What is Axis Bank Home Loan Interest Rate Calculator?

An interest rate calculator is a tool that is used to calculate the monthly installment (EMI) on a loan. With the help of this calculator, you can calculate EMI on all kinds of loans and Axis Bank home loan interest rate calculator is one of the purposes. 

Axis Bank has also introduced a new home loan scheme named Shubh Aarambh home loan wherein the borrower will not have to pay 12 EMIs if he/she will do regular EMI payments. There are however some terms and conditions applicable to which the waiver will be provided. 

Axis Bank home loan interest rate

At present, the home loan rate at Axis Bank is presently similar to SBI bank home loan interest rate that is at 8.35% per annum onwards.

Axis Bank home loan processing fee

The processing fee applicable to home loans is up to 1% of the loan amount plus applicable taxes that is GST. With the implementation of GST, there has been a slight increase in the processing fee.

Axis Bank home loan interest rate calculator

A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details on your home loan which are as follows:

• Loan amount
• Tenure
• Interest rate

Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.

EMI: ₹19,519

Total interest outgo: ₹15,13,480

Total amount: ₹35,13,480

Axis Bank home loan schemes:

Below are the schemes offered by Axis Bank on home loans:

Shubh Aarambh Home Loans:

• Interest rate starting from 8.35% per annum
• Maximum loan amount up to ₹30 lakhs
• Maximum tenure of 20 years
• Waiver of 12 EMIs after 4th, 8th and 12th year

Asha Home Loans:

• Interest rate ranging from 9.75% to 10.50% p.a.
• Minimum loan amount you can get is ₹1 lakh
• Maximum fund you can get is ₹28 lakhs or the maximum of 85% of the property value
• No prepayment charges on floating loan rate
• 2% of the principal outstanding on fixed loan rate
• Minimum net monthly income of ₹8,000 or ₹10,000 depending on the location of the applicant
• Processing fee of up to 1% of the loan amount subject to a minimum of ₹10,000/-
• Maximum tenure up to 30 years
• Customized loan facility depending on the behaviour and eligibility of the applicant

Empower Home Loan:

• Interest rate for all loan amounts as low as 9.25% p.a. (assured rate reductions)

• Minimum loan amount of ₹10 lakhs
• Avail maximum loan amount up to ₹1.5 Crores
• No switching fees
• No prepayment charges
• Processing fee up to 1% of the loan amount
• Hassle-free balance transfer facility

Happy Ending Home Loans:

• Attractive interest rates ranging from 8.65% to 8.75% p.a.
• Minimum fund that can be taken is ₹3 lakhs
• Maximum limit of the amount will depend on the combined income of the applicants
• No prepayment charges below 15 years of tenure
• Option to get last 12 EMIs waived off if the previous EMIs have been paid regularly
• Loan can be used to purchase an under construction/ready/resale house, self-construction, plot plus construction or home extension and improvement

Axis Bank home loan eligibility

The eligibility criteria to apply for a home loan is subject to change from one applicant to another and also is variable for different schemes. Below is the Axis Bank home loan eligibility criteria depending on the scheme you want to apply for.

For Asha home loan

• Salaried, self-employed and professionals with a minimum monthly income of ₹8,000 or ₹10,000/- can apply for this loan

For Empower home loan

• Self-employed professionals are eligible for Empower Home Loan
• Non-professionals are also eligible for Empower Home Loan

For Happy Ending home loan

• Salaried people
• Self-employed
• Professionals

Axis Bank home loan documents

The list of documents required to apply for a home loan is as follows:

For salaried:

• Identity Proof- Valid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with Photograph
• Income Proof- Latest 3 months salary slips/Certificate for fixed salary/Latest Form 16 or Last 6 months Bank Statement/Passbook of the Salary Account
• Residence Proof- Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlord

For Self-employed:

• Identity Proof- Valid Passport/Voter's ID/Driving License/PAN Card/Aadhar Card with Photograph
• Income Proof- IT returns for the last 2 years and computation of income for the last 2 years certified by a CA or Last 6 months Bank Statement for operative account both personal and business
• Latest Electricity Bill/Utility Bill/Piped Gas Bill/Telephone Bill/Passport/Registered Lease Agreement with a utility bill in the name of landlord