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Home Loan EMI Calculator

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Loan Amount in between 1L to 5Cr
Tenure Months in between 12 to 360
Interest Rate in between 8.85 to 11

Equated Monthly Installment (EMI) will be`1,42,922

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Axis Bank Home Loan

Fulfil your dream of owning a home with the Axis Bank Home Loan which offers home loans starting at Rs. 3,00,000. The Axis Bank Home Loan comes with a host of benefits such as smaller EMIs where you can space out your payment over a longer tenure, attractive interest rates, an easy application process, doorstep service, etc. Find out more about the Axis Bank Home Loan below.

More about Home Loans

Home loans help you with a lump-sum advance of funds towards buying your desired property, this amount will be repayable with interest. However you can re-pay the amount advanced via EMIs (Equated Monthly Installments), thus enabling you to approach realizing your home dream in a convenient and structured way.



Tips to keep in mind while applying for a home loan

A home loan offers you the chance of owning a residential property and building an asset while at the same time enjoying tax benefits. You have to pay a certain percentage of the property cost, usually up to 20%, out of your funds. The loan amount can be repaid over a fixed period as per your convenience. Both the principal loan amount and the interest repayment are eligible for tax deduction under Income Tax laws. A home loan application can be done at the bank branch, loan processing centre or online. Let us look at some tips to keep in mind while applying for a home loan

  • Tip 1

    Be sure about how much you can afford through Equated Monthly Instalments (EMIs) because a home loan is a long term commitment. Deduct all your expenses, including other loan and credit card repayments from your take-home pay, to know how much you can afford as home loan EMI. Generally, banks allow EMIs up to 40% of your take-home loan salary.

  • Tip 2

    If you apply for a high amount, the bank may not approve your loan. Also, once you know the loan amount you are eligible for you can plan for the rest of the down payment accordingly.

  • Tip 3

    It is advisable to apply for a home loan at a bank where you already have a banking relationship, such as a savings/salary account, a car loan, a personal loan, etc. If the bank already knows your credit history and personal details such as employer, salary, etc, then the bank has to spend less time for the Know Your Customer (KYC) procedure.

  • Tip 4

    In most cases, the bank will look favourably at a customer with a good repayment record and high credit scores and may offer faster approval and disbursal, or flexible repayment schedules or lower processing charges. In some cases, the bank may offer a lower interest rate on the home loan.

  • Tip 5

    Ensure that the project where you are buying your house has all regulatory and environmental clearances in place. Or check if your bank has listed of approved projects of if your project is approved by your bank. This will also help faster approval of your home loan application.

  • Tip 6

    If you need a higher loan amount but your salary does not permit it, take a joint loan with your spouse/parent/sibling. You could also opt for a longer tenure loan. A longer repayment period means a lower EMI and thereby lesser burden on your monthly finances.

Dos and Don’ts while applying for a home loan

Do’sDon’ts
   Do your research about the home-property price, builder’s background, clearances for the project, etc. Also do your research about the home loan - interest rate, processing charges, repayment schedule, etc    Don’t apply for loans on multiple aggregator websites as it indicates you are loan hungry and may reduce the chances of your application being approved
   Know the amount you have to pay such as down payment amount, processing charges, stamp duty, registration fees and make provision for the same    Don’t take too many loans before you apply for a home loan-such as a personal loan or auto loan. As home loan amounts are big-ticket loans this will impact your eligibility.
   Ensure all documents are in place – salary slips, Income Tax Returns, property agreement, and registration, etc    Don’t go overboard with your credit card spends and don’t delay your loan repayments as this will impact your credit score negatively
   Take time to improve your credit history, if required before you apply for a home loan as there are chances that the bank may offer you better terms and conditions    Don’t take a huge loan as you may find it difficult to repay. Affordability is key when it comes to home loan
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