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Axis Bank Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What is the Axis Bank Home Loan EMI Calculator?

The Axis Bank home loan EMI calculator is a user-friendly and efficient tool designed to simplify EMI calculation for your Axis Bank home loan.

The calculator requires you to input the necessary details, such as the loan amount, interest rate, and loan tenure, into the calculator, to quickly calculate the payable EMI. This tool saves you from the hassle of complex manual calculations and provides instant and accurate results.

The online Axis Bank home loan EMI calculator on Angel One helps you visualise the impact of different interest rates and tenures on monthly payments, empowering you to choose the most suitable options as per your budget and financial goals.

How Does the Axis Bank Home Loan EMI Calculator Work?

The Axis Bank home loan EMI calculator employs a mathematical formula to process the inputs and generate accurate results. After considering the loan amount, the interest rate applicable, and the loan duration, it displays the results. It allows borrowers to understand how much the loan will cost them and if they will be able to afford the monthly payments.

What is the Axis Bank Home Loan EMI Calculator Formula?

The Axis Bank home loan EMI calculator formula is as below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

P is the amount of money you borrow from the bank

R is the rate of interest per month charged by the bank

N is the tenure by which the loan has to be repaid (in months)

How To Use the Axis Bank Home Loan EMI Calculator Online?

Here's a step-by-step guide on effectively using the Axis Bank home loan EMI calculator. Go to the Angel One website and follow the steps below:

  • Enter your loan details

Input your loan amount, interest rate, and loan duration.

  • Calculate the EMI

The calculator will use the provided information and generate the monthly payable amount as soon as the required details are entered.

  • Review the results

Take the time to review and analyse the results to understand the impact of the EMI on your finances.

  • Experiment with different scenarios

One of the benefits of using the online Axis Bank home loan EMI calculator is the flexibility to experiment with different loan amounts, interest rates, and tenures. Use this opportunity to explore various scenarios and assess how adjustments affect your monthly EMI.

Let's consider an example to illustrate the formula.

Suppose you take out a home loan of Rs. 30,00,000 at an annual interest rate of 11% for a tenure of 10 years. Once you have entered these details, the Axis Bank home loan EMI calculator will display the EMIs as Rs. 41,325. The total payable amount will be Rs. 49,59,000 with an interest of Rs. 19,59,000.

Benefits of Using a Axis Bank Home Loan EMI Calculator

Using the Axis Bank home loan EMI calculator offers numerous benefits:

  • Accurate and instant results: One of the primary benefits of using the online Axis Bank home loan EMI calculator is its ability to instantly provide accurate results. This helps to save time by eliminating the need for complex manual calculations.
  • Financial planning and budgeting: The Axis Bank home loan EMI calculator helps you to plan your finances effectively. Knowing the exact EMI amount, you can assess how it fits within your monthly budget and make informed financial decisions.
  • Comparison and decision making: The online Axis Bank home loan EMI calculator helps to compare different loan options. Inputting different loan amounts, interest rates, and tenures can help you understand how these factors impact their monthly EMI. You can select the most suitable loan option that aligns with your financial goals.

Factors Influencing the Axis Bank Home Loan EMI Amount

Several factors influence home loan EMI amount:

  • Interest rate: Fluctuations in the interest rate can directly impact your home loan EMI. Floating interest rates offer flexibility as they change with market conditions, while fixed interest rates remain constant throughout the loan tenure.
  • Tenure: The duration or tenure of your home loan affects the EMI amount. Longer tenures result in lower EMIs but higher overall interest costs, while shorter tenures have higher EMIs but lower interest costs.
  • Down payment: The down payment you make while purchasing a home affects the loan amount and, subsequently, the EMI burden. Higher down payments result in lower loan amounts and lower EMIs.
  • Loan amount: The loan amount you borrow for purchasing a home directly impacts the EMI. A higher loan amount leads to higher EMIs, while a lower loan amount reduces the EMI burden.
  • Type of interest rate: The interest rate you choose, such as fixed or floating, affects your home loan EMI. Fixed interest rates remain constant throughout the loan tenure, providing stability, while floating interest rates fluctuate with market conditions, leading to potential changes in your EMI.
  • Prepayment and foreclosure options: The availability of prepayment and foreclosure options can impact your home loan EMI. Making prepayments or opting for foreclosure allows you to reduce the outstanding amount, which subsequently lowers the EMI burden. However, it's important to consider any associated charges or penalties for these options.

Types of Home Loans Offered by Axis Bank

Axis Bank offers many affordable and flexible home loan options with competitive interest rates, extended loan tenures and other benefits like EMIs waivers. These include:

  • Axis Bank Home Loan

Axis Bank Home Loan offers attractive fixed and floating interest rates for Resident Indian and NRI salaried or self-employed customers. With a loan amount of up to Rs. 5 crore and a maximum tenure of 30 years, it provides flexibility and convenience in fulfilling your dream of owning a home.

  • QuikPay Home Loan

QuikPay Home Loan offers reduced monthly instalments, allowing borrowers to manage their repayment burden effectively. It offers a loan amount of up to Rs. 5 crore and a generous maximum tenure of 30 years.

  • Shubh Aarambh Home Loan

The Shubh Aarambh Home Loan offers attractive features, including 12 EMIs waived for regular payments. Four EMIs are waived at the end of 4th, 8th, and 12th year. There are no extra costs or prepayment charges. The loan amount can be up to Rs. 30 lakh, and the tenure is 30 years.

  • Fast Forward Home Loan

The Fast Forward Home Loan rewards regular payments. 12 EMIs are waived for regular payments, with an additional 6 EMIs waived at the end of the 10th and 15th year. There are no extra costs or prepayment charges, and the loan amount ranges from Rs. 30 lakh to Rs. 5 crore, with a maximum tenure of 30 years.

  • Asha Home Loan

Asha Home Loan offers affordable options for individuals, including both salaried and self-employed customers. With a minimum combined family income of Rs. 8,000 per month, borrowers can access loans ranging from Rs. 1 lakh to Rs. 35 lakh. These loans have a maximum tenure of 30 years.

FAQs

What is the Axis Bank home loan EMI calculator?

An Axis Bank home loan EMI calculator is a tool that can calculate EMIs for your home loan. It considers the loan amount, interest rate, and loan tenure to calculate the monthly instalment you must pay.

How to use the online Axis Bank home loan EMI calculator?

To use the EMI calculator, simply enter your loan amount, interest rate and loan duration into the calculator. The home loan EMI calculator will display the estimated EMI amount and total payable amount.

Is the Axis Bank home loan EMI calculator free to use?

Yes, the Axis Bank home loan EMI calculator is free to use. You can assess the calculator using the Angel One website on any internet-powered device.

How is the total interest of the Axis Bank home loan calculated?

The total interest of a home loan is usually calculated using the borrowed amount, interest rate, and loan tenure and applying a mathematical formula to them. An online tool such as the home loan EMI calculator on Angel One makes the calculations easy.

What is the minimum amount that you can take on the Axis Bank home loan?

The minimum amount you can borrow to buy a home depends on the lender and also your monthly income, age and profession, which determines your repayable capability.

Is there a penalty on the prepayment of the Axis Bank home loan?

Whether there is a penalty on the prepayment of the home loan depends on the lender. A few lenders charge a prepayment penalty, while a few don’t.

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