| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total 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.
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 –
The formula for calculating EMI is as follows –
EMI = {P * R * (1 + R) ^ N} / {(1 + R) ^ (N – 1)}
In this formula –
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 –
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 is mentioned below –
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.