1. What is Home Loan Eligibility?

The home loan eligibility calculator helps you determine how much loan amount you can get from Axis Bank based on your monthly repayment capacity, current interest rates, and loan tenure.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Loan principal amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Total number of payments (months)

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay each month, considering Axis Bank's current interest rates.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligibility helps in financial planning, setting realistic property budgets, and negotiating better with sellers.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current Axis Bank home loan interest rate (starting at 6.90% p.a.), and desired loan tenure in years.

5. Frequently Asked Questions (FAQ)

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

Q2: Does this calculator consider credit card debt?
A: No, this calculator is specific to home loan eligibility. Your actual eligibility may be affected by existing debts including credit cards.

Q3: What factors affect home loan eligibility?
A: Income, existing obligations, credit score, property value, and loan tenure all impact your final eligibility.

Q4: How accurate is this calculator?
A: This provides an estimate. Actual eligibility is determined by Axis Bank after complete application and documentation.

Q5: Can I increase my eligibility amount?
A: Yes, by increasing tenure, adding co-applicants, or improving your credit score.