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.
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:
Once the affordable is arrived at, you can plan your finances accordingly.
Additional Info: Also check SBI Home Loan EMI Calculator
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.
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:
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.
Additional Info: Check Banglarbhumi West Bengal Land Record in detail
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 Bank||Rate of Interest||EMI for a loan of Rs. 5.00 lakhs||EMI for a loan of Rs. 8.00 lakhs||EMI for a loan of Rs. 15.00 lakhs|
|Central Bank of India||6.85%||3276||5242||9828|
|IDFC First Bank||6.90%||3293||5269||9879|
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
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.
Additional Info: You can also Check AnyRoR Gujarat Land Record
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.
Additional Info: How to get Bajaj Finserv Home Loan
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.
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.
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.
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.
The following are the benefits of the Axis Bank home loan EMI calculator.
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.