Axis Bank Home Loan EMI Calculator

EMI Calculator 1014 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:

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

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
  • Tenure

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).

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 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

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EMI Calculator