Axis Bank Home Loan Process Step by Step Guide 2023

If you are thinking of buying a house and for this you want to take a home loan from Axis Bank, then you can know in detail about Axis Bank Home Loan Process through this article.

It is often seen that a person wants to apply for a home loan but he is not fully aware of the loan process. Through this article, we will explain in detail the entire process of Axis Bank Home Loan Process, the documents required and the action to be taken by the bank.

Axis Bank Home Loan Process Steps

Axis Bank Home Loan Process is broadly divided into 8 stages. This step is as follows-

1. Fill up the home loan application form

The first step in axis bank home loan process to fill the application form for the home loan. The applicant must fill out this application form with basic information such as his name, residence, income information and documentation, employment information, educational information, and phone number.

A paid employee must additionally present a wage slip (for the most recent three months), employment documentation, and bank statements (for the most recent six months) as verification for the most recent Form 16.

If the applicant is self-employed then he has to provide complete details of the ITR return of the last 2 years along with other income documents.

2. Payment of processing fee 

After submitting the Axis Bank Home Loan Application Form along with the required documents, the applicant has to pay the processing fee fixed by Axis Bank. This processing fee is not refundable.

This processing fee is used by the bank to verify the applicant’s details and check the value and ownership of the property.

This processing fee may vary from one bank to another. This processing fee is either a fixed amount or can be a percentage of the loan amount. Axis Bank charges a processing fee of up to 1% of the loan amount (with minimum Rs. 10,000+ applicable taxes) as processing fee of home loan.

3. Bank Discussion

After the applicant pays the processing fee and submits the required documentation, Axis Bank typically decides whether to accept or deny the loan application within 5 working days.

Axis Bank can call the applicant to the bank to discuss this with him or even discuss it over the telephone. In case of a self-employed applicant, axis bank representatives can also visit their business site for discussion so that they can gather more information about their business.

4. Document Verification

When axis bank has completed the personal discussion with the applicant, the eligibility of the applicant is calculated after that. For this, axis bank officials can visit the current residence of the applicant. He also checks the applicant’s CASEBIL score to get information about the applicant’s loan repayment capacity.

5. Approval Process

The applicant’s loan application is approved or rejected only through the approval process. If all the documents of the applicant are found to be valid by Axis Bank and his credit score is also good, then the home loan of the applicant is approved by Axis Bank.

6. Sanction Letter

If the applicant’s home loan is approved, then an acceptance letter is sent to him by Axis Bank. This acceptance letter explains the eligible loan amount to be given to the applicant, the interest rate and the duration of the loan along with the applicable type, terms and conditions. If the applicant accepts these things, he has to sign this acceptance letter and send a copy of this acceptance letter to the bank.

7. Property Verification

The property is verified by Axis Bank when the applicant’s planet loan is accepted. The bank ensures that there is no legal dispute or conflict over the property. Also, technical evaluation of the property is also done by the bank.

The bank also examines the stage, progress, and calibre of the property’s development if it is still being built. If the property is a resale, the bank additionally satisfactorily verifies the building’s age, condition, and quality of care. The bank also investigates whether the property was mortgaged before this or not.

The applicant will have to submit all the property papers including the original copy of the property to Axis Bank. These property papers are kept with Axis Bank until the applicant repays his entire loan to Axis Bank.

8. Loan Disbursal

Once the verification of the applicant’s property is completed by Axis Bank, the applicant has to provide all the documents to the bank as per the legal and technical report of the bank. The loan agreement is then signed between the applicant and the bank. After this, the home loan is disbursed to the applicant through cheque.

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