1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender each month until the loan is paid off. It includes both principal and interest components.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified tenure.

3. About Axis Bank Home Loans

Details: Axis Bank offers competitive home loan rates with flexible repayment options. Factors affecting your EMI include loan amount, interest rate, and tenure.

4. Using the Calculator

Tips: Enter principal amount in Rs, annual interest rate in percentage, and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q2: What is Axis Bank's current home loan interest rate?
A: Rates vary (typically 8.50% - 10% p.a.) based on loan amount, applicant profile, and market conditions.

Q3: Can I prepay my Axis Bank home loan?
A: Yes, Axis Bank allows prepayment, though terms may apply. Prepayment reduces total interest.

Q4: What factors affect home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant age are key factors.

Q5: Are there tax benefits on home loan EMI?
A: Yes, under Section 80C (principal) and Section 24 (interest) of Income Tax Act, subject to conditions.