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Axis Bank always strives to offer the best-in-class credit products to its customers. The home loans offered by the bank are a great and affordable way of realizing ones dreams of buying property. There are multiple factors which impact home loan applications. One of the most important one being credit or CIBIL Score. In this article, we will try to decode the mystery behind this score and clarify some common doubts.
CIBIL Score is one of the most important factors for home loan application requests. It contributes to almost one-third of the overall score calculation. Higher the score, better it is for loan requests. For home loan applications, a score of 750 is considered as a good score.
This three-digit score helps the lender understand how consistent and diligent a borrower has been in the past with respect to repayments and credit.
Axis Bank offers various housing loan options so that everyone can fulfill the dream of having a home of their own. Some key highlights of the Axis Bank Home Loans are:
Interested individuals can browse the Axis Bank website to check their eligibility, figure out the monthly dues with the EMI calculator and apply online.
Credit agencies look at the below mentioned factors while calculating the credit score:
Based on these factors, here are some simple tips which can help you improve your CIBIL Score and benefit your home loan application.
What are the Home Loan rates offered by Axis Bank?
The Axis Bank Home Loan rates are decided on the basis of MCLR announced by RBI. The current rates are:
What is the eligibility criteria for getting Axis Bank home loan
In order to be eligible for a home loan, individuals should be above 21 years of age (at the time of loan application and commencement) and not more than 65 years of age (end time or maturity of loan). The additional parameters are as follows:
What if I have a low CIBIL score, will Axis Bank still give me a home loan?
Usually a credit score of 750 is recommended for home loan applications. However, CIBIL Score is not the only criteria that is considered. Home loan applications with lower CIBIL Score can also be processed if the bank is satisfied that the applicant can pay back the loan amount. Factors such as stability in income, brand name of employer, etc. can help in loan sanctions.
Does skipping Axis Bank home loan payment affect my CIBIL score?
Yes. Defaults in any loan repayment brings down the CIBIL Score.
Can I get more than 3 Axis Bank home loans if I have a good CIBIL score?
Yes. There are no legal restrictions on the number of home loans that can be given to a borrower. Multiple loans can be issued if the bank feels that the applicant has the financial capability to repay them.