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₹15 lakh Home Loan

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A Home Loan of ₹15 lakh is more than just a means of owning a home, it is a stepping stone to securing your’s and your loved ones’ well-being and fostering a sense of belonging.

Whether you are a first-time home buyer or investing in a second home, a ₹15 lakh Home Loan can unlock your dream and provide a stable foundation for building your future.

Looking to own your dream home with ease? Get ₹15 lakh Home Loan now!

Calculation of ₹15 lakh loan EMI for 10 years

Loan SpecificationsAmount in ₹
Principal Amount₹ 15,00,000
Rate of Interest8.75% per annum*
₹ 15 Lakh Loan EMI for 10 years₹ 18,799
Total Interest₹ 7,55,882
Total Amount Payable₹ 22,55,882

*The interest rate mentioned above is illustrative; actual Home Loan interest rates vary across banks and remain subject to market conditions and other factors.

Calculation of ₹15 lakh Home Loan EMI for 5 years

Loan SpecificationsAmount in ₹
Principal Amount₹ 15,00,000
Rate of Interest8.75% per annum*
₹ 15 Lakh Loan EMI for 5 years₹ 30,956
Total Interest₹ 3,57,351
Total Amount Payable₹ 18,57,351

*The interest rate mentioned above is illustrative; actual Home Loan interest rates vary across banks and remain subject to market conditions and other factors.

How to apply for a ₹15 lakh Home Loan?

  • Visit the Axis Bank Home Loan webpage and click on “Apply Now” button.
  • Check your Home Loan eligibility and ensure that you align with the specified conditions.
  • Fill out the Home Loan application form with up-to-date personal, employment and financial details.
  • Pay the processing fee to start the validation process.
  • Upload the required documents on the online Home Loan application platform.
  • Upon approval, a detailed sanction letter will be sent to you followed by a property inspection by the bank.
  • Upon successful inspection and post all required documents are received, the bank will disburse your Home Loan of ₹15 lakh.

₹15 lakh Home Loan: Eligibility criteria

For salaried individuals

  • You must be between the age of 21 and 65 years.
  • You must have a stable employment history, typically within a reputed company or government sector.
  • You must present all the relevant documents asked by your bank, including proof of employment and financial stability.

For professionals

  • Your age should fall within the range, i.e., 21 years to 65 years.
  • You must be a professional applicant, such as a Chartered Accountant (CA), doctor, lawyer, management consultant, etc.
  • You must provide the necessary proofs related to your professional qualifications and documents of a similar nature.

For self-employed individuals

  • You must meet the age requirement of 21-65 years.
  • You must be a self-employed business owner or an entrepreneur.
  • You must submit the documents, such as Income Tax Returns (ITRs), to showcase consistent income and a strong financial record.

Fees and charges applicable on a ₹15 lakh Home Loan

  • Processing fee: This is a non-refundable fee charged by the lender to process a ₹15 lakh Home Loan application.
  • Prepayment charges: Fee for repaying the ₹15 lakh Home Loan before the predetermined tenure.
  • Home loan insurance: Premium is directly paid to the insurance company.
  • Conversion fee: A fee levied for switching loan scheme.
  • Default charges: A penalty for missed or delayed ₹15 lakh Home Loan EMI payments.
  • Cheque dishonour charges: A charge applicable on bounced loan repayment due to insufficient funds.
  • Changes in loan tenure: A fee charged on altering loan term after approval or disbursement.

Note: Fees and charges on Home Loans may vary from bank to bank.

Factors affecting interest rates for a ₹15 lakh Home Loan

  • Borrower’s profile: Young individuals with stable income and a high credit score may qualify for lower interest rates.
  • Type of interest rate: While a fixed interest rate remains the same throughout the loan tenure, a floating interest rate fluctuates with market conditions, influencing the interest rate for a ₹15 lakh Home Loan.
  • Loan-to-Value (LTV) ratio: LTV refers to the ratio of loan amount to property value. A higher LTV ratio increases lender risk, resulting in a higher interest rate.
  • Loan tenure: A longer loan term attracts higher interest rates and due to inflation and default risks.

    On the other hand, a loan with a shorter tenure usually comes at a competitive ₹15 lakh loan EMI and interest rate because of lower default risk, faster repayment and fewer servicing costs.

List of documents required for a ₹15 lakh Home Loan

  • Mandatory documents: Including Home Loan application form and PAN card.
  • Documents for proof of identity: Such as Aadhaar card, driving licence, voter ID, passport or government employee ID.
  • Documents for proof of address: Includes Aadhaar card, driving licence, voter ID, utility bills, government employee ID, etc.
  • Documents for proof of Date of Birth (DOB): Including Aadhaar card with DOB, PAN card, driving licence, birth certificate or Secondary School Certificate marksheet.
  • Documents for proof of signature: Such as PAN card, passport, banker’s verification and notarised affidavit.

Additional documents for self-employed applicants

Income documents

  • 2 years ITR (Income Tax Return) with computation of Income
  • 2 years profit & loss and balance sheet statement with all the schedules, CA (Chartered Accountant) sign and stamp (not required when ITR is filled under 44 AD)
  • 2 years audit report CA (Chartered Accountant) certified with UDIN number (If gross turnover exceeds ₹1 cr or gross receipts exceeds ₹25 lakh) along with all schedules and annexures
  • 2 years form 26 AS (to be collected if available, not mandatory at login stage)
  • 6 months bank statements (with logo & Bank Name) of primary, personal, and business accounts
  • 1 year GST R – 3B
  • GST registration certificate
  • Office address proof – Utility bill
  • 3 years business continuity proof (if 2 years ITR is taken, then no need to take this document)

Other documents

  • Completely filled and duly signed application form along with all applicant’s latest passport size photo (Mandatory FATCA & PEP Declaration on application form)
  • Existing loan details and 6 months bank statement from where EMI is deducted, if applicable
  • For Balance Transfer Cases Only: Sanction Letter, Statement of Account or bank statement reflecting EMI debit (Document showing applicant / co-applicant on loan structure- Sanction letter/ SOA/ RPS/ Loan Agreement copy)
  • For Balance Transfer Cases- LOD (List of documents) & Foreclosure Letter (Not required at login but for legal report and disbursement respectively)
  • Property Documents (Transaction Specific)
  • Vernacular, OVD (Original Verified documents) Affidavit, if required
  • Processing Fee Cheque in Favor of Axis Bank for Login (As per current grid)
  • Eligibility sheet as per product (highly recommended but not mandatory at login stage)

Additional documents for salaried applicants

Income documents

  • 3 Months’ Salary Slip
  • 2 years Form 16 (Part A and B)
  • Only 1 year Form 16 if salary above ₹50,000 or CSG customer
  • 6 months bank statements (reflecting 6 salary credits)
  • If bonus considered - Salary slip and Banking for same
  • If Increment considered - Increment Letter, Salary slip, Banking for Same
  • Job continuity proof, if same cannot be established from salary slip/form 16

Other documents

  • Completely filled and duly signed application form along with all applicant’s latest passport size photo (Mandatory FATCA & PEP declaration on application form)
  • Existing loan details and 6 months bank statement from where EMI is deducted, if applicable
  • For Balance Transfer Cases Only: Sanction Letter, Statement Of Account or bank statement reflecting EMI debit (Document showing applicant / co-applicant on loan structure- Sanction letter/ SOA/ RPS/ Loan Agreement copy).
  • For Balance Transfer Cases- LOD (List of documents) & Foreclosure Letter (Not required at login but for legal report and disbursement respectively)
  • Property Documents (Transaction Specific)
  • Vernacular, OVD (Original Verified documents) Affidavit, If Required
  • Processing Fee Cheque in Favor of Axis Bank for Login (As per current grid)
  • Eligibility sheet as per product (highly recommended but not mandatory at login stage)

Additional documents for NRI salaried applicants

Income documents

  • Last 3 months salary slip
  • Last 6-month international salary account statement (6 salary credits)
  • Last 6-month domestic NRE/NRO account statement
  • 6 months bank statements (reflecting 6 salary credits)
  • Last 2 yrs. ITR (If available) or equitable document
  • W2 Form or equivalent document for the respective country
  • Appointment letter/Offer letter/Contract Letter of company
  • Continuous Discharge Certificate for shipping cases
  • Overseas credit report (Except Middle East)
  • GPA (General Power of Attorney) required as per banks format- duly attested by Indian embassy, signed and the validity of franking is not expired (If customer is outside of India). If the customer is in India, then GPA to be duly stamped, notarized and signed.
  • Valid Visa/OCI Card - Visa is necessary to be work visa / employment visa / long term resident visa. Short term business visa / travel visa not to be accepted.
  • Passport Copy (Both front and back side of passport)
  • Overseas address proof

Other documents

  • Completely filled and duly signed application form along with all applicant’s latest passport size photo- Confirmation from NRI borrower obtained for the loan application signed by GPA (Mandatory FATCA & PEP Declaration on application form)
  • NRI case where the documents are submitted by NRI applicant directly from overseas / through POA - customer passport copy is attested by the Indian Consulate / Notary Public / Bank Manager at the place of residence of the NRI.
  • Existing loan details and 6 months bank statement from where EMI is deducted, If Applicable.
  • For Balance Transfer Cases Only: Sanction Letter, Statement of Account or bank statement reflecting EMI debit (Document showing applicant / co-applicant on loan structure- Sanction letter/ SOA/ RPS/ Loan Agreement copy).
  • For Balance Transfer Cases- LOD (List of documents) & Foreclosure Letter (Not required at login but for legal report and disbursement respectively)
  • Property Documents (Transaction Specific).
  • Vernacular, OVD (Original Verified documents) Affidavit, If Required
  • Processing Fee Cheque in Favor of Axis Bank for Login (As per current grid)
  • Eligibility sheet as per product (highly recommended but not mandatory at login stage.)

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Frequently Asked Questions

₹15 lakh loan EMI depends on the tenure, interest rate and lender. To get a personalised quote, use our Home Loan EMI calculator.

The exact salary requirements vary depending on the ₹15 lakh Home Loan EMI, lender’s eligibility criteria, your credit score, job stability and existing debts.

To get a more accurate estimate, you can use our Home Loan eligibility calculator.

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