Axis Bank Home Loan Part Prepayment Rules & Guidelines
Axis Bank is one of India's largest private mortgage lenders. Understanding how to execute part prepayments can save homeowners lakhs in compounding interest charges. Use our Part Prepayment Simulator alongside the Prepayment Savings & ROI Calculator to compare lump sums against steady monthly step-ups.
RBI Prepayment Rule: Under RBI Master Circular RBI/2014-15/121, banks cannot charge foreclosure charges or pre-payment penalties on home loans on floating interest rates. Check HDFC Home Loan and ICICI Home Loan peers or explore Bank Presets.
Key Steps to Prepay Axis Bank Home Loan:
- Check Loan Type: Verify that your loan is on floating interest rate (MCLR / Repo Linked Lending Rate - RLLR). Fixed-rate exits can be checked in the Prepayment Penalty Calculator.
- Choose Part Prepayment Mode: Pay online via Axis NetBanking or submit a cheque at the Asset Operations Branch.
- Specify Mandate: Instruct the bank in writing whether you want to reduce tenure (shorter loan) or reduce EMI using our Home Loan EMI Prepayment Calculator.
- Collect Revised Schedule: Always request a revised Amortization Schedule within 7 working days to verify that the principal balance was adjusted correctly.