Axis Bank Home Loan Eligibility

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 schemes is as follows:

Shubh Arambh Home Loan/ Fast Forward Home Loan

Asha Home Loans

Top-up Home Loans

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 scores have higher chances of getting their home loan applications approved. Such applicants are also eligible for home loans at lower rate of interest.

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 Rs 30 lakh, 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.

Axis Bank considers the age, employment type, income, repayment history and credit score of its applicants while determining their home loan eligibility.

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.