You can calculate the home loan EMI easily using the Axis Bank Home Loan EMI calculator. Apart from letting you know the amount that needs to be paid every month you can also get the loan repayment details. The minimum EMI that you need to pay for every lakh is Rs.797
To use the calculator, you need to know the Axis bank home loan interest rates, loan amount, and tenure. Enter the values and you’ll get a full break-up of your monthly repayments.
The table below gives you an idea of the EMIs for various tenures and loan amounts:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
Suppose you are applying for the Axis Bank Home Loan scheme at an interest rate of 8% p.a. and a loan amount of Rs.30 lakh, Rs.50 lakh, Rs.70 lakh or Rs.1 crore. Using the Bankbazaar Home Loan EMI Calculator, you can find the EMIs, processing fee and total interest payable on various tenures. In the above example, we’ve kept the processing fee as 0.35% and selected ‘No’ for pre-payments.
Axis Bank Home Loan Interest Rates: As of 17 Oct 2019, Axis Bank charges the following interest rates (floating) for its home loans:
The bank also offers a fixed interest rate of 12% p.a. across all loan amounts for a period of 20 years.
Axis Bank Home Loan Processing Fee: The bank charges a fee to process your loan and disburse it. This is either up to 1% of your loan amount or Rs.10,000, whichever is higher. The fee you have to mandatorily pay at the time of application is Rs.2,500 plus any taxes that apply. This fee is non-refundable, even if your application is rejected.
Axis Bank Loan amount and tenure: The minimum amount of loan you can take is Rs.3 lakh and the maximum amount is Rs.5 crore. The shortest tenure available is 1 year and the longest is 30 years.
Repayment schedule of your Axis Bank Home Loan: Now let’s look at an illustration to understand how repayment works.
Let’s say you want to take a loan of Rs.10 lakh for a tenure of 10 years. Assuming the bank charges you an interest rate of 9.1% p.a. and a processing fee of Rs.10,000 (10,00,000 x 1%), you’ll pay an EMI of Rs.12,722. Here’s how your loan will be repaid:
|Year||Principal Paid (A) (Rs.)||Interest Paid (B) (Rs.)||Total Payment (A+B) (Rs.)||Outstanding Loan Balance (Rs.)|
Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner. However, BankBazaar’s calculator also gives you the repayment details so that you know how much of each EMI goes towards repaying the principal and how much is charged as interest.
Every EMI calculator works based on the inputs you give it. However, there sometimes may be a slight difference between your result and the figures the bank gives. This is because the bank may also include other fees and charges.
Calculating your EMI can help you in various ways, some of which include:
When you make payments before they are due, they reduce the outstanding principal amount. Because the interest is charged on a reducing balance method, making prepayments help reduce your interest charges. This way, you can clear your loan faster.
Since the interest rate is applied based on the principle of reducing balances, the interest charges are slightly higher during the initial phase (since the principal outstanding is higher). As this reduces, the interest charges also reduce proportionately.
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