Axis Bank Home Loan EMI Calculator

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 housing loan EMI 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: This 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	₹40,00,000
Loan Tenure	15 Years
Rate of Interest	9% p.a
Home Loan EMI	₹40,571
Interest Payable	₹33,02,780
Total Amount Payable	₹73,02,780

Disclaimer: This above table is for your reference only. Interest rates are subject to change.

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 Axis bank home loan 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.