How Axis Bank Home Loan Can Help You Build The House of Your Dreams?

1. How Axis Bank Home Loan Can Help You Build The House of Your Dreams?

2. Amongst so many options for home loans on the table, one does get confused with the option to go for. But, Axis Bank Home Loan rules out most other options for sure. Be it interest rates or concerns related to EMI, it’ll immediately catch your attention. What makes Axis Bank Home Loan so viable is-

3. Smaller EMIs • Long Tenure • Handsome Interest Rates • Choice between Floating and Fixed Interest Rates • Easy Application Process • Doorstep Service • No Prepayment Charges • And more so.

4. What is the Axis Home Loan Interest Rate Like? Axis helps in getting you a step closer to your dream home by providing one of the lowest interest rates in the Indian home loan space. Axis Bank offers loans at varied interest rates according to the quantum of finance. Loan provided is benchmarked to 6-month MCLR, the short form of the Marginal Cost of Lending Rate. Current 6-month MCLR for Axis home loan stands at 8.50%.

5. Axis Bank makes a clear bifurcation in the rates provided to salaried employees and self employed individuals. Loans up to ₹30 lakh can be granted at an interest rate of 8.90% to salaried and 8.95% to self-employed individuals. As the loan amount goes past ₹30 lakh and remains within ₹75 lakh, the rate of interest goes up to 9.05% and 9.10% per annum for salaried and self-employed individuals, respectively. Loan amount exceeding ₹75 lakh would come with an interest rate of 9.10% for salaried and 9.15% for self-employed.

6. How can you know the EMI for your Axis Home Loan? So in order to know the EMI you’ll be paying for your Axis Home Loan, the bank has launched something called the Axis Home Loan EMI Calculator. Using this you can determine the Equated Monthly Installments (EMI) you’ll be paying every month. All you have to do is adjust three sliders – Loan Amount, Interest Rate and Tenure. First, enter the loan amount you want from Axis. Then, choose the rate at which you would like to take the loan for. And lastly, enter the period according to your repayment capacity. EMI result will pop on your screen in a matter of few milliseconds.

7. What is the role of Axis Home Loan EMI Calculator? Clarity: Servicing home loans requires an immense amount of planning and management. If you know your EMI value beforehand, you’ll know how to manage your month – what to spend on and what not to. The concept of opportunity cost plays a big role here. Your monthly expenses should be on those goods only that brings maximum value to you and not on luxury. This is because EMI payment takes away a huge chunk of your regular income. Knowing it in advance helps you make informed decisions for the month.

8. Relationship between Interest and Principal: Axis home loan EMI Calculator helps you understand the ratio between principal and interest due. During initial months the interest that you’ll pay towards the EMI will be higher. But as time goes by, the principal paid will be more than the interest. It simplifies all the calculation and gives you a clear picture of how the calculations are going to be.