Axis Bank Home Loan EMI Calculator

How to Calculate Axis Bank Home Loan EMI?

The decision to use an online EMI calculator is the easiest way to calculate home loan EMI for a housing loan. It is a simple yet effective tool available online that helps borrowers calculate monthly repayments and plan their finances well. It is a free-to-use and precise online tool that can be used whenever a borrower wants to use it as many times as one wants to. 

Axis Bank Home Loan EMI Calculator Formula

Online EMI calculators use a simple mathematical formula to calculate a housing loan's monthly repayments. The Axis home loan calculation formula takes into account three main components of the home loan: loan amount, rate of interest, and tenure. Have a look at the formula to calculate the housing loan EMI to understand it in detail:

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

Here,

P denotes the Principal Loan Amount
R denotes the Rate of Interest
N denotes the No. of Instalments 

Factors affecting Axis Bank Home Loan EMI

At the same time, it is important to understand that certain Axis Bank Home Loan criteria can impact the housing loan EMI. Some of these factors are listed below:

Home Loan Interest Rate: The lender's interest rate is the prime factor determining the monthly payment you pay for your housing loan. The higher the rate of interest, the higher your monthly payment will be. Moreover, the type of interest rate—floater or fixed—also impacts the monthly payment.

Principal Loan Amount: The second crucial criterion that impacts a housing loan EMI is the principal loan amount. Generally, substantial loan amounts generate huge EMIs for repayment, and vice versa.

Home Loan Tenure: The duration for which a loan is awaited, also known as the home loan tenure, has a direct impact on the Equated Monthly Installment (EMI). Generally, longer tenures lead to smaller EMIs but higher interest payments overall, and shorter tenures lead to higher EMIs.

Benefits of Using Axis Bank Home Loan Calculator

Knowing about the features of a home loan calculator is not enough; we recommend you read further to understand all about the major benefits of Axis Home Loan EMI calculator:

Free and Convenient: The best advantage of using the online EMI calculator is that it is absolutely free to use, and one can use it anytime, from anywhere, multiple times. Try the free-to-use EMI calculator available online at the official website of the BASIC Home Loan: https://www.basichomeloan.com/em. 

Accurate Results Every Time: No need to cross-check the manual EMI calculations when you rely on the online EMI home loan calculator. This is because this tool gives accurate results every time, eliminating the scope for human errors. 

Aids in Comparison Analysis: The EMI calculator tool allows users to try an endless number of combinations of loan tenures, loan amounts, and interest rates. This helps users compare different loan figures and make informed decisions as per one's affordability. 

Axis Bank Home Loan Interest Calculator Formula

After learning in-depth about the use and benefits of a home loan EMI calculator, we want you to understand a bit about the Axis Bank home loan interest rate calculator as well. This simple tool helps you know the interest paid on a home loan with a simple calculation. Axis housing loan interest rate calculator works on a mathematical calculation that is given below:
Total Interest = (P X R X T) / 100

Here,

P denotes the Principal Loan Amount
R denotes the Rate of Interest 
T denotes the Tenure

Axis Bank Home Loan Eligibility Criteria

Axis Bank home loan eligibility calculator is another powerful tool that helps an aspiring home loan borrower take that first step to apply for a housing loan. It is through this home loan eligible calculator Axis, that an interested borrower can check their eligibility to apply for a housing loan scheme from the bank. Age, income, credit score, and work experience are some of the common things you need to input in this calculator to calculate your home loan eligibility.