Axis Bank Home Loan EMI Calculator
Axis Bank Home Loan EMI Calculator
The Axis Bank Home Loan EMI Calculator is a tool that helps you calculate the equated monthly installment (EMI) for your home loan from Axis Bank. The EMI is the amount you need to pay every month to repay the loan amount along with the interest charged by the bank. The Axis Bank Home Loan EMI Calculator uses the loan amount, loan tenure, and interest rate to calculate the EMI.
Alternatively, you can also use the formula to calculate the EMI manually using the loan amount, interest rate, and loan tenure. The formula to calculate the EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
P = Loan amount
R = Interest rate per month
N = Loan tenure in months
For example, if you want to calculate the EMI for a home loan of Rs. 50 lakhs for a tenure of 20 years at an interest rate of 8% per annum, the calculation would be as follows:
P = Rs. 50 lakhs
R = 8%/12 = 0.0067 (monthly interest rate)
N = 20 x 12 = 240 (loan tenure in months)
EMI = [50,00,000 x 0.0067 x (1+0.0067)^240]/[(1+0.0067)^240-1]
EMI = Rs. 43,731
So, the EMI for the home loan would be Rs. 43,731 per month for a tenure of 20 years.
Home Loan EMI
A home loan EMI (Equated Monthly Installment) is the amount of money you need to pay every month to the bank or lender to repay the loan amount taken for buying a house or property. The EMI consists of both the principal amount and the interest charged by the bank.
The EMI amount depends on several factors such as the loan amount, the interest rate charged by the bank, and the loan tenure or duration. The EMI is calculated based on the reducing balance method, where the interest is calculated on the outstanding loan amount every month.
To calculate the EMI for a home loan, you can use the formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
P = Loan amount
R = Interest rate per month
N = Loan tenure in months
For example, if you have taken a home loan of Rs. 50 lakhs for a tenure of 20 years at an interest rate of 8% per annum, the calculation would be as follows:
P = Rs. 50 lakhs
R = 8%/12 = 0.0067 (monthly interest rate)
N = 20 x 12 = 240 (loan tenure in months)
EMI = [50,00,000 x 0.0067 x (1+0.0067)^240]/[(1+0.0067)^240-1]
EMI = Rs. 43,731
So, the EMI for the home loan would be Rs. 43,731 per month for a tenure of 20 years.