Axis Bank Home Loan Eligibility Calculator
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Axis Bank Home Loan Eligibility Calculator
Axis Bank offers Home Loans to its customers at interest rates starting as low as 6.90% per annum. A borrower can pick from a range of Axis Bank home loan schemes for a loan tenure stretching up to 30 years. In this article, we help you understand the importance of using the Axis Bank Home Loan Eligibility calculator to know how much home loan you are likely to qualify for.
Axis Bank Home Loan Eligibility Criteria
Criteria
Particulars
Note: The details mentioned above are subject to change at the discretion of the lender
Below is a list of eligibility criteria one needs to meet in order to qualify for a Home Loan from Axis Bank.
1) Axis Bank Home Loan Eligibility Criteria Based on Profession
Axis Banks has separate sets of criteria for salaried and self-employed applicants
Axis Bank Home Loan Eligibility Criteria for Salaried Borrowers
Axis Bank Home Loan Eligibility Criteria for Self-Employed Borrowers
2) Axis Bank Home Loan Eligibility Based on Net Income
This indicates your repayment capacity and is a major factor in determining your Axis Bank home loan eligibility. Let’s assume your net monthly income after all applicable deductions such as PF, gratuity, ESI is Rs.50,000. At an interest rate of 6.90%, your home loan eligibility is Rs.41,75,523 for a tenure of 30 years (assuming you have no current obligations). However, your eligibility may also be impacted by a number of other factors and the final amount you qualify for will be decided by the bank.
Axis Bank looks into your nature of employment, i.e., salaried or self-employed before deeming you eligible for a home loan. They also check your years of experience and the company you are employed with to understand if you have a stable job and income. Axis Bank requires income and job history for 2 years for salaried applicants and 4 years for self-employed applicants.
3) Axis Bank Home Loan Eligibility Based on Type of Employment
Note:
In case you have big debts, make sure to repay them; closing a big debt that requires a high EMI payment per month will increase your loan repayment capacity and therefore your loan eligibility too.
4) Axis Bank Home Loan Eligibility on the Basis of Age
As mentioned earlier, your age helps the lender decide your Axis Bank loan eligibility and loan tenure. The bank views a young applicant as having more number of years left to earn and service a loan than an applicant nearing retirement. For example, the loan tenure is shorter and therefore EMI is higher for a borrower who is 45 years old compared to someone who is 25.
Below is a table of the Axis Bank Loan tenure you may be eligible for based on your age:
Age (in years)
Maximum Tenure (Salaried)
Maximum Tenure (Self-Employed)
EMI Calculation for Axis Home Loan
Knowing your tentative EMI amount and schedule is equally important before you decide on a loan scheme. Check your Axis Bank home loan EMI by typing in details such as your loan amount, tenure and Axis Bank home loan rate into the Fincity Home Loan EMI Calculator.
Eligibility Calculation for Axis Home Loan
With the free Fincity Home Loan Eligibility Calculator, you can easily check your Axis Bank Home Loan eligibility. Enter the required details such as your city, monthly income, tenure, interest rate and current obligations to know the home loan amount you qualify for.
Documents Required for Axis Bank Home Loan Eligibility
The document required for an Axis Bank Home Loan is based on the employment type of a borrower. Below is a list of documents for salaried and self-employed professionals.
Axis Bank Home Loan Documents for Salaried Applicants
Axis Bank Home Loan Documents for Self-Employed Applicants
Factors that Impact Your Axis Home Loan Eligibility
Below are a few key factors that affect your Axis Bank Home Loan eligibility.
Age:
Younger borrowers have more years to earn and tackle home loan EMIs and are preferred by lenders over a much older borrower.
Income:
A higher income indicates a higher repayment capacity and may lead you to getting a higher loan amount.
Credit score:
A good credit score reflects that a borrower is disciplined with their credit. This encourages lenders to approve your loan request and may even help you get a bigger loan amount.
Obligations:
Higher the debt, lower your repayment capacity. To be eligible for an Axis Bank Home Loan, an applicant must meet the repayment capacity standards decided by the bank.
Property Characteristics:
The bank also looks into the property’s features such as their location, age and that there is no property title dispute.
How to Improve Your Axis Home Loan Eligibility?
Work on Your Credit Score:
Adopting simple habits like repaying your dues and EMIs on time can help improve your credit score. Try and maintain a score of more than 700.
Lower Your Debts:
A Debt-to-Income (DTI) ratio above 50% will reduce your chances of getting a home loan approved by Axis Bank. Try and pay off a few debts to improve your chances..
Opt for a Higher Down Payment:
To strengthen your chances of getting a home loan, you can choose to pay a higher down payment and reduce your Loan-to-Value (LTV) ratio. A lower LTV means a lower loan amount and therefore higher chances to get your loan approved.
Go for a Joint Home Loan:
If your credit score or salary is low, it’s better to take a joint home loan with a co-applicant. The bank assesses a co-applicant’s income and credit score as well before deciding on a borrower’s home loan eligibility.
How to Apply for Home Loan on Axis Bank Portal?
Here are the steps to follow to apply for an Axis Home Loan on the bank website:
1) Visit Axis Bank’s official website.
2) Click on the ‘Apply Now’ button on the page.
3) Enter your personal, professional, property-related other details required to sign up. Check the authorization box and then click the Submit button.
4) A bank representative will get back to you with the next steps.
How to Apply for Axis Bank Home Loan with Fincity?
You can apply for an Axis Bank Home Loan on Fincity by following the steps below:
1) Click https://app.fincity.com and sign up.
2) Click ‘Home Loan’ under Loan Type
3) Enter the required personal, professional, income, property-related details, and upload necessary documents.
4) Click Submit
How to Check Your Axis Home Loan Application Status on Fincity?
Checking you Axis Bank Home Loan application status on Fincity is easy. Just follow these steps:
How to Check Your Axis Home Loan Application Status on the Axis Portal?
Here’s how you can check the status of your Home Loan application on the Axis website.
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