Axis Bank Home Loan Eligibility

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.

Additional Info: Know about Axis Bank Net Banking an hassel-free banking experience.

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

• 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.

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.

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.

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.

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