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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 Axis Bank Home Loan which offers housing loans starting at Rs 3 lakh. 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 now.

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

Please be aware that merely submitting the required documents does not guarantee loan approval, which will depend on meeting the bank's criteria. Axis Bank does not take responsibility for the accuracy of the images used. Agents may be utilized for the sales, marketing, and promotion of its products. The RBI does not maintain personal accounts for individuals or public trusts. Beware of fraudulent offers made via phone or email in the name of the RBI. A Home Loan not only helps you purchase residential property but also helps in asset building and provides tax benefits. Typically, you need to pay up to 20% of the property’s cost from your own funds. The loan amount can be repaid over a chosen period, with both the principal and interest payments qualifying for tax deductions under the Income Tax Act. Home Loans can be applied for at a bank branch, loan processing centre, or online. Consider these tips when applying for a home loan:

  • Tip 1

    Evaluate how much you can afford in monthly EMIs, considering all your expenses, including any existing loans and credit card debts. Generally, banks allow EMIs to constitute up to 40% of your net monthly income.

  • Tip 2

    Applying for a loan amount higher than your eligibility might lead to rejection. Once you know your eligible amount, you can plan your down payment accordingly.

  • Tip 3

    Applying at a bank with which you have existing relationships, like a savings or salary account, might ease the KYC process, as the bank already has some of your financial information.

  • Tip 4

    Banks often favour customers with good repayment records and high credit scores, potentially offering quicker loan approval, more flexible repayment options, or reduced processing fees.

  • Tip 5

    Ensure the property you are buying has all necessary regulatory and environmental clearances, or check if it’s listed as approved by your bank to facilitate faster loan approval.

  • Tip 6

    If your income does not qualify you for the desired loan amount, consider a joint loan with a family member. Opting for a longer repayment term can reduce your monthly EMI and ease your financial burden.

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

How to apply for a Home Loan

Follow this step-by-step guide when applying for a housing loan from Axis Bank

  • Application procedure: Complete the Housing Loan application with accurate personal, employment, and financial details.
  • Processing fee: Remit the processing fee to commence validating your application.
  • Financial review: Engage with the bank to clarify Home Loan terms based on your financial profile.
  • Digital application: Utilise the online platform to submit documents for a Home Loan application.
  • Loan evaluation: The bank assesses your application in line with its credit policies.
  • Loan sanction: Receive a detailed sanction letter post-approval outlining loan specifics.
  • Property scrutiny: Undergo property inspection for legal and valuation compliance.
  • Disbursement: The loan is disbursed on positive verification, enabling your property investment.

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 will become 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 serve various purposes beyond just purchasing a residence.

1. New Home Loans: For first-time property buyers meeting specific eligibility criteria.

2. Pre-approved Home Loans:: Based on a preliminary assessment of a borrower’s financial health and credit standing.

3. Home Purchase Loans:: Specifically for buying a house or apartment.

4. Construction Loans:: For building a house on owned land.

5. Renovation Loans:: For existing homeowners looking to upgrade or extend their homes.

6. Plot Loans: : For buying land to construct a house.

7. Home Loan Top-Up: Allows borrowing additional funds on an existing home loan.

8. Balance Transfer Home Loan: This enables transferring existing home loans to another lender for better interest rates. Your ability to repay is a critical factor in the approval or rejection of a Home Loan. Before applying, review your credit report and score.

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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. Your ability to repay is a critical factor in the approval or rejection of a Home Loan.
    A poor credit score increases the chances of your home loan application getting rejected. Your ability to repay is a critical factor in the approval or rejection of a Home Loan. Before applying, review your credit report and score.
  • Loan Amount : Some borrowers apply for a loan amount that is way beyond their eligibility. Paying off debts can improve your score and enhance loan eligibility.
  • 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.Paying off debts can improve your score and enhance loan eligibility. Banks determine the maximum loan amount based on your current monthly income. If a loan is denied because it exceeds your qualifying amount, consider reapplying after lowering the requested amount. As interest rates drop, refinancing could lead to lower EMIs and substantial interest savings.

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 : If you’re paying above-market rates, transferring your home loan could be financially beneficial. Utilise the Home Loan balance transfer option to refinance your mortgage at reduced interest rates, leading to lower monthly payments and increased 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

A Home Loan Equated Monthly Instalment (EMI) is your regular payment towards the borrowed amount, divided into principal and interest components. Calculated from the loan's principal, interest rate, and tenure, the EMI ensures a steady reduction in your loan balance. For seamless management, it's deducted from your savings account. Adjusting the EMI or loan tenure may be necessary if interest rates change, ensuring consistency in repayment when you apply for a Home Loan.

Various Home Loan options are available to suit different housing needs. These include:

  • Standard Home Loans for buying a residence.
  • Land Purchase Loans for acquiring a plot.
  • Construction Loans for building a home.
  • Home Improvement Loans for renovation projects.
  • Top-up Loans for additional funding on existing loans.
  • Balance Transfer Loans to switch lenders for better terms.
  • Pre-approved Home Loans for quicker loan processing.

Initiate your Axis Bank Home Loan application by completing the form online or at the branch or loan or at any Axis Bank branch. Submit your application along with the requisite KYC documentation. Post sanction, provide the necessary property documents. Following document verification and property appraisal, the loan approval and disbursement occurs within 15 days, subject to accurate and complete documentation.

Applying for a Home Loan online offers significant benefits, streamlining the application process. This saves time, simplifies comparisons of loan options, and calculates eligibility and EMIs instantly. The digital platform ensures a smooth customer experience, removing the need to visit a branch and facilitating a hassle-free and efficient loan application journey.

Principal repayment qualifies for a deduction up to ₹1.5 lakh under Section 80C. Interest payment offers a deduction up to ₹2 lakh per annum under Section 24(b). Additional deductions up to ₹1.5 lakh for loans under the affordable housing segment as per Section 80EEA, subject to certain conditions. Do note that Section 80EEA benefits are not applicable for home loans taken post March 31, 2022.

It is permissible to have multiple Home Loans concurrently, subject to certain conditions:

  • No legal restrictions on holding more than one Home Loan.
  • Approval is contingent on satisfying the lender’s eligibility criteria.
  • The borrower must demonstrate adequate repayment capacity.

A Home Loan is secured to finance the purchase or construction of property, with the property itself serving as collateral. In contrast, a mortgage refers to a loan secured by property already owned, often bearing higher interest rates. Both involve pledging property to the lender, but they serve different financial purposes and are subject to varying interest rates in India.

Home Loans can be utilised for enhancing your property through renovations or adding extensions. Given their lower interest rates compared to personal loans, they are a cost-effective option for home improvement financing.

Axis Bank offers Home Loans up to ₹5 crore. Check your eligibility with the Home Loan Eligibility Calculator to understand the potential loan amount available to you.

Upon submission of the requisite documents, Axis Bank typically sanctions a Home Loan within five business days, enabling a swift start to your home financing journey.

A Home Loan Balance Transfer enables you to shift the outstanding loan amount to a different lender, often for a lower interest rate or a longer repayment term. This strategy can result in reduced interest costs and better financial management. Additionally, you might have the option to obtain further financing through a top-up loan during the balance transfer process.

Salaried applicants must provide their latest salary slips, Form 16, bank statements, and KYC documents, which include proof of identity, address, and income. Employers' certification may also be required to validate employment status and income details.

The processing fee for a Home Loan is a one-time charge, up to 1% of the loan amount. This fee covers the administrative costs incurred during the loan application process.

If your Home Loan application is rejected, review the reasons, rectify credit score issues, manage existing debts, and ensure accuracy in your application. Re-assess your financial status and consider reapplying with improved eligibility or seek alternative lenders.

Enhance your Home Loan eligibility by maintaining a strong credit score, having a stable job history, reducing existing debts, and saving for a higher down payment. Consistent income and a low debt-to-income ratio also strengthen your application.

Fixed-rate Home Loans have a constant interest rate throughout the tenure, providing payment stability. In contrast, floating-rate loans have an interest rate that varies with market conditions, offering the possibility of lower rates over time but with less predictability.

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