Axis Bank’s Asha Home Loan offers a maximum amount of Rs. 35 Lakhs at an affordable interest rate starting at 10.05% per annum for salaried individuals and 11.50% per annum for self-employed applicants. You can avail of a ASHA Home loan equal to 90% of the property value on home loans up to Rs. 35,00,000. A major benefit of this loan is that Asha Home loan funded up to 12 emi waived off for the customer, along with longer tenure and a customized home loan as per the banking pattern. Customers can avail of home loans of minimum amount of Rs 1,00,000/- to Rs.35,00,000/-
The eligibility criteria for this loan is that the minimum combined income of the applicant should be Rs. 8,000 p.m. or above. The minimum income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on the location. The maximum repayment tenure for the loan is 30 years and the age limit for eligibility is 21 to 65 years.
What is the processing fee for this loan?
The processing fee for Axis Bank’s Asha Home Loan is 1% of the outstanding principal subject to a minimum of Rs. 10,000 for each home loan application. Along with AXIS BANK also charged for CERSAI and cheque return fees.
What is the interest rate for this loan?
For ASHA HOME LOAN if you are a salaried employee you can avail loan at 10.05% and if you are self-employed the interest will be 11.50 %
DIFFERENCE BETWEEN AXIS HOME LOAN AND ASHA HOME LOAN :
Axis Bank offers a range of home loans, including Asha Home Loan. The primary difference between the two is that Asha Home Loan is a customized home loan product that is tailored to the banking behaviour of the applicants. ASHA Home loan funded up to 12 emi waived off for the customer, along with longer tenure and a customized home loan as per the banking pattern and funding done up to 90% of the property value.
On the other hand, Axis Home Loan is a regular home loan product that offers funding for up to 80% of the property value, with a maximum loan amount of Rs. 5 Crore. Asha Home loan interest starts from 6.9 % per annum.
Documents Required for applying ASHA LOAN.
To apply for Axis Bank’s Asha Home Loan, you can visit the official website of Axis Bank and fill in the home loan application form available online. Alternatively, you can also visit an Axis Bank branch or loan center to apply for the loan. The minimum combined income of the applicant should be Rs. 8,000 p.m. or above. The minimum income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on the location. The following documents are required to apply for the Asha Home Loan:
1. Properly filled signed application form and a passport photo
2. A cheque in favour of ASHA HOME LOAN for deduction of processing fees.
3. Proof of Identity: Any one of the following – Passport, Aadhaar Card, Driving License, Voter ID, GOI-issued Photo ID, Govt Employee ID.
4. Proof of Address: Any one of the following – Aadhar Card, Driving License, Voter ID, GOI Issued Photo ID, government employee ID, Electricity Bill, Gas Bill, Telephone Bill (Landline), Property Tax Receipt.
5. Proof of Income: Any one of the following – Salaried: 3 months pay slip, 6 months pay slip/2 yrs bonus proof (in case of variable pay), 6 months bank statement showing salary credits, 2 yrs Form 16 (or employment continuity proof).Self-employed need 2 years ITR with computation of income, profit and loss statement, Balance with registered CA SEAL, AND SIGN.
How long does it take to get approval for Asha Home Loan?
Axis Bank will inform you of their decision on your Asha Home Loan application within 30 working days of receiving your application, provided that it is complete in all respects and submitted with all the documents listed in the application form and any additional documents required by the bank for proper appraisal of the application.
How to apply for asha home loan ?
To apply for Axis Bank’s Asha Home Loan, you can either visit the official website of Axis Bank and fill in the online home loan application form or visit an Axis Bank branch or loan center. The minimum combined income of the applicant should be Rs. 8,000 p.m. or above, and the minimum income norm varies from Rs. 8,000 p.m. to Rs. 10,000 p.m. depending on the location.
