EMI Calculator 2018 1658 views
Axis Bank is one of the best finance providing banks in India that provides multi-purpose home loans. The maximum loan amount facility for the tenure of up to 30 years helps it easier for the borrower to make easy repayment. The interest rate is flexible and is same irrespective of the loan amount. The interest rate on housing loan from Axis Bank depends on your repayment capacity. You can check your home loan eligibility or affordability with the help of the home loan eligibility calculator. However, to check the EMI on your home, there is an EMI calculator given below:
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Table of Contents
Axis Bank Home Loan EMI Calculator
The home loan calculator of Axis Bank is available online and is simple to use. This calculator is designed to help the home loan borrowers check their Equated Monthly Installments (EMI) before applying for a home loan or during it. The calculator takes into account the basic details as follows:
- Loan amount
- Interest rate
Since the interest rate offered on a loan is an annual interest rate, the calculation tool converts it into the monthly interest rate to give the result of monthly installments. Once you have mentioned the above details in the EMI calculator, you get the result of the EMI, the total interest outgo, and the total amount (interest+principal). Here is an example for your reference.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Axis Bank Home Loan Processing Fee
You should also know that there is a processing fee on a home loan as well. It is a one-time payment done at the time when the borrower gets the fund in his/her account. The fee for a salaried borrower for the loan amount up to ₹1 Crore is ₹10,000 plus GST, above ₹1 Crore to ₹2 Crores it is ₹15,000 plus GST, and above ₹2 Crores it is ₹25,000 plus GST. For the self-employed individuals, the home loan processing fee is 0.50% or ₹10,000 plus GST, whichever is higher. You must also note that GST is the replacement of Service Tax and is 18%.
Axis Bank Festive Offer on Home Loans
- Nil processing fee on balance transfer till ₹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 ₹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).
*Please note that the above offer is valid for the month of January 2018 only.
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]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments