Axis Bank Home Loan EMI Calculator

What is the Axis Bank Home Loan EMI Calculator?

The Axis Bank Home Loan EMI Calculator is an online tool that lets a user calculate the EMI amounts The tool can help an individual plan their finances and determine the optimum home loan EMI and tenure depending on their repayment capacity. Additionally, the EMI calculator also displays an amortisation schedule, which breaks down the entire home loan repayment into principal and interest components for the complete tenure of the home loan.

How to Calculate Axis Bank Home Loan EMI?

The Axis Bank Home Loan EMI  Calculator can provide the estimated value of EMI in a few simple steps. 

A user needs to enter the variables such as the loan amount, choose the interest rate and the loan tenure, and the calculator will display the exact EMI amount that will be required to pay over the loan tenure.

Additionally, while being free to use, a user can use it several times to check various permutations and combinations related to arriving at the suitable EMI amount as per an individual's budgetary needs. 

Let’s have a look at the different EMI values a borrower will have to pay for a specific example. Let’s assume that an individual is looking for a home loan from Axis Bank. The interest rate offered is 8.75%. Here’s a look at how the EMIs will change for a borrower depending on the chosen loan amount and the tenure.

Axis Bank Home Loan EMI Calculation Formula

The following formula is used by the Axis Bank EMI Calculator Home Loan:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

In which,

P = loan amount

r = monthly interest rate

n = loan duration in months

Example for Axis bank home loan emi calculator

Let’s assume that an individual borrows home loan of Rs 50 lakh for a duration of 20 years or 240 months at an interest rate of 8.75% per annum. 

Using the formula for EMI calculation:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

EMI = [ 50,00,000  x  0.0875/12 x (1+ 0.0875/12)^240]/[(1+0.0875/12)^240-1]

EMI = [ 50,00,000 x 0.00729 x (5.71818003]/[4.7181803]

EMI =  44,186 (approximately)

How can the Axis Bank Home EMI Calculator Help You?

The Axis Bank Home Loan Calculator can help you in the following ways:

Accurate estimates: It provides accurate EMI amounts that you will be required to pay over the repayment tenure. The online tool is more convenient as compared to manual calculation, which may be prone to errors. 

Easy-to-use interface: With a user-friendly interface, any borrower can use it with much ease. It is possible to easily derive the EMI amount by entering variables such as loan amount, loan tenure, and rate of interest.

Opt for convenient EMI: You can initiate various permutations and combinations of loan amount and repayment tenure in the Axis Bank Home Loan Calculator to determine which of them offers the most convenient EMI. You can meticulously assess your expenses and affordability before actually applying for a home loan. 

Axis Bank Amortization Schedule

Let’s assume, you have taken a home loan of Rs 50 lakh for 20 years or 240 months. The interest rate is fixed at 8.75% every year. The following is the amortization schedule.

How to use Axis Bank's Home Loan EMI Calculator?

Axis Bank’s Home Loan EMI Calculator is an easy-to-use online tool, which can display an estimated figure related to EMI through the following steps:

Step 1: Enter the loan amount you wish to opt for. 

Step 2: Input the interest rate 

Step 3: Set the loan tenure over which you look forward to spreading your repayments

The EMI details will be displayed in a few seconds. Additionally, the Axis Bank home loan EMIi calculator 2024 will display an amortisation schedule which can be referred to gain a thorough understanding of the repayment structure, mapping out principal and interest across the loan tenure. 

How to calculate home loan eligibility in Axis Bank?

The home eligibility is usually decided on various factors including age, income, type of employment, and credit profile. There is a likelihood that these factors and criteria may change depending on the lending institution to which one decides to apply to. 

Here’s how home loan eligibility can be checked in three steps:

Step 1: Check the Axis Bank home loan eligibility calculator. 

Step 2: Enter variables such as the age of the applicant, loan tenure, net adjusted monthly income, other EMIs, and ROI.

Step 3: Click on ‘Check Eligibility’. 

Benefits of Using Axis Bank Home Loan EMI Calculator

The Axis Bank home loan calculator EMI provides an individual with a detailed amortisation schedule, which makes it quite easy to understand the repayment schedule and plan their finances accordingly. A few of the benefits associated with an Axis Bank Home Loan EMI Calculator are as follows:

Helps in financial planning: It provides enhanced clarity to potential borrowers about their loan repayments. This way a user can assess and plan the EMI payments while aligning the loan with their financial standing.

Comparison of EMI options: A user can compare EMI options at various interest rates and loan amounts. This way a borrower can choose the loan amount and tenure that perfectly fits into their financial future and budgetary limitations.

Accurate estimation: The Axis Bank home loan EMI calculator computes complex calculations based on a standardised formula to display an estimated figure that can be regarded as a reference point before procuring a home loan. The AI-powered online tool ensures that there is no scope for errors unlike in the case of manual calculations, which can be a time-consuming activity.

Ease of accessibility: It can be easily accessed online at an individual’s convenience. As a free-to-use tool, it offers ease and convenience. 

Factors affecting Axis Bank Home Loan EMI

The factors affecting Axis Bank Home Loan EMI include:

Loan amount: The loan amount that you apply for has a direct influence on the monthly amount you will have to pay. The higher the loan amount, the higher the  EMI amount. On the other hand, you will have to make lower EMI payments in case you go in for a lower loan amount. The final loan amount provided by a lender would depend on a borrower’s repayment capacity and the Loan-to-Value (LTV) ratio. 

Interest rate: This is the core factor determining the monthly repayment amount you will be required to pay. In case the loan's interest rate is increased, it will ultimately increase the EMI amount and the total cost of the loan. Axis Bank provides both fixed-rate and floating-rate home loans. The interest rates of fixed-rate home loans start at 14% per annum while the interest rates of floating-rate home loans range from 8.75% to 9.15% per annum. It is suggested to undertake thorough research and compare various options before deciding on a suitable option.

Loan tenure: This too has a significant influence on the EMI amount you will have to pay for the loan. Axis Bank provides housing loans for repayment tenures of up to 30 years, subject to the maximum age of the borrower being 65 years or less at the time of loan maturity. The EMI amount will diminish in case the borrower goes in for a longer loan tenure. In case you want to lower the EMI amount, you can always settle for a longer loan tenure.

Axis Bank's Repayment Plans

You can repay your home loan in any of the following ways:

Standing Instruction (SI): This mode of repayment can be used by those who have an existing Savings, Salary, or Current Account with Axis Bank. Possibly, one can open a Savings account with Axis Bank and the EMI amount will be automatically debited at the end of a monthly cycle from the Axis Bank account that you may specify. 

National Automated Clearing House (NACH): Those who have a non-Axis Bank account can use this mode and would like the EMI to be debited automatically at the end of the monthly cycle from this particular account. 

Post-Dated Cheques (PDCs): This cannot be accepted as a mode of repayment for Quickpay home loans. 

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