Axis Bank Home Loan EMI Calculator
Home Loan Bank Information
Introduction
Axis bank is the third largest private bank, which provides all kinds of financial services in India. The financial services provided cover both corporate and personal banking. They are also known to provide home loans at a very low EMI. And if one wants to check the EMI amount themselves, they can use the online AXIS Bank Home Loan EMI Calculator.
About the online Axis Bank Home Loan EMI Calculator
The Axis Bank Home Loan EMI is the amount that the borrower pays back on time to clear off the debt. The repayment amount depends on the tenure, loan amount, and interest rate. One does not have to wait for the bank to inform them of the EMI amount. They can do it themselves even before taking the loan by using the AXIS Bank Home Loan EMI Calculator.
Since it is online, anyone can access it, and the interface is very easy to understand. The borrower needs to put in the loan amount, tenure, and the interest rate, and the mathematical algorithm of the AXIS Bank Home Loan EMI Calculator will do the rest of the calculation. With this online calculator, one can plan their monthly budgets before taking the loan to make sure that they will regularly pay the EMI.
Reasons to use the Axis Bank Home Loan EMI Calculator.
The AXIS Bank Home Loan EMI Calculator can be used for the following purposes:
- Provides an amortization schedule- an amortization schedule breakdowns the entire repayment of the loan throughout the tenure. Also, the borrower will get to know the division of the principal and interest in the total EMI amount. This is a beneficial schedule for planning the monthly budget.
- Calculate different EMI amounts- As one changes the three components asked in the AXIS EMI Calculator, the EMI amount changes based on it. This can help in finding the loan amount and tenure that requires the lowest EMI. Before calculating the EMIs, do ask the bank about the current eligible interest rate for better accuracy.
- Calculating outstanding balance- The AXIS Bank Home Loan EMI Calculator is also helpful in calculating the loan’s outstanding balance for the remaining tenure. Knowing the outstanding repayment amount can help with deciding if one wants to transfer the loan to a bank with less interest rate. This will reduce the EMI amount for the rest of the tenure.
- Compared with other banks- before getting a loan, it is best to know the EMIs of other banks to get the loan with the lowest EMI. For this purpose, the AXIS Bank EMI Calculator can be used. Just change the interest rates based on other banks and calculate the EMIs.
Axis Bank Home Loan EMI
AXIS Bank offers affordable home loans to Indian residents and NRIs. The age range to be eligible for this home loan is 21 -57 years. The loan is available at both floating and fixed interest rates. The starting interest rate for floating is 6.9% and for fixed is 12%. The maximum tenure for the home loan is 30 years. The bank charges several other fees depending on the situation, and the loan sanctioning procedure is kept transparent.
AXIS Bank also provides an online AXIS Home Loan EMI Calculator to help the customers calculate the EMI amounts. It helps them to find the right loan conditions that suit their budget and financial status.
Factors affecting the Axis Bank Home Loan EMI
Three factors must be filled in to get the EMI amount when using the online AXIS Bank Home Loan EMI Calculator. Those three factors are the ones that make a difference in the EMI amounts.
- Loan tenure- the tenure is the number of years the borrower has to pay off the AXIS Bank Home Loan. The EMI is indirectly related to tenure. The longer the loan tenure, the cheaper EMI will be. So a loan of 30 years will have a lower EMI compared to a 10-year loan.
- Interest rate- the higher the interest rate of a loan, the higher will be the EMI amount. And if the EMI amount is high, that means the cost of the loan is high. Thus, the best way to reduce the EMI is to look for a bank with a lower interest rate. AXIS Bank Home Loan interest rate starts at 6.9 percent.
- Loan amount- the loan amount increases the EMI. Higher the debt amount, higher EMI. The lowest loan amount option available in the AXIS Bank Home Loan EMI Calculator is Rs. 3 lakhs, and the maximum is Rs. 5 crores.
Formula to calculate the Axis Bank Home Loan EMI
The basic formula used by the AXIS Bank Home Loan EMI Calculator is as follows-
EMI = [P * R * (1 + R) ^ N] / [(1 + R) ^ (N – 1)]
Where,
N is the tenure or the number of months in the tenure
R is the monthly interest rate of the loan
P is the principal amount of the loan
The formula is simple and can also be used for manual EMI calculations.
Calculating EMI using Axis Bank Home Loan EMI Calculator
For better understanding, it is best to use the formula in an example.
Example: Mr. X submits an application to get an AXIS Bank Home Loan of loan amount Rs. 50 lakhs at an interest rate of 9 percent, and the loan tenure is 20 years. They use the AXIS Bank Home Loan EMI Calculator to calculate the EMI for the 240 months.
EMI = [5000000 * 0.0075 * (1 + 0.0075) ^ 240] / [(1 + 0.0075) ^ (240 – 1)]
EMI= Rs. 44,986.30
Apart from just calculating the monthly installment payment amount, the AXIS Bank Home Loan EMI Calculator also provides the amortization schedule.
Axis Bank Home Loan Amortization Calculation
An amortization schedule contains information indicating the division of the EMI amount into interest payments and principal repayment. It also shows the outstanding balance of the loan. The borrower can access this amortization schedule by using the AXIS Bank Home Loan EMI Calculator.
For reference, an amortization schedule for the 1 year is given, using the same example-
| Months | Principal (in Rs) | Interest (in Rs) | EMI (principal + interest) (in Rs) | Outstanding Loan Balance |
|---|---|---|---|---|
| 1 | 7,486.30 | 37,500.00 | 44,986.30 | 49,992,513.70 |
| 2 | 7,542.45 | 37,443.85 | 44,986.30 | 49,84,971.26 |
| 3 | 7,599.01 | 37,387.28 | 44,986.30 | 49,77,372.24 |
| 4 | 7,656.01 | 37,330.29 | 44,986.30 | 49,69,716.24 |
| 5 | 7,713.43 | 37,272.87 | 44,986.30 | 49,62,002.81 |
| 6 | 7,771.28 | 37,215.02 | 44,986.30 | 49,54,231.54 |
| 7 | 7,829.56 | 37,156.74 | 44,986.30 | 49,46,401.97 |
| 8 | 7,888.28 | 37,098.01 | 44,986.30 | 49,38,513.69 |
| 9 | 7,947.45 | 37,038.85 | 44,986.30 | 49,30,566.25 |
| 10 | 8,007.05 | 36,979.25 | 44,986.30 | 49, 22,559.19 |
| 11 | 8,067.10 | 36,919.19 | 44,986.30 | 49, 14,492.09 |
| 12 | 8,127.61 | 36,858.69 | 44,986.30 | 49, 06,364.48 |
As the payment years progress, it is seen that in the total EMI amount, the principal repayment amount keeps increasing, whereas the interest part decreases. This is because, as the principal gets paid off, the outstanding balance on which the interest is calculated also reduces. Thus the interest amount reduces.
Benefits of using Axis Bank Home Loan EMI Calculator
Apart from having easy access to this online AXIS Bank Home Loan EMI Calculator, there are some more benefits of using it.
- Convenience- no matter how many times one wants, they can use it to calculate the EMI amount of different loan tenure and amounts. This automatic tool will, without any doubt, help decide which EMI schedule suits them best.
- Easy to use- the AXIS Bank Home Loan EMI Calculator has a very easy user interface that can be operated by anyone without any hassle. Simply enter all the necessary details, and within a few moments, the calculator will provide the EMI amount and also the amortization schedule.
- Complete accuracy- with this calculator, one can avoid the risk of making calculation mistakes when trying to manually calculate the EMI amount. The calculator is programmed to provide accurate EMI amounts that one will repay when the loan is taken.
- Easy to compare- another benefit of using the AXIS Bank Home Loan EMI Calculator is that one can compare multiple loan EMIs easily. With the instant results provided, it becomes effortless to calculate, as many loans EMIs with different tenure, amounts, and interest rates even from different banks. And then base the decision on this comparison.
Conclusion
Axis Bank does its best to provide home loans that can be affordable for most of its customers. The interest rates are feasible, and there is flexibility in the repayment. Also, by providing access to the online AXIS Bank Home Loan EMI Calculator, the bank has made it easy for their borrowers to plan and compare various loan plans.
FAQs
Why choose Axis Bank for taking a home loan?
Flexible terms- the interest rate and tenure are flexible. One has the liberty to choose their loan tenure. They can also choose between floating and fixed interest rates.
Transparent application process- once one is eligible for the homeland and has calculated the EMI using AXIS Bank Home Loan EMI Calculator and decided on the loan plan. They can submit the application. The rest of the procedure will be carried out with complete transparency.
Extra benefits- one can choose prepayment, and the bank will not charge any extra fees. Also, they can opt to transfer their old loan to Axis bank.
What is EMI? And how can one calculate it?
Equated Monthly Installments (EMIs) are the constant amount that the borrower needs to pay regularly to clear off the loan debt. It comprises interest and the principal amount. During the initial years, the interest is more, and as the loan gets paid, the principal part becomes the majority in the EMI.
One can either manually calculate the EMI amount using this –
EMI = [P * R * (1 + R) ^ N] / [(1 + R) ^ (N – 1)] or, by using the AXIS Bank Home Loan EMI Calculator.
Does prepayment change the Axis Bank Home Loan EMI?
Prepayment refers to paying off the loan before the repayment schedule. It reduces the debt and the interest payment. AXIS Bank allows prepayment benefit of the outstanding balance with nil charges. The best scenario is to keep the EMI the same and to decrease the tenure. This way, the loan will be paid off fast. And all these calculations can be done using the AXIS Bank Home Loan EMI Calculator.
What happens to the outstanding balance if the interest rate changes?
The EMI will be affected only if the interest rates are floating. So, if in the middle of the loan tenure, the repo rate increases, then the interest rate goes up, and the EMI amount also increases. And will cut in repo rate, the EMI amount will go down. Thus, the EMI amount calculated using the AXIS Bank Home Loan EMI Calculator can change during the loan tenure in case of floating interest rates.
What is the loan-to-value ratio for the Axis Bank Home Loans?
The cost of the property is divided into two parts (not necessarily equal). One part is the loan amount, and the other is the “own contribution” made by the borrower. Depending on the value of the property, the loan percent is decided.
| Property value | Loan-to-value ratio |
|---|---|
| Less than Rs. 30 lakhs | 90 percent |
| Rs. 30 lakhs – Rs. 75 lakhs | 80 percent |
| More than Rs. 75 lakhs | 75 percent |
What is the EMI amount for the Axis Bank Home Loan?
The EMI depends on the loan amount, tenure, and interest rate. The AXIS Bank Home Loan EMI Calculator makes it easy to calculate the EMI. Below is a table that gives an idea of how the EMI range works:
| Loan Amount | Loan Tenure | ||
|---|---|---|---|
| (In Rs.) | 30 Years | 20 Years | 15 Years |
| 25 Lakhs | Rs. 16,465.00 | Rs. 19,232.70 | Rs. 22,331.17 |
| 50 Lakhs | Rs. 32,930.01 | Rs. 38,465.40 | Rs. 44,662.34 |
| 75 Lakhs | Rs. 49,395.01 | Rs. 57,698.08 | Rs. 66,993.51 |
| 1 Crore | Rs. 65,860.01 | Rs. 76,930.78 | Rs. 89,324.68 |
Does the EMI amount remain the same throughout the loan tenure?
No, the EMI amount can change if the interest rates are floating. With a change in repo rate, the floating interest rate will also change and will affect the EMI amount. For fixed interest rates, the EMI remains the same unless the borrower repays the loan early or changes the tenure. All these changes can also be calculated using the AXIS Bank Home Loan EMI Calculator by simply changing the interest rate and tenure.
What is the EMI structure for the lowest loan amount?
The lowest loan amount provided by AXIS Bank Home Loan is Rs. 3 lakhs. Using the interest rate of 6.9%, the different EMIs as per the AXIS Bank Home Loan EMI Calculator are:
| Loan Amount | Tenure | Interest Rate | EMI |
|---|---|---|---|
| Rs. 3 Lakhs | 10 years | 6.9% | Rs. 3,467.81 |
| Rs. 3 Lakhs | 15 years | 6.9% | Rs. 2,679.74 |
| Rs. 3 Lakhs | 20 years | 6.9% | Rs. 2,307.92 |
What is the EMI structure for the maximum loan amount?
The highest AXIS Bank Home Loan is worth Rs. 5 crores. The EMI structure, using 6.9% as the interest rate, is:
| Loan Amount | Tenure | Interest Rate | EMI |
|---|---|---|---|
| Rs. 5 Crores | 10 years | 6.9% | Rs. 5,77,968.74 |
| Rs. 5 Crores | 15 years | 6.9% | Rs. 4,46,623.40 |
| Rs. 5 Crores | 20 years | 6.9% | Rs. 3,84,652.90 |
One can easily calculate these EMIs themselves with the help of the online AXIS Bank Home Loan EMI Calculator provided by the bank.
Does Axis Bank Home Loan provide online payment options?
Yes, the AXIS Bank Home Loan EMI can be paid using the online payment option. Start with logging into the net banking account and then use debit/credit cards or savings accounts to pay. Or one can simply visit the bank branch and pay the EMI by cheque. To have prior knowledge about the EMI, the borrower can refer to the AXIS Bank Home Loan EMI Calculator.