Tagged: Axis Bank Home Loan Eligibility

Axis Bank Home Loan Eligibility: Get All the Information About It

The home loan is the product given by the financial institution which helps the people to attain and realise the dream to own a house. A house is one such thing which is the basic requirements of every individual and after a point of time, they think to be an owner of their own home. Sometimes, the financial situation does not permit you to have a home for yourself. You can opt for the home loan in such situation and it will fulfill the financial requirements that you need. The amount you pay rent can be diverted to pay the monthly installment. There are many banks and NBFC that offer the home loan. The Axis bank home loan is one of the best among the banks. The Axis bank home loan eligibility is easy to attain and the bank needs minimal documentation.

The Axis bank being the third largest private sector bank in India has been providing the home loan with compatible rates. The application process is easy and transparent. You can avail the minimum amount of ₹ 3 lakh and the maximum amount depends on your combined income. The home loan is available to you in both the floating as well as fixed rate of interest. The bank does not charge the prepayment charges if you have availed the loan in the fixed rate of interest while for floating it charges only 2% on the outstanding amount. 

axis bank home loan eligibility

Also, the home loan has the maximum repayment period of 30 years. It allows you to take the big amount while you pay the small monthly installments. The home loan can be taken to purchase the house or land, construction of house, renovation or enlargement of the house. You can utilize the home loan for any of these purposes.

The eligibility criteria required by Axis Bank –

  • The applicant of the home loan should be a minimum age of 21 years at the time of filing the loan application and the maximum age of 60 years for the salaried individual while 65 years for self- employed at the time of loan maturity.
  • The applicant should be either salaried individual or self- employed.
  • The applicant should have the regular source of income.

Documents Required-

For salaried individual:

  • Proof of Identity: Passport/ Voter’s ID/ Driving license/ Pan card
  • Proof of Residence: Utility bill/ Passport/ Registered lease agreement with the Utility bill in the name of the landlord.
  • Proof of Income: Latest 3 months salary slip/ certificate for fixed income/ latest form 16
  • Bank statement: Last 6 months bank statement/ Passbook of the salary account.

For the self- employed:

  • Proof of Identity: Passport/ Voter’s ID/ Driving license/ Pan card
  • Proof of Residence: Utility bill/ Passport/ Registered lease agreement with the Utility bill in the name of the landlord.
  • Proof of Income: Last 2 years details for IT returns along with the computation of the income certified by CA.    
  • Bank statement: Last 6 months bank statement of operative accounts both personal and business.

The factors that affect the Axis bank eligibility:

Age– The age is one of the factors that determines the eligibility. The age of the applicant should be legal and valid. It is necessary to know if the person has attained the legal age to earn and be responsible for the financial matters or not.

Nature of profession- The applicant should be working and have the regular source of income. It is necessary as the home loan is the amount taken from the bank and you will have to return it. The regular income will come only if you are working. You might be a salaried individual, a professional, or self- employed with the stable job and regular income. It is the important factor to determine your eligibility.

Minimum income and expenses– The minimum income of the applicant should be enough to support the individual’s expenses and to pay off the EMIs. The amount that is remaining after the total expenses should be more than the EMIs.

Job stability-The work experience should be more than 2 years for the salaried individual and should have 3 years for the self- employed. The more you are stable with the job the chances of getting the home loans are more.

Credit history- One of the important factors is to have good credit score. The main aim of the credit score is to reflect your past credits and repayment history. Accordingly, the credit bureaus give you the scores. Thus higher the score chances to avail the loan become more.

Any other loan– Any other loans taken at the time can lessen your chance.

The Axis bank home loan eligibility is one of the factors that will determine whether your loan application will be accepted or not. Thus it is necessary to take all the factors into account before applying for the home loan. Once you are eligible then within 15 to 20 days after the approval of the application the funds will be disbursed. Axis bank gives you the opportunity to have your own home through its home loan.