Have you been wondering about taking a home loan? But is the entire process and the overwhelming information draining you out? We understand your dream of owning a house. And we also get that affordability plays a huge role in fulfilling this vision. It is often difficult to gather adequate financing for your desired property. The real estate value has been at its peak for years now. Almost every piece of property is only available for a sky-high price. For a regular salaried individual, these prices are next to impossible. However, home loans are always there to rescue us.
Speaking of home loans, we know that banking is not everyone’s cup of tea. No school curriculum has ever shown an interest in teaching these concepts. Well, let’s get into the real discussion. Everyone has a general idea about home loans. People borrow a sum of money from a bank or an NBFC to purchase a house or a plot of land. We also take home loans to do renovations or repairs in an existing house. These loans, as we know, is given on a fixed or floating interest rate. Home loans also help you use your tax benefits.
There are a lot of banks that give out home loans. Axis bank is known to be one of the best private sector banks to provide affordable and flexible home loans. They have devised a unique home loan affordability calculator to help you determine the kind of home loan that fits you.
Axis Bank Home Loan Interest Rate:
Axis Bank offers its customers various housing loan types with rates of interest as low as 6.90% p.a. (floating rate loans), and on fixed-rate loans, it is 12% p.a. A floating-rate loan can have a tenure of 30 years, while a fixed-rate loan can have a tenure of up to 20 years. There is a processing fee of up to 1% (Rs.10,000, minimum) which needs to be paid in full at the time of loan application login. Rs.2,500 plus GST is due during application login.
Furthermore, Axis Bank adheres to people’s needs and has a wide range of home loan schemes. These special home loans offer to reduce EMI’s and home loan overdraft, EMI waivers facilities. However, these interest rates are dynamic and can differ from individual to individual.
Also Read: What Happens If You Finance a Faulty Car?
How Home Loan Interest is Calculated in Axis Bank?
Axis Bank has devised a financial calculator that helps you assess the EMI or interest you will pay periodically. This is undoubtedly a very important tool. This Axis Bank home loan EMI calculator is an essential part of the process. Not only does it calculate repayments of your periodic interest but also makes your repayments more comfortable. Again, this calculator shows you how your EMI system will work. Gradually, as you repay the loan your interest or EMI is computed on the reducing balance. Therefore, the Axis Bank home loan calculator will show you how your principal balance reduces yearly.
Why Should you Make use of this Feature?
There are a variety of benefits, read on to know more:
- First, the calculator is very easy to use.
- Second, you will receive 100% accurate answers.
- And last, it takes less than a few minutes.
All you need to do is put in the required details. It will ask you about your loan amount, interest rate, and tenure of your home loan. Next, you will have to wait for it to finish the analysis. Soon you will see the results on your screen.
Axis Bank Home Loan Features & Benefits:
As we have established with this article how the Axis Bank home loan calculator helps us determine our loan credentials, we should also discuss a few quick details about Axis bank home loans. Without further ado let’s understand what Axis Bank offers to the public.
Axis bank offers home loans to salaried and non-salaried individuals. On the same note, they claim to offer flexible tenures and attractive rates to each of their customers. As we mentioned earlier, they offer an interesting 6.90% p.a on a floating rate and 12% p.a on a fixed rate. Also, their financing ranges from Rs. 3 lacs to Rs. 5 crores.
Apart from this, they have a wide range of home loan schemes. These schemes assist you to select the perfect home loan that fits your needs. For instance, Axis Bank home loan is for residents & as well as for NRIs, the loan amount can go up to Rs.5 Crores. Similarly, Quick Pay loans are for those who prefer the reducing EMI method.
Lastly, the Axis Bank promotes low processing fees. Their processing fee will go up to 1% of the loan amount.
To put everything together, Axis Bank is a good choice for people who are more comfortable working with private banks. We have clearly stated the pros of using their home loan calculator and how it helps with the entire process. Please be careful with all the terms and conditions before you agree to any deal. A home loan is a long-term commitment therefore, be sure about every little detail.