Axis Bank Home Loan EMI Calculator
Axis Bank Home Loan Calculator
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Axis Bank Home Loan EMI Calculator Online
Axis Bank Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your Axis Bank housing loan EMI in advance to plan your loan payments and expenses using a Axis Bank home loan calculator. Axis Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.
Why should you use Axis Bank Home Loan EMI Calculator?
Axis Bank Home Loan EMI Calculator to estimate the EMI that fits your budget
To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on Axis Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Axis Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 6.70%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Axis Bank Home loan plan for you.
Axis Bank home loan EMI is calculated for different loan amounts and tenures at 6.70% interest rate| Loan Tenure | |||
|---|---|---|---|
| Loan Amount (Rs.) | 15 years | 20 years | 30 years |
| ₹ 25 Lakh | ₹ 22,053 | ₹ 18,935 | ₹ 16,132 |
| ₹ 50 Lakh | ₹ 44,107 | ₹ 37,870 | ₹ 32,264 |
| ₹ 75 Lakh | ₹ 66,160 | ₹ 56,805 | ₹ 48,396 |
| ₹ 1 Cr | ₹ 88,214 | ₹ 75,739 | ₹ 64,528 |
Benefits of using Axis Bank Home Loan EMI Calculator
Axis Bank Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using Axis Bank Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Axis Bank Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.
Factors Affecting Axis Bank Home Loan EMI
Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.
If you apply for a higher loan amount, you will have to pay a higher EMI Axis Bank gives a minimum home loan of ₹ 30,00,000 upto a maximum amount of ₹ 2,00,00,000.
Higher interest rate increases your Axis Bank housing loan EMI which will increase the total cost of the loan. Axis Bank current home loan interest rate starts at 6.70%. Do a complete market research and compare rates and calculate EMI online using Axis Bank home loan calculator before you apply for a home loan.
This is the period in which you can repay your home loan in Axis Bank. Your EMI will be lower if you take a 30 years loan from Axis Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.
Axis Bank Home Loan EMI Calculator Formula
Axis Bank Home Loan Calculator calculates EMI based on the following 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,
Comparison of Axis Bank Home Loan EMI with other Banks
| Bank Name | Interest rate | Loan Amount of ₹ 10 Lakh | Loan Amount of ₹ 30 Lakh | Loan Amount of ₹ 50 Lakh |
|---|---|---|---|---|
| Axis Bank | 6.70% | ₹ 6,453 | ₹ 19,358 | ₹ 32,264 |
| HDFC | 6.75% | ₹ 6,486 | ₹ 19,458 | ₹ 32,430 |
| ICICI Bank | 6.75% | ₹ 6,486 | ₹ 19,458 | ₹ 32,430 |
| SBI | 6.70% | ₹ 6,453 | ₹ 19,358 | ₹ 32,264 |
| LIC Housing Finance | 6.66% | ₹ 6,426 | ₹ 19,279 | ₹ 32,131 |
Axis Bank Home Loan Amortization Calculator
Axis Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Axis Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.
How to read an amortization schedule
Suppose if you take a Home Loan of ₹ 25 Lakh for 30 years from Axis Bank at an interest rate of 6.70%. EMI calculated for this loan amount is ₹ 16,132 and the total annual EMIs to be paid annually is ₹ 1,93,583. The EMI schedule of loan for 30 years is explained below in the table –
Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 30 years
| Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
|---|---|---|---|---|
| 2021 | ₹ 83,567 | ₹ 13,225 | ₹ 96,792 | ₹ 24,86,775 |
| 2022 | ₹ 1,65,770 | ₹ 27,813 | ₹ 1,93,583 | ₹ 24,58,962 |
| 2023 | ₹ 1,63,848 | ₹ 29,735 | ₹ 1,93,583 | ₹ 24,29,227 |
| 2024 | ₹ 1,61,794 | ₹ 31,790 | ₹ 1,93,583 | ₹ 23,97,437 |
| 2025 | ₹ 1,59,597 | ₹ 33,986 | ₹ 1,93,583 | ₹ 23,63,451 |
| 2026 | ₹ 1,57,249 | ₹ 36,335 | ₹ 1,93,583 | ₹ 23,27,116 |
| 2027 | ₹ 1,54,738 | ₹ 38,845 | ₹ 1,93,583 | ₹ 22,88,271 |
| 2028 | ₹ 1,52,054 | ₹ 41,529 | ₹ 1,93,583 | ₹ 22,46,742 |
| 2029 | ₹ 1,49,185 | ₹ 44,399 | ₹ 1,93,583 | ₹ 22,02,343 |
| 2030 | ₹ 1,46,117 | ₹ 47,466 | ₹ 1,93,583 | ₹ 21,54,877 |
| 2031 | ₹ 1,42,837 | ₹ 50,746 | ₹ 1,93,583 | ₹ 21,04,131 |
| 2032 | ₹ 1,39,331 | ₹ 54,253 | ₹ 1,93,583 | ₹ 20,49,878 |
| 2033 | ₹ 1,35,582 | ₹ 58,001 | ₹ 1,93,583 | ₹ 19,91,877 |
| 2034 | ₹ 1,31,575 | ₹ 62,009 | ₹ 1,93,583 | ₹ 19,29,868 |
| 2035 | ₹ 1,27,290 | ₹ 66,293 | ₹ 1,93,583 | ₹ 18,63,575 |
| 2036 | ₹ 1,22,709 | ₹ 70,874 | ₹ 1,93,583 | ₹ 17,92,701 |
| 2037 | ₹ 1,17,812 | ₹ 75,771 | ₹ 1,93,583 | ₹ 17,16,930 |
| 2038 | ₹ 1,12,577 | ₹ 81,007 | ₹ 1,93,583 | ₹ 16,35,923 |
| 2039 | ₹ 1,06,979 | ₹ 86,604 | ₹ 1,93,583 | ₹ 15,49,319 |
| 2040 | ₹ 1,00,995 | ₹ 92,588 | ₹ 1,93,583 | ₹ 14,56,731 |
| 2041 | ₹ 94,598 | ₹ 98,985 | ₹ 1,93,583 | ₹ 13,57,746 |
| 2042 | ₹ 87,758 | ₹ 1,05,825 | ₹ 1,93,583 | ₹ 12,51,921 |
| 2043 | ₹ 80,446 | ₹ 1,13,137 | ₹ 1,93,583 | ₹ 11,38,784 |
| 2044 | ₹ 72,629 | ₹ 1,20,954 | ₹ 1,93,583 | ₹ 10,17,829 |
| 2045 | ₹ 64,271 | ₹ 1,29,312 | ₹ 1,93,583 | ₹ 8,88,517 |
| 2046 | ₹ 55,337 | ₹ 1,38,247 | ₹ 1,93,583 | ₹ 7,50,270 |
| 2047 | ₹ 45,784 | ₹ 1,47,799 | ₹ 1,93,583 | ₹ 6,02,471 |
| 2048 | ₹ 35,572 | ₹ 1,58,012 | ₹ 1,93,583 | ₹ 4,44,460 |
| 2049 | ₹ 24,654 | ₹ 1,68,930 | ₹ 1,93,583 | ₹ 2,75,530 |
| 2050 | ₹ 12,981 | ₹ 1,80,602 | ₹ 1,93,583 | ₹ 94,928 |
| 2051 | ₹ 1,864 | ₹ 94,928 | ₹ 96,792 | -₹ 0 |
In the above illustration, on a Axis Bank Home Loan of₹ 25 Lakh, taken at the lowest interest rate of 6.70, EMI paid is ₹ 16,132 and an annual total of EMIs is ₹ 1,93,583, the interest component is ₹ 1,66,684 while the principal component is ₹ 26,899 in year 1 of loan disbursement. You repay only 1.08% of the total principal after paying 12 EMIs during the first year.
Axis Bank Home Loan EMI for ₹ 10 Lakh
The following table shows Axis Bank Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 6.70%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 10,00,000 | 6.70% | 5 Years | ₹ 19,660 |
| ₹ 10,00,000 | 6.70% | 10 Years | ₹ 11,457 |
| ₹ 10,00,000 | 6.70% | 15 Years | ₹ 8,821 |
| ₹ 10,00,000 | 6.70% | 20 Years | ₹ 7,574 |
| ₹ 10,00,000 | 6.70% | 30 Years | ₹ 6,453 |
Axis Bank Home Loan EMI for ₹ 20 Lakh
The following table shows Axis Bank Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 6.70%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 20,00,000 | 6.70% | 5 Years | ₹ 39,320 |
| ₹ 20,00,000 | 6.70% | 10 Years | ₹ 22,914 |
| ₹ 20,00,000 | 6.70% | 15 Years | ₹ 17,643 |
| ₹ 20,00,000 | 6.70% | 20 Years | ₹ 15,148 |
| ₹ 20,00,000 | 6.70% | 30 Years | ₹ 12,906 |
Axis Bank Home Loan EMI for ₹ 30 Lakh
The following table shows Axis Bank Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 6.70%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 30,00,000 | 6.70% | 5 Years | ₹ 58,980 |
| ₹ 30,00,000 | 6.70% | 10 Years | ₹ 34,370 |
| ₹ 30,00,000 | 6.70% | 15 Years | ₹ 26,464 |
| ₹ 30,00,000 | 6.70% | 20 Years | ₹ 22,722 |
| ₹ 30,00,000 | 6.70% | 30 Years | ₹ 19,358 |
Axis Bank Home Loan EMI for ₹ 50 Lakh
The following table shows Axis Bank Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 6.70%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 50,00,000 | 6.70% | 5 Years | ₹ 98,300 |
| ₹ 50,00,000 | 6.70% | 10 Years | ₹ 57,284 |
| ₹ 50,00,000 | 6.70% | 15 Years | ₹ 44,107 |
| ₹ 50,00,000 | 6.70% | 20 Years | ₹ 37,870 |
| ₹ 50,00,000 | 6.70% | 30 Years | ₹ 32,264 |
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FAQs
✅Will the Axis Bank home loan EMI remain constant or change in future?
No, your Axis Bank Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Axis Bank Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.
✅What happens in case of increase or decrease in Axis Bank interest rate?
Axis Bank offers floating rate home loans only. If you take a floating rate loan from Axis Bank, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Axis Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.
✅Will Axis Bank 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 Axis Bank 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 the same (that is paying a lesser amount every month). It is beneficial to keep the Axis Bank home loan 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 Axis Bank 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 loan calculator Axis Bank housing loan EMI calculator as discussed below -
✅What is the EMI for home loan in Axis Bank?
The Axis Bank 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 6.70% and maximum tenure of 30 years, the Axis Bank home loan EMI for different loan amount will be:
| Loan amount | EMI |
|---|---|
| ₹ 10 Lakh | ₹ 6,453 |
| ₹ 12 Lakh | ₹ 7,743 |
| ₹ 15 Lakh | ₹ 9,679 |
| ₹ 30 Lakh | ₹ 19,358 |
| ₹ 50 Lakh | ₹ 32,264 |
You can compare Axis Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.
✅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.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Axis Bank home loan emi calculator is far better than manual calculations , as chances of error are less.
✅How to pay your Axis Bank Home loan EMI Online?
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 Axis Bank home loan EMI calculated?
The Axis Bank 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.
✅What is the EMI for ₹ 10 Lakh home loan in Axis Bank?
You can use a 10 lakh home loan emi calculator Axis Bank, to determine different EMI for different tenures. Let`s understand with examples:-
| Loan amount | Interest rate | Tenure | EMI |
|---|---|---|---|
| ₹ 10 Lakh | 6.70% | 10 years loan | ₹ 11,457 |
| ₹ 10 Lakh | 6.70% | 15 years loan | ₹ 8,821 |
| ₹ 10 Lakh | 6.70% | 20 years loan | ₹ 7,574 |
✅What is the EMI for ₹ 20 Lakh home loan in Axis Bank?
You can use a 20 lakh home loan emi calculator Axis Bank, to determine different EMI for different tenures. Let`s understand with examples:-
| Loan amount | Interest rate | Tenure | EMI |
|---|---|---|---|
| ₹ 20 Lakh | 6.70% | 10 years loan | ₹ 22,914 |
| ₹ 20 Lakh | 6.70% | 15 years loan | ₹ 17,643 |
| ₹ 20 Lakh | 6.70% | 20 years loan | ₹ 15,148 |
✅What is the EMI for ₹ 30 Lakh home loan in Axis Bank?
You can use a 30 lakh home loan emi calculator Axis Bank, to determine different EMI for different tenures. Let`s understand with examples:-
| Loan amount | Interest rate | Tenure | EMI |
|---|---|---|---|
| ₹ 30 Lakh | 6.70% | 10 years loan | ₹ 34,370 |
| ₹ 30 Lakh | 6.70% | 15 years loan | ₹ 26,464 |
| ₹ 30 Lakh | 6.70% | 20 years loan | ₹ 22,722 |
✅What is the EMI for ₹ 50 Lakh home loan in Axis Bank?
You can use a 50 lakh home loan emi calculator Axis Bank, to determine different EMI for different tenures. Let`s understand with examples:-
| Loan amount | Interest rate | Tenure | EMI |
|---|---|---|---|
| ₹ 50 Lakh | 6.70% | 10 years loan | ₹ 57,284 |
| ₹ 50 Lakh | 6.70% | 15 years loan | ₹ 44,107 |
| ₹ 50 Lakh | 6.70% | 20 years loan | ₹ 37,870 |
✅What is the EMI for a 25 lakhs home loan in Axis Bank and how is it calculated?
EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Axis Bank:--
| Loan amount | Interest rate | Tenure | EMI |
|---|---|---|---|
| ₹ 25 Lakh | 6.70% | 10 years loan | ₹ 28,642 |
| ₹ 25 Lakh | 6.70% | 15 years loan | ₹ 22,053 |
| ₹ 25 Lakh | 6.70% | 20 years loan | ₹ 18,935 |
✅What is the EMI for 12 lakhs home loan in Axis Bank?
A borrower will pay ₹ 12,150 if he/she takes a loan for 12 years at an interest rate of 6.70%. The 12 lakh home loan emi Axis Bank may vary across Axis Bank home loan interest rate.
Compare Home Loan EMI of All Banks
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- 2021-07-09 : Axis Bank Q1 Net Profit seen up 95.2% YoY to Rs. 2,171.1 crores
Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Axis Bank to report a net profit of Rs. 2,171.1 crores up 95.2% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Two-wheeler Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 12.4% Y-o-Y to Rs. 7,851.8 crores. - 2021-06-18 : Axis Bank revised its MCLR
With effect from 18 June 2021, Axis Bank revised its MCLR. The overnight and one-month MCLR is 7.15%. The MCLR for three months, six months and one year is 7.25%, 7.30% and 7.35% respectively. The MCLR rate for long tenors of two years and three years is 7.45% and 7.50%. - 2021-05-20 : Axis Bank revised the marginal cost of lending rates
With effect from 18 May 2021, Axis Bank revised its MCLR. The overnight and one-month MCLR is 7.15%. The MCLR for three months, six months and one year is 7.15%, 7.25% and 7.30%, respectively. The MCLR rate for long tenors of two years and three years is 7.30% and 7.35%. The revised rates will impact MCLR based home loans. - 2021-05-04 : Axis Bank reduced its home loan balance transfer rates to 6.70%
Axis Bank in a quest to attract home loan buyers reduced its balance transfer rates. The new rates start from 6.70%. The revised rates will be effective from 1 May 2021. - 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.
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