Axis Bank Home Loan Calculator

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.

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

With the help of above Axis bank home loan calculator, we have compiled a table as mentioned below for your reference only,

Disclaimer: This above table is for your reference only. The interest rate mentioned as per November 2023.

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:

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:

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:

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:

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:

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:

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: