Urban Money

Axis Bank Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Axis bank is one of the most prominent banking institutions in the world. It has established itself as one of the most preferred banking providers owing to its vast network and wide range of services. Axis bank provides retail and credit services for both commercial and individual customers. It also provides one of the most affordable home loan options, with EMIs starting at Rs. 659 per 1 lakh. This loan can be availed to purchase a new plot, construction, home purchase, renovation, etc.

However, before you begin your borrowing journey, it is important to know your repayment. The Axis Bank home loan Calculator helps the borrower calculate the monthly EMI payable based on the loan amount, interest rate, and tenure.

This piece will look at how to use the Axis Bank Home Loan EMI Calculator to your advantage.

Axis Bank Home Loan Features

The Axis bank home loan can be obtained for several home purchase-related end-use. Below are some of the features of this loan that make this a must-have:

  • Axis Bank provides home loans to both salaried and self-employed applicants. The calculator considers all these factors to provide quick and accurate results to the user.
  • These loans are offered to applicants between the ages of 24 years and 60 years.
  • Axis Bank offers these loans to customers with a loan-to-value ratio of 85%-90%.
  • The ideal applicant can avail of this loan with flexible tenures ranging from 5 to 30 years.
  • Loans can be availed at interest rates ranging from 6.90% to 8.30%.
  • The processing fee is capped at a maximum of Rs. 10,000.

Benefits of Using Axis Bank Home Loan EMI Calculator

The Axis Bank home loan EMI calculator provides the user with a detailed amortisation schedule. This makes it very easy for borrowers to understand the repayment schedule and plan their finances accordingly. Below are some of the other benefits of the Axis Bank Home Loan calculator, which makes it imperative to be used before commencing the borrowing journey:

  • Clarity: Axis Bank home loan EMI calculator provides enhanced clarity to potential borrowers regarding their loan repayments. This aids the user in assessing and planning the EMI payments to see how the loan will align with their financial standing. 
  • Comparison: Axis Bank Home Loan calculator enables users to compare EMI options at various interest rates and loan amounts. This way, the borrower can choose the loan amount and tenure that fits perfectly into their financial future and budgetary constraints. 
  • Accurate: The Axis Bank home loan EMI calculator works based on a mathematical formula to provide an estimated figure that can be used as a reference point for the loan. This powerful AI-powered tool ensures that there are no significant errors resulting from manual calculations, which are usually very inefficient and time-consuming. 
  • Accessibility: The Axis Bank home loan calculator can be easily accessed online from any smart device. A home loan calculator is a free-to-use tool that can be used easily and conveniently.

Axis Bank Home Loan EMI Calculator Formula & Example,

The manual calculation of the Axis Bank home loan EMI calculator involves a complicated formula that might be prone to errors. Using the calculator, any interested borrower can easily see their EMI plans with just a click. However, it is important to know what the calculator considers to determine the amount. Below is the formula Axis bank uses to calculate your EMI amount;

E= {P * R* (1+R)^ N} / {(1+R)^ (N-1)}

In this formula,

  • E stands for the equated monthly instalment amount
  • P stands for the principal amount of the loan
  • R stands for the applicable interest rate
  • N stands for the tenure of the loan

Let’s understand this concept a little better with the help of an example:

Example: Mr Mike Oxlong obtains a home loan worth Rs. 40 lakhs at an applicable interest rate of 9% per annum. The loan repayment tenure is 15 years. Given below is what his equated monthly instalments will look like:

EMI = {40,00,000 * 0.09 * (1 + 0.09) ^180} / {( 1 + 0.09)^(180-1)}

EMI = Rs. 40,751

Factors Affecting Axis Bank Home Loan EMI 

Given below are some of the factors that the Axis bank home loan calculator considers while calculating the EMI for an Axis Bank home loan:

  • Amount: The loan amount that you apply for has a direct effect on the monthly amount you will have to pay. The higher the loan amount, the higher will be your EMI amount. You will have to make lower monthly payments if you opt for a lower amount.
  • Interest Rate: The interest rate is the main factor determining the monthly repayment amount you will be required to pay. If the loan's interest rate is increased, it will ultimately increase the EMI amount and the total cost of the loan. It is advised to do thorough research and compare several options before deciding the best option for you.
  • Loan Tenure: The loan tenure significantly impacts the EMI amount you will have to pay for the loan. The EMI amount will naturally diminish if the borrower opts for a longer loan tenure. If you want to lower the EMI amount, you can always opt for a longer loan tenure.

Comparison of Axis Bank Home Loan EMI with Other Banks

The table below shows how the EMI for an Axis Bank home loan compares to home loan EMI options provided by other leading banks and NBFCs in the country:

Banks/NBFCs Interest Rate up to Rs. 30 lakhs (%) Interest Rate for Amount Between Rs. 30 lakhs to Rs. 75 lakhs (%) Interest Rates for Amount above Rs. 75 lakhs
Bank of Baroda 6.90-8.40 6.90-8.40 6.90-8.65
PNB Housing Finance 6.75-12.00 6.75-12.00 6.90-9.75
L&T Housing Finance 6.75 – 7.75 6.75 – 7.75 6.75 – 7.75
IDFC First Bank 6.70 onwards 6.70 onwards 6.70 onwards
Punjab National Bank 6.55-7.95 6.50-7.65 6.50-7.60
Bajaj Housing Finance 6.65 onwards 6.65 onwards 6.65 onwards
Kotak Mahindra Bank 6.60 onwards 6.60 onwards 6.60 onwards
LIC Housing Finance 6.70 – 7.85 6.70 – 8.05 6.70 – 8.05
State Bank of India 6.65-7.65 6.65-7.65 6.65-7.65
Poonawalla  9.55% to 19.55% 9.55% to 19.55% 9.55% to 19.55%
ICICI Bank 6.70-7.55 6.70-7.55 6.70-7.55
DHFL 10.50 onwards 8.75 onwards 8.75 onwards
Union Bank of India 6.50-8.25 6.50-8.45 6.50-8.45
HDFC 6.70-8.45 6.70-8.60 6.70-8.70
Axis Bank 6.75-11.50 6.75-11.50 6.75-11.50
Godrej Housing Finance 6.59 onwards 6.59 onwards 6.59 onwards

Amortisation Schedule for a Home Loan of ₹ 35 Lakh Over 15 Years

The table below displays the amortisation schedule for a home loan worth Rs. 35 lakhs borrowed for a period of 15 years at an applicable interest rate of 6.9% per annum:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
2022 3500000 237191 137973 3362027
2023 3362027 227364 147800 3214227
2024 3214227 216837 158327 3055900
2025 3055900 205560 169604 2886297
2026 2886297 193480 181684 2704613
2027 2704613 180540 194624 2509989
2028 2509989 166678 208486 2301504
2029 2301504 151829 223335 2078168
2030 2078168 135922 239242 1838926
2031 1838926 118882 256282 1582644
2032 1582644 100628 274536 1308109
2033 1308109 81074 294089 1014020
2034 1014020 60128 315036 698984
2035 698984 37690 337474 361510
2036 361510 13653 361510 0

Axis Bank Home Loan EMI for ₹ 10 Lakh 

The table below provides a detailed amortisation schedule for an Axis Bank home loan worth Rs. 10 lakhs for a period of 15 years. For the purpose of this illustration, the interest rate is considered to be 6.9% per annum:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
1 1000000 67769 39421 960579
2 960579 64961 42229 918351
3 918351 61953 45236 873114
4 873114 58731 48458 824656
5 824656 55280 51910 772747
6 772747 51583 55607 717140
7 717140 47622 59567 657572
8 657572 43380 63810 593762
9 593762 38835 68355 525408
10 525408 33966 73223 452184
11 452184 28751 78439 373745
12 373745 23164 84025 289720
13 289720 17179 90010 199710
14 199710 10769 96421 103289
15 103289 3901 103289 0

Axis Bank Home Loan EMI for ₹ 20 Lakh 

The table below displays the amortisation schedule for a loan of Rs. 20 lakhs for a tenure of 15 years, with an applicable interest rate of 6.90% per annum:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
1 2000000 135538 78842 1921158
2 1921158 129922 84457 1836701
3 1836701 123907 90472 1746229
4 1746229 117463 96916 1649312
5 1649312 110560 103819 1545493
6 1545493 103166 111214 1434280
7 1434280 95244 119135 1315145
8 1315145 86759 127620 1187525
9 1187525 77669 136710 1050815
10 1050815 67932 146447 904368
11 904368 57502 156877 747491
12 747491 46328 168051 579440
13 579440 34359 180020 399419
14 399419 21537 192842 206577
15 206577 7802 206577 0

Axis Bank Home Loan EMI for ₹ 25 Lakh

Given below is the detailed amortisation schedule for an Axis Bank home loan of Rs. 25 lakhs for a tenure of 15 years:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
1 2500000 169422 98552 2401448
2 2401448 162403 105571 2295877
3 2295877 154883 113091 2182786
4 2182786 146829 121145 2061641
5 2061641 138200 129774 1931867
6 1931867 128957 139017 1792850
7 1792850 119056 148918 1643931
8 1643931 108449 159525 1484406
9 1484406 97087 170887 1313519
10 1313519 84915 183059 1130460
11 1130460 71877 196097 934363
12 934363 57910 210064 724300
13 724300 42949 225025 499274
14 499274 26921 241053 258222
15 258222 9752 258222 0

Axis Bank Home Loan EMI for ₹ 30 Lakh

The table below displays the amortisation schedule for an Axis Bank home loan of Rs. 30 lakhs, for a loan tenure of 15 years. The applicable interest rate for this purpose has been considered to be 6.9% per annum:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
1 3000000 203306 118262 2881738
2 2881738 194883 126686 2755052
3 2755052 185860 135709 2619343
4 2619343 176194 145375 2473969
5 2473969 165840 155729 2318240
6 2318240 154748 166820 2151419
7 2151419 142867 178702 1972717
8 1972717 130139 191430 1781287
9 1781287 116504 205065 1576223
10 1576223 101899 219670 1356552
11 1356552 86253 235316 1121236
12 1121236 69492 252076 869160
13 869160 51538 270030 599129
14 599129 32306 289263 309866
15 309866 11703 309866 0

Axis Bank Home Loan EMI for ₹ 50 Lakh

The table below shows the amortisation schedule for an Axis Bank home loan of Rs. 50 lakhs for a loan tenure of 15 years:

Year Opening Loan Balance (Rs) Interest paid during the year (Rs) Principal Amount Repaid (Rs) Closing Balance (Rs)
1 5000000 338844 197104 4802896
2 4802896 324805 211143 4591753
3 4591753 309767 226181 4365572
4 4365572 293657 242291 4123281
5 4123281 276400 259548 3863733
6 3863733 257914 278034 3585699
7 3585699 238111 297837 3287862
8 3287862 216898 319050 2968812
9 2968812 194174 341774 2627038
10 2627038 169831 366117 2260920
11 2260920 143754 392194 1868727
12 1868727 115821 420127 1448599
13 1448599 85897 450051 998549
14 998549 53843 482105 516443
15 516443 19505 516443 0

Frequently Asked Questions (FAQs)

What is the EMI for a 20 lakhs home loan by Axis Bank?

Axis Bank offers home loans with EMIs starting at Rs. 659 per lakh. The EMI for a loan of Rs. 20 lakhs for 10 years is Rs. 34,768.

What is the EMI for a 20 lakhs home loan for 20 years by Axis Bank?

At the current applicable interest rate of 6.9, the EMI for a home loan of Rs. 20 lakhs for 20 years would be Rs. 23,119.

How much home loan can I get from Axis Bank if my salary is 50,000?

Axis bank considers several factors while granting the home loan amount. The bank considers factors like the applicant’s age, credit profile, and liabilities. Ideally, an applicant with a monthly salary of Rs. 50,000 can get a loan of Rs.27,99,106.51.

Can I get a home loan from Axis bank with an Rs. 17000 salary?

Yes, an applicant with a monthly salary of Rs. 17,000 is eligible to get a home loan worth up to Rs. 3,30,341.

How much loan can I get from Axis Bank on an Rs. 24000 salary?

The maximum home loan amount that an applicant can get with an Rs. 24,000 salary is Rs. 5,05,228.

What is the minimum amount an applicant can borrow as an Axis Bank home loan?

The minimum amount borrowed as an Axis Bank home loan is Rs 3 lakhs.

When will my home loan EMI be due?

The EMI for your home loan will be due on a fixed date every month. The borrower will be informed about when the loan amount is disbursed.