There is no other place on earth that can give you as much relaxation and comfort as your home. After all, it is home sweet home. A person works so harder so that he/she can fulfil his/her dream of buying a house some day. Your house is not mere a piece of land or a property but it is an investment of a lifetime.
You can cherish the memories you build in your house forever. Purchasing your own house requires a good amount of money. This is where a Home loan comes into the picture. Though the market has many lenders who are ready to provide you with the product, but it’s up to you which one to avail.
Axis Bank is one of the top lenders in the Home loan segment. With an interest rate between 8.65-8.75%, the bank has become one of the most preferred options amongst home loan seekers. While taking a Home loan, you have to take into account many factors. Do you know those crucial factors?
I guess your answers will be interest rate, tenure period and processing fee. But there is one factor which is often overlooked by home loan borrowers. That factor is EMI. There are many people who completely forget about EMI and thus end up paying a far higher amount to the bank.
Axis Bank is always ready to provide you a home loan at the best interest rate. But you should have a proper look at the EMI which you will be paying to the bank. What if the EMI amount is higher and burns a hole in your pocket? You are most likely to affect the monthly budget in the process.
Therefore, it is always advised to keep a tab on the monthly EMI amount you have to pay to the bank. With an Axis Bank Home Loan EMI Calculator, you can easily calculate your monthly installment amount.
You can use Axis Bank Home Loan EMI Calculator for determining your monthly EMI amount. In addition to the EMI amount, you can also check out the total interest payable to the bank. The best part about the tool is that calculation can be done within few seconds in a hassle free manner. You can now easily say a goodbye to manual calculation. You won’t require to take a pen & paper and start the calculation.
The tool is simply magical because it provides relevant information within few seconds. You can use the calculator for comparing the amount offered on various rates of interest and tenure. You have to do nothing but simply enter the desired loan amount along with the rate of interest and tenure period. You can also enter the processing fee in percentage value. This will instantly provide you with the information relating to your EMI amount and total interest payable. Let’s throw more light on the same with the help of an example.
Suppose, Shompa Ranjit, a school teacher wishes to buy a house of her own in the city of Lucknow. She approaches Axis Bank for a home loan. The bank after checking her eligibility offers her a home loan of ₹20,00,000 at an interest rate of 8.75% and processing fee of 1% for a tenure of 15 years. She can use this calculator to find out about her EMI amount which has to be paid to the bank for repaying the home loan amount. With the help of this calculator, she will be able to find that her EMI amount will turn out to be ₹19,989. This means she will have to pay the bank a monthly EMI of ₹19,989. The total interest payable will sum up to be ₹15,98,015. The processing fee charged will amount to ₹20,000. Shompa will be paying a total amount of ₹35,98,015.
Axis Bank home loan EMI calculator has been instrumental in helping Shompa know about the estimate of her monthly installment amount. Shompa can use the calculator to compare EMI amount for different rates of interest & tenure and take a balanced decision. The calculator will prove to be beneficial for her as she can now calculate how much EMI amount she has to pay and thus plan a monthly budget accordingly. So, the next time you take a home loan don’t forget to use the magical calculator for checking your monthly EMI. You will end up having a smooth loan journey.