₹40 Lakh Home Loan

Unlock the Doors to your dream Home with Axis bank

Invest for your future with a ₹40 lakh Home Loan

Elevate your living standards and invest in a brighter future with a ₹40 lakh Home Loan from Axis Bank. Unlock possibilities for spacious living, enhanced comfort, and potential property appreciation. Our experienced financial advisors offer tailored solutions and comprehensive support to guide you through the process.

Want to know your EMI outflow for a ₹40-lakh home loan? Read on.

₹40 Lakh Home Loan EMI for 10 Years

Let us calculate the monthly EMI for a ₹40 lakh home loan for 10 years with the following details.

Loan Amount (₹)	40,00,000
Tenure (years)	10
Interest Rate (p.a.)	8.75% - 9.15%

Note: Considering 8.75% interest on ₹40 lakh home loan in the below scenarios.

₹40 Lakh Home Loan EMI

	EMI for 10 Years	EMI for 15 Years	EMI for 20 Years	EMI for 25 Years
Equated Monthly Instalments (EMI in ₹)	50,131	39,978	35,348	32,886
Principal Amount (₹)	40,00,000	40,00,000	40,00,000	40,00,000
Interest Amount (₹)	20,15,684	31,96,030	44,83,623	58,65,724
Total Amount Payable (₹)	60,15,684	71,96,030	84,83,623	98,65,724

You can calculate ₹40 lakh home loan EMI for 5 years using Home Loan EMI Calculator. Similarly you can also calculate ₹40 lakh home loan EMI for 30 years or any other tenure.

How to apply for ₹40 lakh Home Loan online at Axis Bank?

To apply for Axis Bank Online Home Loan

Make sure you qualify before you start. The Home Loan Eligibility Calculator can help you determine if you can handle the monthly payments
Visit the Axis Bank Home Loan website and click the "Apply Now" button
Enter your information and click Submit. Confirm whether you are already a customer or not, and provide your name, contact number, email address, city, and state
An Axis Bank representative will reach out to chat about your loan options
Get your documents in order
After you're approved, submit your property documents for verification
With all your documents in hand, you could get approved in just 15 days

Eligibility to get Home Loan of ₹40 lakh

Applicants in permanent government positions or employed by reputable private companies must be at least 21 years old when applying, with a maturity age of 65 years or at the time of superannuation.
Professionals and self-employed individuals falling within the income-tax bracket can apply for a Home Loan of ₹40 lakh, with an age limit of 21 years at the time of application and 65 years at loan maturity.
The bank also take into account factors such as annual income, number of dependents, employment status, existing assets, ongoing loan repayments, and credit score. These factors will help the bank ascertain that the EMI for the Home Loan of ₹40 lakh remains affordable for you, and the combined EMIs of all loans do not exceed 40% of your take-home pay.

₹40 lakh Home Loan Fees and Charges

Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable).
An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.

Factors that affect interest rate applicable on a ₹40 lakh Home Loan

RBI’s repo rates – Since Home Loan rates are linked to the RBI’s repo rates, any change in the RBI’s rates will impact the Home Loan interest rate
Type of loan chosen – Whether it is a Floating Rate Home Loan or a Fixed Rate Home Loan will impact the interest rate. The interest rate on a Fixed Rate Home Loan is higher than a Floating Rate Home Loan
Your job profile and credit score also impact the interest rate. A borrower with a stable job and high credit score may get a Home Loan of ₹40 lakh at a better rate of interest

Documents required for ₹40 Lakh Home Loan

Mandatory Documents- Application Form and PAN Card
Any one of the following for Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID
Any one of the following for Proof of Address- Aadhdaar Card, Gas Bill, Driving License, Voter Id, Electricity Bill, Telephone Bill (Landline) Property Tax Receipt, Job Card by NREGA duly signed by an officer of the State Government, Letter issued by National Population Register confirming details of Name, Address, Photograph
Any one of the following for Date of Birth proof - Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
Any one of the following for Signature Proof - Passport, PAN Card, Banker’s verification, Notarized affidavit with ID and Address proof (not applicable for financial applicant)

Additional Documents for Self-employed

2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha Home Loan - 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (required for individuals whose sales turnover exceed the norms stipulated by the Income Tax Act)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign - CPC and tax paid challan
Three years business continuity proof