Calculate Your EMIs Instantly
Axis Bank Home Loan Calculator
Principal Amount
₹10,00,000
Total Interest
₹0
Total Amount
₹0
Buying a home is a significant financial decision, and understanding your monthly installment (EMI) is crucial for effective planning. The Axis Bank Home Loan EMI Calculator helps you determine your EMI effortlessly, ensuring transparency and financial preparedness.
Key Features of Axis Bank Home Loan EMI Calculator
- Quick EMI Calculation – Get instant results based on loan amount, interest rate, and tenure.
- Amortization Schedule – View a detailed breakdown of principal and interest payments.
- User-Friendly Interface – Simple inputs for accurate EMI estimation.
- Financial Planning Tool – Helps borrowers assess affordability and repayment strategy.
How Does the Axis Bank Home Loan EMI Calculator Work?
The calculator uses the standard EMI formula:EMI=P×R×(1+R)N(1+R)N−1EMI = \frac{P \times R \times (1 + R)^N}{(1 + R)^{N - 1}}EMI=(1+R)N−1P×R×(1+R)N
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate / 12 / 100)
- N = Loan Tenure in Months
Example Calculation
If you take a home loan of ₹40 lakh at an interest rate of 9% per annum for 15 years (180 months), the EMI will be:
EMI=4000000×0.0075×(1+0.0075)180(1+0.0075)179
EMI = \frac{4000000 \times 0.0075 \times (1 + 0.0075)^{180}}{(1 + 0.0075)^{179}}
EMI=(1+0.0075)1794000000×0.0075×(1+0.0075)180
This results in an estimated EMI of ₹40,751.
Benefits of Using the Axis Bank Home Loan EMI Calculator
- Saves Time – No manual calculations; get accurate results in seconds.
- Helps in Loan Comparison – Compare multiple loan options based on interest rates and tenure.
- Budget Planning – Understand your monthly obligation before applying for a loan.
- Transparency – Avoid hidden surprises by knowing your EMI upfront.
Understanding the Amortization Schedule
An amortization schedule provides a detailed month-wise EMI breakup, showing how much goes toward principal repayment and how much is paid as interest. In the initial years, a larger portion of your EMI covers interest, whereas the principal component increases gradually over time.
Axis Bank Home Loan Interest Rates (2024)
Interest rates vary based on borrower profile and loan type:
- Salaried Individuals: 9.90% - 12.25%
- Self-Employed Individuals: 10.95% - 12.70%
Eligibility Criteria for Axis Bank Home Loans
- Must be salaried or self-employed
- Good credit history with no defaults
- Meeting the minimum income requirement
FAQs on Axis Bank Home Loan EMI Calculator
1. Who can apply for an Axis Bank home loan?
Salaried and self-employed individuals meeting Axis Bank’s eligibility criteria can apply.
2. What is the maximum tenure for an Axis Bank home loan?
Axis Bank offers home loan tenure of up to 30 years, depending on borrower eligibility.
3. Can I prepay my Axis Bank home loan?
Yes, Axis Bank allows prepayment and foreclosure with applicable charges.
4. Does Axis Bank offer special home loan schemes?
Yes, Axis Bank provides various home loan schemes like Shubh Aarambh Home Loan, QuikPay Home Loan, and Super Saver Home Loan for different borrower needs