For Salaried:
1. Income Method:
Axis Bank calculates FOIR ie. Fixed Obligations to Income Ratio.
Total fixed EMIs including the proposed Home Loan EMI is divided by Net Salary to arrive at FOIR.
Net Income as per Salary Slip
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FOIR
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Less than 20,000/-
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60%
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20,000/- to 100,000/-
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65%
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Above 100,000/-
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70%
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2. Takeover on EMI Track record Method: (BT Dhamaka Scheme):
♦ Existing home loan borrowers can shift their loan to Axis Bank on the basis of clear EMI paid track record.
♦ Minimum 18 months EMI track record required for Salaried
♦ Not more than 1 EMI bounce is allowed in last 12 months track record
♦ Salary income is NOT required to analysed in this method
♦ No new loan should have been taken in the last 6 months
♦ Takeover allowed from approved Banks & HFCs only
♦ Top-up loan upto 30% of the original loan amount can also be availed
♦ LTV is restricted to 75% of the Property Market Value.
♦ Not applicable for Plot Loans
♦ Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method
For Self-Employed Professionals & Business Owners:
1. Income Method:
♦ Borrower entities include - Proprietors, Partners of firm and Directors of Pvt. Ltd. Co.
♦ Business continuity should be atleast 3 years in same field
♦ Net Income is calculated from the Business or Professional income shown in last 2 years Income tax returns
♦ FOIR can be upto 85%
2. Gross Professional Receipts:
♦ Borrower profiles include - Practising CAs / CSs, Architects and Doctors
♦ Business continuity should be atleast 3 years in same field
♦ Net Income is calculated as Average of last 2 years of Gross Professional Receipts per month
♦ Net Income is then multiplied by 1.5 for Doctors & CAs and by 1 for Architects & CSs
♦ FOIR can be upto 50%
♦ Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method
3. Gross Turnover Method:
♦ Borrower profiles include - Traders or Manufacturers into Business
♦ Business continuity should be atleast 3 years in same field
♦ Minimum Audited Turnover should be 100 lacs as per last Income tax return or last 12 months GST returns
♦ Net Income is assumed as 10% for Manufacturers and 5% for Traders of the Turnover shown in Income tax returns or last 12 months GST returns.
♦ This is irrespective of the actual income shown in Income tax returns which should be under loss.
♦ FOIR can be upto 60%
♦ Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method
4. Surrogate Banking Method:
In this method, the loan eligibility is worked out on average bank balances maintained in savings / current accounts rather than on Income tax returns.
♦ Business continuity should be atleast 3 years in same field
♦ Average Bank Balances of the last 6 months is taken for the dates 5th, 15th and 25th of each month.
♦ Both savings and current accounts can be clubbed
♦ The Bank accounts should have minimum 20 transactions per quarter
♦ This average balance should be more than 1.5 times of the Axis Bank proposed EMI
♦ LTV is restricted to 65% of the Property Market Value.
♦ Not applicable for Plot Loans
♦ Interest rates are charged higher by 0.50% as compared to Income Method
♦ Home Loan or LAP amount upto Rs.5 Crs. can be funded in this method
5. Takeover on EMI Track record: (BT Dhamaka Scheme):
♦ Existing home loan borrowers can shift their loan to Axis Bank on the basis of clear EMI paid track record.
♦ Minimum 24 months EMI track record required for Self-employed
♦ Not more than 1 EMI bounce is allowed in last 12 months track record
♦ Business income is NOT required to analysed in this method
♦ No new loan should have been taken in the last 6 months
♦ Takeover allowed from approved Banks & HFCs only
♦ Top-up loan upto 30% of the original loan amount can also be availed
♦ LTV is restricted to 75% of the Property Market Value.
♦ Not applicable for Plot Loans
♦ Home Loan or LAP amount upto Rs.3 Crs. can be funded in this method
6. Saksham Product: (Low LTV Home Loan Product of Axis Bank):
♦ Applicable to Business Profiles who have insufficient income as per Income Tax returns or GST Returns or low average Bank Balances.
♦ Business Continuity of minimum 5 years required
♦ Property should be ready-move-in and getting registered
♦ Maximum Home Loan tenure will be 10 years
♦ Maximum Home Loan Amount will be 40% of the Property Market Value
♦ Not applicable for Plot Loans
♦ Home Loan upto Rs.3 Crs. can be funded in this method
7. EMI Equalizer: (Takeover on EMI Track Record for LAP):
♦ Existing loan borrowers can shift their loans to Axis Bank on the basis of clear EMI paid track record.
♦ Minimum 18 months EMI track record required for Mortgage Loans and 12 months EMI track record required for all other loans like Car Loans, Business loans, etc.
♦ Not more than 1 EMI bounce is allowed in last 12 months track record
♦ Business income is NOT required to analysed in this method
♦ No new loan should have been taken in the last 6 months
♦ Takeover allowed from approved Banks & HFCs only
♦ LTV is restricted to 55% in Residential LAP and 45% in Commercial LAP
Total LAP amount upto Rs.2 Crs. can be funded in this method as follows:
Existing Loan Track Record
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Maximum Proposed EMI
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Upto 35 months EMIs paid
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1.2 times of the current EMI
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36 to 47 months EMIs paid
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1.3 times of the current EMI
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48 months or more EMIs paid
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1.4 times of the current EMI
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