Axis Bank offers a wide range of banking products to the customers and as such product is a home loan. Many people find it difficult to take home loans, but with Axis Bank hassle-free service makes it easier. You can finance your house, property (Land), construct the house using the Axis Bank home loan amount. And you can pay the borrowed amount in equated monthly installments (EMIs) along with the applicable Axis bank home loan interest rate. The bank provides an EMI calculator using which one can estimate their loan EMIs. To know in detail about the Axis Bank home loan EMI calculator read this article.
What is the use of a home loan calculator?
The benefit of the EMI calculator is that using this you can have an approx idea of your loan installments and choose a suitable tenure to make compatible EMI payments. But how can you use the Axis Bank home loan EMI calculator? Follow the below-mentioned steps to use the online home loan calculator.
- Go to the Axis Bank official website and click on the “explore product” option.
- Then choose “home loan” and when you click at it you’ll be directed to the home loan page.
- In the page head, you can see the EMI calculator by mentioning your loan details you can easily generate the EMIs.
How Axis Bank home loan EMI calculator work?
It is a loan calculator device that generates the EMI of your loan amount using the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal borrowed amount, R is the rate of interest and N is loan payment tenure. Suppose, if you have borrowed a home loan amount of INR 5 lakh at an interest rate of 8.88% on a 250-month loan tenure then your calculated EMI would be INR 4,356.
The home loan calculator also gives you the scheduled monthly EMIs of your loan in the form of Amortization table. And, you can also view your total payable interest rate and loan amount with the help of Axis Bank home loan EMI calculator.
Home finance becomes easier with affordable Axis Bank home loan interest rate
Axis Bank give you home loan at both flexible and fixed rate of interest, you can choose the interest rate according to your repayment compatibility. Because flexible Axis Bank home loan interest rate depends on the bank 1-year MCLR that means, the rate can change after 1-year. On the other hand, the fixed interest rate would remain the same during your loan tenure. You can also reduce your EMIs if you opt for a flexible rate of interest through prepayment and to know its benefit you can use Axis Bank home loan EMI calculator.
Axis Bank home loans are easy to apply, you can apply for it by going to the nearby bank branch or through online banking. For the loan application procedure, you need to submit your income and KYC documents to the bank and you also have to pay a processing fee of INR 10,000 or 1% of your borrowed amount. The bank also provides you the benefit of 12 months free EMI only, if you successfully pay the 15 years home loan EMI.