Axis Bank Home Loan EMI Calculator

Take the first step towards buying your new home with the Axis Bank Home Loan EMI Calculator. This user-friendly tool allows you to quickly calculate your monthly EMI, based on the loan amount, tenure, and interest rate. It's an essential resource for anyone looking to understand their financing options for home purchasing. Let’s learn more about the home loan EMI calculator and how to use it.

How to Use Wishfin Axis Bank Home Loan EMI Calculator?

Wishfin Axis Bank calculator helps borrowers check their Equated Monthly Installments (EMI) before applying for any loan. Since home loans may continue for up to 30 years, a home loan borrower needs to go for a suitable tenure. The calculator takes into account the basic details as follows:

• Loan amount
• Interest rate
• Tenure

Once you enter these details, the calculator quickly works out your monthly EMIs, the total interest you'll pay, and the total amount you'll end up paying back, along with other details.

Axis Bank EMI Calculation Formula

The calculation of the monthly installment on a home loan is done through the below-given formula:

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For instance, Mr. Sharma avails a home loan worth ₹40,00,000 for a tenure of 20 years at an agreed-upon interest rate of 12%. So, as per the formula:

• Principal Amount (P): ₹40,00,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 20 years, or 240 months

Let’s see how it works:

[40,00,000 x 0.01 x (1 + 0.01) ^ 240]/[(1+0.01) ^240 -1] = 44,043

The EMIs you will be required to pay is ₹ 44,043

Axis Bank Home Loan Amortisation Schedule

Let’s understand the working of the Axis Bank home loan calculator with an example.

Suppose, Manish Sharma, a 32-year-old, Content Manager by profession wants to avail a home loan of ₹30 Lakh. The lender has agreed to offer him the amount at an interest rate of 8.40% for a tenure of 30 years.

Before agreeing to the lender's terms, Manish needed to determine if the EMIs would be affordable. To do this, he used an EMI Calculator. The tool helped him calculate his monthly payments, total interest outgo, and the overall amount payable.

The Minimum EMI Offered by Axis Bank on Home Loans

Here are the monthly payments for various home loan amounts from Axis Bank, calculated using interest rates of 8.75% and 9.10% over 10 years:

Features and Benefits of Utilizing Axis Bank Home Loan EMI Calculator

Here are the main features and benefits of using an EMI Calculator offered by Axis Bank:

• Using the calculator, you can quickly determine your monthly repayments based on the loan amount, interest rate, and tenure.
  
• Easy-to-use design that allows anyone, regardless of financial expertise, to input their loan details and receive instant calculations.
  
• Adjust the loan amount, tenure, and interest rates to explore different scenarios and find the best fit for your budget.
  
• Provides a detailed breakdown of each payment throughout the loan period. It shows how much payment goes towards the principal and interest.
  
• It helps to choose a loan that empowers your financial capacity and long-term goals.
  
• Provides a transparent view of the costs associated with your home loan, including how much interest you will pay over time.

Axis Bank Home Loan Eligibility Criteria

The Axis Bank home loan eligibility criteria for various Axis Bank home loan applicants is as follows:

For Salaried Individuals

• Applicants employed in permanent service in the government sector or reputed companies are eligible for Axis Bank home loans.
  
• The applicant should be above 21 years of age at the time of loan application and up to 60 years of age at the time of loan maturity.

For Professionals

• Axis Bank offers home loans to various professionals like doctors, engineers, dentists, architects, chartered accountants, company secretaries, cost accountants, and management consultants.
  
• To be eligible, applicants must be over 21 years old when they apply and under 65 years old when the loan matures.

For Self-employed Individuals

• Anyone who files an income tax return can apply for a home loan from Axis Bank.
  
• Applicants must be at least 21 years old and no older than 65 years at the time the loan ends.

Factors that Determine Axis Bank Home Loan EMI

Let’s shed light on the main factors that affect the EMIs of your Axis Bank home loan:

• Loan Amount: The more money you borrow, the higher your monthly payment will be.
  
• Interest Rate: If the interest rate is high, your monthly payment will increase; a lower rate means a lower monthly payment.
  
• Loan Tenure: The length of time you take to repay the loan also matters. Longer repayment periods result in lower monthly payments but more interest overall, while shorter periods mean higher monthly payments but less total interest.
  
• Repayment Frequency: How often you make payments (like monthly or every two months) can change your EMI.
  
• Additional Fees: Costs like processing fees or administrative charges add to the total cost of your loan, affecting your EMI.
  
• Prepayment Options: If you can pay off parts of your loan early without extra charges, you can lower the remaining amount, which can reduce future EMIs.

Fees and Charges Associated with Axis Bank Home Loan

Axis Bank Home Loan Processing Fee

You should also know that there is a processing fee is a one-time payment. For home loans at Axis Bank, this fee for a salaried borrower for the loan amount up to INR 1 Crore is INR 10,000 plus GST, above INR 1 Crore to INR 2 Crores it is INR 15,000 plus GST, and above INR 2 Crores it is INR 25,000 plus GST. For the self-employed individuals, the home loan processing fee is 0.50% or INR 10,000 plus GST, whichever is higher.

Limitations of Using Axis Bank Home Loan EMI Calculator

While the Axis Bank home loan EMI calculator is a useful tool for planning and estimating your mortgage expenses, it does come with certain limitations:

• Interest Rate Assumptions: The EMI calculator often uses a static interest rate for calculations. However, interest rates can fluctuate based on market conditions and your personal credit profile, potentially leading to different EMI amounts.

• Excludes Additional Costs: It does not include other costs associated with taking a home loan, such as processing fees, documentation, charges, and more, which can impact the overall costs of the loan.

• Does Not Assess Eligibility: The calculator does not consider your credit score, income stability, or other eligibility criteria that banks use to approve loans. As a result, it cannot tell you whether you will actually get the loan amount you are calculating for.
  
• Lacks Personalized Advice: The EMI calculator provides a mathematical output based on numbers alone and does not offer personalized advice or recommendations based on your financial situation.