Home Loan EMI Calculator

Plan your dream home with precision and certainty with our comprehensive Home Loan calculator. The calculator helps you figure out affordable EMI options, providing clarity regarding your repayment journey and helping you make more financially informed decisions during the home-buying process.

Loan Amount (

)

3L 5Cr

Interest Rate (p.a)

9.75% 11%

Tenure (years)

1 30

Equated Monthly Installments (EMI)

1,42,922 Get a call back

Break-up of Total Payment

Principal Amt

10,50,000

Interest Amt

10,50,000

Total Amt Payable

10,50,000

Home Loan amortisation schedule

View Home Loan Amortization Schedule

Disclaimer

Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

House Loan EMI Calculator: Features & benefits

Axis Bank's House Loan EMI calculator offers several features and benefits:

Accurate EMI Computation

You can calculate the EMI accurately by carefully entering the loan amount, annual interest rate and tenure, facilitating the decision-making process.

Amortisation Details

The calculator provides an annual amortisation schedule detailing the principal and interest that would be repaid every year.

Financial Planning

Fast and accurate calculations can help you better plan your finances, ensuring that your EMI payments align better with your budget.

User-Friendly Interface

The intuitive design and interface make it easy for anyone to access the tool seamlessly.

Time-Saving

Instant results save the turmoil of manual calculations, making the process error-free and less time-consuming.

What is a Home Loan EMI calculator?

A House Loan EMI calculator is a free online tool that calculates the Equated Monthly Installment (EMI) that you need to pay to repay your loan amount. You can find out your monthly EMI in seconds by merely entering the loan amount, interest rate and loan tenure in their designated boxes.

Key components

Loan Amount: The total sum borrowed from the bank.
Interest Rate: The rate of interest charged on the loan amount.
Loan Tenure: The duration for which the loan is being taken.

Apart from basic calculations, the Axis Bank advanced Housing Loan calculator provides a deeper understanding of your loan and structure. The calculator also provides you with an annual amortisation schedule that allows you to plan your loan repayment scenario better. Your amortisation schedule helps you understand how your interest decreases as your principal decreases.

The housing loan calculator also allows you to experiment with different loan scenarios before deciding on one. By adjusting and readjusting the variables multiple times, you can find the best-suited borrowing structure that aligns with your financial goals and helps you make an informed decision.

Formula for calculating the Home Loan EMI amount

The EMI amount for a Home Loan calculator is calculated using a standard financial formula. Your EMI amount is calculated using your principal amount, interest rate and loan tenure.

Where:

P is the principal loan amount
r is the monthly interest rate (annual rate divided by 12)
n is the number of monthly instalments or the loan tenure in months

Example: For a ₹20 lakh loan at a 7.5% annual interest rate over 10 years, the EMI would be calculated as:

EMI: 20,00,000 x 0.00625 x (1 + 0.00625)^120 divided by [(1 + 0.00625)^120 - 1]

So, the EMI per month will be ₹23,740 for 10 years or 120 months.

This formula considers compound interest, giving you a precise monthly payment amount. You can calculate the EMI beforehand using this formula or our online Home Loan calculator. It helps you understand how different variables can affect your monthly payments, empowering you to make well-informed financial decisions on the loan amount and tenure that best suit your financial situation.

Advantage of using a Home Loan Calculator

The Axis Bank Home Loan Calculator offers multiple advantages when you are in the process of getting your dream home

Financial clarity and planning: With the Home Loan calculator, you can see immediate results regarding how much EMI you will have to pay monthly. Such clarity helps you to manage your finances in a precise manner, minimising the chances of overextension.
Time efficiency: A home EMI calculator is a fast and efficient way of calculating your EMI. It eliminates the need for long manual calculations, thereby preventing the chance of calculation errors and saves time.
Interest insights: The calculators reveal the total interest outflow for your principal amount over the loan tenure. This insight compels you to consider strategies such as paying a higher down payment or opting for shorter loan tenures.
Stress testing: The Home Loan calculator helps you evaluate how your loan might be affected by potential future changes, such as fluctuations in interest rates. This is particularly true for loans taken at floating rates of interest. Gathering this foresight can help you keep funds ready for times when the market is extremely volatile.

How to use the House Loan EMI calculator

Using the Axis Bank's House Loan EMI calculator is straightforward and requires just a few simple steps. Here’s how you can do it:

Access the calculator: Visit the official website of Axis Bank and locate the Home Loan EMI calculator page.
Enter the loan amount: Once you have found the Home Loan calculator, enter the principal amount you want to borrow.
Specify interest rate: Provide the applicable interest rate for the loan. Make sure to include the correct annual interest rate to get a near-accurate estimate.
Select loan tenure: Choose the duration for which you want to borrow the loan amount. Axis Bank offers a maximum repayment tenure of up to 30 years.
Calculate EMI: Once you have entered these details, the calculator will automatically calculate your EMI amount and display the monthly payment you will have to make.
Review amortisation schedule: Check the annual amortisation schedule to see the principal and interest that would be repaid every year throughout the loan tenure.

FAQs

What is the minimum amount that can be borrowed under a Home Loan?

Axis Bank offers Home Loans for a minimum of ₹3 lakhs, offering a flexible starting point for people to address their home financing needs.

When will my Home Loan EMI be due?

Your Home Loan EMI is due on a fixed date each month, as specified in your loan agreement. Axis Bank offers its customers the flexibility of the auto-debit option, which allows the EMI to be seamlessly deducted from your bank account without any hassle. All you have to do is maintain enough funds in your linked account for the deduction to take place.

When are you required to start paying EMIs on a Home Loan?

The EMI for your Home Loan starts once the entire loan amount has been disbursed. In case of partial disbursement, you will have to pay pre-EMI until the entire loan amount is disbursed.

What is pre-EMI interest in the context of Home Loans?

Pre-EMI interest refers to the interest payable on the loan amount disbursed, applicable until the full loan is disbursed and regular EMIs begin. Unlike standard EMIs that reduce principal, pre-EMI payments cover only the interest on the disbursed amount.

How to change your Home Loan EMI date?

To change your Home Loan EMI date, you will have to submit an official request to Axis Bank via their app or website or by visiting them physically. You can change your EMI date only once every year to maintain discipline. It takes an average of 7-10 working days to process your request.

What is a Home Loan amortisation schedule?

A Home Loan amortisation schedule provides a detailed overview of your loan repayment process. It breaks down each monthly EMI, showing how much is allocated toward repaying the principal and how much goes toward covering the interest.

What are the factors that can affect your Home Loan EMI?

Your Home Loan EMI can be affected by multiple factors, including:

Principal loan amount
Interest rate(fixed/floating)
Loan tenure
Your credit score
Income stability
Pre-existing financial obligations
Property type
Location
Age

What is the EMI for a 5 lakh Home Loan for 10 years?

For a ₹5 lakh Home Loan with a 10-year tenure at Axis Bank's current floating interest rate of 8.75%, your EMI would be approximately ₹ 6,266. Use our Home Loan calculator for personalised calculations based on your specific interest rate.

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Home Loan EMI Calculator

Break-up of Total Payment

Home Loan amortisation schedule

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