Axis Bank Home Loan EMI Calculator Sep 2023 - Wishfin

Axis Bank Home Loan EMI Calculator

Highlights

• Use home loan EMI calculator to know your budget EMI.
• Check total repayment amount and monthly installment with Axis Bank home loan EMI calculator.

Axis Bank home loan may continue up to 30 years and choosing a suitable tenure becomes the most important decision. You can calculate perfect tenure by comparing EMIs for different tenures to know which one can pay for the chosen time period. Here is an example to show how it works.

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Results
 Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

Axis Bank Home Loan EMI Calculator

A loan calculator helps borrowers check their Equated Monthly Installments (EMI) before applying for any loan. Since home loans may continue upto 30 years, it is very important for a home loan borrower to go for a suitable tenure. The calculator takes into account the basic details as follows:

• Loan amount
• Interest rate
• Tenure

Other than the monthly installment, you get the total interest outgo, and total amount (interest+principal). Here is an example for your reference

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 30,00,0008.40%1₹ 2,61,520₹ 1,38,245₹ 31,38,245
₹ 30,00,0008.40%2₹ 1,36,230₹ 2,69,516₹ 32,69,516
₹ 30,00,0008.40%3₹ 94,564₹ 4,04,292₹ 34,04,292
₹ 30,00,0008.40%4₹ 73,803₹ 5,42,561₹ 35,42,561
₹ 30,00,0008.40%5₹ 61,405₹ 6,84,306₹ 36,84,306
₹ 30,00,0008.40%6₹ 53,188₹ 8,29,506₹ 38,29,506
₹ 30,00,0008.40%7₹ 47,359₹ 9,78,134₹ 39,78,134
₹ 30,00,0008.40%8₹ 43,022₹ 11,30,159₹ 41,30,159
₹ 30,00,0008.40%9₹ 39,681₹ 12,85,545₹ 42,85,545
₹ 30,00,0008.40%10₹ 37,035₹ 14,44,254₹ 44,44,254
₹ 30,00,0008.40%11₹ 34,896₹ 16,06,242₹ 46,06,242
₹ 30,00,0008.40%12₹ 33,135₹ 17,71,462₹ 47,71,462
₹ 30,00,0008.40%13₹ 31,666₹ 19,39,863₹ 49,39,863
₹ 30,00,0008.40%14₹ 30,425₹ 21,11,390₹ 51,11,390
₹ 30,00,0008.40%15₹ 29,367₹ 22,85,988₹ 52,85,988
₹ 30,00,0008.40%16₹ 28,456₹ 24,63,595₹ 54,63,595
₹ 30,00,0008.40%17₹ 27,667₹ 26,44,149₹ 56,44,149
₹ 30,00,0008.40%18₹ 26,980₹ 28,27,585₹ 58,27,585
₹ 30,00,0008.40%19₹ 26,376₹ 30,13,836₹ 60,13,836
₹ 30,00,0008.40%20₹ 25,845₹ 32,02,832₹ 62,02,832
₹ 30,00,0008.40%21₹ 25,375₹ 33,94,504₹ 63,94,504
₹ 30,00,0008.40%22₹ 24,957₹ 35,88,780₹ 65,88,780
₹ 30,00,0008.40%23₹ 24,585₹ 37,85,586₹ 67,85,586
₹ 30,00,0008.40%24₹ 24,253₹ 39,84,849₹ 69,84,849
₹ 30,00,0008.40%25₹ 23,955₹ 41,86,494₹ 71,86,494
₹ 30,00,0008.40%26₹ 23,687₹ 43,90,448₹ 73,90,448
₹ 30,00,0008.40%27₹ 23,446₹ 45,96,634₹ 75,96,634
₹ 30,00,0008.40%28₹ 23,229₹ 48,04,979₹ 78,04,979
₹ 30,00,0008.40%29₹ 23,033₹ 50,15,408₹ 80,15,408
₹ 30,00,0008.40%30₹ 22,855₹ 52,27,847₹ 82,27,847

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 23,138₹ 2,51,123₹ 29,76,861
2₹ 25,159₹ 2,49,102₹ 29,51,701
3₹ 27,355₹ 2,46,906₹ 29,24,345
4₹ 29,744₹ 2,44,517₹ 28,94,601
5₹ 32,341₹ 2,41,920₹ 28,62,260
6₹ 35,165₹ 2,39,096₹ 28,27,095
7₹ 38,235₹ 2,36,026₹ 27,88,859
8₹ 41,573₹ 2,32,688₹ 27,47,286
9₹ 45,203₹ 2,29,058₹ 27,02,082
10₹ 49,150₹ 2,25,111₹ 26,52,932
11₹ 53,441₹ 2,20,820₹ 25,99,490
12₹ 58,107₹ 2,16,154₹ 25,41,382
13₹ 63,181₹ 2,11,080₹ 24,78,201
14₹ 68,697₹ 2,05,564₹ 24,09,504
15₹ 74,695₹ 1,99,566₹ 23,34,808
16₹ 81,217₹ 1,93,044₹ 22,53,591
17₹ 88,308₹ 1,85,953₹ 21,65,283
18₹ 96,018₹ 1,78,243₹ 20,69,264
19₹ 1,04,402₹ 1,69,859₹ 19,64,862
20₹ 1,13,517₹ 1,60,744₹ 18,51,344
21₹ 1,23,428₹ 1,50,833₹ 17,27,916
22₹ 1,34,205₹ 1,40,056₹ 15,93,710
23₹ 1,45,923₹ 1,28,339₹ 14,47,787
24₹ 1,58,663₹ 1,15,598₹ 12,89,123
25₹ 1,72,516₹ 1,01,745₹ 11,16,607
26₹ 1,87,579₹ 86,682₹ 9,29,028
27₹ 2,03,956₹ 70,305₹ 7,25,071
28₹ 2,21,764₹ 52,497₹ 5,03,306
29₹ 2,41,126₹ 33,135₹ 2,62,179
30₹ 2,62,338₹ 12,082₹ 0

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.

Axis Bank Festive Offer on Home Loans

• Nil processing fee on balance transfer till INR 2 crore of the loan amount with the rate of interest of 8.35% per annum (For all).
• Interest rate of 8.4% per annum and 2500 + GST as processing fee for all DDA Allotment property (for an area more than 300sq/ft).
• Nil processing fee on balance transfer till INR 2 crore of the loan amount with the interest rate of 8.35% per annum (For all).
• 8.4% per annum of the rate of interest and 2500 + GST as processing fee for all DDA Allotment property (of an area more than 300sq/ft).

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

1. How is EMI calculated for Axis Bank home loan?

Axis Bank uses the following formula to calculate EMI amount on home loans:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Where,
P represents the ‘Principal Amount’,
R represents the rate of interest set by the bank, and
N represents the number of years for which the loan has been taken. Since, the EMIs are paid every month, the duration is calculated in the number of months.

2. How can I pay my Axis Bank home loan EMI online?

There are numerous ways through which you can pay your Axis Bank home loan EMI online like using the UPI or net banking facility of your bank or by using the Axis Internet Banking facility.

3. Can we pay more than EMI in home loan Axis Bank?

Yes, if you have surplus funds you can pay more than the EMI amount in your Axis Bank home loan. However, this extra amount gets adjusted towards the principal outstanding.

4. What happens if Axis Bank home loan EMI is missed?

If you miss your Axis Bank home loan EMI, the bank might charge you a late payment fee.

• Home Loan Interest Rates September 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.85% - 9.40%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%