Factors affecting your Axis Bank Home Loan EMI’s
Interest Rate
Axis Bank offers both fixed-rate home loans and floating-rate home loans. The interest rates of fixed-rate home loans start at 14% p.a. whereas the interest rates of floating-rate home loan range from 9.00% to 13.30% p.a. The final interest rate offered for your Axis Bank home loan will depend on the credit risk assessment undertaken by the bank.
In the case of fixed-rate home loans, your EMIs would remain the same throughout the loan repayment tenure. In the case of floating rates, changes in the linked benchmark rates would change the interest rates of the home loan as well. However, most banks usually increase/decrease the tenure of the home in response to the changes to its linked benchmark rates, keeping the EMI same.
As interest rates of home loans would play a major role in determining the borrowing cost, applicants should compare the home loan interest rates offered by top banks and HFCs. Here’s the list of interest rates of some major lenders on the basis of the loan amount:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 11.25% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Loan Tenure
Apart from interest rates, your loan tenure would also affect your home loan EMI. The bank offers housing loans for repayment tenures of up to 30 years, subject to the maximum age of the borrower being 65 years or less at the time of loan maturity. Applicants should note that longer repayment tenures would result in lower EMIs but could lead to higher interest costs. Hence, it’s important to choose tenure on the basis of your repayment capacity. Prospective home loan borrowers can use Home Loan EMI Calculator to calculate EMIs of different tenures and opt for the optimum tenure based on their repayment capacity.
Also Calculate your Home Loan Eligibility
Loan Amount
The final loan amount offered by the lender would depend on your repayment capacity and the LTV ratio. Note that lenders usually prefer lending to applicants having total loan repayment obligations, including the EMI of the proposed home loan, of up to 50-55% of their total monthly income. Moreover, availing a bigger loan amount would incur higher interest cost and EMIs. Thus, prospective home loan borrowers with adequate surpluses should make higher down payments as it would reduce their EMIs and their overall interest cost. Note that many lenders also offer home loans at lower interest rates to those opting for lower LTV ratios.
Get SBI Home Loan at Low Interest Rates Click Here
Axis Bank Home Loan Schemes with EMI waivers/reducing EMIs facility
Axis Bank Asha Home Loan
Axis Bank Asha Home Loan facility comes with a waiver of 12 EMIs at no regular cost. In this facility, 4 EMIs are waived off at the end of 4th, 8th and 12th year of their loan repayment tenure. The minimum loan tenure should be 20 years while availing a home loan. The home loan can also be part prepaid as long as the home loan tenure does not fall below 4 years.
QuickPay Home Loan
QuikPay Home Loan facility allows home loan borrowers to repay higher principal earlier in the loan repayment tenure. The monthly instalments reduce every month, which reduces the overall interest cost.
Fast Forward Home Loan
Fast Forward Home Loan facility from Axis Bank comes with a 12 EMI waiver on regular EMI payments at no extra cost. Under this facility, 6 EMIs are waived off after 10 years of repayment and another 6 EMIs are waived off after 15 years from the first loan disbursement. The minimum tenure should be 20 years while availing a home loan. Part-payments are also allowed but the repayment tenure should not fall below 10 years to avail waiver.
Check Home Loan at Attractive Interest Rates Click Here
Shubh Aaarambh Home Loan
Shubh Aaarambh Home Loan facility comes with 12 EMI waivers with 4 EMIs waived off at the end of 4th, 8th and 12th year. The minimum tenure should be 20 years while availing home loan. Part-payments are also allowed but the repayment tenure should not fall below 4 years to avail waiver.
FAQs on Axis Bank Home Loan EMI Calculator
1: What is Axis Bank home loan EMI Calculator?
Ans: Axis Bank Home Loan EMI Calculator is an online financial tool, which lets you calculate your home loan EMIs, interest cost and total amount payable. All you need to enter the loan amount, tenure and interest rate.
2: How to use Axis Bank home loan EMI Calculator?
Ans: Borrowers just need to enter the basic details—loan amount, interest rate, and tenure—on the Home Loan EMI Calculator. The EMIs, interest payable, and total amount payable will be displayed on the screen. Further, an amortisation schedule will be displayed, which will show the principal and interest components of their EMIs over the entire loan repayment tenure.
3: How can I get my EMIs waived off?
Ans: Axis Bank offers three home loan variants with EMI waivers — Fast Forward Home Loan, Asha Home Loan or the Shubh Aaarambh Home Loan. In Shubh Aaarambh Home Loan and Asha Home Loan, 4 EMIs each are waived off at the end of 4th, 8th and 12th year of the loan tenure. On the other hand, in Fast Forward Home Loan, borrowers can get their 6 EMIs waived off after 10 years of loan repayment and another 6 EMIs after completing 15 years from their first loan disbursement.
4: When will my home loan EMI be due?
Ans: The EMI of your home loan will be due on a fixed date set by Axis Bank. The bank claims to notify your EMI due date during your home loan disbursal.
5: Why you should use a home loan EMI calculator?
Ans: The online home loan EMI calculator provides you with accurate EMI calculations and saves time and energy spent on manual calculations. In addition, knowing EMIs beforehand helps you plan your home loan repayment and overall finances better.