Axis Bank Home Loan: Purchasing a home for yourself and your family is one goal that everyone wishes to accomplish as soon as possible. And to help your dream come true, home loans today act as a true saviour.
A home loan by Axis Bank offers you the financial resources for buying the house and you will need to repay this amount in the form of EMIs or Equated Monthly Instalments.
Lucky for you, Axis Bank Home Loan Interest Rates are pretty appealing and the procedure is simple and quick.
And with the Axis Bank Home Loan Calculator, one can easily check the amount of EMI that they will be required to pay every month on their home loan.
The Axis Bank Home Loan Calculator is an effective tool that automatically calculates your EMI amount and makes your loan-planning process much easier.
To know more about Axis Bank Home Loan Calculator and how it works, continue to read this post till the end.
What is Axis Bank Home Loan EMI?
EMI on your Axis Bank Home Loan is a set amount that borrowers will have to pay on a set date of every month till their loan repayment term ends.
This specific amount of EMI is based on three main factors that are your amount of home loan, term, as well as the Axis Bank Home Loan rate of interest.
Using the Axis Bank home loan calculator, one can easily know the EMI amount on their home loan beforehand which will help them to plan their home loan payment as well as expenses.
Axis Bank home loan calculator is a useful tool available online that is based on an arithmetic algorithm and makes sure to provide you with only factual results without any kind of hassle.
The EMI of the home loan includes the principal amount along with the specified Axis Bank Home loan rate of interest. Hence, EMI = principal payment + interest.
Generally, The EMI stays the same for the whole term of the home loan and the borrower has to repay it over the term of the home loan every month.
During the first few years of the home loan term, the borrower pays extra towards the interest amount.
With time, as you return the home loan, a greater fraction is revised towards the primary amount.
That is because the EMI amount on home loans is calculated on a decreasing balance procedure, which serves in the favour of the borrower.
Keep in mind that your home loan term and the Axis Bank interest rates are going to play crucial factors to determine the EMI amount of your home loan.
Axis Bank Home Loan Formula for EMI Calculation
The estimation of your monthly instalment of EMI on the Axis Bank home loan is achieved through the formula mentioned below:
EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1]
, where EMI stands for Equated Monthly Installment, P stands for Principal Loan Amount, R stands for Monthly Interest Rate, and N stands for Number of Monthly Installments.
Axis Bank Home Loan Calculator: Significance
Axis Bank Home Loan Calculator is an online tool that helps you use it with great ease and provides results in an instant and with full accuracy.
The nicest thing about this tool is that users can evaluate and make a decent comparison of several EMI amounts at several varieties of the home loan amounts, rate of interest, and repayment terms.
Hence, using Axis Bank Home Loan Calculator allows the user to decide on the favorable amount for their home loan EMI that is reasonable and also choose the suitable home loan amount as well as home loan repayment tenure.
The following are other precise reasons why you should dig into the Axis Bank Home Loan calculator:
- Compute the amount of EMI at several repayment terms.
- Make a comparison of EMIs on Axis Bank Home Loans with other prominent banks and institutions.
- Get a comprehensive Amortisation Schedule.
- Evaluate the remaining home loan term for the balance outstanding at any point during your repayment tenure.
How Does the Axis Bank Home Loan Calculator Work?
You can make use of the Axis Bank Home Loan calculator for planning the repayment tenure as well as arrangement for your home loan.
For using it, all you need to do is just put in the home loan amount, rate of interest, and repayment term, and after that, the Axis Bank Home Loan Calculator is going to automatically evaluate the applicable EMI amounts for your home loan tenure.
Also, you must keep in mind that you refer to their amortization chart for the year-wise schedule of payments throughout your home loan term.
In case of any additional details or to start with the process of getting your home loan sanctioned, just tap on the option of “Get a call back” and enter in all your details that are required.
Also read – Canara Bank Home Loan
Axis Bank Home Loan Amortization Schedule
While the EMI amounts on Axis bank loans remain mostly consistent throughout the repayment tenure of your home loan, the payments repaid are regulated towards the principal amount and rate of interest to be paid back.
Generally, the first instalments or EMIs render more towards the amount of Axis bank home loan rate of interest, and the later instalments are revised towards the principal amount.
The Axis Bank home loan amortization schedule gives you the break-up of all these payments made towards the chief amount and rate of interest, together with the respective balance amounts through each year of the home loan.
In other words, the amortization schedule works as a road map heading towards the reimbursement of the home loan indicating the landmarks as well as the favourable points that the borrower must be at through the process.
Factors Affecting Axis Bank Home Loan Calculator
The EMI on your home loan can be evaluated with the help of the Axis Bank home loan calculator.
It takes various factors into account that including the total amount of your home loan, Axis bank home loan rate of interest, as well as the repayment term for which the borrower is intending to avail of the home loan.
- Home loan Amount
In case the borrower/s applies for a greater amount of home loan, it is apparent that they will need to repay a relatively greater EMI amount.
Axis Bank lends a minimum amount of Rs 3 lakhs and a maximum home loan amount of Rs 2 crores.
- Axis Bank Home loan Interest Rates
An increased rate of interest inflates your EMI amount on Axis Bank home loan which will further inflate the cumulative expense of your home loan.
The current Axis Bank home loan interest rates start at 6.90%. Before you go on to fill the application for your home loan, you must conduct a comprehensive market investigation and make a quick comparison of the rates and evaluate your EMI amount online itself with the help of the Axis Bank home loan calculator.
Also read – HDFC Home Loan
- Home loan repayment Tenure
This is the total term in which the borrower can pay back their home loan amount to Axis Bank.
The EMI for your home loan is going to be lower in case you avail of a 30-year home loan from the bank in comparison to a home loan availed of 5 years.
For a lengthier span, you will be allowed to return your home loan amount in smaller EMIs and vice-versa, of course.
Axis Bank Home Loan Processing Fee
As a borrower, you must also be aware of the Axis Bank Home Loan processing fee which is essentially a one-time fee made to the bank.
For housing loans sanctioned at Axis Bank, the processing fee for all the salaried borrowers for a home loan amount up to Rs 1 Crore is Rs 10,000 (+ GST), for above Rs 1 Crore and up to Rs 2 Crores, it is Rs 15,000 (+GST), and for above Rs 2 Crores, it is Rs 25,000 (+GST).
For all the self-employed borrowers, the Axis Bank Home Loan processing fee would be either 0.50% or Rs 10,000 (+GST), whichever comes out to be greater.
Who can avail of a home loan from Axis Bank?
- Individuals who work on a salary basis in government or private sectors
- Specialists (including doctors, dentists, engineers, architects, cost accountants, chartered accountants, company secretaries, and others.)
- Self-employed individuals in an enterprise and filing ITR OR Income Tax Returns
- Individuals falling in the age group of 21 to 60-65
Just like Axis Bank Home Loan Calculator, there is also an online Eligibility Calculator. You can check your eligibility for Axis Bank Home Loan here.
Axis Bank Home Loan Documents Required
The following are all the documents you are going to need for availing of an Axis Bank Home Loan.
- A duly filled home loan application form along with passport-size photographs of the applicant and the co-applicant if any
- Income statement
- Salary slips as well as Form 16
- Bank statement
- Income Tax Returns or ITR for the latest months
- Credit score report
- Proof of age (Aadhaar Card, PAN card, Passport, Driving License, or others.)
- Proof of address (Aadhaar Card, Driving License, Passport, Ration Card, electricity or telephone bills, etc.)
- Proof for Photo identification (Aadhaar Card, PAN card, Passport, Driving license, Voter ID, etc.)
- Documents of the Property (Sale deed, Sale agreement with the property builder, Receipts of tax paid on the land and construction, an authorized document of the sanctioned program of the estate, ownership statement, Payment receipts for the advance amount paid for the property, a document of the computed expense of construction, NOC or No Objection Certificate by the builder or housing board society, a letter by the builder or housing board society noting the details of their bank accounts for remittances)
Why Axis Bank Home Loan?
The following are some of the significant features and benefits of applying for an Axis Bank Home Loan:
- Fast as well as Transparent process of application
- Flexible Axis Bank home loan interest rates and repayment tenures
- Additional benefits for prepayment or transfer
- Hassle-free service
- Minimal Axis bank home loan processing fee
- Doorstep service for applying and repaying the home loan
Frequently Asked Questions
What is the minimum amount of home loan that one must borrow from Axis Bank?
The minimum amount that you will need to borrow from Axis bank for their home loan is INR 3 lakh.
When is the EMI on my Axis bank home loan going to be due?
The EMI on your Axis Bank home loan is going to be due every month on a set date. This ‘set’ date will be informed to the borrower once the home loan amount is provided to them.
Can I apply for an Axis Bank Home Loan for Home improvements or/and Home extensions?
Yes, of course. You can avail of a home loan at Axis Bank for not only purchasing new properties but also for any kind of home repairing, renovation, as well as a home extension.