Axis Bank Home Loan Calculator
Axis Bank Home Loan EMI Calculator 2021
Axis Bank home loan EMI per ₹ 1 Lakh is ₹ 659, which is one of the lowest EMI offered by banks. Housing loan EMI in Axis Bank is calculated based on loan amount, loan tenure and interest rate. Check Best Offers
| Loan Amount | 10 Year Loan | 15 Year loan | 30 Year loan |
|---|---|---|---|
| ₹ 20 Lakh | ₹ 23,119 | ₹ 17,865 | ₹ 13,172 |
| ₹ 30 Lakh | ₹ 34,678 | ₹ 26,797 | ₹ 19,758 |
| ₹ 50 Lakh | ₹ 57,797 | ₹ 44,662 | ₹ 32,930 |
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Axis Bank Home Loan EMI
Axis Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Axis Bank:
Axis Bank Housing Loan EMI Calculator at different tenures
| Loan Tenure | |||
|---|---|---|---|
| Loan Amount (Rs.) | 15 years | 20 years | 30 years |
| 2,500,000 | ₹ 22,331 | ₹ 19,233 | 16,465 |
| 5,000,000 | ₹ 44,662 | ₹ 38,465 | 32,930 |
| 7,500,000 | ₹ 66,994 | ₹ 57,698 | 49,395 |
| 10,000,000 | ₹ 89,325 | ₹ 76,931 | 65,860 |
Axis Bank Home Loan Interest Rate Calculator
Axis Bank Housing Loan Calculator is used along with EMI calculator is used to calculate the total interest a borrower will pay on housing loan at different loan tenure as well as various levels of interest rates.
Home Loan EMI for ₹ 1 Lakh loan amount at lowest 6.90% interest rate offered by Axis Bank for different tenures| Calculated Results for Axis Bank Home Loan EMI | 5 years | 10 years | 15 years | 30 years |
|---|---|---|---|---|
| Axis Bank EMI for a loan amount ₹ 1 lakh at 6.90% | ₹ 1,975 | ₹ 1,156 | ₹ 893 | ₹ 659 |
| Total amount you pay back to the bank including principal and interest | ₹ 1.19 Lakh | ₹ 1.39 Lakh | ₹ 1.61 Lakh | ₹ 2.37 Lakh |
| Interest you have to pay during the loan tenure | ₹ 18,500 | ₹ 38,720 | ₹ 60,740 | ₹ 1.37 Lakh |
The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 659 . However, you pay an interest of ₹ 1,37,240 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Axis Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 1,975 and pay an interest of only ₹ 18,500 which is less than half of what you paid in a 30 years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. This can be done using Axis Bank Home Loan Calculator.
How can Axis Bank Home Loan EMI Calculator be Beneficial?
Axis Bank Home Loan Details
Factors Affecting Axis Bank Home Loan EMI
Axis Bank Home Loan Amortization Calculator
The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.
Illustration: How to read an amortization scheduleSuppose you borrow a Home Loan of ₹ 25 Lakh from Axis Bank for 15 years at an interest rate of 6.90%, the EMI calculated for this loan amount would be ₹ 22,331 and the total annual EMIs to be paid annually is ₹ 2,67,974. The Axis Bank Home Loan EMI schedule for 15 years is explained below in the table –
Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 15 years
| Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
|---|---|---|---|---|
| 2021 | ₹ 1,27,706 | ₹ 73,275 | ₹ 2,00,981 | ₹ 24,26,725 |
| 2022 | ₹ 1,64,203 | ₹ 1,03,771 | ₹ 2,67,974 | ₹ 23,22,954 |
| 2023 | ₹ 1,56,812 | ₹ 1,11,162 | ₹ 2,67,974 | ₹ 22,11,792 |
| 2024 | ₹ 1,48,895 | ₹ 1,19,079 | ₹ 2,67,974 | ₹ 20,92,713 |
| 2025 | ₹ 1,40,413 | ₹ 1,27,561 | ₹ 2,67,974 | ₹ 19,65,152 |
| 2026 | ₹ 1,31,328 | ₹ 1,36,646 | ₹ 2,67,974 | ₹ 18,28,506 |
| 2027 | ₹ 1,21,595 | ₹ 1,46,379 | ₹ 2,67,974 | ₹ 16,82,127 |
| 2028 | ₹ 1,11,169 | ₹ 1,56,805 | ₹ 2,67,974 | ₹ 15,25,322 |
| 2029 | ₹ 1,00,001 | ₹ 1,67,973 | ₹ 2,67,974 | ₹ 13,57,349 |
| 2030 | ₹ 88,037 | ₹ 1,79,937 | ₹ 2,67,974 | ₹ 11,77,412 |
| 2031 | ₹ 75,221 | ₹ 1,92,753 | ₹ 2,67,974 | ₹ 9,84,660 |
| 2032 | ₹ 61,493 | ₹ 2,06,481 | ₹ 2,67,974 | ₹ 7,78,178 |
| 2033 | ₹ 46,786 | ₹ 2,21,188 | ₹ 2,67,974 | ₹ 5,56,990 |
| 2034 | ₹ 31,032 | ₹ 2,36,942 | ₹ 2,67,974 | ₹ 3,20,048 |
| 2035 | ₹ 14,156 | ₹ 2,53,818 | ₹ 2,67,974 | ₹ 66,230 |
| 2036 | ₹ 763 | ₹ 66,230 | ₹ 66,994 | -₹ 0 |
Each Axis Bank Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.
As you assess the amortization table, you will find that by the end of 1st year 36.78% of your EMI has been used to repay the principal amount. This means that the remaining 63.22% of the EMI went into interest payment. Thus, you end up paying only 3.94% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to Axis Bank.
In year 15, the interest component of Axis Bank EMI is around 3.64%, while the principal component is around 96.36%. Upto 15 years, you have cumulatively repaid 100% of your total Axis Bank Home Loan.
Axis Bank Home Loan EMI Calculator Formula
P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Axis Bank Home Loan EMI calculator formulates EMI:
In above formula,
P = Loan amount. This can range from ₹ 20,00,000 to ₹ 2,00,00,000
r = Rate of interest per month. Current rate is 6.90%, which is linked to Axis Bank
n = tenure in month. For Axis Bank, this can be 360 months
Axis Bank Home Loan Interest Rate Calculator
Typically, Home Loan EMIs constitute a large proportion of the household’s monthly expenditure to pay for a long period. Being a long tenure loan, the total interest you pay on a housing loan for 30 years can be more than the original loan amount you have borrowed from the bank. Axis Bank Home Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of factors that are used for interest rate calculation are:
Tips to Decide the Right Amount of EMI
Other Loan Calculators
FAQs
✅Will the Axis Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Axis Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI). In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with Axis Bank Home loan EMI calculator 2021.
✅Will home loan EMI change in case of prepayment?
Axis Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Axis Bank home loan calculator.
✅Why should I calculate Axis Bank loan EMI before taking a loan?
It is advised to calculate home loan EMI before taking a home loan. There are several benefits of calculating your Axis Bank housing loan EMI which can be done using Axis Bank housing loan EMI calculator as discussed below -
✅What is the EMI for home loan in Axis Bank?
The EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Axis Bank home loan calculator. Based on the lowest rate of 6.90% and maximum tenure of 30 years, the Axis Bank home loan EMI for different loan amount will be:
| Loan amount | EMI |
|---|---|
| ₹ 10 Lakh | ₹ 6,586 |
| ₹ 30 Lakh | ₹ 19,758 |
| ₹ 50 Lakh | ₹ 32,930 |
You can compare home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.
✅Can I use the same Housing payments calculator for an Axis Bank home loan?
The home loan EMI calculator works in the same manner for all banks. So, you can use the EMI calculator for Axis Bank home loan to calculate the monthly installments and know about. Besides, using the Axis Bank home loan calculator will save your time and help you analyze different offers easily.
✅How accurate is a Axis Bank Housing Loan EMI calculator?
Online Axis Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.
✅Why should I calculate my Axis Bank home loan EMI in advance before taking a loan?
By calculating the EMI before availing the Axis Bank home finance will help you identify the amount you can pay each month as EMI. Plus, based on your budget, you can assess the maximum loan amount you can be eligible for and the applicable rate for it.
✅How to pay your Axis Bank Home loan EMI?
To pay the EMI of Axis Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card.
You can also visit the branch and submit the cheque of your EMI.
✅How is SBI home loan EMI calculated?
The SBI Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.
Compare Home Loan EMI of All Banks
- SBI
- HDFC
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- Bank of Baroda
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- Federal Bank
- Jammu And Kashmir Bank
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- 2021-03-05 : Axis Bank launches WhatsApp banking
Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time. - 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020 - 2021-01-28 : Axis Bank Q3 net profit down 36%
Axis Bank reported a 36% drop in its net profit in the December quarter. Profit declined to Rs 1,116 crore from Rs 1,757 crore in the same period last year. Provisions in the quarter increased 33% to Rs 4,604 crore against Rs 3,470 crore in the year-ago period . Net interest income (NII), the difference between the interest earned and that paid on deposits which includes FD and RDs rose 14% to Rs 7,372.7 crore - 2020-10-30 : Axis Bank reported a net profit of ₹1,623 crores in Q2
Axis Bank reported a net profit of ₹1,682.67 crores in the Q2 of FY21, as against a loss of ₹112 crores in the same period last year. The net interest income increased 20% y-o-y to ₹7,326 crore and its net interest margin (NIM) stood at 3.58%. Further, retail loans which include home, personal, gold, two-wheeler, gold and car loan grew 12% y-o-y to ₹3.05 trillion, accounting for 53% of the net advances of the bank. - 2020-10-23 : Axis Bank announced festive benefits
Axis Bank announced Dil se Open Celebrations that will offer deals and discounts on more than 1 lakh branded products on purchase through Axis Bank credit and debit cards. Further, the bank is also offering some key benefits to customers who are in need of a loan, offering home loans starting at 6.90% as well as car loans at 7.99% and up to 100% road funding.
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- 15 days waiting period
- Hassle-free claims
- Policy will be delivered within 5 working days of submitting the form
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