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Axis Bank Loan Against Property EMI Calculator

Axis Bank Mortgage Loan EMI

Last Updated 28th Aug 2020

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 Amount5 Year Loan7 Year loan15 Year loan
₹ 10 Lakh₹ 21,494₹ 16,861₹ 11,054
₹ 25 Lakh₹ 53,735₹ 42,152₹ 27,635
₹ 40 Lakh₹ 85,976₹ 67,443₹ 44,216
Loan Against Property EMI Calculator
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Best Offers on Loan Against Property offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
SBI8.80%₹ 1,002Check Eligibility
Citibank8.45%₹ 982Check Eligibility
HDFC8.75%₹ 999Check Eligibility

* Starting From

Loan Against Property EMI Calculator Axis Bank

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 schedule

Suppose you borrow a Loan Against Property of ₹ 10 Lakh from Axis Bank for 5 years at an interest rate of 10.50%, the EMI calculated for this loan amount would be ₹ 21,494 and the total annual EMIs to be paid annually is ₹ 2,57,927. 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 ₹ 10 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
2020 ₹ 34,327 ₹ 51,649 ₹ 85,976 ₹ 9,48,351
2021 ₹ 91,730 ₹ 1,66,197 ₹ 2,57,927 ₹ 7,82,154
2022 ₹ 73,414 ₹ 1,84,513 ₹ 2,57,927 ₹ 5,97,642
2023 ₹ 53,080 ₹ 2,04,847 ₹ 2,57,927 ₹ 3,92,795
2024 ₹ 30,505 ₹ 2,27,421 ₹ 2,57,927 ₹ 1,65,373
2025 ₹ 6,578 ₹ 1,65,373 ₹ 1,71,951 ₹ 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 ₹ 10 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:

  • Typically, the Loan Against Property 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 loan increases, Axis Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Axis Bank, the bank may increase your EMI amount.

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:

  • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a 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.
  • Note that Axis Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

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:

  • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
  • Axis Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

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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Axis Bank Loan Against Property News - Sep 2020
  • 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.
  • 2019-04-26 : Axis Bank posts Rs. 4,677 crore profit in FY19 on loan growth, lower provision
    Private sector lender, Axis Bank has reported a growth in its net profit at Rs. 4,677 crores for the year ended March 31, 2019, as compared to Rs. 276 crore in the last fiscal. The growth in the net profit is due to healthy loan growth and a decline in provisioning for bad loans. While its advances grew by 13% to Rs. 4,94,798 crore and domestic loans including home loans and mortgage loans climbed to 18%.
  • 2019-04-18 : Axis Bank cuts MCLR by 10 basis points
    Axis Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight and One month, the MCLR stands at 8.43% as compared to 8.45% earlier while for 1 year the rate now stands at 8.80% from 8.90% earlier. The revised rates are effective from April 18, 2019.
  • 2019-04-03 : Axis AMC raises Rs. 400 crore via realty fund
    Axis AMC, an asset management company backed by Axis Bank and Schroders, has raised Rs. 400 crore through its maiden real estate fund, the Axis RERA Opportunities Fund – I. The fund is targeting investments in top eight cities in India through the structured debt route and aims to work with the developers with an established track record of delivery who can show some positive results in the near future.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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