Axis Bank Power Advantage Home Loan Scheme

You have to meet certain criteria if you wish to apply for the Axis Bank Power Advantage Home Loan.

• Employment type: Salaried employees, self-employed individuals, and professionals.
• Age:
  • Minimum age - 21 years.
  • Maximum age - 60 years for salaried employees; 65 years for self-employed individuals and professionals.
• Minimum loan amount: Rs.3 lakh.

Features and Benefits

Here are the features and benefits offered under this home loan scheme:

1. This home loan can be used to purchase a ready house, under-construction house, resale house, self-construction house, and a plot to construct a house.
2. No change in the EMI (equated monthly instalments) or interest rate for the first two years of the loan tenure.
3. Interest subsidy offered if you qualify for the PMAY scheme under this home loan.
4. Refinancing of your current home loan to this Axis Bank home loan is available.
5. You can apply for this home loan conveniently from the comfort of your home.
6. The bank offers quick and transparent processing of your home loan application.

Documents Required

To successfully apply for this home loan, here are the documents that you need to submit:

Mandatory documents to be submitted by all applicants:

1. PAN card.
2. Application form filled and signed with most recent passport size photos of all applicants.
3. Aadhaar card if you're applying for the PMAY benefit under this home loan.
4. All documents submitted to be self-attested by all applicants.

Identity proof document (any one):

1. Aadhaar card.
2. Driving License.
3. Passport.
4. Government Employee ID card.
5. Government of India issued photo ID card.
6. Voter's ID card.

Address proof document (any one):

1. Driving License.
2. Voter's ID card.
3. Aadhaar card.
4. Government of India issued photo ID card.
5. Government Employee ID card.

1. Electricity bill.
2. Telephone (landline) bill.
3. Gas bill.
4. Property tax receipt.

Date of birth (DOB) proof document (any one):

1. PAN card.
2. Passport.
3. Banker's verification.
4. Non-financial applicants - Notarised affidavit + ID and Address proof document.

Income documents for salaried employees:

1. Latest 3 months' salary slips.
2. Variable pay employees - Latest 6 months' salary slips or 2 years' bonus proof.
3. Bank statements for the last 6 months reflecting salary credits.
4. Last 2 years Form 16 to show continuity of employment.

Income documents for salaried NRIs (Non-Resident Indians):

1. Passport copy.
2. OCI card or valid Visa.
3. POA details.
4. Latest 3 months' salary slips.
5. Contract letter or appointment letter.
6. Overseas credit report.
7. For shipping cases - Continuous Discharge Certificate.
8. Domestic NRE/NRO account statement for the last 6 months.
9. International salary account statement for the last 6 months.

Income documents for self-employed individuals:

1. Last 2 years' income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
2. If gross turnover crosses Rs.1 crore/gross receipts crosses Rs.25 lakh - Tax Audit Report.
3. Last 6 months banks statements for all personal and business accounts.
4. In case income tax return has been filed without a digital signature - CPC + tax paid challan to be submitted.
5. Business continuity proof for the last 3 years.

Documents for balance transfer/loan takeover from another lender:

1. Loan account statement for the last 12 months + latest outstanding letter.
2. Current loan details + bank statement for the last 6 months from where the EMIs are deducted.

Documents for lease rental discounting:

1. Bank statements for the last 6 months where the rent is credited.
2. Registered lease agreements (must be valid).
3. 1 year's 26 AS.
4. Last 2 years' income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
5. For partnership firms - Partnership deed, partnership authority letter, last 2 years' audited financials, KYC, and operative account.

Documents for partners in a firm:

1. List of partners.
2. Partnership deed.
3. NOC (No Objection Certificate) according to the bank's format.
4. Audited income tax return of the firm along with all financials.
5. If firm stands as a guarantor - Partnership authority letter printed on the firm's letterhead with signature of all partners.

Documents for directors of a company:

1. Last 2 years' income tax return, profit & loss statements, computation of income, balance sheet with signature and seal of a CA.
2. Tax Audit Report if gross turnover crosses Rs.1 crore/gross receipts crosses Rs.25 lakh.

1. If company is the applicant - Board resolution as per the bank's format.
2. MOA, AOA, and Certificate of Incorporation.
3. DIN of all the directors.
4. Latest share holding pattern with signature from the company's secretary or list of directors.

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