1. What is Axis Bank Home Loan?

Axis Bank offers home loans with competitive interest rates starting at 6.90% p.a. for eligible customers. The minimum loan amount is ₹3,00,000 with flexible repayment tenures up to 30 years.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Loan principal amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment

Explanation: The formula calculates the fixed monthly payment needed to fully repay the loan over the specified term, including both principal and interest components.

3. Understanding Amortization

Details: In the early years of your loan, a larger portion of each EMI goes toward interest. As the loan matures, more of your payment is applied to the principal. This calculator shows this breakdown over the entire loan term.

4. Using the Calculator

Tips: Enter loan amount (minimum ₹3,00,000), current interest rate (starting at 6.90%), and loan tenure in years (1-30). The calculator will show your EMI and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the current Axis Bank home loan interest rate?
A: Rates start at 6.90% p.a. for eligible customers, but your actual rate may vary based on credit profile, loan amount, and tenure.

Q2: What is the minimum home loan amount from Axis Bank?
A: The minimum loan amount is ₹3,00,000.

Q3: How can I reduce my total interest payment?
A: Opting for a shorter tenure or making prepayments can significantly reduce your total interest burden.

Q4: Are there any prepayment charges?
A: Axis Bank typically doesn't charge for prepayment of floating rate loans, but check current terms as policies may change.

Q5: What documents are required for Axis Bank home loan?
A: Standard documents include identity proof, address proof, income documents, property papers, and bank statements.