Axis bank home loan – EMI Calculator

If you are buying a house, and you want financial aid from the country’s third-largest private bank, then this article will be very helpful. Here we will get an overview of Axis Bank Home Loan EMI Calculator, eligibility criteria, mortgage rates, loan repayment criteria and other important information regarding Axis Bank.

An Overview of Axis Bank Home Loan EMI Calculator

A home loan is a financial aid offered by various financial bodies and Non-banking Financial Companies for buying a home. Most of the individuals prefer EMIs to repay the loans. EMI Calculator calculates the total amount of money needed to pay back by the borrower after a certain tenure, as decided by the lender. EMI or Equated Monthly Installment includes the principal loan amount and the interest paid on it. This amount remains fixed with a particular period and is paid monthly. For the initial years of the tenure, a higher amount is paid on the interest but with the gradual process of repayment, the higher paid portion gets adjusted with the principal component. Axis Bank home loan calculator helps you to understand the loan EMI by calculating the two vital deciding factors – the rate of interest and the tenure of the loan.

The EMI calculator home loan takes Principal or loan amount [P], rate of interest [R], and Repayment tenure in months [N] as input, and the formula used to calculate is –

EMI = {P*R*(1+R)^N}/{(1+R)^(N-1)}

The benefits of using Axis Bank home loan calculator are as follows –

• The Axis home loan calculator provides accurate EMI figures and is more convenient to use and is time-saving than manual calculations.
• With Axis home loan EMI calculator, one can easily derive the EMI amount by simply providing the amount of loan taken, the repayment period, and the interest rate.
• One can determine the most convenient EMI by providing several combinations of loan amount and the repayment period. This will help you to find the one which is affordable and convenient.
• It can be accessed via multiple devices at any-time and from anywhere.

Axis Bank Home-Loan, Eligibility Calculator

With the help of Axis Bank Home Loan Eligibility Calculator, an individual can understand his/her home loan eligibility depending on income and repayment ability.

The eligibility of an individual, for Axis Bank Home Loan, can be determined by the following criteria:

• Age of the borrower must be within 21 – 60 years.
• For salaried employees, the minimum work experience is 02 years.
• For self-employed workers, the minimum work experience required is 05 years.
• The processing fee can be up to 1% of the loan amount.
• Loan Amount eligibility depends on the income of the borrower.
• EMI Calculator repayment schedule can be extended up to 30 years, paying a particular amount every month.
• The rate of interest starts from 7.75 per cent.
• Pre-payment charges can be up to 2% for fixed on principal outstanding.

For Salaried Applicant the following criteria are necessary –

• The applicant must be permanently employed in a recognised private or government organisation and is working for at least 2 years.
• The age of the applicant at the time of loan approval must be 21 years or above and the maximum age by which the superannuation of the loan must occur is 60 years.

For Self-employed professionals, the minimum age for applying is 21 years and he/she cannot exceed 65 years of age by the time of loan maturity. Any individual who files income tax returns is also eligible.

Documents required for Axis Bank Home Loan

• An application form that is filled-up properly, with valid information.
• Identity Proof
• Address Proof
• Age Proof
• Signature Proof
• Income Statements
• For salaried employees, Salary Slips and Form 16.
• Bank Statements
• For Self-employed individuals, last two years’ income tax returns, duly certified by a Chartered Accountant.
• Property Documents.

Documents to be submitted before loan disbursement

• Loan Agreement and Annexure.
• Standing Instruction (SI) form and Security Cheques (SPDC) / National Automated Clearance House (NACH) mandate
• Loan Cover / Insurance Details
• Processing Fee / Equitable Mortgage cheques
• Property Documents
• Sanction Letter
• TDS
• PSL Documents

Axis Bank Home Loan Schemes

Axis Bank Home Loan – For purchasing a new home or plot, house construction and remodelling or renovation. There are certain benefits like – longer repayment period, attractive rate of interests, and no pre-payment charges.

• The loan amount starts from Rs. 3 lakhs and can be extended depending on the income.
• Floating Rate of interest lies between 7.75% and 8.55% per annum. And Fixed Rate of interest is 12% per annum.
• The repayment tenure can be extended to 30 years.

Axis Bank QuikPay Home Loan – This loan asks the borrower to pay the higher principal amount in the initial years of the loan tenure, decreasing the monthly instalments, and allows the borrower to make huge savings from the interest amount.

• The loan amount begins from Rs. 3 lakh and ranges depending on the income of the borrower.
• The rate of interest depends on the credit assessment.
• The loan tenure is up to 30 years.

Axis Bank Power Advantage Home Loan – This scheme comes with several benefits like – PMAY (Pradhan Mantri Awas Yojana) benefits, facility to transfer home loan balance, and the rate of interest can be paid for the initial 2-years at a fixed rate & the remaining tenure at a floating rate.

• The minimum loan amount is Rs. 3 lakh and the maximum depends on the income.
• The interest rates depend on credit assessment.
• Loan tenure is up to 30 years.

Axis Bank Shubh Aarambh Home Loan 

Customers gets the benefit on interest subsidy under PMAY schemes. The bank waves off 12 home loans EMIs at the end of 4th, 8th and 12th year, respectively. This is only in case the customer has a regular repayment record; the minimum tenure is 20 years and the pre-payment of the loan is for a remaining tenure of above 04 years.

• The minimum loan amount is Rs. 1 lakh and can extend at a maximum of Rs. 30 lakh.
• The interest rate depends on credit assessment.
• Tenure is up to 30 years.

Axis Bank Fast Forward Home Loan – This is having quick and easy loan disbursement. Require fewer documents. Waives 12 EMIs of loans that are being serviced for more than 10 years for the customers with clean repayment schedule record. Six months EMI waiver is provided after 10 years of repayment and another 06 months after 15 years from the first disbursement. Though the loan pre-payment is allowed after that the repayment tenure should be less than 10 years.

• The loan amount ranges from Rs. 30 lakh to a maximum range depending on the income.
• Rate of interest depends on credit assessment.
• Tenure is up to 30 years.

Axis Bank Asha Home Loan

 The customer can get financial aid up to 90% of the property value, and having a clean repayment record with a minimum loan tenure of 20 years, and even after the pre-payment is made the tenure is above 4 years, then he/she can avail 12 EMIs waiver benefits with no cost on regular EMI payments at the end of 4th, 8th, and 12th year.

• the minimum loan amount is Rs. 1 lakh and the maximum is Rs. 28 lakh
• Floating rate of interest for a salaried person is 10.05% to 11% per annum and for Self-employed individual is 10.30% to 11.50% per annum.
• The loan tenure is 30 years.

Axis Bank Empower Home Loan – Customers with good loan repayment record gets an assured rate reduction in 24, 36, and 60 months from the first disbursement date.

• The loan amount ranges from Rs. 10 lakh to Rs. 1.5 crore
• The interest rate depends on credit assessment.
• Loan tenure is up to 15 years.

Axis Bank Super Saver Home Loan

Allows customers to save on their total home loan interest amount by depositing any amount in the Super Saver Account after the loan disbursal that further helps in reducing the principal outstanding and interest amount.

• The loan amount starts from Rs. 50 lakh to a maximum amount depending on income.
• The rate of interest depends on the credit assessment.
• The loan tenure for fully disbursed is up to 20 years and for partially disbursed it is up to 22 years.

Additional information about interest rates on loans:-

For the loans on Marginal Cost based Lending Rate :

• Marginal Cost based Lending Rate (MCLR) is 7.45%
• The rates of MCLR are reset after every 6 months.

For loans on Base rate/ MRR/BPLR:

• The Bank’s current base rate js 8.80%
• The Mortgage Reference Rate is 13.90%
• Basic Prime Lending Rate is 16.55%

EMI Calculator SBI, HDFC, ICICI Bank, Indiabulls, PNB, and Citibank can also help an individual to compare rates, calculate EMI for the respective banks. This will open more options for availing homes loans according to affordability.

Also Read:  Bank EMI Calculator