EMI calculation is one of the most important aspects when it comes to the prospect of taking a home loan. You may ask why home loan and why not a personal loan or some other loan? Well, for this you need to understand this one thing that any other loan does not give an amount as big as a home loan. So when you are opting for a big amount, you need to prepare in a full-proof way so that you can don’t have to sweat a bit while repaying it.
Axis Bank Home Loan EMI Calcualtor could be the one when you are juggling between more than two options of EMI estimation. This amazing calculator is provided by Axis Bank, which is one of the leading private banks of India. Axis Bank also gives you an amazing option of home loan which is preferred by many individuals due to the affordable Axis Bank home loan interest rate. If you don’t know the importance of the interest rate in any home loan facility, then I must tell you that it is that factor that will define your EMI solely. So if you do not keep your eye on this, things will go out of your hand.
How does an EMI Calculator Work?
I know, you must be asking this question in your mind. Well, first things first, Axis Bank home loan EMI calcualtor helps you in estimating your EMI (Equated Monthly Installments) in an easy way. After this, you can plan your repayment structure in a more organized way. Talking about working, like any other calculator, also thrives on inputs so that it can get you a definite output. You just have to feed the required values into it and it will give you the exact amount based on your details. Also, it will also give you a home loan amortization schedule.
If you are thinking about the last term, then let me tell you that an amortization schedule is the break-up of your repayment amount at every year of the loan. As repayment amount is made up of principal and interest amount and the share of it keeps getting changes from time to time. So with the help of this schedule, you will be able to know exactly what amount is going into which part of the repayment amount.
What are the details that you will need?
In order to use the Axis Bank home loan EMI calculator, you will need only three basic details – Required loan amount, Home Loan Interest Rate, and required tenure. As soon as you will fill all these details into it, you will get the EMI amount, interest outgo, and total amount payable. The first thing is the required loan amount that you have to choose wisely and only what you need because you are the one who has to repay it back. You can take a loan amount ranging from INR 3 lakhs to a maximum of INR 5 crores based on your monthly income and repayment capability. The second thing would be the rate of interest which would depend on a lot of factors such as age, monthly income, job type, and CIBIL score. Coming to the tenure, you could get the loan amount for a period of maximum 30 years.