Axis Bank Home Loan Eligibility

Axis Bank offers affordable home loans to salaried and self-employed individuals.Low processing charges, affordable interest rates, varied home loan schemes and quick processing; Axis Bank home loans come with a host of benefits. If you age between 21-65 years and have a regular monthly income, check your Axis Bank Home Loan Eligibility to fund your dream house.

Axis Bank Home Loan Eligibility Criteria

Below are the criteria for Axis Bank Home Loan Eligibility according to the type of applicant’s profession:

Eligibility Criteria for Salaried Individuals:

  • Applicant must be in a permanent service, working with government or any reputed private company.
  • The minimum age of the applicant at the time of loan commencement should be 21 years or above.
  • The maximum age of the applicant at the time of loan maturity should be up to 60 years or superannuation, whichever is earlier.

Eligibility Criteria for Professionals:

  • Professionals mentioned below are eligible to apply for Axis Bank Home Loan:
  • Doctors
  • Engineers
  • Chartered Accountants
  • Architects
  • Dentists
  • Company Secretariat
  • Cost Accountants
  • Management Consultant
  • Minimum age of the applicant at the time of loan commencement should be 21 years or above.
  • Maximum age of the applicant at the time of loan maturity should not be more than 65 years.

Eligibility Criteria for Self-Employed Individuals:

  • Applicant must be filing Income Tax Return consistently
  • Minimum age of the applicant at the time of loan commencement should be 21 years or above.
  • Maximum age of the applicant at the time of loan maturity should not be more than 65 years.

Axis Bank Home Loan – Features & Benefits

Below are some key features and advantages of Axis Bank Home Loan:

Minimum loan amountRs. 3 Lakhs 
Maximum loan amountRs. 5 Crores
Interest rate

Home Loans

  • Salaried individuals: 7.75% - 8.40% p.a. for floating rate home loan and 12% for fixed rate home loan.
  • Self-employed: 7.95% - 8.55% p.a.

Asha Home Loans

  • Salaried individuals: 10.05% - 11% p.a.
  • Self-employed: 10.30% - 11.50% p.a.
Tenure of repaymentUp to 30 years
Lowest EMI per lakhRs. 716 
Processing fee1% of the loan amount (minimum Rs. 10,000) + applicable GST.
Benefits
  • Nil charges on prepayment
  • Home loans at floating as well as fixed interest rate
  • Various home loan options
  • Tax benefits on home loan interest and principal payment
  • Get Home Loan sanctioned in just 5 days by submitting the accurate and complete required documents.

Factors That Affect Axis Bank Home Loan Eligibility Criteria

  • Age: One of the most important factors that determine the Home Loan Eligibility of an applicant is Age. The lower the age of the applicant the higher are the chances of their Home Loan application getting approved as the overall period to repay the loan is greater.

The applicant should be of minimum 21 years when applying for the Home Loan at Axis Bank. The maximum age of the borrower at loan maturity should not be above 60/65 years (for salaried/self-employed). The Axis Bank provides Home Loan for the maximum tenure of 30 years. It is preferable that the maximum age of the borrower at the time of applying for the Home Loan should not be above 30 years to get better loan terms.

  • Net income: The bank also takes into consideration the net take-home salary while reviewing the Home Loan application. The net take-home salary is the salary received after deducting PF, ESI, and gratuity. The net takes home salary helps the bank to estimate the capacity of an applicant to pay the monthly EMIs after meeting the current expenses and lifestyle. It is recommended to pay all current short-term loans with high EMI to increase the Home Loan eligibility at Axis Bank.
  • Nature of employment: The nature of employment of an applicant is also considered as it helps the bank to determine the income stability of an individual. The Axis Bank will check whether you are a self-employed individual or a salaried employee. The years of work/business experience of an individual is also taken into consideration. For most lenders, the minimum experience of 2 years is must for salaried employees and for the self-employed individual it is 3 years.
  • Value of property: The eligibility for home loan mainly depends on the amount required by the borrower. The required amount is dependent on the value of the property to be purchased/constructed/refurbished.

For instance, for a loan amount of up to Rs. 30 Lakhs, the bank approves up to 90% of the entire cost, for loan between Rs. 30 Lakhs to Rs. 75 Lakhs, the eligibility (also called loan to value or LTV) is up to 80%, and for a loan above Rs. 75 Lakhs, the bank approves up to 75% cost.

  • Co-applicant: Adding a co-applicant while applying for the Home Loan is very beneficial as it will increase the repayment capacity of an applicant. The co-applicant must have a good credit score and stable income with limited obligations. The bank has made it mandatory to apply for the loan with a co-applicant.
  • Property documents: All the property documents must be clear and meet all the norms of the legal team of Axis Bank. If you lack proper documentation, you eligibility will be impacted drastically.
  • CIBIL score: The CIBIL Score plays an important role in determining the Home Loan eligibility of an individual. The credit behaviour and payment track record are mentioned in the CIBIL score. The CIBIL score is the most important factor and thus, a complete look at the CIBIL report is done before approving the loan. Higher the credit score of an applicant the greater are the chances of the applicant to get the Home Loan application approved. The minimum credit score of 650 and above is must to be eligible for the Home Loan from Axis Bank.
  • FOIR: All the fixed obligations such as current EMIs, rent, and so on and the fixed monthly income of an applicant are taken into account by Axis Bank to calculate your Home Loan eligibility. FOIR (Fixed Obligation to Income Ratio) is one of the most important parameters that determine Home Loan eligibility of an applicant. The minimum FOIR of 0.65 is must to be eligible for the Home Loan at Axis Bank. Most of the banks do not provide Home Loans to the applicants with lower FOIR. It is, however, recommended to check the Home Loan eligibility online with the help of Home Loan eligibility calculator to get the better idea of the Home Loan amount.

About Axis Bank Home Loan

Axis Bank is one of the largest private sector banks in India. Established in the year 1993, the bank offers various loan products to its esteemed clients and patrons. Home Loans at Axis Bank are provided at the most competitive rates of interest that make sure to meet all your requirements. The processing fee charged by Axis Bank is also nominal. There are zero pre-closure and partial prepayment charges levied by the Axis Bank on floating rates based loans. 

Most of the people prefer Axis Bank over others due to its comprehensive loan offering and good customer service. It is very easy to avail the Home Loan from Axis Bank. The entire loan procedure at Axis Bank is simple and customer friendly too. You can apply online or visit any of the Axis Bank branches to apply for the Home Loan.

Factors That Affect Your Credit Score

The following factors can affect your credit score and Axis Bank Home Loan Eligibility Criteria

  • Late payments: The delayed payments of the existing and past loans can lower your credit score thereby, reducing your chances of getting your Home Loan application approved by Axis Bank.
  • A high number of unsecured loans: It is must to have a right balance of secured and unsecured loans. Having more unsecured loans can reduce your credit score as it shows the sign of financial stress.
  • Usage of credit limit: The payment of credit card bills and the use of a credit card limit also affect your credit score. Frequent withdrawals with exceeding credit card limit show the credit indiscipline by the applicants and can considerably lower your CIBIL score.
  • Multiple loan applications: The applicant must not apply for the Home Loans at multiple banks as it can affect their CIBIL score. If the Home Loan application at Axis Bank is rejected, it is advised to improve your creditworthiness and then apply for the Home Loan again.

Axis Bank Home Loan Eligibility Calculator

For better assessment of your Axis Bank Home Loan Eligibility, you can use Axis Bank Home Loan Eligibility Calculator. This calculator helps in knowing the eligibility beforehand, so that the applicant can make an informed decision. 

Home Loan Eligibility Calculator is available on various online platforms nowadays. You can also find this calculator on the official website of Axis Bank.

Why Use Axis Bank Home Loan Eligibility Calculator?

Benefits of using a Housing Loan Eligibility Calculator Axis Bank are:

  • It is the easiest way to Calculate Home Loan Eligibility
  • The calculator gives instant result
  • Helps you make an informed decision
  • It is available online on various platforms
  • It reduces your chances of getting your home loan application rejected by the bank

 

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Axis Bank Home Loan Eligibility FAQs

How to increase my Home Loan eligibility?

In case, your spouse or any family member is earning regular income, they can be co-applicant for the Home Loan and hence the combined income will also increase your loan eligibility.

Do I need a co-applicant to avail a housing loan? If yes, then who can be the prospective co-applicants?

You need to have a co-applicant when applying for a Home Loan and in case you are a single owner of the property then any member of your family can be a co-applicant. However, in case there is a co-owner then he/she can be a co-applicant.

Am I eligible for a top up on my existing housing loan with Axis Bank?

Axis Bank allows you to top up your current housing loan on more than 30% of the existing amount at housing loan interest rates only.

What is the age requirement to apply for Axis Bank Home Loan?

The age requirement to be eligible for Axis Bank Home Loan is:

  • Minimum 21 years or above at the time of loan commencement.
  • Maximum up to 60 years for salaried and 65 years for other applicants at the time of loan maturity.

Which professions are eligible to apply for Axis Bank Home Loan?

The bank accepts the home loan application of the following professionals:

  • Doctors
  • Engineers
  • Chartered Accountants
  • Architects
  • Dentists
  • Company Secretariat
  • Cost Accountants
  • Management Consultant

What is the minimum home loan amount for which I can be eligible?

You can get a minimum of Rs. 3 Lakhs as Axis Bank Home Loan amount.

How does the bank calculate my Equated Monthly Instalment (EMI)?

The EMI consists of the principal and interest on the balance outstanding. This combined amount (EMI) is calculated by taking into account applicant’s loan amount, tenure for repaying the loan, and interest rate applicable on the borrowed amount. Every month, a part of the EMI is adjusted towards the payable interest and the balance is adjusted towards principal repayment.