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Axis Bank Home Loan EMI Calculator

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 6.75%
  • ₹0
  • 30
Updated:

About Axis Bank Home Loan EMI Calculator

Axis Bank provides you with different types of Home Loans at attractive interest rates. You can choose the home loan type that suits your requirement. Glance through the various types of home loans. Compare the benefits and the features and select the one that is right for you. Check your eligibility with the Axis home loan EMI calculator before applying for the loan for a seamless servicing of the loan repayment. Also, some of the home loan schemes of Axis Bank provide for waiver of EMIs on consistent payment of 12 EMIs. Plan your EMIs and avail the benefit of the waiver.

How to use Axis Bank Home Loan EMI Calculator?

A balance between the tenure and the rate of interest and the amount will average your EMI with your repayment capacity. Affordable EMI alone can ensure seamless and prompt repayment of the Home Loan. To arrive at the suitable EMI to suit your budget using the Axis Bank Home Loan EMI Calculator by following the steps given below:

  • Access the official website of the bank
  • Under retail loan, section choose ‘home loans’
  • Select ‘home loan EMI calculator’ under the ‘home loans’ option
  • To enter the loan amount, interest and tenure, click on the respective slider bar and drag to adjust the tab as per your requirement.
  • You will get the EMI amount instantly.
  • You can try the same way by changing the tenure and loan amount. Maintaining a balance between the variants will average out the EMI to suit your budget.

Once the affordable is arrived at, you can plan your finances accordingly.

Additional Info: Also check SBI Home Loan EMI Calculator

Axis Bank Home Loan Interest Calculator Formula

The mathematical formula applied by all the Banks/NBFCs to calculate the EMI is P x R x (1+R)^N / [(1+R)^N-1] where P is the Principal, R is the rate of interest and N is the tenure. To calculate the EMI using the formula manually is highly complicated, and obviously, the value arrived at will not be accurate.

Use the Axis Bank Home Loan EMI calculator to arrive at 100% accurate EMI. The total interest payable for the tenure opted will also be given, with which you can define the overall cost of the loan.

Know in detail: Simple Interest Formula Calculation.

Benefits of Axis Home Loan EMI Calculator

Axis Bank Home Loan EMI calculator will give you an idea about your additional commitment on availing of a home loan from Axis Bank. Enter the loan amount, interest and tenure, and the EMI will be calculated. You will also be able to view a chart showing the break up of the adjustment EMI amount towards the principal and the interest for the entire loan tenure. 

The benefits of Axis Bank Home Loan EMI Calculator are:

  • Easy calculation: There cannot be errors when the budget planning depends on the EMI value arrived. EMI calculation done manually is not totally accurate. Manual intervention is prone to errors. The home loan EMI calculator will give you 100% accurate results while making the calculation easy.
  • Quick calculation: Manual calculation of EMI will take hours and does not assure accurate results. At the same time, the Axis home loan EMI calculator speeds up the analysis and also gives 100% correct values.
  • Averts future financial distress: Knowing the EMI in advance using the Axis Bank home loan EMI calculator will enable proper financial planning. You will be able to choose the EMI that fits your monthly budget after considering the various existing commitments and the probable future exigencies. By doing so, you will be able to service the home loan efficiently without financial stress.
  • Can manage the loan better: Axis bank permits you to pay an additional amount along with the EMI. With the help of the Axis home loan EMI calculator, you can study the impact of such prepayments on the EMI and the loan tenure.
  • Helps Compare Loan Offers: Axis Bank offers various home loan plans. You can compare these offers with the help of the Axis Bank home loan EMI calculator and choose the home loan plan that best suits you.

Why should you use Axis Bank Home Loan EMI Calculator?

If you have availed of a home loan, you will have made a long term monetary commitment. You will need to use the Axis Bank Home Loan Interest Rates EMI calculator to know the affordable EMI for the following reasons.

  •  To honour the commitment seamlessly for the entire tenure. If you overstretch your affordability, then there are chances of missing out on the EMI, which can have serious repercussions. 
  • You should remember one thing. You will have mortgaged your property to the Bank, and with continuous non-repayment of the EMIs, you will be prompting the bank to take the ultimate recourse that is liquidating the property. To prevent this situation in the future, it is essential to use the Axis Bank Home Loan EMI calculator and arrive at the EMI that will be within your reach.
  • If the EMI for the desirable loan is higher than your expectation, you can either reduce the loan amount or increase the tenure for lowering the EMI.
  • Along with the EMI amount, you will also be able to understand the overall cost of the loan so that you can plan prepayments to reduce the tenure of the loan.

Additional Info: Check Banglarbhumi West Bengal Land Record in detail

Comparison of Axis Home Loan EMI with other Popular Banks

Investment in property involves a massive chunk of finance, and the commitment will be long-term. Even a tiny difference in the EMI will significantly impact the overall cost of the loan. It is thus imperative to compare the EMI of other popular banks with the EMI of Axis Bank before taking a decision.

Name of the BankRate of InterestEMI for a loan of Rs. 5.00 lakhsEMI for a loan of Rs. 8.00 lakhsEMI for a loan of Rs. 15.00 lakhs
Axis Bank6.75%324351899729
Indian Bank6.90%329352699879
SBI6.80%325952159779
Central Bank of India6.85%327652429828
ICICI Bank6.75%324351899729
Citibank6.50%316059569481
IDFC First Bank6.90%329352699879
Bandhan Bank8.50%3845615111534

Axis Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

Manual calculation of home loan EMI is cumbersome but not 100% accurate. You can be misled with regard to the EMI that fits your budget and can land you in trouble in the future. Accuracy is as important as the ease with which the calculation can be done. To spare you from the trouble of tedious manual calculations, Axis Bank provides a home loan EMI calculator that does the EMI calculation with great ease while giving 100% accurate results.

Knowing the EMI that fits your budget by balancing the loan amount and the tenure will help you manage your finances prudently. You will be aware of the exact loan amount you will be eligible for so that you can plan to purchase a property within that budget or make arrangements for a higher down payment. Axis Bank home loan EMI Calculator helps you to personalise your loan according to the affordable EMI.

Additional Info: ICICI Bank Home Loan Customer Care Number

Factors affecting the Axis Bank Home Loan EMI

The budget for the property you dream of investing in depends on the loan eligibility. How is the loan eligibility assessed? The loan amount you can borrow depends on your income, repayment capacity and credit score. It is not only essential to check your Credit Score before applying for a loan, but also to balance the loan amount and tenure with the affordable EMI is equally essential. For initially arriving at the EMI, the factors to be considered are the loan amount, interest and term. But other factors tend to affect the EMI during the loan tenure. Let us have a look at all the factors that impact the home loan EMI.

  • Quantum of the loan: The loan quantum plays a vital role in deciding the EMI. If you opt for a higher loan amount, the EMI will also be higher and vice versa.
  • Rate of interest: The rate of interest plays a vital role throughout the loan tenure If as it has a direct impact on the EMI. If you have availed of a home loan at a floating rate, the EMI will change as and when the interest rates vary. It will be lower if the rates are lower and higher if the rates are higher.
  • Tenure: A longer tenure means a lower EMI. But you should understand that if you have opted for a long term to balance the loan amount with the EMI that fits your pocket, the overall cost of the loan will also be higher. If you can afford a higher EMI, you choose a shorter tenure and save up on the interest cost.
  • Prepayments: For every prepayment made, the principal outstanding will reduce, resulting in a higher portion of the EMI adjustment towards the principal, which will eventually reduce the loan tenure.

Additional Info: You can also Check AnyRoR Gujarat Land Record

What the Home  Loan EMI calculator cannot tell you

Apart from the interest, other charges add to the overall cost of the loan. The home loan EMI calculator does not consider these charges while calculating the overall cost of the loan. The home loan EMI calculator cannot tell you about the following charges.

  • Processing charges at 0.5% to 2% of the loan amount that will be charged at the time of granting a new home loan or for the balance transfer of a home loan. 
  • Prepayment/part prepayment charges collected between 2% to 4% of the outstanding principal balance or prepaid amount.
  • Legal fees at actuals for scrutiny of property documents that will be collected
  • Charges for valuation of the property collected at actuals.

Additional Info: How to get Bajaj Finserv Home Loan

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ What is the nature of apportionment of EMI amount towards interest and principal?

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The Equated Monthly Instalments, i.e., the monthly repayment made towards the home loan, will be adjusted towards the interest and the principal component. Initially, the apportionment for the interest will be higher, and as the tenure advances, the apportionment towards the principal will increase.

The periodical part prepayments made will be adjusted towards the principal amount, thus reducing the interest component eventually. That is the reason the tenure of the loan will reduce on making part prepayments.

✅ On what basis is the EMI due date decided?

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The EMI due date is related to the date of loan disbursement. It will be due on a fixed date every month, and the due date will be from the date of disbursement of the loan.

✅ What are the modes of EMI repayment?

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You can opt for auto-debit to your savings or current account through the NACH mandate. This will ensure debit of the EMI regularly on the due date provided there is sufficient balance in the account.

You can make the payment directly to the loan account through NEFT/RTGS.

You can also deposit Post Dated Cheques with the bank to be presented on the EMI due dates.

✅ What happens if there are EMI missouts?

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If there are EMI missouts, the EMI amount will not change, but the tenure will be extended. However, there will be severe repercussions if the missouts are due to insufficient funds in the account. Your creditworthiness will come down as your credit score will decline. Losing out on credibility leads to losing out on the chances of approval of future loans.

✅ What are the benefits of the Axis Bank home loan EMI calculator?

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The following are the benefits of the Axis Bank home loan EMI calculator.

  • Speed and accuracy in calculations.
  • Access is easy.
  • It helps you arrive at affordable EMI
  • Facilitates budget planning.

✅ Do interest rate fluctuations impact the EMI?

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If a floating rate is charged on your home loan, then be prepared for interest rate fluctuations. The rates could come down or go up. Whenever there is an increase in the rate of interest, the EMI will increase, and when the rate comes down, the EMI also comes down. However, some of the banks give an option to keep the EMI constant and change the tenure. But the extension in tenure when the EMI is higher is possible only if you have not opted for the maximum tenure initially.