Check Axis Bank Home Loan Eligibility Here

1. Check Axis Bank Home Loan Eligibility Here Axis Bank is a dominant force in India’s lending space with an extensive range of loans such as home loans. It meets the home aspirations of many by customizing the product according to the tastes of the customers. While there are customized loans on offer, there are eligibility criteria to meet as well. To top that, there’s an ​Axis Bank Home Loan​ Eligibility calculator that tells you the loan amount you can get based on your financials. So, you must use the calculator and plan accordingly. Let’s know the function of the calculator and much more here. How Does the Axis Bank Home Loan Eligibility Calculator Perform? The calculator uses your income, the desire to set an amount for monthly installments, the value of the property sought for, etc, to compute the estimated loan amount for you. The income gives a fair idea of the repayment you can do. If the income is substantially high, you could get a loan more than the prescribed limit. This will add much to your joy and comfort. Your quote of EMI will also indicate greatly the loan amount the lender can feel comfortable lending you. Finally, the cost of the property that dictates the loan amount. Generally, loans upto ₹30 lakh, above ₹30 lakh-75 lakh and above ₹75 lakh are financed at upto 90%, 80% and 75% of the property cost, respectively. Is It Worth Applying for the Maximum Loan Amount at Axis Bank to Buy a Home? As a ​home loan​ runs for as long as 30 years, chances of you paying excessive interest would be more. But if you remain vigilant of the situation, you can save a lot of bounties. Above, you read that home loans are not financed fully, so you need to pay something from your pocket. That is called margin money or down payment, whichever you would like to say. So, if you have the savings which can allow payment exceeding the actual requirement, there’s no harm paying the same. What it will do is lessen the loan amount and the interest obligations. This will help you save for future goals. Shall You Choose the Longest Axis Bank Home Loan tenure? Longer the loan stays the more you will pay from your pocket and vice-versa. Yes, the maximum tenure of 30 years will bring down the monthly obligation i.e. Equated Monthly Installment (EMI). But the interest obligation will be substantial over the loan tenure. To reduce the interest burden, you can opt for a comparatively shorter tenure. Having said

2. that, the move will increase the EMI. So, choose the tenure that keeps the EMI affordable while reducing the interest burden considerably. Other options would be to accumulate savings and make part payments periodically. How Much Interest Rate Does Axis Bank Charge on Home Loans? Axis Bank home loan comes at interest rates ranging from 8.55%-9.40% per annum. While salaried can avail at 8.55%-9.20%, self-employed will get at 8.65%-9.40% p.a. Loans are benchmarked to the repo rate, so any change in the same will be reflected in the interest rate periodically.