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Axis Bank Home Loan EMI Calculator

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 Home Loan Calculator – Key Features

  • 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 2021.
  • The processing fees charges is a maximum of Rs. 10000

How can a Home Loan Calculator from Axis Bank Help You?

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 –

  1. 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.
  2. 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.
  3. Choose convenient EMI: You can enter umpteen combinations of loan amount and repayment tenure in the Axis Bank Home Loan Calculator 2021 to determine which of them offers the most convenient EMI. Meticulously assess your expenses and affordability to decide more soundly.

Axis Bank Home Loan Interest Rate Calculator Formula?

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.

What is an Amortisation Schedule?

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

  1. EMI amount
  2. The principal component of each EMI
  3. The interest component of each EMI
  4. 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.

Benefits of Using Groww EMI Calculator?

The benefits of using Groww’s Axis Bank Home Loan Calculator 2019 is mentioned below –

  1. It is free to use.
  2. You can use Groww’s Axis Bank Home Loan Calculator without registration.
  3. 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 down in future.

Axis Bank Home Calculator – FAQs

  • Who are eligible to apply for an Axis Bank home loan?

Salaried and self-employed individuals can apply for a home loan.

  • What is the loan-to-value ratio?

It is the portion of the property value that will be sanctioned by the bank as a loan; the other portion should be paid by you as a down payment.

  • What is the LTV for Axis Bank home loans?

The loan-to-value ratio or LTV as mandated by RBI is

Property Value LTV
Above Rs. 75 Lakh

Within Rs. 30 Lakh and 75 Lakh

75%

80%

Less than Rs. 30 Lakh 90%
  • What is the limit for home loan amount and repayment tenure?

The minimum and maximum loan amount from Axis Bank is Rs. 1 Lakh and Rs. 5 Crore respectively. The repayment tenure allowed is 1 – 30 years.


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