Axis Bank Home Loan EMI Calculator: Calculate EMI, Interest & Total Cost

Key takeaways: 

• The Axis Bank home loan EMI calculator is an online tool that helps you to plan your home loan.
• Before you apply for a  home loan, it is important to know your repayment capacity to avoid any chances of non-repayment.
• With the help of an EMI calculator, you can know the exact EMI payable based on the input you provide, including interest rate, the amount applied, and the duration.

Bonus tip: 

You can compare EMIs for different loan terms. Longer terms ease the monthly EMI, but shorter terms help you save a good amount on interest. 

 Axis Bank home loan EMI calculator is an online tool that calculates the EMI that you need to pay for the repayment of your home loan from the Axis Bank. 

If you apply for a loan without checking your estimated EMI on the calculator, it is like starting a long road trip without checking the fuel in your car. You may know the destination but moving without knowing the fuel limit can become stressful. In the same way, if you apply for a loan without calculating your EMIs, your financial budget can get disrupted. 

For instance, I am Neha and I want to buy a flat in Bengaluru. I applied for a home from Axis Bank of ₹30,00,000 with an interest rate of 8.65% per annum for 15 years. 

By using the Axis Bank home loan EMI calculator, I realised that I can use partial prepayment method to reduce my interest amount. 

What is the Axis Bank home loan EMI calculator? 

A home loan EMI calculator is an online tool that helps you to plan your home loan. You can find out your estimated EMI that you need to pay to repay your loan amount. You need to provide some basic loan details like: 

• principal loan amount: the total loan amount borrowed from the Axis Bank.
• interest rate : the rate which is charged by the bank on your home loan
• repayment tenure: the duration for which you have taken the loan.

One of the biggest advantages of an EMI calculator is that it shows whether the loan fits income or not which helps you to manage your monthly budget. In case the estimated EMI is too less or high, you can adjust the time period in order to find an amount that will suit your monthly budget. 

For example 1: Kartik is planning to buy his own flat. He applied for a home from the Axis Bank with a longer tenure to reduce the EMI burden. 

By choosing the longer tenure, the monthly EMI is reduced but the interest paid is increased. 

Example 2: Abhinav is planning to construct his own house before his wedding. He applied for a home loan of ₹75,00,000 from the Axis Bank.

Abhinav earns ₹2,50,000 per month and the home loan EMI is 30% of his earning. By using the home loan EMI calculator, he realised that shorter tenure reduced his interest amount.

Steps to use the Axis Bank Home Loan EMI calculator 

Follow the below steps to use the calculator correctly and efficiently : 

Step 1- visit the Axis Bank Home Loan EMI calculator page  https://www.axis.bank.in/calculators/home-loan-emi-calculator. 

Step 2- enter the principal amount or adjust the slider

Step 3- enter the tenure of the loan or adjust the slider

Step 4- enter the interest rate or adjust the slider. You will get your result in just a few seconds. 

After using the above steps you can easily access the Axis BankHome Loan EMI Calculator.

How to calculate Axis Bank home loan EMI amount? 

The Axis Bank home loan EMI calculator uses a standard formula to make calculations, and that formula is “E = P x r x (1+r)^n/((1+r)^n-1)”. To understand this formula, we need to break this as: 

P for principal, N for tenure, and R for the rate of interest of the home loan from Axis Bank.

We can understand the process through an example: 

I want to buy my first house and for this I applied for a loan of ₹90,00,000 with a longer tenure. 

From the above example, it can be concluded that by using the formula, monthly EMIs are calculated based on the loan amount, tenure and interest rate. 

Benefits of using the Axis Bank home Loan EMI Calculator

There are several benefits of using the Axis Bank Home Loan EMI calculator and some of them are: 

1. It is an easy and free tool that can be used by anyone from anywhere. 
2. The calculator can be used to compare different values and tenures of a home loan to see the most suitable EMI amount that you will have to pay each month.
3. It is a time saving tool that gives accurate results within just a few seconds. 
4. No personal details are required as you can use the tool without entering your contact number, PAN etc. 

Overall, it is a user-friendly tool that helps you to plan your financial budget. 

Conclusion 

The Axis Bank home Loan EMI calculator is a powerful tool that helps you to make your budget decisions more easily and more confidently before applying for a home loan. Instead of just guessing numbers of how much you will be required to pay every month, the calculator will give you clarity quickly. By entering the loan amount, interest rate, and tenure, you can instantly see your EMI, total interest cost, and overall repayment amount. Before applying for a loan, it is better to take a few minutes to use the calculator and make a lasting difference in your budget journey.

FAQs: 

Is it reasonable to have 50% of my income as EMI?
Most of the financial experts advise to keep your EMI 30-35% of your income. You can reduce your EMI by increasing the tenure. 

What is home loan EMI?

A home loan EMI is a monthly payment that you make in order to repay the home loan amount.

 What are the 5 Benefits of using a Loan EMI Calculator?

It shows the estimated EMI according to your monthly budget. Monthly Budget decisions are easily made by changing the factors affecting the EMI. It also ensures a healthy credit score. The tool is easy to use. It is a time saving tool which gives you accurate results. 

What is the purpose of a loan EMI calculator? 

A  loan EMI calculator is a handy tool that can be used easily to know the estimated monthly EMI right before applying for a loan. You need to provide the basic information like loan amount, tenure and interest to know the monthly EMIs. 

How does a home loan calculator work? 

Home loan EMI is calculated on the basis of repayment of principal loan amount plus interest within a fixed period.