Axis Bank offers Home Loans to its customers at interest rates starting as low as 6.90% per annum. A borrower can pick from a range of Axis Bank home loan schemes for a loan tenure stretching up to 30 years. In this article, we help you understand the importance of using the Axis Bank Home Loan Eligibility calculator to know how much home loan you are likely to qualify for.
Axis Bank Home Loan Eligibility Criteria
|Age Limit||21 – 60 Years|
|Work Experience (Salaried||Minimum 2 Years (Salaried) Minimum 5 Years (Self-Employed)|
|Processing Fee||A maximum of 1% of total loan amount with Minimum being Rs.10,000|
|Tenure||Maximum 30 Years|
|Interest Rate||Starting from 6.90%|
|Pre-payment Charges||Zero for floating, Maximum of 2% for fixed on outstanding principal|
|Employment Type||Professionals, Salaried and Self-Employed individuals|
Note: The details mentioned above are subject to change at the discretion of the lender.
Below is a list of eligibility criteria one needs to meet in order to qualify for a Home Loan from Axis Bank.
1) Axis Bank Home Loan Eligibility Criteria Based on Profession
- Axis Bank Home Loan Eligibility Criteria for Salaried Borrowers
- The applicant must be employed with a renowned private or public sector organization for a minimum of 2 years.
- The applicant must be at least 21 years of age at the time of loan approval and a maximum of 60 at the time of loan maturity.
- Axis Bank Home Loan Eligibility Criteria for Self-Employed Borrowers
- The applicant should have a record of regular submission of income tax returns.
- Self-employed professionals such as doctors, engineers, dentists, chartered accountants, management consultants, architects, cost accountants, and company secretaries are also eligible for an Axis Bank Home Loan.
- The applicant must be a minimum of 21 years during the loan application and a maximum of 65 during loan maturity.
Axis Bank Home Loan Eligibility Based on Net Income
This indicates your repayment capacity and is a major factor in determining your Axis Bank home loan eligibility. Let’s assume your net monthly income after all applicable deductions such as PF, gratuity, ESI is Rs.50,000. At an interest rate of 6.90%, your home loan eligibility is Rs.41,75,523 for a tenure of 30 years (assuming you have no current obligations). However, your eligibility may also be impacted by a number of other factors and the final amount you qualify for will be decided by the bank.
Axis Bank Home Loan Eligibility Based on Type of Employment
Axis Bank looks into your nature of employment, i.e., salaried or self-employed before deeming you eligible for a home loan. They also check your years of experience and the company you are employed with to understand if you have a stable job and income. Axis Bank requires income and job history for 2 years for salaried applicants and 4 years for self-employed applicants.
Note: In case you have big debts, make sure to repay them; closing a big debt that requires a high EMI payment per month will increase your loan repayment capacity and therefore your loan eligibility too.
Axis Bank Home Loan Eligibility on the Basis of Age
As mentioned earlier, your age helps the lender decide your Axis Bank loan eligibility and loan tenure. The bank views a young applicant as having more number of years left to earn and service a loan than an applicant nearing retirement. For example, the loan tenure is shorter and therefore EMI is higher for a borrower who is 45 years old compared to someone who is 25.
Below is a table of the Axis Bank Loan tenure you may be eligible for based on your age:
|Age (in years)||Maximum Tenure (Salaried)||Maximum Tenure (Self-Employed)|
|25||30 years||30 years|
|30||30 years||30 years|
|35||25 years||30 years|
|40||20 years||25 years|
|45||15 years||20 years|
|50||10 years||15 years|
Eligibility Calculation for Axis Home Loan
With the free Fincity Home Loan Eligibility Calculator, you can easily check your Axis Bank Home Loan eligibility. Enter the required details such as your city, monthly income, tenure, interest rate and current obligations to know the home loan amount you qualify for.
EMI Calculation for Axis Home Loan
Knowing your tentative EMI amount and schedule is equally important before you decide on a loan scheme. Check your Axis Bank home loan EMI by typing in details such as your loan amount, tenure and Axis Bank home loan rate into the Fincity Home Loan EMI Calculator.
Documents Required for Axis Bank Home Loan Eligibility
The document required for an Axis Bank Home Loan is based on the employment type of a borrower. Below is a list of documents for salaried and self-employed professionals.
- Axis Bank Home Loan Documents for Salaried Applicants
- Proof of Identity: PAN Card, valid passport, Voter’s ID card, Driver’s license, and photographs.
- Proof of Residence: Utility bill, Latest telephone bill, electricity bill, valid passport, Voter’s ID card, and driver’s license.
- Proof of Income: Form 16, last 3 months’ salary slips, passbook of the salary account, and previous 6 months’ bank statement.
- Axis Bank Home Loan Documents for Self-Employed Applicants
- Documents for proof of identity and residence are the same as those required for salaried borrowers.
- For proof of income, you will need to submit:
- Previous 2 years’ Income Tax Returns (certified by a Chartered Accountant)
- Latest 6 months’ bank statement for personal as well as business purposes.
Factors that Impact Your Axis Home Loan Eligibility
Below are a few key factors that affect your Axis Bank Home Loan eligibility.
Age: Younger borrowers have more years to earn and tackle home loan EMIs and are preferred by lenders over a much older borrower.
Income: A higher income indicates a higher repayment capacity and may lead you to getting a higher loan amount.
Credit score: A good credit score reflects that a borrower is disciplined with their credit. This encourages lenders to approve your loan request and may even help you get a bigger loan amount.
Obligations: Higher the debt, lower your repayment capacity. To be eligible for an Axis Bank Home Loan, an applicant must meet the repayment capacity standards decided by the bank.
Property Characteristics: The bank also looks into the property’s features such as their location, age and that there is no property title dispute.
How to Improve Your Axis Home Loan Eligibility?
Work on Your Credit Score: Adopting simple habits like repaying your dues and EMIs on time can help improve your credit score. Try and maintain a score of more than 700.
Lower Your Debts: A Debt-to-Income (DTI) ratio above 50% will reduce your chances of getting a home loan approved by Axis Bank. Try and pay off a few debts to improve your chances.
Opt for a Higher Down Payment: To strengthen your chances of getting a home loan, you can choose to pay a higher down payment and reduce your Loan-to-Value (LTV) ratio. A lower LTV means a lower loan amount and therefore higher chances to get your loan approved.
Go for a Joint Home Loan: If your credit score or salary is low, it’s better to take a joint home loan with a co-applicant. The bank assesses a co-applicant’s income and credit score as well before deciding on a borrower’s home loan eligibility.
How to Apply for Home Loan on Axis Bank Portal?
Here are the steps to follow to apply for an Axis Home Loan on the bank website:
1) Visit Axis Bank’s official website.
2) Click on the ‘Apply Now’ button on the page.
3) Enter your personal, professional, property-related other details required to sign up. Check the authorization box and then click the Submit button.
4) A bank representative will get back to you with the next steps.
How to Apply for Axis Bank Home Loan with Fincity?
You can apply for an Axis Bank Home Loan on Fincity by following the steps below:
1) Click https://app.fincity.com and sign up.
2) Click ‘Home Loan’ under Loan Type.
3) Enter the required personal, professional, income, property-related details, and upload necessary documents.
4) Click Submit. Apply Now
How to Check Your Axis Home Loan Application Status on Fincity?
Checking you Axis Bank Home Loan application status on Fincity is easy. Just follow these steps:
- First, click https://app.fincity.com and sign in.
- You can see your active applications on the Fincity dashboard.
- Click ‘View Application’ below the one whose status you wish to check.
- You can see the application status on the top-right section of the page.
How to Check Your Axis Home Loan Application Status on the Axis Portal?
Here’s how you can check the status of your Home Loan application on the Axis website.
- Visit Axis Bank’s official website for Loan Status Enquiry.
- Enter the application ID, Date of Birth, Enter Captcha displayed and hit Enquiry.
- You can view/track all information related to your Home Loan including the application status.