Home Loan EMI Calculator

EMI’s or Equated Monthly instalments are a systematized and comfortable approach to repaying loans availed. The amount repayable (amount borrowed + amount payable towards interest) is divided throughout the tenor of the loan with uniform amounts payable per month.

Each such monthly amount repayable is called an EMI

To allocate amount paid towards the interest and principal, applicants are provided an amortization schedule which indicates corresponding balance amounts per year.

Though the EMIs remain largely uniform throughout the tenure of their loan, the amounts repaid are credited towards the principal and interest to be repaid. Typically the initial instalments contribute more towards the interest amount with later instalments going towards the principal.

An amortization schedule provides the break-up of these amounts repaid towards principal and interest along with their respective balances through every year of the loan.

Simply put, an amortization schedule is the road map towards the repayment of your home loan denoting the milestones and the ideal points you should be at through the cycle.

Use Axis Bank’s Home Loan EMI calculator to plan the tenure and repayment structure for your loan.
Simply key in the amount, rate and tenure for which the home loan is sought, the Home Loan EMI Calculator will automatically reflect the EMIs applicable for the loan tenure.

Also, remember to refer the amortization table for a year-wise plan of repayments throughout the loan tenure.

For further details or to begin availing your loan, simply click on the “Get a call back” button and fill in your details.

• 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.

The documents required for a home loan application process include the following:

• 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

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

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

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

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.

Some of the key benefits of choosing an Axis Bank Home Loan are;

• Quick and Transparent application process; you could check your loan eligibility here, calculate the EMI online and begin the application for your loan. Disbursal of the loan can be done as quickly as 15 days post-application. Premium banking customers can directly contact their relationship managers.
• Flexibility of interest rates and tenure; Axis Bank Home loans provide competitive interest rates with further options for you to choose between fixed or floating rates throughout the loan tenure. The tenure too can be set as per your requirement and convenience; either for a short period to ensure that your interest payable is minimal or over a duration spanning as long as 30 years to facilitate a low EMI.
• Added benefits for transfer/prepayment; Axis Bank home loans carry no charges towards pre-payment of your loan. You can also easily transfer your existing home loans to Axis Bank without any hassle.
• Doorstep collection service; facility for applying for Axis Bank home loan and making a payment towards already availed of home Loan from the comfort of your home.