Is Axis Bank Home Loan Calculator Recommended for Borrowers?

If you have pinned on Axis Bank to fulfill your home dream, you better get an idea of how much you are likely to pay on the loan? A correct summation will help you live peacefully when the loan repayment kicks in. At the same time, one must know the loan amount he is eligible for. To ease your worry, there’s that Axis Bank Home Loan Calculator you should use. As you can get the calculator online, you can start using it to feel comfortable regarding your home loan. The article below portrays the role of the calculator in a simple manner. So, keep reading the same and service the home loan dues with comfort. 

Axis Bank Home Loan Calculator - A Multi-Faceted Device

The home loan calculator computes the loan amount you are eligible for, the EMI payable to the loan as well as a break-up of the repayment. The loan eligibility can be calculated using the Axis Bank Home Loan Eligibility Calculator. You just need to share a few basic details about income, the company where you work at, the installment you can pay for the loan, etc. Once all these details are fed into the calculator, you can get to see the loan amount. 

You can even compute the Equated Monthly Installment (EMI) using the EMI calculator. All that the calculator takes to compute the EMI is the loan amount you want to avail, the tenure and interest rate. Enter all these and find the exact EMI amount applicable to the loan. Besides EMI, you can also see the interest you will be paying to Axis Bank through the installments. 

As much important is to check the loan eligibility and repayment estimates, the same goes with an amortization schedule. The schedule, which is a byproduct of the EMI calculator, shows the break-up of principal and interest portions of the loan year after year. 

Benefits of Using Axis Bank Home Loan Calculator 

The use of Axis Bank Home Loan Calculator has its own set of advantages. 

Helps Maintain Discipline - As the calculator opens out the details of eligible loan amount and repayment estimates, it can let you fix the spending limit. When you adhere to the limit, you can ensure a greater discipline. This will help ensure a smooth repayment. 

Saves Time & Effort - Since the calculator is available on your fingertips, it saves a lot of time and effort. 

Helps Draw a Prepayment Strategy - The term prepayment means paying the outstanding loan fully or partially within the course of the loan. It can relieve you from the massive interest burden. With the loan schedule, you can plan to prepay. For a successful prepayment, you can start putting bucks in several asset classes such as fixed deposits, recurring deposits and mutual funds according to your risk appetite. 

Axis Bank Home Loan Interest Rate & Other Basic Details

Now that you know the functionality of Home Loan Calculator, you should now focus on basic Home Loan Axis Bank details. The bank offers the loan for a maximum of 30 years at varied interest rates benchmarked to the 6-month Marginal Cost of Lending Rate (MCLR). At present, the interest rates for loan up to 30 lakh, up to 75 lakh and above 75 lakh are 8.90%, 9.05% and 9.10%, respectively.