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Home Loan EMI Calculator

Calculate your EMI for home loan by using Axis Bank home Loan EMI Calculator.

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Home Loan EMI Calculator

Buying a house is a financial goal and to accomplish it, a home loan can come to your aid. A loan provides financial resource. With an Equated Monthly Instalment (EMI) facility, repayments become comfortable.

That said, before you avail of a home loan, as a prudent loan planning exercise, always assess how much the EMI will be. After all, availing a home loan is an important financial decision.
The EMI (or Equated Monthly Instalment) of your loan consists of the principal portion and the interest. Therefore, EMI = principal amount + interest paid on the loan.

The EMI, usually, remains fixed for the entire tenure of your loan and it is to be repaid over the tenure of the loan on a monthly basis. During the initial years of your loan tenure, you pay more towards interest. Gradually, as you repay the loan, a higher portion is adjusted towards the principal component. This is because EMIs are computed on a reducing balance method, which works in your favour as a borrower.

Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI.

To know how much will the EMI be on your home loan, use Axis Bank's EMI calculator. Axis Bank’s Home loan EMI Calculator is an automatic tool that makes loan planning easier for you.

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Axis Bank offers Home Loans at a competitive rate of interest. At Axis Bank, the entire home loan application process is simple and takes about up to 15 days; right from the time you meet with an Axis Bank loan executive till the loan is disbursed:

To know your eligibility, click here.

Frequently Asked Questions

  • Who can apply for a home loan?
    • Salaried individuals (working in government and private sector)
    • Professionals (i.e. doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants, etc.)
    • Self-employed in business and filing Income-Tax Returns
    • Individuals over 21 years of age and ideally not over 60-65 years.
  • Typically, what documents are needed to avail a home loan?

    The application form for a home loan needs to be accompanied by the following documents and photographs of the applicants:

    • Income statements
    • Salary slips and Form 16
    • Bank statements
    • Latest Income-Tax Returns
    • Credit report
    • Age proof (Aadhaar, Passport, PAN card, Driving License, etc.)
    • Address proof (Aadhaar, Passport, Driving License, electricity bill, telephone bill, ration card, etc.)
    • Photo identification proof (Aadhaar, Passport, PAN card, Voter id, Driving license, etc.)
    • Property documents (Sale deed, agreement of sale with the builder, Land and building tax paid receipts, certified copy of the sanctioned plan of the property, possession certificate, original receipts of the advance paid for purchase, detail of estimated cost of construction, No Objection Certificate (NOC) from the housing society or builder, letter from the builder/society/housing board stating their bank account details for remittances)

    For Home Loan balance transfer, i.e. takeover of the loan from another bank/financial institution, the following is required:

    • The original list of documents from the previous financer
    • Latest 12 months loan A/C statement with the latest outstanding letter
    • Existing loan details and 6 months bank statement from where EMI is deducted
    • Own contribution receipts
    • Indenture of guarantee, an undertaking of indemnity, forwarding letter and Annexures in Axis Bank format
  • How much is the minimum borrowing under a home loan?

    The minimum borrowing under the home loan is Rs 3 lakh.

  • When will my home loan EMI be due?

    Your EMI will be due on a fixed date each month. This date will be notified when your loan is disbursed.

  • Can a Home Loan be availed for Home improvements or a Home extension?

    Yes, the home loan can also be availed to construct, repair, renovation, and home extension.

  • Is there are tax benefit when you avail a home loan?

    Yes, there are tax benefits of availing a home loan. The principal portion of your home loan EMI is eligible for a deduction under Section 80C of the Income-tax Act, 1961, subject to a maximum limit of Rs 1.50 lakh.

    If you are a “first-time home buyer”, you can even claim an additional deduction upto Rs 50,000 under Section 80EE (subject to certain conditions). This additional deduction can be availed after first exhausting the limit under Section 24(b) for the interest portion.

    Section 24(b) of the Income-tax Act, 1961, allows a deduction for the interest component of the home loan EMI. For a self-occupied property, the deduction under Section 24(b) is Rs 2.00 lakh per annum.

    And in case the house is let-out on rent, i.e. it is a Let-Out Property (LOP), the actual interest payable is eligible for deduction under Section 24(b), thereby not being subject to any maximum limit.

    Do note, if you have taken a loan for the purpose of reconstructing, repairing or renovating the property, the amount of deduction you are eligible for under Section 24(b) will be restricted to Rs 30,000, irrespective whether you want to stay in it or let it out on rent.