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,

Home Loan Amount	₹50,00,000
Loan Tenure	20 Years
Rate of Interest	8.70% p.a
Home Loan EMI	₹44,026
Interest Payable	₹55,66,240
Total Amount Payable	₹1,05,66,240

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:

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