Axis Bank Loan Against Property EMI Calculator
Axis Bank Mortgage Loan EMI
Get monthly EMI as low as ₹ 1,105 per lakh on Axis Bank loan against property. Mortgage loan EMI in Axis Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.
| Loan Amount | 5 Year Loan | 7 Year loan | 15 Year loan |
|---|---|---|---|
| ₹ 20 Lakh | ₹ 42,988 | ₹ 33,721 | ₹ 22,108 |
| ₹ 30 Lakh | ₹ 64,482 | ₹ 50,582 | ₹ 33,162 |
| ₹ 50 Lakh | ₹ 1,07,470 | ₹ 84,303 | ₹ 55,270 |
Offers| Bank/NBFCs | Rate* | EMI per Lakh* | Action |
|---|---|---|---|
| SBI | 8.80% | ₹ 1,002 | Check Eligibility |
| Citibank | 7.50% | ₹ 927 | Check Eligibility |
| HDFC | 8.35% | ₹ 976 | Check Eligibility |
* Starting From
Loan Against Property EMI Calculator Axis Bank
- Loan Against Property EMI (or equated monthly instalment) is a fixed amount of money you pay Axis Bank towards repayment of your property loan every month on a fixed day of the month till your loan is fully paid back.
- With Axis Bank now offering loan tenure upto 15 years at attractive interest rates starting is 10.50%, your EMI can be as low as ₹ 976 per ₹ one lakh loan amount.
- The Loan Against Property EMI comprises of both principal repayment and interest payment. While the EMI amount remains constant, the interest component keeps reducing and the principal component keeps increasing, except in case of an increase in the interest rate on loan.
Use the above quick and easy tool to easily calculate and compare monthly EMI on Axis Bank Loan Against Property.
Axis Bank Loan Against Property 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 Loan Against Property of ₹ 15 Lakh from Axis Bank for 5 years at an interest rate of 10.50%, the EMI calculated for this loan amount would be ₹ 32,241 and the total annual EMIs to be paid annually is ₹ 3,86,890. The Axis Bank Loan Against Property EMI schedule for 5 years is explained below in the table –
Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 5 years
| Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
|---|---|---|---|---|
| 2021 | ₹ 1,34,930 | ₹ 2,19,720 | ₹ 3,54,649 | ₹ 12,80,280 |
| 2022 | ₹ 1,21,918 | ₹ 2,64,972 | ₹ 3,86,890 | ₹ 10,15,308 |
| 2023 | ₹ 92,718 | ₹ 2,94,173 | ₹ 3,86,890 | ₹ 7,21,136 |
| 2024 | ₹ 60,299 | ₹ 3,26,592 | ₹ 3,86,890 | ₹ 3,94,544 |
| 2025 | ₹ 24,307 | ₹ 3,62,583 | ₹ 3,86,890 | ₹ 31,961 |
| 2026 | ₹ 280 | ₹ 31,961 | ₹ 32,241 | ₹ 0 |
Each Axis Bank Loan Against Property 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 62.23% of your EMI has been used to repay the principal amount. This means that the remaining 37.77% of the EMI went into interest payment. Thus, you end up paying only 16.05% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Axis Bank.
In year 5, the interest component of Axis Bank EMI is around 5.46%, while the principal component is around 94.54%. Upto 5 years, you have cumulatively repaid 100% of your total Axis Bank Loan Against Property.
How to process for Loan Against Property EMI moratorium in Axis Bank?
After the announcement of RBI on 22nd May 2020, Axis Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Axis Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Axis Bank customer care or its nearest branch.
FAQs
✅Will the Axis Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
Axis Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:
✅Will Loan Against Property EMI change in case of prepayment?
Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:
✅How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?
Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:
✅How much loan can I get against my property from Axis Bank?
You can avail of a maximum loan of ₹ 7 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. Axis Bank assesses the property before approving your mortgage loan application.
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- 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 - 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. - 2020-07-02 : Axis Bank delivers strong loan growth
Axis Bank reported a 4.53% year-on-year rise in profit, the profit reached at Rs 1,757 crore. Banks loan book grew backed by retail loan- car, two-wheeler, gold and personal loan- book grew 25% by almost Rs 28,500 crore on a quarterly basis and the domestic loan growth stood at 18%. - 2019-06-24 : Axis Bank revises MCLR by 5 bps
Axis Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like home, auto, and mortgage loans cheaper. For overnight, the rate has been revised to 8.30% from 8.35% earlier. For one-month tenor, the MCLR now stands at 8.30% which is down by 5 bps from the earlier rate. While for six-month tenor, the new MCLR stands at 8.65% from 8.75%, down by ten bps. The revised rates are effective from June 18, 2019. - 2019-05-20 : Axis Bank revises MCLR rates across loan tenures
Axis Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.35%. For 3 months, the rate has been revised to 8.60%. While for 1 year the rate now stands at 8.80%. The revised rates are effective from May 17, 2019.
