Axis Home Loan Eligibility Calculator India Apr 2017

Axis Bank Home Loan Eligibility Criteria

Last Updated 24th Apr 2017
Eligibility Conditions SalariedSelf Employed
Age 24 to 60 years 24 to 65 years
Maximum Loan Amount Rs. 100,000,000 Rs. 100,000,000
Maximum LTV 85% 85%
Minimum Work Experience 2 Years 5 Years
Rate of Interest - linked to 6 Month MCLR 8.3% 8.35%
EMI Per Lakh Rs. 755 Rs. 758
Home Loan Eligibility Calculator
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Axis home loan eligibility based on age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. To be eligible for Axis Bank home loan, you must be at least 24 years of age at the time of loan commencement. Axis Bank offers home loans for a maximum period of 30 subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
  • Your current age 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

    Axis home loan eligibility based on income

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your net monthly income is Rs 70,000 and the value of house you are buying is Rs. 50 lakh, then at 8.3 % interest rate offered by Axis Bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  • Age Net Monthly Income (Rs.)
    50,000 75,000 100,000
    25 years 4,285,856 6,428,784 8,571,712
    30 years 4,285,856 6,428,784 8,571,712
    35 years 4,087,310 6,130,965 8,174,621
    40 years 3,786,321 5,679,482 7,572,642
    45 years 3,330,031 4,995,047 6,660,063
    50 years 2,638,311 3,957,466 5,276,621
    You may consider repaying any loans with short tenure and high EMI in order to increase your home loan eligibility.
  • Nature of Employment: Axis Bank will check whether you are salaried or self employed an the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Axis Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 5 years for self employed individuals.
  • Axis home loan eligibility based on value of property

  • Value of property: Axis Bank will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
  • Property Value LTV
    Less than 30 lakh 90%
    Between 30 lakh and 75 lakh 80%
    Above 75 lakh 75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • CIBIL Score: When checking eligibility for home loan, Axis Bank will look at the complete CIBIL report. Axis Bank will check your repayment history for all current and past loans and credit cards.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.
Axis Home Loan Eligibility Calculator News - Apr 2017
18th Mar 17 Axis Bank kept its MCLR for March 2017 unchanged
Axis Bank has kept its marginal cost of lending rate unchanged for the month of March 2017. The bank has kept its overnight and six month MCLR unchanged at 7.90 and 8.15 percent respectively. Similarly, Axis Bank did not change its one year MCLR that stands at 8.25 percent. With the unchanged MCLR, interest rate for home loans continues to be at 8.65 percent.
18th Mar 17 Bad loans of Indian banks rise to Rs. 9.64 trillion
Banking industry is getting increasingly burdened with the rising quantum of bad loans. As per statistics released by Finance Ministry, stressed loans of Indian banks have reached Rs. 9.64 trillion during December, 2016 as compared to Rs. 8.97 trillion in September, 2016.
05th Jan 17 Axis Bank cuts home loan rates to 8.85 percent
Axis Bank has reduced its home loan rates upto 0.30 percent for new home loan buyers. The new home loan rates are reduced to its half yearly MCLR rate to 8.85 percent as compared to 9.10 (upto Rs. 75 lakh) and 9.15 percent (above Rs. 75 lakh) earlier. The revised rates are effective from 3rd January, 2017.
05th Jan 17 Axis Bank reduces interest rate for loan against property by 0.65 percent
Axis Bank has reduced its rate of interest for loan against property by 0.65 percent. The revised lending rate now stands at 10.75 percent as compared to 11.40 percent earlier. The new rates are effective from 3rd January, 2017.
04th Nov 16 Axis Bank home loan rates reduced to 9.15 percent from 1st November, 2016
Axis Bank has reduced its home loan rates by 0.20 percent and 0.15 percent. The revised home loan rate for salaried customers up to loan amount of Rs. 28 lacs is 9.15 percent and for loan amount more than Rs. 28 lacs is 9.25 percent. The new rates will be effective from 1st November, 2016.
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