How to use Axis Bank Home Loan EMI Calculator to manage your finances in a better way?

How to use Axis Bank Home Loan EMI Calculator to manage your finances in a better way?

Owning your home in our country is quite a privilege which a lot of people don’t have. To make them able to own their homes, various banks and financial institutions provide the home loan facility to their customers. Axis Bank is one of the leading private banks of our country which provides the facility of Axis Bank Home Loan by which needy individuals can buy their own homes opting for a loan amount at an affordable rate of interest.

Before opting for a loan amount, it’s important to have an estimate about the EMI amount that you will have to pay every month to repay the loan amount. Those individuals who don’t take this seriously, often end up burning off their monthly budget much before the month ends. The A ​ xis Bank Home Loan EMI Calculator​ helps you in calculating the accurate EMI amount before opting for the right loan amount. In this article, we will be telling you about how you can use the Home Loan EMI calculator efficiently and what are the details that you’ll need to have in order to use it.

So, keep reading to know more about it!

What are the details you need to use Axis Bank Home Loan EMI Calculator?

To use the Axis Bank Home Loan EMI Calculator, you will need a few basic details which are loan amount, rate of interest, and tenure for which you want the amount. You can have a detailed look at all of them mentioned below.

Loan Quantum​: With the Axis Bank ​home loan​ facility, you can take the loan amount as small as INR 3 lakhs and as maximum as INR 5 crore. You will have to put the desired loan amount in the required space in the calculator or you can scroll to the wanted value. But, it is advised to opt for a loan amount according to your repayment capability as it could have an impact on your EMI amount.

Rate of Interest​: This is the second thing that you’ll need to put in the calculator. Axis Bank home loan rate of interest ranges from 8.90% to 9.15% per annum. You should remember that there are a lot of factors that can have an impact on the interest rate given by the Axis Bank such as your age, employment type, CIBIL score, etc. After assessing all these factors, the bank will decide the interest rate. You can fill the rate in the required space.

Desired Tenure:​ You can opt for the A ​ xis Bank home loan​ for a minimum of 12 months to a maximum of 360 months. You can choose the desired tenure according to your repayment capability as a longer tenure can make you pay a lot more interest amount. This is the third and last thing that you will need to fill in the calculator.

After filling all these details into the Axis Bank ​Home Loan EMI calculator​, it will give you the accurate EMI amount and also, the total interest outgo. You can use this calculator for as many times as you want by putting different values into it.