A home loan can be one of the most significant loans that an individual can take in terms of the long standing financial commitment that can stretch to decades. Both the loan amount and the tenure on a home loan can be considerable and it is important to think carefully before you make a decision on your home loan.
Eligibility for an Axis Bank home loan
There are age criteria for salaried employees, professionals and self-employed individuals. The minimum age for applying for a home loan is 24 years for all three categories with different maximum ages at time of loan maturity.
You can fill in the Home Loan Eligibility Calculator with a few basic personal details to check if you qualify for an Axis Bank home loan. Or if you are pressed for time, you can ask for a bank representative to contact you with details of the home loan products.
You can also determine what your monthly outflow will be by using the EMI Calculator tool online. All you have to do is enter the loan amount, tenure and interest rate to know how much the loan will cost you. Based on this information, you can make a decision on applying for the loan.
What are the documents required for an Axis Bank home loan?
There are slightly different documents required for salaried employees and self-employed individuals. You will need to furnish ID proof, residence proof, bank statements, salary slips and, in the case of self-employed customers, certified IT returns. Check the documents required with the bank so that your documentation is in order.
How do I apply?
1.You can complete the application online
2.you can visit a branch and submit the application with the requisite documents
3.You can call the Call Centre on a toll free number
Once you have completed and submitted the application, you can track the status online. You should know the decision on your loan application within a month of submitting your application.
Will I qualify?
Each bank has its own lending criteria based on a variety of factors. In general, lenders look at include your age, income, assets and liabilities and employment stability. However, it is useful to keep these tips in mind when you apply for a home loan:
1.Obtain a copy of your credit report before you apply for the loan. This way if you have a low credit score or any weak areas in your credit report, you will have enough time to rectify it when you make your application.
2.It is advisable to have a credit score of 750 or above to stand a good chance of being approved for a home loan. You might be able to obtain a loan with a lower score, but you might be offered harsher repayment terms including a higher interest rate, lower loan amount or shorter repayment period.
3.Do not choose an expensive property that you might find difficult to afford. Ensure that you will be able to afford timely repayments over the entire tenure of the loan. If lenders feel you may not be able to take on an additional loan obligation, they will reject your application.