Is Axis Bank home loan calculator enough to know your budget?

While choosing a home loan, you need to keep a few things in mind. These are interest rates, maximum loan amount and tenure the lender is offering. At Axis Bank, there are total 6 schemes available for home loans. So, most of the people directly opt for a scheme they need instead of going with a regular home loan.

One important tool to identify your needs is a loan calculator. Axis Bank home loan calculator is very helpful in identifying whether or not your loan is suiting your budget or not. But, is this tool enough? Well, home loans are a long term commitment and may continue up to 30 years. You should be able to pay it without affecting your other expenses. Since 30 years is a long time, many big changes will happen during this period. Such as if you take this loan is your 20s or 30s, your major expenses will happen during this time frame. Your child’s education and marriage are most likely to take place within this period. So, a loan calculator might be the best tool which will tell you how much you will end up paying to the lender and whether or not you have sources for it.

Axis Bank Home Loan Calculator

As per the existing home loan interest rates at Axis Bank, the effective EMIs for lowest and highest rate of interest is given below. The calculation is done with Axis Bank home loan calculator.

Loan Amount - Rs 50 lakhs

Tenure - 20 years

Rate of interest - 8.80% per annum and 9.05% per annum.

EMI for 8.80% per annum - Rs 44,345

EMI for 9.05% per annum - Rs 45,147

As a beginner, you should also know the eligibility criteria required to apply for Axis Bank home loan because only then you will get the approval for your desired rate. Just in case you fail matching the criteria, you will be able to get a way out in time.

Axis Bank Home Loan Eligibility Criteria

The criteria is different for a salaried applicant and a self-employed applicant.

Salaried Individuals:

• If you are into permanent services in any Government or renowned company, you are eligible to avail the loan.
• The age of the applicant should be 21 years at the time of loan commencement and upto 60 years at the time of loan maturity.

Self-employed Professionals:

• Self-employed professionals such as doctors, engineers, dentists, architects, CA, management consultant, cost accountants and company secretary.
• The applicant should be 21 years of age at the time of loan commencement and upto 65 years or less at the time of loan maturity.

Self-employed Individuals:

• Your minimum age should be 21 years at the time of loan commencement and upto 65 years or less at the time of loan maturity.
• Self-employed individuals filing income tax return (ITR).

With the help of the above information, you will be able to identify whether or not you should go for Axis Bank home loan. Also, you will know that Axis Bank home loan calculator is helping you manage other expenses or not.