Frequently Asked Questions

No, currently we offer this product only to Indian Residents.

Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

The loan amount should be minimum of Rs 50 Lakhs.

Where disbursement to be released in tranches (e.g. Under construction properties): Maximum Tenure of 22 years (up to 2 years moratorium + 20 years).

Where disbursement to be released in single tranche ( e.g. Ready for Possession/Resale etc.):Maximum Tenure of 20 years.

The cycle for interest & principal repayment is on the 10th of every month

No, you will not be permitted to change your due date to any other date.

Interest calculations on the Super Saver account will be made on End of Day (EoD) drawing power set for your Super Saver account minus any additional funds parked in the account. This will lead to savings on the home loan equivalent to the funds parked.

For e.g.

You have availed of a loan of Rs. 100 Lacs and you have parked Rs. 2 lacs on an average in the Super Saver account.

The utilized drawing limit in this case will be Rs. 100 lacs minus Rs. 2 lacs i.e. Rs. 98 Lacs. Interest payable at the end of the repayment cycle will be calculated on Rs. 98 Lacs resulting in savings on interest payable on the loan.

Your home loan repayment has two parts 1) Principal 2) Interest.

Under Equated Principal Amortization, principal outstanding will reduce by an equal sum on each repayment cycle date. The reduction in principal amount will be arrived at by dividing the total loan amount by number of instalments over the period of the loan.

Under EMI based reduction, the sum of principal and interest component payable monthly on repayment cycle is equal during the entire loan tenure (assuming no excess funds are parked by you in your Super Saver account). Hence, principal component repayable monthly by you is as per the amortization schedule drawn at the beginning of the loan.

Interest component under both the limit reduction option will be calculated on the net utilized drawing power (i.e. drawing power set in the Super Saver account minus End of Day (EoD) balance of additional funds parked)

Click on the link for illustration

No, currently this option is not available.

You have to ensure maintaining enough funds in your Super Saver account to repay the monthly principal and interest repayments. The principal and interest amount due shall be automatically adjusted from the excess funds parked by you in your Super Saver account.

You can deposit funds in your Super Saver account like in any regular bank account. You can transfer funds electronically or deposit a cheque into your account at the nearest Axis Bank Branch.

In order to optimise savings on your Super Saver Home Loan account you need to park short term excess funds available with you in this account. It is highly advisable that you make your Super Saver Home Loan account your primary/operative account and ensure that all excess funds at your disposal are parked in this account.

No, the interest benefits of the Super Saver account do not extend beyond the drawing limit. Any funds parked in the account over and above the drawing limit will not earn interest.

No, the benefit of interest savings on Super Saver account can be availed only if the excess funds are parked by you in your Super Saver account. As your Super Saver account has the features similar to a savings/current account, it is advisable that you use this account as your primary account to optimise your interest savings on Super Saver.

In case you have issued a cheque which is due for clearing on the repayment cycle due date, to avoid any inconvenience, please maintain a minimum/sufficient balance for total repayment (principal and interest) due and cheque amount to ensure that both the transactions are honoured

In the event of there not being enough balance in the Super Saver account for the repayment, the account will be charged penal interest in addition to other charges as detailed in the charges section.

No, ATM card cannot be used at merchant outlets.

You will need to submit request for part disbursement to the Bank along with following documents.

• Disbursal Request Form (DRF) filled and signed
• Demand letter from the builder (in original)

Loan sanctioned for under-construction property is usually disbursed in installments in line with the stage of construction and demand made by the builder. The first partial disbursement made is known as part disbursement, all disbursements made after the first part disbursement are known as subsequent disbursement.

You will need to make a request to the Bank for the part disbursement

For downloading the form please click here

You can submit the part disbursement requests using any of the following channels.

• Contact our sales representative who has been liaising with you for your loan requirements
• Visit any of the Loan Centre (preferably from where you have taken loan) to submit your request along with the required documents

The time taken by the Bank depends on the category in which your property falls. The Bank categorises any property into APF (Approved Project Facility) and Non APF. The time taken for processing by the Bank would be:

Please note, above mentioned turn around time will be applicable post submission of all required documents. We would however like to advise you to submit the disbursement request form as soon as the demand is raised by the builder.

You can check the list of Approved Projects on Axis Bank website under Home Loan page. For any clarification or more details call our phone banking number or write to us on axisbank.com/support

The Bank will intimate you by SMS on your registered mobile number as per bank's record. Alternately, you can call up the phone banking number or write to us on axisbank.com/support

In case of part disbursement of loan for under construction property you only need to pay the interest for the loan amount actually disbursed. This monthly payment is referred to as Pre-EMI and this period is termed as “Moratorium Period Pre-EMI payments are due till the time the entire loan amount is not disbursed by the bank. Once the entire loan amount is disbursed or if the loan remains partly disbursed for 24 months i.e. moratorium period from the date of first disbursal, whichever being earlier, loan repayment will commence as per schedule.

From the 25th month onwards (i.e. post moratorium period) regular repayments including principal & interest will commence.

In case of part disbursement of loan for under construction property you only need to pay the interest for the loan amount actually disbursed. This monthly payment is referred to as Pre-EMI. Pre-EMI payments are due till the time the entire loan amount is not disbursed by the bank. Once the entire loan amount is disbursed or if the loan remains partly disbursed for 24 months from the date of first disbursal, whichever being earlier, loan repayment will commence as per schedule.

If the construction progress (as verified by the Bank) is not as per original plan, the Bank may disburse an amount lower than requested amount, or may not disburse at all.

AXIS Bank retains the right to disbursement(s) of loan basis internal checks. Disbursement(s) is at the sole discretion of the Bank

Yes, you will be allowed to apply for a Top-Up loan however, the benefits of Super Saver will not be extended to the Top Up portion of the loan.

Top up facility will be opened as a different loan which will run simultaneously with your Super Saver home loan. The repayment on your Top-up loan will have to be regular EMI payments as under a regular Home Loan

Yes, you will be allowed to move from a higher floating rate of interest to a lower floating rate of interest on payment of nominal fees/charges as decided by the Bank from time to time.

No, increase in monthly limit reduction is not allowed. However, parking the amount of prepayment you wish to make in the OD account will save interest on that sum. Additionally, this amount can be withdrawn as required providing flexibility at the same time. This makes parking the funds in your Super Saver account a superior option to prepayment of the loan.

Similarly reduction of monthly reduction amount will not be allowed

No, you will not be allowed to reduce the monthly limit reduction amount.

No, there is no need to maintain minimum balance in the Super Saver account. However, it is highly recommended that you park all excess funds in this account as it will save interest charges.

You may place request for the same at your nearest Axis Bank loan center and by calling at our phone banking. The final interest certificate shall be mailed to your last known address once in a year by the Bank.

Axis Bank's PAN is AAACU2414K and its registered office address is Axis Bank Limited, TRISHUL, Third Floor, Opp. Samartheshwar Temple, Nr. Law Garden, Ellisbridge, Ahmedabad - 380 006

Yes. Existing Axis Bank home Loan can be switched to Super Saver provided Loan sanction amount is greater than or equal to Rs 50 lacs and your existing Home Loan will be closed and new Super Saver account will be opened.

Before we process a foreclosure, all outstanding dues must be cleared. So we request you to first check and clear any remaining amount that may be payable towards your Home Loan by requesting a foreclosure statement from your nearest AXIS Bank Loan Center.

Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center along with confirmation letter issued by the Branch post submitting cheque book & ATM card issued to you. Foreclosure charges are NIL for Super Saver account

Once your loan account is closed, you may collect your property documents after 15 working days from date of loan closure date from the loan centre where you would have requested for original property documents.

Yes. Total processing fees of 1% of the total sanctioned amount with a minimum of Rs. 10,000 plus GST as applicable will be charged. Upfront processing fee of Rs 2500 plus GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrawal of the loan application etc., non-disbursement of loan for the reasons solely attributable to the customer. Balance processing fee as applicable shall be collected at the time of loan disbursement.

• You can use your Super Saver account as a regular account.
• Any funds deposited in the Super Saver OverDraft account will help reduce your interest outgo.
• With Super Saver Home Loan, interest is calculated on every day balance at EOD
• If you deposit any additional funds at your disposal for even a single day, you will receive benefit of reduction in the interest charged to you by the bank.
• You also have the benefit of withdrawing the additional funds parked in your account
• Please note that funds need to be parked in the Super Saver Account <91XXXX> only.
• The monthly installment will be debited from the funds parked in the Super Saver Account itself
• You will receive a Welcome Kit containing your welcome letter, repayment schedule, cheque book and ATM card
• The ATM card can be used only at Axis Bank ATMs, but not at merchant outlets
• The monthly installment amount is available in the initial Repayment Schedule shared with you, however, the actual installment amount may vary as the interest charged varies with any additional funds deposited.
• You will be receiving SMS alerts for your transactions in this account at the registered mobile number, and monthly statement of account will be emailed to you at your registered email address.
• The statement of account will provide the details of the interest charged. The principal amount of your installment would be available as per the Repayment Schedule shared with you in the welcome kit.

• You have to ensure funds equal to installment amount are present in the account before the 10th of every month
• Kindly ensure that there is a credit in every 90 days in your account, and the interest charged every quarter is serviced within 90 days from the end of the quarter.
• The detailed explanation for the same is shared on the last page of your Repayment Schedule and Statement of Account

You can operate your Super Saver account as a regular account. Any funds deposited in the OD account will help reduce your interest outgo. With Super Saver Home Loan, interest is calculated on every day balance at EOD, hence even if you deposit any additional funds at your disposal for even a single day, you will receive benefit of reduction in the interest charged to you by the bank.

Please note that funds need to be parked in the Super Saver Account <91XXXX> only.

NEFT details

You are required to make deposits equal to your monthly installment in the Super Saver account, before 10th of every month. In case of any additional funds parked in your account, the installment amount would be debited by the Bank from the funds parked

Installment amount is available in the initial Repayment Schedule shared with you, however, the actual installment amount may vary as the interest charged varies with any additional funds deposited.

You will be receiving SMS alerts for your transactions in this account at the registered mobile number, and monthly statement of account will be emailed to you at your registered email address.

The statement of account will provide the details of the interest charged. The principal amount of your installment would be available as per the Repayment Schedule shared with you in the welcome kit.

Yes, kindly ensure that there is a credit in every 90 days in your account, and the interest charged every quarter is serviced within 90 days from the end of the quarter

For welcome kit to reach you, it takes 15-18 days from loan ac opening date. In case you still don’t receive the same, request you to please Call us at 1860 419 5555 or 1860 500 5555 or Email us at axisbank.com/support. We will arrange to send a copy for the same.

In Super Saver Overdraft account part payment is not possible; you can deposit additional funds to reduce your interest outgo

You need to submit below documents for subsequent disbursement.

• Builder Demand letter
• OCR (Own contribution receipts)
• Receipt of previous payments done to the builder.

You can submit the same with any of the below channel

• The sales official you are in contact with
• At the nearest loan center
• The documents can be emailed at axisbank.com/support from the registered email id.

Post the documents are submitted with the bank, we take 4 working days to process your request. As per your request, the demand draft can be handed over to the sales official or you can come & collect the same from the loan center.

As your account was partially disbursed when the account was opened, the Pre-EMI period of 24 months was reported in the RPS (Interest only schedule), as we would not know when you will avail full disbursement.

Once you avail the full disbursement, your Principal Payment will start from the next month

Principal Payment will start once the full amount has been disbursed or 24 months have passed from the account open date

Principal Payment can only be started if you avail the full disbursement. Before the end of 24 months, we cannot start your principal payment

The tenure cannot be increased/decreased for Super Saver Home Loan. If you make additional payments, interest outgo will reduce, once the outstanding balance is 0, you can close the loan

On the 10th of every month

Interest amount will vary as interest is charged every day end of day on outstanding balance, any additional amount deposited will reduce your interest for the month, leading to a reduction in the installment.