do so without incurring any prepayment charges. 
• Customers can expect a quick loan sanction.

24×7 Home Loan Top-Up Interest Rates

The interest rate on the Axis Bank 24×7 Home Loan Top Up is 8.75% annually for salaried persons, while it is fixed at 9.10% annually for self-employed persons.

24×7 Home Loan Top-Up Fees and Charges

Here is a breakdown of fees for Axis Bank 24×7 Home Loan Top Up:

• Processing Charge: The processing charge for Axis Bank’s Home Loan is up to 1% of the loan amount or INR 10,000, whichever is higher, along with applicable GST.
• Administrative and Document Charges: Axis Bank does not charge any fees for administrative services.
• Prepayment and Mortgage Charges: 2% of the outstanding principal on the fixed-rate loan interest rate
• Penal Charges for Financial Default: For financial defaults on your loan, Axis Bank applies a penal charge of 8% per annum above the applicable interest rate on the overdue amount, with a maximum cap of 24% per instance.
• CERSAI Charges: Charges for CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) depend on the loan size. For loans up to INR 5 lakhs, a fee of INR 50 is applicable, while loans over INR 5 lakhs incur a charge of INR 100.

24×7 Home Loan Top Up – Eligibility Criteria

Axis Bank 24×7 Home Loan Top Up gives home loan customers additional funds to handle short-term financial needs. Here are the eligibility criteria for NRIs and Resident Indians to get Axis Bank 24×7 Top-Up Home Loan:

• Property Ownership: The property must be fully owned by an NRI or in joint ownership. (Applies only to NRI customers)
• Residential Property: Top Up Loans are available only for completed residential properties, with all documentation completed after disbursal.
• Repayment History: Existing home loan borrowers must have a clear repayment history. Only one EMI bounce is allowed in the past year, and borrowers must settle before the next EMI is due.
• Loan Tenure for Eligibility: Current home loan customers are eligible for a top-up loan after six months of timely repayment.
• Takeover Loans: If you have taken a home loan from another bank, you need a one-year repayment record.

24×7 Home Loan Top Up – Documents Required

You must keep your documents handy to get Axis Bank 24×7 Home Loan Top Up. Lenders usually need a few documents for a 24×7 Axis top-up home loan. Here are the common ones:

• KYC Documents for Identity and Address Proof: Passport, Aadhaar card, PAN card, Job card issued by NREGA and properly certified by the officer of the State Government, voter ID, or driving licence.
• Income Proof: Salary slips, Form 16, and bank statements from the past 3–6 months for salaried employees. For self-employed individuals – Income tax returns, business financials, and bank statements.
• Existing Loan Documents: Details of your current home loan, such as the loan account statement, sanction letter, and payment history.
• Property Documents: Papers related to the property financed by the original loan, like the sale deed and property tax receipts

24×7 Home Loan Top-Up EMI Calculator

Securing a Home Loan is a major financial decision, and understanding how banks calculate the interest can help you manage your repayments. Here’s a simple breakdown of how Axis Bank 24×7 Home Loan Top Up  works, including the calculation method and tools to make it easier:

Calculation Method

Banks calculate home loan EMIs using a formula. Here’s how it works:

Formula: EMI = Pxrx(1+r)nP x r x (1+r)^nPxrx(1+r)n / (1+r)n−1(1+r)^n – 1(1+r)n−1

• ‘P’ is the principal amount of the loan.
• ‘r’ is the monthly interest rate, calculated as the annual rate divided by 12 and then by 100.
• ‘n’ is the loan tenure in months.

For example, let’s say you have a loan of ₹10,00,000 at a 10% annual interest rate for 10 years (or 120 months). Here’s the breakdown:

• Monthly rate = 10% / 10 / 100 = 0.01
• EMI calculation: ₹10,00,000 x 0.01 x (1+0.01)^120 / (1+0.01)120−1(1+0.01)^120 – 1(1+0.01)120−1 = ₹14,348 (approx)
• Total repayment: Your total repayment will be this monthly EMI amount multiplied by the number of months (₹71,735 x 120), which equals ₹1,721,760.