Terms of the Loan Scheme:
Home loan under the scheme can be availed by both salaried as well as self-employed individuals who earn between Rs. 8,000-Rs.10,000 on a monthly basis. For sanctioning and disbursing home loan, Axis Bank will consider family income instead of individual income so members of the family can also club their income to avail of the loan. Further, individuals earning over Rs. 10,000 can also apply for Asha Home Loan. On its site, the bank makes it clear that individuals who receive their salaries in cash can also apply for the loan.
The loan is available at both fixed and floating rates for purchasing a plot, a ready flat, a resale or an under-construction property or to construct home on a plot owned by oneself.
Interest rates: Under the scheme, bank is offering loan at a fixed rate of 11.75%. Floating rate home loan is being offered at 10.75% and 11% to salaried and self-employed class respectively.
Loan amount: In case of small towns with a population size of less than 1 million, applicants can get a maximum loan amount of Rs. 15 lakhs while for towns with over 1 million population, a maximum of Rs. 25 lakhs can be availed. Minimum loan amount offered under the scheme is Rs. 1 lakh.
The loan to value ratio for home loans upto Rs. 20 lakh is 90% i.e. a home loan applicant can get 90% of the property value as loan.
Loan tenure: For home loan secured at a fixed rate of interest, the maximum loan tenure is 20 years. In the other case, the maximum tenure is 30 years and as an additional condition, age of the home loan borrower cannot exceed 60 years in case he/she falls in the salaried class category or 65 years in case he/she happens to be self-employed, at the maturity of the loan.
How to apply for Asha home loan?
For borrowing home loan under the scheme, you need to submit the filled in application form along with the photo. In case there is a co-applicant, his or her photo is also to be provided. Other documentary proofs to be submitted with the bank include identity card, age proof, address and signature proof, PAN or Permanent Account Number, proof of Income and past six months bank statement.