EMI Calculator 2018 3422 views
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.
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year
Principal
Interest
Balance Amount
Table of Contents
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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount
Interest Rate
Tenure
Monthly Instalment
Total Interest Amount
Total Amount
Year
Principal
Interest
Balance Amount
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 ₹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.
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).
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
