Atharv Finance Services is a leading finance company committed to providing a wide range of financial services to individuals and businesses. Our mission is to offer personalized solutions that help our clients manage their finances, achieve their goals, and grow their businesses.
A mortgage is a loan taken out to purchase or refinance a property, typically a house or condominium, with the property itself serving as collateral. When you obtain a mortgage, you agree to repay the borrowed amount, known as the principal, along with interest, over a specified period, usually 15, 20, or 30 years. The loan is secured by the property, meaning the lender has the right to foreclose and take possession of the property if you fail to meet the repayment terms. Mortgages are commonly used by individuals and families to buy homes because they allow for long-term financing, making homeownership accessible with a manageable down payment and monthly payments.
Mortgages come in various types, including fixed-rate, adjustable-rate, FHA, VA, and others, each with specific eligibility requirements, terms, and conditions. The interest rate, which is a key component of the cost of borrowing, can be fixed for stability or adjustable, changing with market conditions. Other aspects of a mortgage include down payments, private mortgage insurance, closing costs, and loan-to-value ratios. Understanding the terms and conditions of a mortgage is crucial, as they determine your monthly payments, total interest costs, and any other fees or penalties you might face throughout the life of the loan. Properly navigating the mortgage process requires careful consideration of your financial situation, creditworthiness, and future plans.
Enjoy more affordable home loans with appealing interest rates each month.
Approval of loans is at the discretion of Axis Bank and is subject to its terms and conditions as well as compliance with the regulatory requirements set
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Transfer your existing home loan to Axis Bank, without any hassles.
Avail or repay the home loan from the comfort of your home or office.
No prepayment charges for paying off your home loan before the due date (only for loans availed at floating rate of interest)
Premium banking customers can contact their Relationship Manager for details of special benefits.
Repay your home loan in smaller EMIs, over a longer tenure, depending on the situation of your finances.
For salaried individuals, securing a Home Loan requires a stable employment history, typically within government sectors or reputed companies. Applicants must be over 21 and not above 65 years or the age of retirement by the loan's end. Ensure a thorough check of your documents required for Home Loan, including employment verification and financial stability proofs, as it is the key to a successful application.
Professional applicants, such as doctors or engineers, are welcome to apply by Axis Bank for a Home Loan. The age limit is between 21 and 65 years. The Home Loan documents list extends to professional qualifications and proof of practice for these applicants to ensure credibility and a reliable repayment structure.
Self-employed business owners and entrepreneurs looking to invest in property must ensure comprehensive documents required for a Home Loan application, showcasing consistent income through tax returns. Eligibility hinges on being over 21 at loan initiation and under 65 at loan closure, with a strong financial record to support the application.
The minimum Home Loan amount starts at *3 lakh.
Bank stipulates varying margins for different Home Loan brackets. Loans up to 30 lakh require a 10% margin. For amounts extending from 30 lakh to 75 lakh, the margin is 20%. For Home Loan above 75 lakh, borrowers must maintain a 25% margin. These thresholds ensure financial prudence and loan affordability tailored to the borrower's needs.
| Bureau Score | Salaried | Self-employed |
|---|---|---|
| 751 and above | 8.75% p.a. | 9.10% p.a. |
| No Hit | < 700 | 700 to 750 | 751 and above | |
|---|---|---|---|---|
| Vanilla Salaried (Home loans including Plot) |
9.30% | 9.65% | 9.50% | 8.75% |
A Home Loan Balance Transfer is the process of moving your existing Home Loan to a different lender. This may result in more favourable terms, such as a reduced interest rate or an extended repayment period, potentially accompanied by an increase in the loan amount.
Transferring the outstanding balance of your existing Home Loan to Axis Bank is prudent when you observe a favourable shift in interest rates, particularly if you hold a floating-rate loan where reduced rates can significantly lower your financial burden. Such a strategic transfer is worthwhile, especially if it results in a more attractive interest rate, thus diminishing the overall interest paid throughout the loan's tenure.
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Atharv Finance Services is a leading finance company committed to providing a wide range of financial services to individuals and businesses. Our mission is to offer personalized solutions that help our clients manage their finances, achieve their goals, and grow their businesses.
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