Home Loan EMI Calculator
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Your dream of Home ownership starts with Axis Bank

Buy an entry level home with a Rs 5 lakh Home Loan

At Axis Bank, we understand the pivotal role homeownership plays in financial stability and personal fulfillment. Our home loan for Rs 5 lakh provides a convenient and accessible entry point into the property market. Utilise our online platform to efficiently assess your eligibility, submit your application, and receive a personalised quote.

5 Lakh Home Loan EMI for 10 Years

Let us calculate EMI for ₹5 lakh Home Loan with the following details.

Loan Amount (₹)5,00,000
Tenure (years)10
Interest Rate (p.a.) 8.75% - 9.15%

Note: Considering 8.75% interest in the below scenarios.

5 Lakh Home Loan EMI for 10 Years

₹5 lakh Home Loan EMI for 10 years and its break up is:

Equated Monthly Instalments (EMI in ₹)6,266
Principal Amount (₹)5,00,000
Interest Amount (₹) 2,51,961
Total Amount Payable (₹) 7,51,961

5 Lakh Home Loan EMI for 15 Years

If you opt for 15-year tenure, the monthly EMI for a home loan of 5 Lakh will be:

Equated Monthly Instalments (EMI in ₹)4,997
Principal Amount (₹)5,00,000
Interest Amount (₹) 3,99,504
Total Amount Payable (₹)8,99,504

5 Lakh Home Loan EMI for 20 Years

5 lakh Home Loan EMI for 20 years will be:

Equated Monthly Instalments (EMI in ₹)4,419
Principal Amount (₹)5,00,000
Interest Amount (₹) 5,60,453
Total Amount Payable (₹)10,60,453

5 Lakh Home Loan EMI for 25 Years

5 lakh Home Loan EMI for 25 years will be:

Equated Monthly Instalments (EMI in ₹)4,111
Principal Amount (₹)5,00,000
Interest Amount (₹) 7,33,215
Total Amount Payable (₹)12,33,215


Similarly, you can calculate ₹5 lakh Home Loan EMI for 5 years using Axis Bank Home Loan EMI Calculator.



To apply for Axis Bank Online Home Loan

  • Check your eligibility criteria before applying for the Home Loan
  • Use the Home Loan Eligibility Calculator to know if you can afford the Home Loan
  • Visit the Axis Bank Home Loan page and click the "Apply Now'' button
  • Fill in your details and click on Submit (confirm whether you are an existing customer or a new customer, provide name, mobile number, email ID, city and state)
  • Wait for a call from the Axis Bank representative to explain details of the product
  • Submit all documents
  • Once sanctioned, submit the property documents for verification
  • Get approval in 15 days, subject to availability of all required documents

 

  • You have to be a salaried employee (permanent government employee or working in a reputed private company). You should be above 21 years of age when applying for the loan and 60 years or at the age of superannuation at the time of the loan maturity.
  • Professionals (i.e. doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries and management consultants) or self-employed individuals who fall in the income-tax bracket, are also eligible for a Home Loan of Rs 5 lakh. But in this case the age limit is 21 years at the time of applying for the loan and 65 years at the time of the loan maturity.
  • The bank will also consider your annual income, number of dependents, employment status, existing assets, ongoing loan repayments, and credit score when considering your application for a Home Loan for Rs 5 lakh. Essentially the bank will check if you can afford to repay the Rs 5 lakh Home Loan EMI and whether the EMIs on all your loans together exceed 40% of your take home pay.

 

  • For Home Loans a non-refundable processing fee of roughly 0.1% of the principal amount is charged. GST as applicable will be charged.


Documents required for ₹5 Lakh Home Loan

  • Mandatory Documents- Application Form and PAN Card
  • Any one of the following for Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID
  • Any one of the following for Proof of Address- Aadhdaar Card, Gas Bill, Driving License, Voter Id, Electricity Bill, Telephone Bill (Landline) Property Tax Receipt, Job Card by NREGA duly signed by an officer of the State Government, Letter issued by National Population Register confirming details of Name, Address, Photograph
  • Any one of the following for Date of Birth proof - Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
  • Any one of the following for Signature Proof - Passport, PAN Card, Banker’s verification, Notarized affidavit with ID and Address proof (not applicable for financial applicant)


Additional Documents for Salaried Individuals ₹5 Lakh Home Loan
Any one of the following for proof of income

  • 3 months pay slip
  • 6 months pay slip showing all deduction for variable income
  • 6 months bank statement showing salary credits
  • 2 years Form 16 (or employment continuity proof)

For NRI salaried

  • 3 months pay slip
  • Appointment letter/contract letter
  • Continuous Discharge Certificate for Shipping cases
  • 6 month Domestic NRE/NRO A/C statement
  • 6 months international Salary A/C statement
  • Overseas credit report
  • Valid visa copy/OCI card
  • Passport copy
  • POA details

Additional Documents for Self-employed Individuals ₹5 Lakh Home Loan

  • 2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • For Asha Home Loan - 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • Tax Audit Report (required for individuals whose sales turnover exceed the norms stipulated by the Income Tax Act)
  • 6 months bank statements of personal and business accounts
  • If ITR is filed without digital sign - CPC and tax paid challan
  • Three years business continuity proof

Factors that affect interest rate applicable on a ₹5 lakh Home Loan

  • RBI’s repo rates – Since Home Loan rates are linked to the RBI’s repo rates, any change in the RBI’s rates will impact the Home Loan interest rate
  • Type of loan chosen – Whether it is a Floating Rate Home Loan or a Fixed Rate Home Loan will impact the interest rate. The interest rate on a Fixed Rate Home Loan is higher than a Floating Rate Home Loan
  • Your job profile and credit score also impact the interest rate. A borrower with a stable job and high credit score may get a Home Loan of Rs 40 lakh at a better rate of interest


Frequently Asked Questions

The higher your credit score, higher are the chances of your loan getting approved. Any score above 750 is considered good.

No, you will need documents showing KYC and income proof, in addition to property and stamp duty papers of the house you are buying.

Ideally, your income should be 3-4 times the loan amount to be eligible for the loan. This will ensure that you would be able to afford the Rs 5 lakh Home Loan EMI and repay your loan without a burden on your finances.



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