Home Loan Application Process
Once you apply for a Home Loan, the application moves through a number of stages. First of all, as an applicant, you are required to submit your home loan application form along with the list of required documents such as your identity, income and address proofs.
As evident, the entire process from home loan application to sanction is quite complex and therefore having a system in place to track its status can be helpful. It can save you a lot of time and help you plan your next steps.
Axis Bank Home Loan
Axis Bank offers Home Loans to its customers at interest rates starting as low as 6.90% per annum. A borrower can pick from a range of Axis Bank home loan schemes for a loan tenure stretching up to 30 years. In this article, we help you understand the importance of using the Axis Bank Home Loan Eligibility calculator to know how much home loan you are likely to qualify for.
Application Status
Tracking your application status on the Axis Bank website is super simple. You can check your status even on the go as the tracker is available on the mobile app as well. Given below is the breakdown of the procedure to track the status:
How to Check the Status Using Axis Bank Portal?
- Visit Axis Bank’s official website.
- Select the ‘Get in Touch’ section at the top right corner of the website.
- On the dropdown menu that follows, select the ‘Support’ option.
- On the next page, click on the feature called ‘Track Your Application’.
- On the next page, click on the ‘Credit Card and Loan Application’ section.
- This will direct you to the following page. Click on ‘Check Loan Application Status’.
- You will be led to the subsequent page:
Here, enter the following details:
- Application ID
- Date of birth
- Captcha code.
Click on the ‘Enquiry’ button. Details of the application status of your home loan will then be presented on the subsequent page.
How to Check Your Home Loan Application Status on Fincity?
If you are a Fincity customer, you can track your loan application online in clicks or via a single phone call. Here are the steps involved:
- Online: Follow the below steps to track your home loan application online.
- Click https://app.fincity.com and sign in.
- You can now view your active applications on the Fincity dashboard.
- Click ‘View Application’ under the one whose status you wish to check.
- You can view which stage your application has reached on the top-right section of the page.
- Via Phone: You can also choose to call the Fincity customer service number at +91 8296242646 and have a Fincity home loan advisor help you find out the loan status instantly.
Axis Bank Home Loan Eligibility Calculator
| Particulars | Criteria |
|---|---|
| Age Limit | 21 – 60 Years |
| Work Experience (Salaried | Minimum 2 Years (Salaried) Minimum 5 Years (Self-Employed) |
| Processing Fee | A maximum of 1% of total loan amount with Minimum being Rs.10,000 |
| Tenure | Maximum 30 Years |
| Interest Rate | Starting from 6.90% |
| Pre-payment Charges | Zero for floating, Maximum of 2% for fixed on outstanding principal |
| Employment Type | Professionals, Salaried and Self-Employed individuals |
Note: The details mentioned above are subject to change at the discretion of the lender.
Formula for EMI Calculation
Generally, the EMI for a Home Loan is calculated using the given formula:
E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1)
In the formula mentioned above,
E = Equated Installment
This is the total obligations required to pay per month
P = Amount of Loan
This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000
r = Rate of Interest
This means the interest rate per month. For Axis Bank, this ranges from 6.9% to 8.30%
n = tenure in months
Usually, the tenure for a home loan ranges from 15 years to 30 years.
For Axis Bank Home Loans, the tenure ranges from 60 months all the way up to 360 months or 30 years.
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
- Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
- Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
- Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.