Axis Bank Home Loan Balance Transfer
Transferring your existing home loan to Axis Bank can be a smart financial move, offering potential benefits such as lower interest rates, better loan terms, and improved customer service. Axis Bank provides a seamless and efficient home loan transfer process to help you save money and improve your financial stability. This blog will guide you through the various aspects of Axis Bank's home loan transfer, including its features, benefits, eligibility criteria, required documents, fees, and the step-by-step transfer process.
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan Interest rate comparison
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The top features and key highlights of the Axis Bank home loan balance transfer are below:
| Feature | Details |
| Interest Rate | 8.75% to 9.10% p.a. |
| Loan Tenure | Equal to or longer than the tenure provided by the previous lender |
| Processing Fee | Up to 1% of the loan amount |
| Loan Amount | Starting from Rs 3 lakh |
| Prepayment Charges | Nil for floating rate loans |
Axis Bank Home Loan Transfer Features and Benefits
Lower Interest Rates
Home loan borrowers can transfer their loans to Axis Bank and benefit from lower interest rates, resulting in reduced EMIs and considerable savings.
Customise Your Loan Tenure
Axis Bank’s home loan balance transfer service allows borrowers to customise their loan tenure and terms, ensuring a loan structure that aligns with their financial plans.
Seamless Transfer Process
Transferring a home loan to Axis Bank is easy, with minimal documentation and straightforward eligibility criteria.
Multiple Repayment Options
Axis Bank offers borrowers various repayment options to suit their cash flow preferences, offering greater financial flexibility.
Secure Extra Funds
Borrowers can access a supplementary loan at a lower interest rate than a personal loan, along with their home loan balance transfer.
Zero Prepayment Charges
In line with RBI guidelines, Axis Bank does not impose a prepayment penalty on home loan balance transfers for floating-rate loans, ensuring transparency and fairness.
Improved Financial Flexibility
An overdraft facility with a balance transfer provides borrowers with additional financial freedom.
Convenient Access to Services
Axis Bank offers comprehensive Insta Services online and support at branches through the customer service team.
Retain Tax Deductions
Borrowers can continue to enjoy tax deductions on the principal and interest amounts of their transferred home loan under the relevant sections of the Income Tax Act.
Clear and Honest Fee Structure
Axis Bank ensures full disclosure of all housing loan transfer charges with no hidden fees, providing borrowers with transparency and trust.
Eligibility Criteria for Axis Bank Home Loan Transfer
To qualify for an Axis Bank Home Loan Transfer, you need to meet the following criteria:
Occupation:
- Open to salaried individuals in both the government and private sectors.
- Also available for professionals such as doctors, engineers, and accountants.
Self-Employment:
- Applicable to self-employed individuals who file Income Tax Returns.
Residency:
- Must be Indian residents.
Age Requirement:
- Salaried individuals must be between 21 and 60 years old.
- Self-employed individuals must be between 21 and 65 years old.
Loan Tenure:
- The loan tenure can remain the same as the original or be adjusted according to Axis Bank’s policy.
Loan Amount:
- The minimum loan amount is Rs 3 lakh, with the maximum amount depending on the repayment capacity.
Premium Customers:
- Axis Bank’s premium banking clients should consult their relationship manager for potential additional benefits.
Documents Required For Home Loan Balance Transfer To Axis Bank
When applying for a home loan balance transfer to Axis Bank, you need to submit the following documents:
KYC Documents:
- Valid government-issued identification
- Proof of address
- Recent photograph
Income Documents:
- Latest salary slips
- Tax returns
- Bank statements
Other Documents:
- Property-related documents
- Details of the existing Home Loan
- Repayment track record
Axis Bank Home Loan Transfer Fees and Charges
Axis Bank charges the following fees for a home loan balance transfer:
| Fee/Charge | Details |
| Processing Fee | Up to 1% of the loan amount |
| Prepayment Charges | Nil for floating rate loans |
Step-by-Step Process For Axis Bank Home Loan Transfer
Follow the steps below to transfer your home loan to Axis Bank.
Calculate Savings
Use Axis Bank’s Home Loan Balance Transfer calculator to see how much money you can save by moving your loan to Axis Bank.
Apply
You can apply online on the Axis Bank website or visit an Axis Bank branch to get help with your application and loan details.
Request Closure Letter
After agreeing on the loan terms with Axis Bank, ask your current lender for a ‘No Objection Certificate (NOC)’ by sending them a closure letter.
Submit NOC and Documents
Once you have the NOC, give it, along with other necessary documents, to Axis Bank.
Loan Payment
Axis Bank will verify your documents and then pay off the remaining balance of your loan to your current lender. They will also give you a foreclosure certificate.
Start EMI Payments
Begin making your EMI payments to Axis Bank according to the terms of your new home loan.
Frequently Asked Questions (FAQs)
Why should I consider transferring my home loan to Axis Bank?
Transferring your home loan to Axis Bank can offer you several benefits, such as lower interest rates, customisable loan terms, minimal processing fees, and the potential for significant savings on EMIs. Axis Bank provides a smooth transfer process with transparent fee structures and excellent customer service.
How long does it take to complete a home loan transfer to Axis Bank?
The time to complete a home loan transfer to Axis Bank can vary depending on the completeness of your documentation and other verification processes. Typically, it may take a few days to a couple of weeks.
Will my credit score be affected by transferring my home loan to Axis Bank?
Transferring your home loan does not negatively impact your credit score. However, to maintain or improve your credit score, it’s important to ensure timely payments on your new loan.
Can I transfer my home loan to Axis Bank if my property is still under construction?
Yes, you can transfer your home loan to Axis Bank even if your property is under construction, subject to the bank’s policies and approval.
Is a specific loan tenure required to transfer my home loan to Axis Bank?
Axis Bank allows you to retain or adjust the original loan tenure according to their policies. You can discuss your preferred tenure during the transfer process.
What happens to my existing EMI schedule after transferring to Axis Bank?
Once you transfer your home loan to Axis Bank, your existing EMI schedule will be replaced with a new one based on the terms agreed upon with Axis Bank. This could mean a change in EMI amount or loan tenure.
Can I renegotiate the loan terms with Axis Bank after the transfer?
Yes, you may be able to renegotiate the loan terms with Axis Bank after the transfer, subject to the bank’s policies and approval.
Can I transfer my home loan to Axis Bank if I have a joint loan?
Yes, you can transfer a joint home loan to Axis Bank. Both parties involved in the joint loan must meet the bank’s eligibility criteria and submit the required documentation.
Will I get tax benefits on the transferred home loan with Axis Bank?
Yes, you will continue to receive tax benefits on the principal and interest components of your transferred home loan under the relevant sections of the Income Tax Act.
How do I track the status of my home loan transfer application with Axis Bank?
You can track the status of your home loan transfer application through Axis Bank’s online Insta Services, by visiting a branch, or by contacting their customer service team for updates.
