Axis Bank offers home loans to salaried and self-employed individuals based on their nationality, profession, age and repayment history. It also offers affordable housing loans to salaried and self-employed individuals having a combined family income of minimum Rs 8,000 per month or Rs 10,000 per month depending on the location of the applicant.
Eligibility Criteria for Axis Bank Home Loan
Axis bank home loans are offered to prospective borrowers for purchase or construction of homes. The bank also offers top-up home loans and home loan balance transfer to its existing home loan borrowers.
The Axis Bank Housing Loan eligibility criteria for various Axis Bank Home Loan applicants is as follows:
Axis Bank Home Loan Eligibility For Salaried Individuals
- Applicants employed in the Government sector or reputed companies are eligible for Axis Bank Home Loan.
- The applicant should be above 21 years of age at the time of loan application and up to 60 years of age at the time of loan maturity.
- Axis Bank Home Loan Eligibility For Professionals
- Professionals including doctors, engineers, dentists, architects, chartered accountants, company secretary, cost accountant, and management consultants fall under Axis Bank Home Loan eligibility criteria.
- The age of the applicant should be over 21 years at the time of loan application and up to 65 years at the time of loan maturity.
- Axis Home Loan Eligibility For Self-employed Individuals
- Any individual filing ITR can apply for Axis Bank Home Loan
- The minimum age of the applicant should be above 21 years and maximum age should be up to 65 years.
- The Axis bank housing loan eligibility criteria for various Axis Bank Home Loan schemes is as follows:
- Shubh Arambh Home Loan/ Fast Forward Home Loan
- Salaried and self-employed applicants are eligible for such loans
- The applicant should have a clean track record during the home loan tenure, such as, not more than 3 instances of any applicant’s dues pending for 30 days and more, and no instance of any applicant’s dues pending for 90 days and above.
- The home loan should be active for atleast 4 years from the date of loan disbursement to avail the benefits of EMI waiver.
- Asha Home Loans
- Applicants should have a combined family income of Rs 8000 per month or Rs 10,000 per month depending on the location.
- Top-up Home Loans
- NRIs and Indian residents are eligible
- Top-up home loans are extended only against complete residential property
- The existing home loan borrower should have a clear repayment history. Borrowers are eligible for a top-up home loan after six months’ clear repayment
- For availing a top-up home loan with home loan takeover from other banks or NBFCs, the applicant should have a clear repayment track for at least 1 year.
Tips to Improve Axis Bank Home Loan Eligibility
Improving Credit Scores
Axis Bank has not specified any cut-off credit score for its home loan applicants. However, lenders usually consider applicants having credit scores of 750 and above. Therefore, applicants having higher credit score have chances of getting their home loans have higher chances of getting their home loan applications approved.
Prospective home loan borrowers can maintain and improve their credit scores by making timely repayments of loans and credit cards, avoiding multiple loans and credit cards within a short period, monitoring the loans guaranteed by them, etc.
Adding a Co-applicant
Axis Bank Home Loan applicants having low credit scores or insufficient monthly or annual income can increase their chances of getting their home loans approved by adding an earning family member as a co-applicant. A co-applicant is equally responsible for making timely loan repayments, thereby reducing the credit risk for home loan lenders.
Adequate Funds for Down Payment
As per RBI guidelines, Axis Bank can finance up to 90% of the property value for loan amount of up to 30 lakhs, up to 80% of the property value for loan amount of Rs 30 lakh to Rs 75 lakh and up to 75% of the property value for loan amount of above Rs 75 lakh. The remaining component has to be paid by the applicant in the form of down payment. A higher down payment reduces the credit risk for home loan lenders, therefore, applicants making higher down payments have higher chances of getting their home loans approved.
Opt for a Longer Home Loan Tenure
Axis Bank offers home loans for tenures of up to 30 years. Lenders usually approve home loan applications of applicants whose total EMI obligations, including the EMI of the proposed home loan, is not more than 50% of their total monthly income. Thus, home loan applicants can opt for longer tenures to reduce their EMI burden and increase their repayment capacity, which in turn also increases the chances of getting their home loans approved.
FAQs on Axis Bank Home Loan Eligibility
1. What are the factors that determine the eligibility for availing Axis Bank Home Loan?
Ans. Axis Bank considers the age, employment type, income, repayment history and credit score of its applicants while determining their home loan eligiblity.
2. What are the key steps in the home loan approval process?
Ans. Axis Bank Home Loan approval process takes place in the following steps:
- Meet with Axis Bank Home Loan executive
- Submit the home loan application form along with the documents
- After review you will get the sanction information
- Submit your property documents
- Axis Bank’s legal and technical team reviews the documents
- Home loan approval is confirmed
- The loan is finally disbursed
3. How can I check my Axis Bank Home Loan eligibility?How is the home loan eligibility calculated based on the salary?
Axis Bank claims to offer home loan amount of up to 60 times the applicant’s net monthly salary. For eg., if your net salary is Rs 50,000, you are eligible for a loan of up to Rs 30 lakh. However, the bank would also consider several other factors to determine your eligible amount for home loan.
You can check your Axis Bank Home Loan eligibility by using online Home Loan Eligibility Calculator in the bank’s website. All you need to do is enter your details like age, net monthly income, loan tenure, interest rate and other EMIs in the home loan eligibility calculator and check your eligibility before applying for a home loan. Alternatively, you can visit the bank’s branches to know your eligible home loan amount.
