Urban Money

Axis Bank Loan Against Property EMI 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

If you are seeking a loan and have a residential or commercial property which you can offer as collateral, then Axis Bank’s Loan Against Property could be your go-to choice. Axis Bank provides an easy and hassle-free Loan Against Property for a loan amount starting at₹ 5 lakhs with competitive interest rates. 

But before availing a loan, you need to first figure out the monthly EMIs and total interest payable on the loan. Axis Bank offers an Axis Bank Loan Against Property EMI calculator that will help you determine the EMI on loans against property and help you make informed decisions. All you have to do is enter the desired loan amount and tenure, and the EMI schedule with the payment amounts will be displayed to you.

Why Should You Use Axis Bank Loan Against Property EMI Calculator?

Normally, the EMI calculation involves a number of variables and complex calculations which simply take too much time. The Axis Bank LAP calculator helps you to accurately determine the results with just a click of a button. There are various reasons why you must try the Axis Bank Loan Against Property calculator. Some of them are as follows:

  • Calculate EMIs with Different Amounts and Tenures: Axis Bank LAP calculator allows you to compare the EMI on your loan against property with different loan amounts and tenures. However, you need to verify the interest rate on Axis Bank LAP for calculating the EMI. As per current rates, Axis Bank provides the lowest interest of 8.75% on EMI per lakh of ₹ 999.  
  • Obtain Detailed Amortisation Schedule: The LAP EMI calculator lets you compute the division of total EMIs into interest and principal repayment at different intervals throughout the loan term. You can get a detailed amortisation schedule, which will help you plan your repayment better.
  • Compare Axis Bank LAP EMI: With the Axis Bank LAP EMI calculator, you can get an accurate estimation of your loan against a property compared to other banks with distinct loan amounts and loan tenures. Based on the Axis Bank LAP EMI, you can opt for the option best suited to your borrowing needs and financial standing.
  • Determine the Outstanding Balance: You can also use the Axis Bank EMI calculator to compute the remaining loan balance for the outstanding due at any period of the loan term. This way, you can plan your repayment more effectively and accurately. Further, it will also aid you in reducing loan tenure by foreclosure or prepayment or to avail loan at a lower interest rate with the balance transfer. 

Axis Bank Mortgage Loan EMI Calculator to Estimate Against Property EMI

You must put different loan amounts and tenure at the eligible interest rate on the Axis Bank LAP EMI calculator to calculate the EMI against Axis Bank Loan Against Property.

The table below depicts the Axis Bank EMI calculation at various combinations of loan amounts and tenures at the lowest interest rate of 6.90%.

Loan Amount (₹) 10 Years  15 Years 20 Years
EMI on ₹ 10,00,000 ₹ 11,559 ₹ 8,932 ₹ 7,693
EMI on ₹ 20,00,000 ₹ 23,119 ₹ 17,865 ₹ 15,386
EMI on ₹ 30,00,000 ₹ 34,678 ₹ 26,797 ₹ 23,079
EMI on ₹ 40,00,000 ₹ 46,237 ₹ 35,730 ₹ 30,772
EMI on ₹ 50,00,000 ₹ 57,797 ₹ 44,662 ₹ 38,465

Factors Affecting Axis Bank Property Loan EMI

The calculation of Axis Bank Property Loan depends on certain factors like loan amount, rate of interest, and the tenure for which you want to avail the loan. The details about how such factors impact the EMIs are as follows:

  • Loan Amount: If you apply for a bigger loan amount, then you will have to pay a higher interest rate on the loan against property, which will eventually lead to higher EMI amounts. 
  • Interest Rate: The EMI is directly proportional to the interest rate on the loan. The higher the interest rate, the higher would be the loan against property EMI, which will eventually increase the total cost of the loan. Therefore, before availing of the loan, you should use the Axis Bank LAP EMI calculator to compare LAP rates and calculate EMI online. It will help you make an informed decision, and plan the repayment accordingly.
  • Loan Tenure: If you avail of a loan against property for a maximum tenure of 15 years, your per month EMI would be lower. Similarly, if your loan tenure is shorter, your EMI amount would be higher. 

Comparison of Axis Bank Loan Against Property EMI with Other Banks

The table given below depicts how the Axis Bank Loan Against Property compares to loan offerings from other lenders:

Name of the Lender Interest Rate (% p.a.)
Axis Bank 11.00% onwards
Bank of Baroda 8.20 - 13.85
Federal Bank 10.10 onwards
HDFC 7.35 - 10.30
Canara Bank  10.35% onwards
State Bank of India 8.40 - 8.80
IDFC First Bank 6.50 - 14.00
L&T Housing Finance 10.30 - 10.90
PNB Housing Finance 7.75 - 11.00
ICICI Bank 7.85 - 9.50
LIC Housing Finance 7.50 - 10.50
Kotak Mahindra Bank 9.50 - 11.70
Bajaj Housing Finance 8.00 - 9.05
Godrej Housing Finance 7.99 - 10.99

Axis Bank Loan Against Property Amortisation Calculator

The amortisation schedule breaks the computation of interest and the principal amount that you will pay monthly in the form of your EMIs. In simpler terms, the share of principal and interest amount keeps changing with each month’s EMI, however, the former keeps on increasing, and the latter keeps on reducing. 

Therefore, if you want to prepay your loan in the initial years, you will find that you have only a small proportion of the principal amount. Let us comprehend it well with the help of an example.

Example: Assume that you borrowed an Axis Bank Loan Against Property of ₹ 40 lakh for 13 years at an Axis Bank LAP interest rate of 9.25%. The monthly EMI you have to pay is ₹ 44,163 and the total annual EMI would be ₹ 5,29,956.

Axis Bank Loan Against Property Fees and Charges

When you avail of a loan against property, the bank levies certain fees and charges. The Axis Bank LAP charges are as follows:

Loan Processing Charges

The bank charges a loan processing fee of 1% of ₹ 10,000 (whichever is higher). 

An upfront processing charge of ₹ 5000 + GST is collected at the time of application login. The fee is non-refundable under any circumstances such as non-disbursement of loan for the reasons solely attributable to the customer, loan withdrawal/rejection of the loan application, etc.

The remaining processing fee is collected during the loan disbursement. 

Part Payment Charges

There are no part payment charges or foreclosure for customers falling under the category of Micro and Small Enterprises customers, regardless of the source of funds for closure. This is applicable only for LAP Term Loans and Overdraft Facility Loans. 

Note: The same is subject to change from time to time and the bank’s decision is final. 

Applicable for LAP Only: Part pre-payment charges term loan:

  • Up to 25% of the principal due repaid in the quarter - NIL   
  • More than 25% of principal due repaid in a quarter - 3% charges on the additional amount repaid. The quarter is considered to be the calendar quarter. Part prepayment is not allowed in the first quarter after the loan tenure has begun.
  • 3% part prepayment charges on the due principal are applicable for primary applicants who are an individual/non-individuals with business end use.
  • There are no pre-payment charges for the primary applicant who is an individual with end-use other than business (irrespective of the co-applicant constitution). 

Foreclosure Charges

As aforementioned, there are no part payment charges or foreclosure for customers falling under the category of Micro and Small Enterprises customers, regardless of the source of funds for closure. This is applicable only for LAP Term Loans and Overdraft Facility Loans. 

Note: The same is subject to change from time to time, and the bank’s decision is final. 

  • Asset Power (Loan Against Property)
      • For a primary applicant who is a non-individual (regardless of end-use): 3% foreclosure charge on the overdue principal.
      • For a primary applicant who is an individual with end-use as a business:3% foreclosure charge on the overdue principal.
      • No charges for the individual primary applicant with end-use other than business.
  • Overdraft Against Property - 2% (+Goods and Services Tax as applicable) of the opening Overdraft limit set for a particular year.
  • Lease Rental Discounting - Same as that of Asset Power. 

Renewal Charge for Overdraft Facility: It applies to Dropline and Straight-line overdraft facilities. A renewal fee of 0.5% of the drawing power set or ₹ 5,000/- whichever is lower plus the applicable GST will be levied during each renewal of the limit.

Non Utilisation Charges for Overdraft Facility: The charges apply only to straight-line overdraft facilities. In case the average utilisation is less than 25% of drawing power, then quarterly 0.10% will be levied on the difference between actual average utilisation and expected utilisation i.e. 25%. 

Stamp Duty & Other Statutory Charges: As per the state laws.

Duplicate No Dues Certificate/NOC: ₹ 50/- per instance.

Cheque/Instrument Swapping Charges: ₹ 500/- per instance.

Cheque Bounce Charges: ₹ 339/- per instance.

CERSAI Charges: ₹ 50/- for Loans up to ₹ 5 lakhs and ₹ 100/- for loans above ₹ 5 lakhs.

Credit Report Issuance Charges: ₹ 50/- per instance.

Frequently Asked Questions (FAQs)

How much loan can I get against my property from Axis Bank?

Axis Bank offers a maximum amount of ₹ 5 Crores to individuals seeking a loan against property. 

Can I get an overdraft against my property?

Yes, Axis Bank Loan Against Property allows an overdraft facility. You can obtain Axis Bank Loan Against Property either as a Term Loan with an EMI repayment option or as a Drop-line Overdraft Facility.

How is the EMI on loan against property calculated?

Either you can use Axis Bank Loan Against Property EMI calculator or you can use the formula for calculating the EMI, which is –

EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where

  • P= Principal Amount
  • R= Interest Rate
  • N= Repayment Tenure

What is the tenure of the LPA loan?

The tenure of the Axis Bank Loan Against Property is up to 15 years, in the case of the self-employed individuals and up to 20 years for the salaried employees.

Are NRIs allowed to get a loan against property from Axis Bank?

Yes, Axis Bank offers a loan against property to salaried NRIs as well.

What are different options available for EMI payments for LAP?

The bank allows two options for EMI payments, namely – Standard Instructions (SI) and National Automated Clearing House (NACH). The first option is for those who have an existing Savings, Salary or Current Account with Axis Bank, while NACH is to be used by customers who have an individual Axis Bank Account and want their EMIs to be deducted automatically at the end of the monthly cycle from this account