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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 6 to 18

Equated Monthly Installment (EMI) will be1,42,922

Apply Now For Home Loan EMI Calculator

Home Loan

Fulfil your dream of owning a home with the Axis Bank Home Loan which offers home loans starting at Rs. 3,00,000. The Axis Bank Home Loan comes with a host of benefits such as smaller EMIs where you can space out your payment over a longer tenure, attractive interest rates, an easy application process, doorstep service, etc. Find out more about the Axis Bank Home Loan below.

Home Loan Details

Loan AmountUp to Rs 5 crore
Loan TenureUp to 30 years
Floating Interest Rate8.75% - 9.15%
Fixed Interest Rate14%
Processing FeeUp to 1% of the loan amount +GST (minimum Rs 10,000)

Tips to keep in mind while applying for a home loan

A home loan offers you the chance of owning a residential property and building an asset while at the same time enjoying tax benefits. You have to pay a certain percentage of the property cost, usually up to 20%, out of your funds. The loan amount can be repaid over a fixed period as per your convenience. Both the principal loan amount and the interest repayment are eligible for tax deduction under Income Tax laws. A home loan application can be done at the bank branch, loan processing centre or online. Let us look at some tips to keep in mind while applying for a home loan

  • Tip 1

    Be sure about how much you can afford through Equated Monthly Instalments (EMIs) because a home loan is a long term commitment. Deduct all your expenses, including other loan and credit card repayments from your take-home pay, to know how much you can afford as home loan EMI. Generally, banks allow EMIs up to 40% of your take-home loan salary.

  • Tip 2

    If you apply for a high amount, the bank may not approve your loan. Also, once you know the loan amount you are eligible for you can plan for the rest of the down payment accordingly.

  • Tip 3

    It is advisable to apply for a home loan at a bank where you already have a banking relationship, such as a savings/salary account, a car loan, a personal loan, etc. If the bank already knows your credit history and personal details such as employer, salary, etc, then the bank has to spend less time for the Know Your Customer (KYC) procedure.

  • Tip 4

    In most cases, the bank will look favourably at a customer with a good repayment record and high credit scores and may offer faster approval and disbursal, or flexible repayment schedules or lower processing charges. In some cases, the bank may offer a lower interest rate on the home loan.

  • Tip 5

    Ensure that the project where you are buying your house has all regulatory and environmental clearances in place. Or check if your bank has listed of approved projects of if your project is approved by your bank. This will also help faster approval of your home loan application.

  • Tip 6

    If you need a higher loan amount but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan. A longer repayment period means a lower EMI and thereby lesser burden on your monthly finances.

Dos and Don’ts while applying for a home loan

   Do your research about the home-property price, builder’s background, clearances for the project, etc. Also do your research about the home loan - interest rate, processing charges, repayment schedule, etc    Don’t apply for loans on multiple aggregator websites as it indicates you are loan hungry and may reduce the chances of your application being approved
   Know the amount you have to pay such as down payment amount, processing charges, stamp duty, registration fees and make provision for the same    Don’t take too many loans before you apply for a home loan-such as a personal loan or auto loan. As home loan amounts are big-ticket loans this will impact your eligibility.
   Ensure all documents are in place – salary slips, Income Tax Returns, property agreement, and registration, etc    Don’t go overboard with your credit card spends and don’t delay your loan repayments as this will impact your credit score negatively
   Take time to improve your credit history, if required before you apply for a home loan as there are chances that the bank may offer you better terms and conditions    Don’t take a huge loan as you may find it difficult to repay. Affordability is key when it comes to home loan

Home Loan Fees and Charges

Depending on the type of housing loan you apply for, you will have to pay various charges, including:

1. Processing fee : This is one of the essential home loan fees to be paid to the bank by the borrower after the approval of the loan application. It is a one-time non-refundable fee. The processing fee for Axis Bank Home Loan can go up to 1% of the loan amount.

2. Prepayment charges : If you decide to repay the home loan amount before the loan tenure ends, you will have to pay a prepayment penalty.

3. Conversion fee : A conversion fee is charged when you decide to convert to a different loan scheme for the purpose of reducing the interest rate attached to your current loan scheme.

4. Home insurance : It is vital to have an ongoing insurance policy throughout the housing loan tenure. You need to pay the premium for the insurance plan directly to the company offering the service.

5. Cheque dishonour charges : If a cheque you issue to pay the home loan EMI is dishonoured due to insufficient account balance or any other reason, cheque dishonour charges are levied.

6. Default charges : If you fail to pay your EMIs on time, you will be charged home loan fees as a penalty for delayed payments.

7. Change in loan term : You may have to pay nominal charges if you decide to change your loan tenure.

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Types of Home Loans in India

Home loans are provided for a variety of purposes apart from buying a house. Let’s take a look at some of the popular types of home loans.

1. New Home Loans: These loans are provided to those who want to purchase a property or house for the first time. Borrowers must fulfil the criteria to be eligible to avail of the home loan.

2. Pre-approved Home Loans: These loans are offered after assessing the borrower’s creditworthiness, financial position, and income. If these factors meet the eligibility criteria, an in-principal approval of the loan is sent.

3. Home Purchase Loans: These loans are given especially to borrowers who wish to purchase a flat or house.

4. Home Loans for Construction: If an individual wants to construct a house on an existing piece of land, this type of loan is suitable.

5. Home Loans for Renovation: A home loan for renovation is offered to homeowners who wish to renovate, uplift or extend their existing house.

6. Plot Loans: These loans are suitable for customers interested in purchasing a plot or piece of land for constructing a house.

7. Home Loan Top-Up: As the name suggests, a home loan top-up allows customers to borrow an additional sum of money over the existing home loan.

8. Balance Transfer Home Loan: The balance transfer facility permits borrowers to shift their home loans from one bank to the other for lower interest rates.

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What to do if your Home Loan application is rejected?

If your home loan application is rejected, you can re-apply for the home loan. But you must consider the following aspects before you proceed:

  • Credit score : Your credit score is a vital determinant of your capacity to repay a loan. Housing loans are long-term loans. Therefore, your repayment capacity is evaluated to determine the approval or rejection of a home loan.
    A poor credit score increases the chances of your home loan application getting rejected. Remember to take a look at your credit report and credit score before you apply for a home loan. A poor credit score can be improved upon by making debt repayments on time.
  • Loan Amount : Some borrowers apply for a loan amount that is way beyond their eligibility. Banks fix a maximum loan amount based on your present monthly income. If your home loan is rejected because the loan amount you applied for exceeds your eligible loan amount, you can re-apply after reducing the loan amount.
  • Other Ongoing Loans : Your loan application can also get rejected if you are already repaying some ongoing loans. To get loan approval, you must not be paying more than 50% of your monthly income towards loan repayments.
    Having many loans will have a detrimental effect on your personal finances and also your repayment capacity. Thus, you should clear any ongoing loans before applying for a housing loan.
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Home Loan Balance Transfer

A home loan balance transfer helps you avail of lower home loan interest rates. As the interest rate reduces, borrowers can pay lower EMIs, which can increase interest savings significantly. If you are paying a higher interest rate than the current market standard, you can choose to transfer a home loan and enjoy a reduced interest rate.

Benefits of Home Loan Balance Transfer

  • Hassle-free processing : Transferring a home loan is hassle-free. The eligibility criteria of the process are simple and require minimal documentation.
  • Customised repayment options : Applicants can enjoy tailored repayment options to keep the housing loan affordable. With a lower interest rate, borrowers can either choose to enjoy lower EMIs or a shorter tenure.
  • Affordable interest rates : With the home loan balance transfer facility, you can get your existing home loan refinanced at lower home loan interest rates. A lower interest rate means lower EMIs and more monthly savings.
  • Alter the home loan tenure : When you transfer a home loan, you can choose to restructure loan terms and change the home loan tenure or the repayment period as per your financial capabilities.
  • Top-up loan : A home loan balance transfer comes with the benefit of a sizeable top-up loan that offers a relatively lower interest rate compared to personal loans.
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How to Improve Your Chances of Getting a Home Loan?

To increase your chances of getting a housing loan approved, here’s what you can do.

1. Credit clean-up : Your credit score is a vital factor of consideration. A high credit score makes it easier for you to get a loan. If you have a low credit score, identify the reasons by checking your credit report. Sometimes, minor errors affect your credit score adversely. In such a case, inform Credit Information Bureau (India) Limited (CIBIL) immediately about the error.

2. Assess your debt-to-income ratio : Lenders analyse your current income to determine your ability to pay the home loan EMIs. If possible, you can try to increase your annual income through a part-time job or by selling liquid assets like stocks. As your debt-to-income ratio increases, your chances of getting a loan can also increase.

3. Limit your borrowing : If you borrow more money than you need to meet your financial targets, your chances of getting a housing loan are reduced. Save and invest more, and take wise calls on how much money you require as a loan and submit an application for that particular amount.

4. Add a co-signor or guarantor : In certain cases, it can be difficult to get a loan on your own accord. Consider adding a co-signor or guarantor with a good credit score. A co-signor or guarantor ensures that you pay your home loan EMIs on time, and if you fail to do so, they are liable to repay the loan on your behalf. However, getting a co-signor or guarantor comes with its own terms and conditions and so be sure to take note of the same.

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Home Loan FAQs

Home Loan Equated Monthly Instalment (EMI) is the monthly repayment of your home loan in fixed amounts. The EMI is set off against the outstanding amount of your home loan. It consists of two components - the principal and the interest. The EMI amount is calculated based on the loan amount, interest rate and tenure. Since it is deducted automatically from your savings account, it is advisable to keep the EMI constant and revise your tenure in case of a change in the loan interest rate.

You can apply for home loans to purchase a new house and other related purposes. Common types of home loans in India are:

  • Regular home loans
  • Home loan for the purchase of land
  • Home loan for the construction of a house
  • Home loan for the construction of a house
  • Home improvement loan
  • Top-up home loan
  • Balance transfer home loan
  • Pre-approved home loans

To begin with, you can apply for a home loan at Axis Bank by submitting a home loan application form online or at the branch or loan centres. The Bank shall sanction the loan after you submit your application and KYC documents. Once the loan is sanctioned, you must submit the property documents against which your loan is sought. After verification of the documents and the property, your loan is approve and the amount disbursed. With the correct and complete submission of documents and applications, your Axis Bank Home Loan can get approved in 15 days.

Earlier, applying for a home loan was possible only by visiting bank branches. However, today it is possible to apply for a home loan digitally. The online home loan application facility saves time and aids in hassle-free processing, comparing alternatives, calculating eligibility and EMIs and offering a seamless customer journey.

Housing loans can offer the following tax benefits:

  • The repayment (EMIs) towards the principal loan amount are eligible for a tax deduction of up to ₹1.5 lakh under section 80C of the Income Tax Act 1961.
  • Section 24(b) of the Act provides a deduction on the interest portion of home loan EMIs up to ₹2 lakh per annum.
  • Moreover, if you have taken a home loan to buy a house under the affordable housing category, you may be eligible for further deductions up to ₹1.5 lakh under Section 80EEA. However, you cannot claim the same amount twice under different sections.

Yes, you can take multiple home loans simultaneously, as there are no laws barring you from servicing more than home loan at a time. However, the lender will grant a loan only after you have met the eligibility criteria and if you have a sound repayment capacity.

A home loan is typically taken to purchase or construct a house or property. The home or the property is considered collateral by the lender. On the other hand, a mortgage loan is also called a loan against securities and is a loan taken using property as collateral or security. Mortgage loan interest rates are generally higher than home loan interest rates in India.

Yes, you can use a home loan to make improvements or extensions to your existing home. Some may even take a personal loan for this purpose, but since home loan interest rate is lower than personal loans, they are preferred.

At Axis Bank, you can get a home loan for a maximum amount of ₹5 crore. You can determine your home loan eligibility amount using our Home Loan Eligibility Calculator.

If the correct documents are submitted, you can get your Axis Bank Home Loan sanctioned in 5 working days.

A home loan balance transfer allows you to transfer the remaining loan amount from you existing lender to another lender to get the benefit of either low interest rate or longer tenure or both. This will help you reduce your interest expense and manage your finances. You could also get a higher amount with a top-up loan, when you do balance transfer.

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