Salaried individuals eligible for Home Loans
For salaried individuals, securing a Home Loan requires a stable employment history, typically within government sectors or reputed companies. Applicants must be over 21 and not above 65 years or the age of retirement by the loan's end. Ensure a thorough check of your documents required for Home Loan, including employment verification and financial stability proofs, as it is the key to a successful application.
Professionals eligible for Home Loans
Professional applicants, such as doctors or engineers, are welcome to apply by Axis Bank for a
Home Loan . The age limit is between 21 and 65 years. The Home Loan documents list extends to professional qualifications and proof of practice for these applicants to ensure credibility and a reliable repayment structure.
Self-employed individuals eligible for Home Loan
Self-employed business owners and entrepreneurs looking to invest in property must ensure comprehensive documents required for a Home Loan application, showcasing consistent income through tax returns. Eligibility hinges on being over 21 at loan initiation and under 65 at loan closure, with a strong financial record to support the application.
Home Loan borrowing limits
The minimum Home Loan amount starts at ₹3 lakh.
Margins
Axis Bank stipulates varying margins for different Home Loan brackets. Loans up to ₹30 lakh require a 10% margin. For amounts extending from ₹30 lakh to ₹75 lakh, the margin is 20%. For Home Loan above ₹75 lakh, borrowers must maintain a 25% margin. These thresholds ensure financial prudence and loan affordability tailored to the borrower's needs.
Submit the documents listed below and get a Home Loan in 5 days!
Go through the Home Loan documents checklist to ensure a smooth and speedy sanction:
Document Category
|
For Salaried Individuals |
For Self-Employed Individuals |
For Partners/Directors in Firms |
Mandatory Documents |
Application Form, PAN Card |
Application Form, PAN Card |
Application Form, PAN Card |
Proof of Identity |
Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID |
Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID |
Passport, Aadhaar Card, Driving License, Voter ID, Govt Employee ID |
Proof of Address |
Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills |
Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills |
Aadhaar Card, Voter ID, Driving License, Govt Employee ID, Utility Bills |
Date of Birth Proof |
PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet |
PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet |
PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet |
Signature Proof |
Passport, PAN Card, Banker’s Verification, Notarised Affidavit |
Passport, PAN Card, Banker’s Verification, Notarised Affidavit |
Passport, PAN Card, Banker’s Verification, Notarised Affidavit |
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Other Important Documents and Checks |
- Aadhaar card is mandatory
- PAN card
- Passport-size photograph
- Proof of Residence for all individuals |
- Aadhaar card is mandatory
- PAN card
- Passport-size photograph
- Proof of Residence for all individuals |
- Aadhaar card is mandatory
- PAN card
- Passport-size photograph
- Proof of Residence for all individuals |
Based on the borrower the proof of income varies as follows:
For Salaried Individuals:
- 3 months' pay slip
- 6 months' pay slip with bonus
- 6 months bank statements
- 2 yrs Form 16
- 3-month job appointment letter
- Appointment letter/contract letter
- Continuous Discharge Certificate
- Overseas credit report
- Valid visa/copy/OCI card
- Passport copy
- POA details
For Self-employed individuals:
- 2 yrs ITR with Computation of Income
- P&L, Balance Sheet with CA Seal and Sign
- Tax Audit Report (if Gross Turnover exceeds ₹1 Cr or Gross Receipts exceed ₹25 Lakh)
- 6 months bank statements
- ITR filings with digital sign
- CPC and tax paid challan
For Partners/Directors in Firms
- Partnership Deed, List of Partners
- NOC as per Axis Bank format
- Financials with audited ITR
- Partnership authority letter
- Board Resolution (for Companies)
- Articles of Incorporation, MOA and AOA
- DIN of all Directors, Board Resolution
- Company Share Holding Pattern
Additional Requirements:
- For Balance Transfer/Takeover of Loan from other bank/financial institution: Provide 12 months' bank statement with the latest outstanding letter and 6 months' statement from where EMI is deducted.
- For Lease Rental Discounting: Submit 6 months' bank statement where rent is credited, registered lease agreements, and 2 years ITR with computation of income.
Documents to be submitted before loan disbursement
Axis Bank ensures a secure and transparent loan disbursement process, necessitating the submission of specific documents and adherence to certain checks and controls. Below is list of the essential documents required for Home Loan:
Document Type
|
Required Documentation and Checks |
Loan Agreement and Annexures |
- Loan agreement according to product type
- Filled, signed & stamped annexures
- MCLR consent letter, schedule of loan agreement, List of Documents (LOD)
- Disbursement request letter, FRG GPA document for NRIs, indemnity for under-construction projects, guarantor agreement (if applicable)
- Authentication of any alterations by applicants |
NACH/ SI and Security Cheques |
- NACH/SI mandate with a signed cancelled cheque matching the A/C holder's name
- SPDC: Post-dated cheques for EMI, one undated cheque with blank amount, one for PEMI amount |
Loan Cover/ Insurance Details |
- Mandatory property insurance application form
- General and life insurance application forms (if applicable) |
Processing Fee/ Equitable Mortgage Cheques |
- Processing fee cheque
- Equitable mortgage charges/ stamping charges favouring "AXIS BANK LTD A/C SERVICE CHARGES" |
Property Documents |
- As per transaction type and bank's policy
- For balance transfers: Previous financier's list of documents, latest loan A/C statement, existing loan details, Axis Bank format annexures |
Own Contribution Receipts |
- Receipts of own contribution
- Bank statement showing debit of own contribution |
Sanction Letter |
- Accepted sanction letter signed by all applicants or power of attorney
- Fulfilment of all sanction conditions |
TDS |
- TDS challan & bank statement if paid by the applicant
- Undertaking cum indemnity to deduct TDS if not paid by the applicant |
PSL Documents |
- Financial documents like audited balance sheets, CA certificates, invoices for investments
- GST registration certificate
- For LAP cases: PSL Annexures |
Other Documents |
- Letter for EMI options in partly disbursed case
- Dual name affidavit, PMAY affidavit
- Amenities agreement signed by 3rd parties
- End-use letter for Top Up/LAP/LAP top-up cases |
Before loan disbursement, it's essential to meticulously prepare and submit the Home Loan documents list as per the above specifications to facilitate a smooth transaction.
Click here to download the list of documents mentioned above.
List of documents required for Disbursement
List of documents required for Sanction
Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis.