Eligibility Criteria & Documents Required for Home Loan

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 under 65 years or the age of retirement by the loan's end.
• Ensure all required documents for the home loan, including employment verification and financial stability proofs, are thoroughly checked, as they are key to a successful application.

Professionals eligible for Home Loans

• Professional applicants, such as doctors, lawyers, chartered accountants, or management consultants etc., are welcome to apply 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 depends on being over 21 years at loan initiation and under 65 years at loan closure, with a strong financial record to support the application.

Documents required for Home Loans

When applying for a Home Loan, having all the necessary documents in place is crucial. You will need:

• Proof of identity: PAN card, passport, voter ID, or Aadhaar card.
• Proof of address: Utility bills, Aadhaar, passport.
• Proof of income: Salaried: Last 3 months' salary slips, Form 16.
  Self-employed: Income tax returns (ITR), bank statements (6 months).
• Property documents: Sale agreement, title deed, approved building plan.
• Employment details: Employment certificate, income tax returns (ITR).

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:

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:

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.