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Axis Bank Loan Against Property Eligibility

Axis Bank Loan Against Property Calculator India Sep 2020

Last Updated 28th Aug 2020

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 ₹ 0
  • Current Lowest Loan Against Property Rates are 7.75
  • Axis Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Axis Bank mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

Axis Bank loan against property eligibility based on age

  • Age: Axis Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Axis Bank, one has to be of atleast 24 years of age. The maximum age for loan from Axis Bank can be 60 years for salaried and 65 years for self employed. 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

Use the above quick and easy tool to easily calculate and compare monthly EMI on Axis Bank Loan Against Property.

Axis Bank Mortgage loan eligibility based on income

  • Net Income: The amount of loan you can avail is a function of your net income. Axis Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 10.50% 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 29.40 Lakh 44.10 Lakh 58.80 Lakh
    30 years 29.40 Lakh 44.10 Lakh 58.80 Lakh
    35 years 29.40 Lakh 44.10 Lakh 58.80 Lakh
    40 years 29.40 Lakh 44.10 Lakh 58.80 Lakh
    50 years 24.09 Lakh 36.13 Lakh 48.17 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. 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 1 years for salaried individuals and of 5 years for self employed individuals.

Axis Bank Loan against property 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. 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 ₹ 12.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 60% ₹ 20 Lakh ₹ 12 Lakh
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-applicant: In order to enhance the eligibility of a loan with Axis Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers 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 property loan eligibility based on CIBIL score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. 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.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Axis Bank.

  • Late payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Axis Bank.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Axis Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

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 will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio 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.

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 employee to get loan against property should be ₹ 25,000 per month.

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.

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.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Axis Bank up to 60% of the market value of the property.

Compare Property Loan Eligibility of All Banks


Axis Bank Loan Against Property News - Sep 2020
  • 2019-06-24 : Axis Bank revises MCLR by 5 bps
    Axis Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like home, auto, and mortgage loans cheaper. For overnight, the rate has been revised to 8.30% from 8.35% earlier. For one-month tenor, the MCLR now stands at 8.30% which is down by 5 bps from the earlier rate. While for six-month tenor, the new MCLR stands at 8.65% from 8.75%, down by ten bps. The revised rates are effective from June 18, 2019.
  • 2019-05-20 : Axis Bank revises MCLR rates across loan tenures
    Axis Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.35%. For 3 months, the rate has been revised to 8.60%. While for 1 year the rate now stands at 8.80%. The revised rates are effective from May 17, 2019.
  • 2019-04-26 : Axis Bank posts Rs. 4,677 crore profit in FY19 on loan growth, lower provision
    Private sector lender, Axis Bank has reported a growth in its net profit at Rs. 4,677 crores for the year ended March 31, 2019, as compared to Rs. 276 crore in the last fiscal. The growth in the net profit is due to healthy loan growth and a decline in provisioning for bad loans. While its advances grew by 13% to Rs. 4,94,798 crore and domestic loans including home loans and mortgage loans climbed to 18%.
  • 2019-04-18 : Axis Bank cuts MCLR by 10 basis points
    Axis Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight and One month, the MCLR stands at 8.43% as compared to 8.45% earlier while for 1 year the rate now stands at 8.80% from 8.90% earlier. The revised rates are effective from April 18, 2019.
  • 2019-04-03 : Axis AMC raises Rs. 400 crore via realty fund
    Axis AMC, an asset management company backed by Axis Bank and Schroders, has raised Rs. 400 crore through its maiden real estate fund, the Axis RERA Opportunities Fund – I. The fund is targeting investments in top eight cities in India through the structured debt route and aims to work with the developers with an established track record of delivery who can show some positive results in the near future.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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