1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays 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 Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

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

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, compare loan offers, and choose the right loan tenure based on their repayment capacity.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan tenure in years. All values must be valid (principal ≥ ₹10,000, rate > 0, tenure 1-30 years).

5. Frequently Asked Questions (FAQ)

Q1: What is Axis Bank's current home loan interest rate?
A: Axis Bank home loan rates typically range from 8.50% to 10.50% p.a., depending on loan amount, tenure, and applicant profile.

Q2: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: Are there prepayment charges on Axis Bank home loans?
A: Axis Bank usually doesn't charge for prepayment of floating rate loans, but fixed rate loans may have prepayment charges.

Q4: What factors affect EMI eligibility?
A: Income, existing obligations, credit score, property value, and loan-to-value ratio affect how much EMI you can get approved for.

Q5: Can I get EMI holidays?
A: Axis Bank may offer EMI moratorium (holiday) periods in special cases, but interest continues to accrue during this time.