A "low interest" loan shouldn't mean you have very little interest in paying it back!
• # Axis Bank Home Loan Calculator

• 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.762

Axis Bank COVID-19 Home Loan EMI Moratorium

In compliance with RBI's COVID-19 regulatory measures, Axis Bank is offering up to 3 months of moratorium to its existing home loan borrowers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.

You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.

To use the calculator, you need to know the Axis bank home loan interest rates, loan amount, and tenure. Enter the values and youâ€™ll get a full break-up of your monthly repayments.

## Calculate Your Axis Bank Home Loan Monthly Repayment

The table below gives you an idea of the EMIs for various tenures and loan amounts:

 Amount→Tenure↓ Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh 10 years Rs.12,345 Rs.24,690 Rs.49,381 Rs.61,726 20 years Rs.8,615 Rs.17,230 Rs.34,460 Rs.43,075 30 years Rs.7,618 Rs.15,237 Rs.30,474 Rs.38,092

Suppose you are applying for the Axis Bank Home Loan scheme at an interest rate of 8.40% 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, weâ€™ve kept the processing fee as 0.50% and selected â€˜Noâ€™ for pre-payments.

Axis Bank Home Loan Interest Rates: As of 28 May 2020, Axis Bank charges the interest rate for Axis Bank is in the range of 8.40% to 9.25%.

Axis Bank Home Loan Processing Fee: The bank charges a fee to process your loan and disburse it. This is 0.50% of your loan amount with a minimum of Rs.10,000. 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.5 lakh and the maximum amount is Rs.10 crore. The shortest tenure available is 1 year and the longest is 30 years.

Repayment schedule of your Axis Bank Home Loan: Now letâ€™s look at an illustration to understand how repayment works.

Letâ€™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 8.40% p.a. and a processing fee of Rs.10,000 (10,00,000 x 1%), youâ€™ll pay an EMI of Rs.12,435. Hereâ€™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.) Current Year 55,167 68,286 1,23,453 9,44,833 1st Year 71,485 76,656 1,48,141 8,73,346 2nd Year 77,728 70,414 1,48,142 7,95,618 3rd Year 84,514 63,627 1,48,141 7,11,104 4th Year 91,893 56,247 1,48,140 6,19,210 5th Year 99,917 48,225 1,48,142 5,19,294 6th Year 1,08,639 39,502 1,48,141 4,10,653 7th Year 1,18,127 30,016 1,48,143 2,92,527 8th Year 1,28,440 19,702 1,48,142 1,64,087 9th Year 1,39,653 8,488 1,48,141 24,433 10th Year 24,433 257 24,690 0

## Axis Bank Housing Loan EMI Calculator FAQs

1. Do all EMI calculators function in the same way?

Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner. However, BankBazaarâ€™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.

2. Is the result displayed accurately?

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.

3. What is the advantage of calculating my Axis Bank loan EMI?

• You can have better control over your monthly budget. By knowing exactly how much you must pay every month, you can plan the rest of your expenses accordingly.
• The principal-interest ratio will give you an idea of the cost of your loan. That is, you get to know how much interest you have to pay during your loan period.
• BankBazaarâ€™s tool also allows you to include prepayment details when calculating your monthly repayment schedule.
4. Do prepayments or part payments help in the long run?

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.

5. I see that the interest charges in the repayment table are higher during the initial months of the loan. Why is this?

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.

## Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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