1. What is Axis Bank Home Loan Eligibility?

The Axis Bank Home Loan Eligibility Calculator helps you determine how much loan amount you can get based on your repayment capacity. Axis Bank offers home loans starting at 6.90% p.a. interest rate through internet banking.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Maximum loan amount (principal)
• \( PMT \) — Affordable monthly payment
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

Explanation: The formula calculates the present value of a series of future payments (annuity) considering the interest rate and time period.

3. Importance of Loan Eligibility Calculation

Details: Knowing your home loan eligibility helps in financial planning, property selection, and ensures you don't apply for amounts beyond your repayment capacity.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current Axis Bank home loan interest rate (default 6.90%), and desired loan term in years. The calculator will show your maximum eligible loan amount.

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 internet banking customers, but may vary based on credit profile and loan amount.

Q2: What factors affect home loan eligibility?
A: Income, existing debts, credit score, property value, loan tenure, and interest rate all affect eligibility.

Q3: How accurate is this calculator?
A: This provides an estimate. Actual eligibility is determined by Axis Bank after reviewing your complete application.

Q4: What is the maximum tenure for Axis Bank home loans?
A: Typically up to 30 years, depending on age at loan maturity (usually max 70-75 years).

Q5: Are there prepayment charges?
A: Axis Bank doesn't charge for prepayment of floating rate loans from own sources. Fixed rate loans may have charges.