A top-up loan for Axis Bank home loan borrowers to meet their financial needs

A loan scheme to help home loan borrowers meet their personal needs or pay off their debts

Axis Bank Home Top-up Loan

This loan helps borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.

Features of Axis Bank Top-up Loan on Home Loan

Why this Loan?

  • The Axis Bank Home Top-up Loan is meant for borrowers who need assistance to meet financial needs for a child’s wedding, higher education, domestic/overseas travel, etc.
  • This loan can also be availed for multiple purposes including debt consolidation. However, this loan cannot be availed for capital market, trading or speculative purposes

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 50 lakh

Interest

  • As of October 2020, the applicable interest rate to this loan ranges from 7.75% to 8.85%

Repayment

  • The repayment period of this loan is same as the outstanding tenure of the home loan

Eligibility

  • The borrowers should have availed a home loan from Axis Bank but not any other top-up loan scheme
  • Borrowers should have a satisfactory repayment track record of one year or more

Security Needed

  • The bank asks for an extension of charge on residential property funded by the Axis Bank home loan under this scheme

Margin Money (Borrowers Contribution to Total Cost) & Processing Charges

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative before applying for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.       

Reference Facts

  • Axis Bank Website: www.axisbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 419 5555, 1860 500 5555