What is Axis Bank home loan EMI calculator?

A loan calculator is a tool which is used to get instant results of the loan repayment. It is simple to use and shows results within a few minutes which makes it convenient for all. The calculator is mainly used in advance to check the EMI and other payment amounts so that the customer can be prepared to pay that amount. 

When you apply for a loan from any lender, you get the rate based on the eligibility of your profile. In the case of home loans, the value of the property plays a major role in deciding the interest rate. If you have bought a home in a recognized society or plan to construct your own home, it is easier for the bank to consider your application for the loan. 

Otherwise, the legal issues might turn out to be a game spoiler for you. So, it is always advised to buy any property in an authorized place so that getting the loan is easier and also the selling.  

What is the formula used for EMI calculation?

Even though the calculation looks simple, the formula with which the calculator shows the results is as follows:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

How can you calculate EMI?

Axis Bank home loan EMI calculator is as simple as any other home loan EMI calculator. The tool takes into account the basic details related to the loan such as the interest rate, tenure and the loan amount. Based on these, it not only shows the result of EMI but also the total interest outgo and the total repayment amount which includes both the principal and the interest. Other than this, you also get to check the amortization schedule in the tabular form which shows the balance amount at the end of each year for every tenure year.

What is the eligibility required to apply for the loan?

If you are planning to apply for the loan recently, you must check the eligibility for the same so that there is no confusion at the time of applying. The eligibility for a salaried, self-employed individual and self-employed professional, Axis Bank home loan is different and is as follows:

Salaried Individuals:

• If you are into permanent services in any Government or renowned company, you are eligible to avail the loan.
• The age of the applicant should be 21 years at the time of loan commencement and upto 60 years at the time of loan maturity.

Self-employed Professionals:

• Self-employed professionals such as doctors, engineers, dentists, architects, CA, management consultant, cost accountants and company secretary.
• The applicant should be 21 years of age at the time of loan commencement and upto 65 years or less at the time of loan maturity.

Self-employed Individuals:

• Your minimum age should be 21 years at the time of loan commencement and upto 65 years or less at the time of loan maturity.
• Self-employed individuals filing income tax return (ITR).

What are the different types of home loans available at Axis Bank?

There are schemes based on the required of the customer. Each of the schemes has its own benefits to make it more customer-friendly. Look at the names of the schemes below:

• Shubh Aarambh Home Loans
• Axis Bank Regular Home Loan
• Asha Home Loan
• Empower Home Loan

Where can you apply for the loan?

You can either apply online loan or can visit the nearest bank branch along with the documents. The online procedure is generally preferred because it comes with convenience and also is a time-saving option. You apply within the comfort of your time by thoroughly comparing the EMI for different tenure and loan amount based on the rate the lender is offering. 

The tenure should be selected based on the EMI that you can easily pay for the whole tenure so that the payment is smoother and there is no added burden on your shoulders. The offline procedure is also good for those who find it convenient as you can talk to the executive face-to-face and get all your doubts cleared before applying for the loan.