Download App
HomeOur StoryMethodologyLearnFAQs

Axis Home Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The Axis Home Loan EMI calculator is a simple mathematical tool that allows you to calculate the amount of money you would be repaying each month for a specific loan amount and term. By varying the term of the loan in the calculator, you can find out how much you would be paying over different years and pick a loan amount that is suitable for you.

A home loan is a loan disbursed by a bank or financial institution to an individual for purchasing a residential property. Here, the lender holds the title of the property until the loan is paid back in full along with interest.

A home loan EMI (Equated Monthly Instalment) is the amount that a borrower pays every month to the bank against their home loan. The EMI amount includes both the principal and interest amounts.

How Does The Axis Home Loan EMI Calculator Work?

The EMI calculator uses the below formula to calculate your monthly EMI amount.

Home Loan EMI, E or EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are looking to take a home loan for ₹49 lakhs. The interest rate charged by the lender is 8.3%. The tenure of the loan is 22 years. Let's calculate your monthly EMI amount using the formula.

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 49,00,000 x (0.083/12 x (1 + 0.083/12)^22) / [(1 + 0.083/12)^22 - 1]
EMI = ₹40,447

If you take a home loan for ₹49 lakhs at an interest rate of 8.3% per annum, you would have to pay a monthly EMI of ₹40,447 for 22 years.

How To Use the Axis Home Loan EMI Calculator?

Using the home loan EMI calculator is quite straightforward.

  • Enter the loan amount you wish to borrow to purchase the home.
  • Mention the rate of interest on the home loan.
  • Key in the tenure of the loan.

Once the details are entered, your estimated monthly EMI amount will be displayed on your screen within a few seconds.

Example:

Mr Sampath is looking to take a home loan for ₹36 lakhs. The interest rate charged by the lender for the home loan is 8.7%. The duration of the loan is 17 years. He needs to know his EMI amount before taking the loan, so let's calculate it:

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 36,00,000 x (0.087/12 x (1 + 0.087/12)^17) / [(1 + 0.087/12)^17 - 1]
EMI = ₹33,856

If Mr Sampath takes a home loan for ₹36 lakhs at an interest rate of 8.7%, he would have to pay a monthly EMI of ₹33,856 every month for 17 years.

Benefits Of Using The Axis Home Loan EMI Calculator

The advantages of using the home loan calculator are as follows:

  • The home loan calculator performs complex calculations in seconds, saving you time and effort.
  • The calculator can help plan your finances better and minimise the risk of defaulting on your payments.
  • The calculator can help you determine how much can you allocate toward your monthly EMI without breaking the bank.

AXIS - Frequently Asked Questions (FAQs)

Which date should I choose for home loan EMI?
You can choose any date for your home loan EMI. However, it is important to choose a date that you can stick to every month. For example, if you receive your salary on the 1st, you can pick the EMI date for the 5th.
What happens when I pay extra on my home loan?
If you pay more than the fixed EMI for your home loan, the extra money will considered a prepayment on the loan. The excess amount will be deducted from your principal amount, and your subsequent EMIs will be adjusted accordingly.
What happens if I forget to pay an EMI on the home loan?
Missing to pay the EMI for your home loan can result in a late payment fee. Your credit score may also be affected.