Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

Your Amortization Details (Yearly/Monthly)

Axis Bank home loan is one of the most affordable home loans in the banking sector as the EMI per Rs.1 Lakh starts from Rs. 659, one of the lowest EMI offered by banks. Axis Bank Housing loan calculator is useful in calculating the monthly EMI payable to the bank based on the loan amount, tenure and interest rate.

- Loans are available for both salaried and self-employed individuals. Special rates offered to women, senior citizen and NRI customers.
- Individuals who are 24 to 60 years old can apply for a loan at Axis Bank
- Loan to Value Ratio is 85% to 90%.
- The loan tenure of Axis Bank ranges from 5 to 30 years.
- Interest rates charged is 6.90% – 8.30%
- Axis Bank home loan EMI per lakh starts from Rs. 659. The EMI can be easily calculated using Axis Bank home loan calculator 2022.
- The processing fees charges is a maximum of Rs. 10000

Axis Bank has a market capitalisation of $ 1.31 Trillion and is the fourth largest private sector bank in market capitalisation terms in India. It is a premier financial institution, offering a wide range of financial services and products.

The CLSS scheme under the Pradhan Mantri Awas Yojana (PMAY), which allows first-time homebuyers subsidy on home loan interests has significantly improved demand for home loans. Axis Bank has helped to meet this demand considerably, primarily because of its affordable interest rates on home loans.

The advantages of using the Axis Bank Home Loan Calculator are listed below –

**Accurate results:**It offers accurate EMI figures which you need to pay throughout the repayment tenure. The Axis home loan calculator is much more convenient than manual calculation, which is prone to mistakes.**Simple to use:**An Axis housing loan EMI calculator offers a user-friendly interface and is simple to use. You can easily derive your EMI amount by providing your loan amount, repayment tenure, and rate of interest.**Choose convenient EMI:**You can enter umpteen combinations of loan amount and repayment tenure in the Axis Bank Home Loan Calculator 2022 to determine which of them offers the most convenient EMI. Meticulously assess your expenses and affordability to decide more soundly.

The formula for calculating EMI is as follows –

EMI = {P * R * (1 + R) ^ N} / {(1 + R) ^ (N – 1)}

In this formula –

- P is the principal or loan amount.
- R is the rate of interest.
- N is the repayment tenure in months.

An Axis Bank Home Loan Calculator integrates this formula to determine an EMI amount.

**Example: **Mr Ajay applies for a home loan of Rs 40 Lakh at a 9% rate of interest from Axis Bank. He opts for a repayment tenure of 15 years or 180 months. Therefore, his monthly instalments towards repayment would be,

EMI = {4000000 * 0.09 * (1 + 0.09) ^ 180} / {(1 + 0.09) ^ (180 – 1)}

Or, EMI = Rs. 40,751

You can calculate the EMI much quicker using the Axis Bank home loan EMI calculator. The details pertinent to monthly instalments are shown in an amortisation schedule.

An amortisation schedule is a table that shows the specifics informing you on your loan repayment state. These details include –

- EMI amount
- The principal component of each EMI
- The interest component of each EMI
- The amount accrued at the beginning and end of each EMI payment

The amortisation schedule for the above example is given below.

Number of months |
Principal (Rs.) |
Interest (Rs.) |
EMI (Interest + Principal) |
Outstanding amount (Rs.) |

1 | 10,751 | 30,000 | 40,751 | 39,89,429 |

2 | 10,650 | 29,921 | 40,751 | 39,78,779 |

3 | 10,730 | 29,841 | 40,751 | 39,68,050 |

4 | 10,810 | 29,760 | 40,751 | 39,57,293 |

5 | 10,891 | 29,679 | 40,751 | 39,46,348 |

6 | 10,973 | 29,598 | 40,751 | 39,35,375 |

7 | 11,055 | 29,515 | 40,751 | 39,24,320 |

8 | 11,138 | 29,432 | 40,751 | 39,13,181 |

9 | 11,222 | 29,349 | 40,751 | 39,01,959 |

10 | 11,306 | 29,265 | 40,751 | 38,90,653 |

11 | 11,391 | 29,180 | 40,751 | 38,79,263 |

12 | 11,476 | 29,094 | 40,751 | 38,67,787 |

13 | 11,562 | 29,008 | 40,751 | 38,56,224 |

14 | 11,649 | 28,922 | 40,751 | 38,44,575 |

15 | 11,736 | 28,834 | 40,751 | 38,32,839 |

You can see that in the initial EMIs, the interest element is much higher than the principal element. As the tenure further approaches, the interest component reduces while the principal component increases.

The benefits of using Groww’s Axis Bank Home Loan Calculator 2022 is mentioned below –

- It is free to use.
- You can use Groww’s
**Axis Bank Home Loan Calculator**without registration. - It saves time on EMI calculation by providing accurate EMI figures.

EMI calculation is paramount to planning while availing a loan. It is a significant addition to your monthly expenses and without proper assessment and consideration might burden you in the future.