Axis Bank Home Loan EMI Calculator

Axis Bank is a prominent private sector bank in India that helps thousands of people with exceptional financial services, such as home loans. Axis Bank home loans, starting at an ROI of 9.00% per annum, can be availed both by salaried or self-employed people. Use the online Axis EMI calculator to calculate the monthly repayment obligations with this home loan. One can use the Axis Bank home loan EMI calculator online by entering simple loan-related details, and it will get instant results with 100% accuracy. Let us understand how to use the Axis Home Loan EMI Calculator and why we should use it instead of calculating the EMIs manually.

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

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. 

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Comparison of Axis Bank Home Loan EMI with other Popular Banks

A little research before applying for a housing loan does make sense. So, to help you compare Axis Bank housing loan EMI, we are now presenting a table with the Equated Monthly Installments of the other 5 lenders for a 10-year loan tenure: 

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
Axis Bank 9.00% p.a. onwards Rs. 12,668 Rs. 25,335 Rs. 38,003 Rs. 50,670 Rs. 63,338
YES Bank 9.40% p.a. onwards Rs. 12,885 Rs. 25,770 Rs. 38,655 Rs. 51,540 Rs. 64,425
Cholamandalam Home Loan 9.00% p.a. onwards Rs. 12,668 Rs. 25,335 Rs. 38,003 Rs. 50,670 Rs. 63,338
Piramal Housing Finance 11.00% p.a. onwards Rs. 13,775 Rs. 27,550 Rs. 41,325 Rs. 55,100 Rs. 68,875
Motilal Oswal Housing Finance 11.75% p.a. onwards Rs. 14,203 Rs. 28,406 Rs. 42,609 Rs. 56,812 Rs. 71,015
DCB 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
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Axis Bank Home Loan Amortization Schedule

Using the Axis Bank Home Loan Amortization Schedule can help you get a breakdown of your monthly payments for a housing loan repayment. All you need is some basic loan-related data like the tenure, rate of interest, and loan amount to prepare the home loan amortization schedule. With the help of this schedule, you will be able to do better monthly financial planning. 

Steps to Calculate Axis Bank Home Loan Amortized Interest

Step 1: Start by dividing your Axis Bank housing loan interest rate by the total EMIs you plan to pay in a year. For example, if your housing loan rate of interest is 9.00% p.a. and you choose monthly EMIs, then divide 9.00% by 12 = 0.0075

Step 2: Your next step to calculate the Axis Bank amortization interest would be to multiply the figure you just derived with your loan outstanding, and the answer you will get will be your payable monthly interest. For example, if your home loan balance is Rs. 5,500,000, then 5,500,000 x 0.0075 = Rs. 41,250 will be your 1st month's interest

Step 3: The third step involves deducting the monthly interest you calculated in step 2 from your Equated Monthly Installment, and you will get the loan principal payable in the 1st month. For example, if your EMI is Rs. 49,485, you will pay Rs. 49,485 - Rs. 41,250 = Rs. 8,235 as the principal amount, and the same amount will be reduced from your outstanding loan to calculate the remaining loan balance for the upcoming month

Step 4: Just repeat all these steps to calculate the principal, interest, and outstanding loan balance for each month

Have a look at the Axis Bank Home Loan Amortization Schedule 2024 given below for a better understanding of the same:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 102,999.97 Rs. 490,820.03 Rs. 5,500,000.00 Rs. 593,820
1st Month Rs. 8,235.00 Rs. 41,250.00 Rs. 5,500,000.00 Rs. 49,485
2nd Month Rs. 8,296.76 Rs. 41,188.24 Rs. 5,491,765.00 Rs. 49,485
3rd Month Rs. 8,358.99 Rs. 41,126.01 Rs. 5,483,468.24 Rs. 49,485
4th Month Rs. 8,421.68 Rs. 41,063.32 Rs. 5,475,109.25 Rs. 49,485
5th Month Rs. 8,484.84 Rs. 41,000.16 Rs. 5,466,687.57 Rs. 49,485
6th Month Rs. 8,548.48 Rs. 40,936.52 Rs. 5,458,202.73 Rs. 49,485
7th Month Rs. 8,612.59 Rs. 40,872.41 Rs. 5,449,654.25 Rs. 49,485
8th Month Rs. 8,677.19 Rs. 40,807.81 Rs. 5,441,041.65 Rs. 49,485
9th Month Rs. 8,742.27 Rs. 40,742.73 Rs. 5,432,364.47 Rs. 49,485
10th Month Rs. 8,807.83 Rs. 40,677.17 Rs. 5,423,622.20 Rs. 49,485
11th Month Rs. 8,873.89 Rs. 40,611.11 Rs. 5,414,814.37 Rs. 49,485
12th Month Rs. 8,940.45 Rs. 40,544.55 Rs. 5,405,940.47 Rs. 49,485
Disclaimer: The information provided in the above table is just for your reference to get an estimate of the monthly housing loan EMI for a loan amount of Rs. 5,500,000 at a 9.00% p.a. interest rate for 20 20-year tenure. These EMI calculations are subject to change with any variation in the inputs you feed in the table.

FAQs

The maximum limit for a home loan amount is up to 90% of the property value, and repayment tenure for several lenders is up to 30 years. 

The main benefits of using the Axis Bank home loan EMI calculator are:

  • Free
  • Accurate
  • Convenient
  • Quick

One can pay the Axis Bank home loan EMI online through Netbanking, Auto Debit Standing Instruction, NEFT, Mobile Apps, and the RTGS option. 

The Axis Bank EMI calculator will provide you with details of the EMI amount if you enter the right loan tenure, loan amount, and rate of interest on which the loan is taken.

Yes, a user can easily check for multiple loan amounts in the Axis Bank home loan EMI calculator without paying anything