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HOME LOAN EMI CALCULATOR

`
Loan Amount in between 1L to 5Cr
Tenure Months in between 12 to 360
Interest Rate in between 8 to 11

Equated Monthly Installment (EMI) will be `

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Smaller EMIs

Space out your payments and avail smaller EMIs paid over longer tenure

Loan Amount

Minimum - Rs. 3,00,000
Maximum - Depends on combined income

Prepayment Charges

Floating Rate Loan: Nil
Fixed Rate Loan: 2% of outstanding principal/amount prepaid

Interest Rate Applicable

Floating and Fixed

Features and Benefits

You can start the process of applying for an Home Loan in any of the following three ways:
  • Online by clicking here
  • In person at any Axis Bank Loan Center. To find the one closest to you, please click here
  • By calling our Call Center at any of these numbers click here
  • SMS Home to 5676782
Yes! You can avail of an Axis Bank Home Loan from for any of the following:
  • Purchase of a home.
  • Construction of a home.
  • Home repairs.
  • Home improvements.
  • Home extension
Among the multiple factors that Axis Bank considers in determining Home Loan eligibility are:
  • Income of all applicants.
  • Age of the primary applicant.
  • Number of dependents that the applicants have to support.
  • Assets and liabilities of the applicants.
  • Stability and continuity of the primary applicant's occupation.
To check your eligibility online, please click here.
Yes! Axis Bank offers both Fixed and Floating rates as explained below:
Fixed Home Loan rates: The rate of interest applicable for the Home Loan is fixed throughout the term of repayment of Loan. Floating Home Loan rates: The rate of interest applicable for the Home Loan changes with change in the Bank's Base rate/ MCLR rate.

For more details on interest rates offered by Axis Bank , please click here
The Home Loan floating rate will change when either of below rate changes:
  • Axis Bank's Marginal cost of lending rate (MCLR) change on the reset date for loans sanctioned from 1st April, 2016
  • Axis Bank's Base Rate (BR) for loans sanctioned from 1st July, 2010
  • Axis Bank's Mortgage Reference Rate (MRR) for loans sanctioned before 1st July, 2010

Axis Bank reassesses the BR and MRR from time to time after considering numerous factors including the cost of funds, cost of operations, prevailing interest rates, and provisioning requirements. 

Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.
For the List of Documents to be submitted along with your Home Loan application, please click here
Once we receive a completed application form along with the necessary supporting documents two things happen:

Determination of your eligibility for the Home Loan: For this we consider our internal policy guidelines and also examine all the documents submitted by you. If you are deemed eligible, you will get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.

Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.

If we find we are unable to extend the loan to you, we will communicate the same to you promptly.
Legal and Technical verification: Lawyers and property valuers empanelled by the Bank will verify your title documents conduct a technical evaluation of the property.

Once both these are complete, the Bank will process the disbursement of your Home Loan.

Yes. Total processing fees of 1% of the outstanding principal with a minimum of Rs. 10,000 plus GST as applicable will be charged. Upfront processing fee of Rs 2500 plus GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrwal of the loan application etc., non disbursement of loan for the reasons solely attributable to the customer. Balance processing fee as applicable shall be collected at the time of loan disbursement.
To check the schedule of charges associated with transactions , click here
Pre-EMI interest is the interest on the loan amount disbursed by the bank. It is payable every month from the initial date of disbursement until the commencement of the EMI payments.
The EMI consists of the principal amount and the interest on the balance outstanding. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when interest rate changes or a part-payment of the Loan is made.

Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.

Yes! The EMI consists of the principal amount and the interest on the balance outstanding amount. Since only a part of your loan has been disbursed, the interest component of your EMI will be proportionately lower to reflect this.
The EMI will be due on a fixed date each month. This date will be notified when your loan is disbursed.
Yes! You can switch from a floating rate of interest to a fixed rate of interest and vice versa.
Charges for changing from fixed to floating rates of interest Charges for changing from floating to fixed rates of interest Charges for Higher Fixed Rate to Lower Fixed Rate Charges for Higher Floating Rate to Lower Floating Rate
2% of the outstanding Loan amount 1% on the outstanding principal with a minimum of Rs.10,000/- 0.5% on outstanding principal with minimum Rs.10,000/- 0.5% on outstanding principal with a minimum of Rs.10,000/-
Each Home Loan applicant's EMI is decided upon his/her repayment capability. In order to enable us to reassess your EMI, you will need to submit the following documents at an Axis Bank Loan Center:
  • Last 3 months' salary slip.
  • Last 6 months' bank statements reflecting your salary.
  • Your photo identity and address proof.
  • A letter requesting the change
Currently, Axis Bank levies no charge to increase the EMI.
In order to avoid burdening you with a higher EMI, when the rate increased, Axis Bank would have first attempted to increase the tenure of the loan subject to permissible limits. If, however, despite the increase in tenure, the EMI is not adequate to cover the interest payment, then we are entitled to increase your EMI amount.

To reduce your EMI, we recommend making a part prepayment at your nearest Axis Bank Loan Center.

For any query on part prepayment, please write to us on: loans@axisbank.com. You \may also reach us at our Call Center by dialing any of these toll free numbers click here..
Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act. Please consult your tax advisor for details.
Axis Bank's PAN is AAACU2414K and its registered office address is Axis Bank Limited, TRISHUL, Third Floor, Opp. Samartheshwar Temple, Nr. Law Garden, Ellisbridge, Ahmedabad - 380 006
  • Download the Axis Mobile Application or log onto Internet Banking to get access to all account details pertaining to the loan.
  • SMS MBANK to 5676782 to download the Axis Mobile App.
You may repay your Home Loan in any of the following two ways:
i. Standing Instruction (SI): This mode can be used if you have an existing Savings, Salary, or Current Account with Axis Bank. You may wish to open a Savings account with Axis Bank to use this option. Your EMI amount will be amount debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
ii. National Automated Clearing House (NACH): This mode can be used if you have a non-Axis Bank Account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Please submit your fresh set of post-dated cheques at your nearest Axis Bank Loan Center.
Yes, you can make a part-prepayment towards your Home Loan at your nearest Axis Bank Loan Center. If you are on a floating interest rate, no charge will be applicable. If you are on a fixed rate of interest, please check the charge applicable by clicking here.
You may update your mobile number and email address in either of the following ways:
  • By calling our Call Center at any of these numbers: 1860 419 5555 or 1860 500 5555.
  • Visit www.axisbank.com/support.
  • You can update you email ID by using Axis Bank Mobile App.
If your new mailing address is the same for which the loan has been taken, you may change the address in either of the following ways:
  • You can visit us in person at your nearest Axis Bank Loan Center along with an original and self-attested copy of your new address proof and photo identity.
  • By using Axis Mobile App > Menu > Insta Services.
Before we process a foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Home Loan by requesting a foreclosure statement from your nearest Axis Bank Loan Center.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
To check the charge applicable for the foreclosure, please click here .
Property papers will be handed over to you at Axis Bank Loan center within 15 days from the date of repayment of all dues.
MCLR stands for Marginal Cost of Funds based Lending Rate.
MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This new benchmark rate is applicable for new loans sanctioned & credit limit renewed from April 1, 2016 onwards.
Currently, the Bank has published the following MCLR:
  • Overnight MCLR
  • One-month MCLR
  • Three-month MCLR
  • Six month MCLR
  • One year MCLR
  • Two year MCLR
  • Three year MCLR
The MCLR will be a tenor linked rate which has to be reviewed and published every month on a pre-announced date
For the existing AXIS Bank MCLR rate please Click here.
Yes, MCLR can be different between different banks as it will depend on marginal cost of funds, negative carry on account of CRR, operating costs, tenor premium of respective banks.
Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR. The MCLR prevailing on the day the loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark in the interim. The exact periodicity of reset will form part of the terms of the loan contract.
For example, if the periodicity of reset is Six Months, then Home loan/ LAP loans disbursed in the month of April 2016, would be due for reset in the month of Oct 2016 similarly all such loans disbursed in the month of May 2016 would be due for reset in the Nov 2016 and so on.
The reset period and date will be decided on the date of first disbursement.

In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.

In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.

It may be mentioned that the spread/margin of the loan would continue to remain the same.

Illustration: Consider a scenario where first disbursement of the loan is done on April 15, 2016 under MCLR-6 month’s benchmark rate, with the 6 months MCLR being 9.20% p.a. with a spread/margin of 20 basis points (bps). In such a case the effective rate would be 9.40% p.a.

In the above scenario, the effective rate of 9.40% p.a. would remain constant till the next reset date i.e Oct 2016.

On Oct 2016, the loans would be reset with the applicable 6 months MCLR rate as on that date.

It may be mentioned that the spread/margin of the loan would continue to remain the same. e.g. If the 6 months MCLR is 9.10% p.a. as on OCT 2016, then revised rate applicable for the loan would be 9.10% + 0.20% = 9.30% p.a. w.e.f. Oct 2016.
All existing loans linked to the Base Rate will continue till its repayment. All existing borrowers will, however, have the option to shift to the MCLR linked loan at mutually acceptable terms

Thus, in case of partly disbursed loan, for subsequent disbursements, the Base rate will continue to be applicable, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms
(BR= Base rate, MRR= Mortgage reference rate, BPLR = Bank prime lending rate)

For all new loans sanctioned from April 1, 2016, the Bank has discontinued offering loans linked with Base rate/MRR/BPLR. However, the existing loans will continue on the respective BR/MRRR/BPLR till its repayment, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms.
All existing customers have an option to switch from the existing system of Base rate/MRR/BPLR (BR/BPLR/MRR +/- spread) to the new system of 6 months MCLR (MCLR + spread) without changing the effective rate of interest. No switch fee would be charged for this option. The effect of conversion in the system, from existing system of BR/MRR/ BPLR to new system of 6 months MCLR, will be provided on an immediate basis.

Illustration: If an existing customer with loan amount of ₹ 25,00,000/- is at 9.55% p.a. effective ROI (Base + 0.20% spread) and if the customer opts to switch-over to 6 months MCLR then the Adjustable Rate Home Loan interest rate will become (6 months MCLR (9.20%) + spread (0.35%)) equivalent to 9.55% p.a..

Thus, the effective rate will continue to remain same at 9.55% p.a. with spread applicable on the loan being adjusted.
For changing from existing bench mark rate of BR/MRR/BPLR to MCLR-Six Months based benchmark rate, the customer will be required to visit the nearest loan Center, execute an agreement for conversion into MCLR Six month’s benchmark rate.

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