Axis Bank is one of the largest Public Sector Undertaking Banks in India. It offers an extensive range of financial services and provides Home Loans at attractive rates. Headquartered in Mumbai, the bank’s extreme customer centric approach has made it one of the top banks in the nation.
|Eligibility condition||Salaried||Self Employed|
|Maximum Loan Amount||Rs.5 crore||Rs.5 crore|
|Age||24 – 60||24 - 65|
|Maximum Work Experience||2 years||5 years|
The maximum Home Loan amount provided by Axis Bank to salaried employees is Rs.5 crore. The applicant must be at least 24 years of age while applying and shouldn’t be over 60 years of age. The maximum Loan to Value (LTV) is 85% of the cost of property. Salaried applicants must have a minimum work experience of at least 2 years.
The maximum Home Loan amount provided by Axis Bank to self-employed applicants is Rs.5 crore. The applicant must be at least 24 years of age while applying and shouldn’t be over 65 years of age. The maximum Loan to Value (LTV) is 85% of the cost of property. Self-employed applicants must have a minimum work experience of at least 5 years.
While applying for a Home Loan, your age plays an important role in determining your eligibility. This is due to the fact that an applicant who’s younger has more time to repay the loan and therefore more chances of receiving a Home Loan. The maximum tenure for a Home Loan from Axis bank is 30 years. This is also subject that the borrower’s age must not exceed the maximum age during the tenure of the loan. The maximum tenure of a loan is as mentioned below.
|Age of applicant||Max tenure for salaried||Max tenure for self employed|
|25 years||30 years||30 years|
|30 years||30 years||30 years|
|35 years||25 years||30 years|
|40 years||20 years||25 years|
|45 years||15 years||20 years|
|50 years||10 years||15 years|
Since the applicant should be able to pay off the loan before he / she reaches the maximum age, the older the applicant, the lesser time he / she has to repay the loan.
Quite naturally, an applicant’s income is a major factor that a bank takes into consideration to determine his / her eligibility. Your income after all the deductions is a guiding tool for banks in assessing your repayment capacity, i.e., how much Equated Monthly Income (EMI) you will be able to pay. The higher your income, the better your repayment capacity and vice versa. For a house valued at Rs.50 lakh, the maximum loan amount, based on income, that an applicant is eligible for is as follows.
|Age Of applicant||Salary|
Axis Bank also assesses Home Loan applications based on the nature of the borrower’s employment. Primarily, lenders usually look at the stability of an applicant’s income and the years of experience he / she has. Salaried individuals must have a minimum income history and of at least 2 years, while self-employed applicants must have at least 5 years of experience.
Like most banks, Axis Bank doesn’t finance the entire property. The maximum loan that an applicant is eligible for depends on the value of the house as mentioned below.
|Less than Rs.30 lakh||95%|
|Above Rs.30 lakh and less than Rs.75 lakh||80%|
|Above Rs.75 lakh||75%|
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