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    Axis Bank Home Loan Eligibility

    One of the banks that customers go to for home loans is Axis bank. Renowned for its reliability and its top of the line products, this bank is one of the leaders in the Indian marketplace. Its customer service it one of the best features of the bank.
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    We found 2 Axis Bank Home Loan Eligibility
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.80% - 11.75% Fixed/Floating
    0.50% (min. ₹10,000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.25% Floating
    0.50% (min. ₹10,000)
    1Cr - 5Crs
    1-20 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    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.

    Home loan eligibility criteria for Axis bank

    Eligibility condition Salaried Self Employed
    Maximum Loan Amount Rs.5 crore Rs.5 crore
    Age 24 – 60 24 - 65
    Maximum LTV 85% 85%
    Maximum Work Experience 2 years 5 years

    For salaried applicants

    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.

    For self employed applicants

    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.

    Axis bank home loan eligibility based on age

    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.

    Axis bank home loan eligibility based on income

    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
    Rs.50,000 Rs.75,000 Rs.1,00,000
    25 years Rs.42,85,856 Rs.64,28,784 Rs.85,71,712
    30 years Rs.42,85,856 Rs.64,28,784 Rs.85,71,712
    35 years Rs.40,87,310 Rs.61,30,965 Rs.81,74,621
    40 years Rs.37,86,321 Rs.56,79,482 Rs.75,72,642
    45 years Rs.33,30,031 Rs.49,95,047 Rs.66,60,063
    50 years Rs.26,38,311 Rs.39,57,466 Rs.52,76,621

    Home loan eligibility for Axis bank based on employment

    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.

    Axis home loan eligibility based on property value

    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.

    Property value LTV
    Less than Rs.30 lakh 95%
    Above Rs.30 lakh and less than Rs.75 lakh 80%
    Above Rs.75 lakh 75%

    Factors that affect home loan eligibility

    • Co-applicant – Adding an earning co-applicant would increase one’s chances of attaining a Home Loan. The total income of the applicants would be considered which will therefore increase the loan amount eligibility as well.
    • Property Documents – Property documents must be approved by the bank’s legal team before you’re eligible for the Home Loan.
    • Credit Score – This is by far the most prominent determinant of eligibility when it comes to Home Loans. Credit Bureaus track all your financial history from your past loans and credit cards. They then analyse this data and equate it to a number between 300 and 900. The higher your credit score, the better your chances of availing the loan. The minimum score required to be eligible for a Home Loan is 650 and above. Factors that Affect Your Credit Score is mentioned below:
      • Late payments – Paying the EMI late will adversely affect your Credit Score and thereby reduce your chances of availing a Housing Loan.
      • High unsecured credit – More number of unsecured loans will have a negative impact on your Credit Score. It is important to always maintain a healthy balance between your secured and unsecured loans.
      • High credit utilization ratio – Frequently closing in on your credit limit or using up your credit limit will negatively impact your Credit Score. A high credit utilization ratio reflects a financial burden or indiscipline on the borrower’s part.
      • Multiple loan rejections – Multiple loan rejections portray that you are not worthy for credit. This will also negatively impact your credit score.
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