1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. For Axis Bank home loans, EMI payments include both principal and interest components.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( R \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would completely pay off the loan over its term, including both principal and interest.

3. Axis Bank Home Loan Features

Details: Axis Bank offers home loans with competitive interest rates, flexible repayment tenures up to 30 years, and loan amounts up to ₹5 crores. Interest rates typically range from 8.40% to 14% depending on credit profile.

4. Using the Calculator

Tips: Enter principal amount in ₹, annual interest rate in percentage, and loan tenure in years. The calculator will show monthly EMI, total interest payable, and total payment amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount for Axis Bank home loans?
A: The minimum loan amount is typically ₹3 lakhs, though this may vary based on property value and location.

Q2: How does prepayment affect EMI?
A: Prepayments can either reduce your EMI amount or shorten your loan tenure. Axis Bank allows prepayment after 12 EMIs.

Q3: What factors affect Axis Bank home loan interest rates?
A: Rates depend on loan amount, tenure, applicant's income, credit score, and property type/location.

Q4: Are there any hidden charges?
A: Axis Bank charges processing fees (0.5-1% of loan amount), legal/technical charges, and applicable taxes.

Q5: Can I get a loan without salary slips?
A: Self-employed individuals can apply with income tax returns and bank statements instead of salary slips.