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Eligibility Criteria & Documents Required for Home Loan
Embarking on the journey to homeownership begins with understanding the documents required for Home Loan. By preparing your Home Loan documents meticulously, you set the stage for a straightforward and efficient loan application process.
Check your eligibility
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.
Professionals eligible for Home Loans
Professional applicants, such as doctors or engineers, are welcome to apply by Axis Bank for a Home Loan.
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
Home Loan borrowing limits
The minimum Home Loan amount starts at ₹3 lakhs.
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:
| 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 |
| 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.
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.
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 lakhs to ₹75 lakhs, the margin is 20%. For Home Loan above ₹75 lakhs, borrowers must maintain a 25% margin. These thresholds ensure financial prudence and loan affordability tailored to the borrower's needs.
Important Links
Follow these links to check the status of your loan, list of loan centres and more.
Related Products
Great plans start with well-calculated decision
Home Loan EMI Calculator
Calculating your Home Loan EMI is now easier than ever with our user-friendly and efficient Home Loan EMI Calculator. Whether you have a ₹30 lakh home loan EMI for 20 years or a ₹20 lakh home loan EMI for 10 years, use our Home Loan EMI calculator to effortlessly manage your repayments and make your dream home a reality.
₹
3L
5Cr
%
6.50% 11%
Y
1Y30Y
Your EMI*₹ 1,14,678
Get a call back*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
Home Loan Eligibility Calculator
A place to call our own is an aspiration for most of us. But owning a home requires a lot of planning, given the costs involved. However, with the right kind of financial support, buying your own home is a dream that you can fulfil easily.
Loan Amount
₹ 1,55,455.03
Fees & Charges
Download these documents for more information on Home Loan fees and charges.
Frequently Asked Questions
To avail of a Home Loan without an ITR, Axis Bank requires alternative documents demonstrating your income and creditworthiness. This could include recent salary slips, bank statements, and employment proof for salaried individuals. For self-employed individuals, other forms of financial documentation may be required, such as profit and loss statements or audited balance sheets
It is not typically possible to get a Home Loan with absolutely no documents as lenders need to verify your identity, income, creditworthiness, and the details of the property you wish to purchase. Some form of documentation will always be required.
To reduce your Housing Loan EMIs, you might consider submitting income documents that showcase increased earnings or financial stability. This could potentially qualify you for better loan terms, including lower interest rates. A higher income demonstrated through documents like salary slips or an increased salary can lead to lower EMIs.
The language of the registration document for a Home Loan should be in the official language of the state where the transaction is taking place or in English. It's important that the language used is one that all parties understand and that it adheres to legal requirements.
Axis Bank has a set of essential documents required for Home Loan approval. However, the exact number of documents can vary depending on the specific circumstances of the borrower. There might be some flexibility if you have a strong banking relationship or an excellent credit history.
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