1. What is the EMI Calculation Formula?

The EMI (Equated Monthly Installment) calculation formula determines your fixed monthly payment for a home loan. It includes 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

Explanation: The formula calculates the fixed payment amount that will completely pay off the loan over its term.

3. About Axis Bank Home Loans

Details: Axis Bank offers home loans in India starting at 6.90% p.a. interest rate, with flexible repayment tenures up to 30 years.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (current Axis Bank rate is 6.90%), and loan tenure in years. All values must be valid (principal ≥ ₹10,000, rate between 1-20%, tenure 1-30 years).

5. Frequently Asked Questions (FAQ)

Q1: What is the current Axis Bank home loan interest rate?
A: As of 2023, rates start at 6.90% p.a. for eligible borrowers, but actual rates may vary based on credit 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: What factors affect home loan eligibility?
A: Income, credit score, property value, existing obligations, and employment stability affect loan eligibility.

Q4: Are there prepayment charges?
A: Axis Bank typically doesn't charge for prepayment of floating rate loans, but fixed rate loans may have charges.

Q5: What's included in EMI?
A: EMI includes principal repayment and interest. Property taxes and insurance are usually separate.