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Axis Bank Loan Against Property Eligibility Calculator

Axis Bank Loan Against Property Eligibility Criteria 2021

Last Updated 14th Jul 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 24 - 60 years 24 - 65 years
Maximum Loan Tenure 15 years 15 years
Eligible Monthly Income ₹ 25,000 ₹ 25,000
  • Axis Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Axis Bank mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Axis Bank Loan Against Property Eligibility

Axis Bank allows you to fund immediate or urgent needs with a loan against property. Axis Bank loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Axis Bank lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Axis Bank Loan Against Property Eligibility Based on Age

    Axis Bank considers your age as one of the important parameters to calculate your Axis Bank property loan eligibility. To be eligible for availing a loan from Axis Bank, one has to be of 24 years of age. The maximum age for loan from Axis Bank can be 60 years. Axis Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 15 Years 15 Years
30 Years 15 Years 15 Years
40 Years 15 Years 15 Years
50 Years 10 Years 15 Years
60 Years - 5 Years

Axis Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Axis Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Axis Bank to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% interest rate offered by 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 (₹)
    50,000 75,000 100,000
    25 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 25.93 Lakh 38.90 Lakh 51.86 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Axis Bank loan against property eligibility.

  • Nature of Employment: Axis Bank will check whether you are salaried or self employed. Axis Bank requires minimum income history and job stability of more than 1 years for salaried individuals and of 5 years for self employed individuals.

Axis Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Axis Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would Depend upon the value of the property. You can get a maximum of 80% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 16 Lakh. The percentage of Axis Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 60% ₹ 20 Lakh ₹ 12 Lakh
    Residential Property 80% ₹ 20 Lakh ₹ 16 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Axis Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Axis Bank.

Axis Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Axis Bank requires a minimum credit score of 650 to be eligible for a property loan.

Axis Bank Mortgage Loan Eligibility Based on FOIR

Axis Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Axis Bank calculates your fixed obligations to monthly income ratio that should not be more than 65% to get a mortgage loan from Axis Bank. Always calculate your eligibility with Axis Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

How to Calculate Axis Bank Loan Against Property Eligibility?

To check loan against property eligibility Axis Bank follow the below given steps:-

  • Visit to the Axis Bank website.
  • Click on Axis Bank loan against property.
  • To check eligibility criteria use a Axis Bank loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Axis Bank Loan against property.

Axis Bank Loan Against Property Schemes Eligibility

Axis Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular Axis Bank loan against property products with their basic eligibility are listed as follows:

Loan Against Residential Property
  • Loan against residential property can be availed for a tenure up to 20 years.
Commercial Property Mortgage Loan
  • You can avail a minimum of Rs 5 Lakhs as a loan against your commercial property for a tenure up to 20 years.
Axis Super Saver
  • Attractive interest rates of supersaver loans so that you can save more
  • Flexible repayment tenure of 20 years is available
  • Get ATM card, cheque book, internet and phone banking facility
  • Loan amount from ₹ 500,000 to ₹ 50,00,000 can be availed
  • You can easily foreclose the loan anytime without any charges
  • Flexible repayment tenure of 9 years is available
  • Get loan tenures of up to 9 years, subject to balance lease term
  • Loan can be availed from ₹ 5,00,000 to ₹ 50,00,000 at the LTV of 60 percent
  • Loan is available only for rented commercial property

Documents Required for Axis Bank Loan on Property

To avail Axis Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from Axis Bank?

The factors that determine the eligibility criteria of Axis Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Axis Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Axis Bank of your ability to repay the loan.

What is the minimum and maximum age required for Axis Bank loan against property?

The minimum age of the applicant should be 24 years and maximum should be 60 years for loan against property from Axis Bank. Axis Bank considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of Axis Bank property loan?

Axis Bank offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much Axis Bank mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Axis Bank up to 80% of the market value of the property if they mortgage residential property whereas you can avail up to 60% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Axis Bank if I am not a Axis Bank customer?

Yes, you can get a loan against property from Axis Bank if you are not a Axis Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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Axis Bank Loan Against Property News - Jul 2021
  • 2021-07-09 : Axis Bank Q1 Net Profit seen up 95.2% YoY to Rs. 2,171.1 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Axis Bank to report a net profit of Rs. 2,171.1 crores up 95.2% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Two-wheeler Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 12.4% Y-o-Y to Rs. 7,851.8 crores.
  • 2021-06-18 : Axis Bank revised its MCLR
    With effect from 18 June 2021, Axis Bank revised its MCLR. The overnight and one-month MCLR is 7.15%. The MCLR for three months, six months and one year is 7.25%, 7.30% and 7.35% respectively. The MCLR rate for long tenors of two years and three years is 7.45% and 7.50%.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
    Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank.
  • 2020-07-02 : Axis Bank delivers strong loan growth
    Axis Bank reported a 4.53% year-on-year rise in profit, the profit reached at Rs 1,757 crore. Banks loan book grew backed by retail loan- car, two-wheeler, gold and personal loan- book grew 25% by almost Rs 28,500 crore on a quarterly basis and the domestic loan growth stood at 18%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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