So you want to go one step ahead with your existing banking relationship with Axis Bank, a Mumbai-based private lender with over 3,000 branches across India, via a home loan. You have zeroed in on the property to buy with an Axis Bank Home Loan, right?
But before going ahead with the deal, you must analyze the repayment which you have to do over the years. This is where you need to scrutinize the interest rate offers from different angles to arrive at a right decision.
As a matter of fact, Axis Bank Home Loan Interest Rate offers are different for different individuals. For salaried, the bank keeps a rate of 8.50%-8.70% per annum. On the other hand, self-employed need to service the debt at a slightly higher rate of 8.55%-8.75% p.a.
The EMI calculator would thus help you gauge the effect of the rate in the best manner possible. So what are you waiting for? Just read this article keeping a close watch on Axis Bank Home Loan EMI Calculator.
What Does Axis Bank Home Loan EMI Calculator Need to Compute Your Repayment?
The calculator, which is right there online for use, make it all the more simple for you to calculate the repayment which can stretch to as long as 20-30 years, the tenure that most borrowers opt for. You just need to bring three elements - loan amount, tenure and interest rate - in the calculator to sum up your repayment online. The repayment summary would consist of the Equated Monthly Installment (EMI), total interest outgo and total outgo for the tenure you choose to go with.
You give Axis Bank more chance to chuck out interest by choosing a very long tenure. But having said that, a very short tenure can get the EMI beyond your ability to pay on time, which could so easily force a default from your end. Not only the charges would apply, but the credit score would also go down. So, you need to experiment with different figures to find which repayment summary would suit you the best.
Lower Rates Can be the Case with You
As you already hold an existing relationship with Axis Bank, chances are high that you can get the loan deal done at lower rates. The bank charges home loans on the basis of 1-year MCLR, which currently stands at 8.50%. The MCLR would further add a spread portion to arrive at the actual lending rate. Loans of up to 30 lakhs are offered at MCLR, though, beyond which the spread would apply. So, if you look for a loan beyond 30 lakhs, you can use your existing relationship to lower the spread portion and get the eventual rate reduced.
Should You Analyze Further with Amortization Schedule?
It would only pay you in the long run by giving you an idea in advance about the repayment ahead. The amortization schedule clearly shows the principal and interest repayment year-on-year while also indicating the outstanding balance at the end of every year. You can thus start saving and investing in profitable avenues to build on the surplus to pay off the loan before it runs its original span.
But before going ahead with the deal, you must analyze the repayment which you have to do over the years. This is where you need to scrutinize the interest rate offers from different angles to arrive at a right decision.
As a matter of fact, Axis Bank Home Loan Interest Rate offers are different for different individuals. For salaried, the bank keeps a rate of 8.50%-8.70% per annum. On the other hand, self-employed need to service the debt at a slightly higher rate of 8.55%-8.75% p.a.
The EMI calculator would thus help you gauge the effect of the rate in the best manner possible. So what are you waiting for? Just read this article keeping a close watch on Axis Bank Home Loan EMI Calculator.
What Does Axis Bank Home Loan EMI Calculator Need to Compute Your Repayment?
The calculator, which is right there online for use, make it all the more simple for you to calculate the repayment which can stretch to as long as 20-30 years, the tenure that most borrowers opt for. You just need to bring three elements - loan amount, tenure and interest rate - in the calculator to sum up your repayment online. The repayment summary would consist of the Equated Monthly Installment (EMI), total interest outgo and total outgo for the tenure you choose to go with.
You give Axis Bank more chance to chuck out interest by choosing a very long tenure. But having said that, a very short tenure can get the EMI beyond your ability to pay on time, which could so easily force a default from your end. Not only the charges would apply, but the credit score would also go down. So, you need to experiment with different figures to find which repayment summary would suit you the best.
Lower Rates Can be the Case with You
As you already hold an existing relationship with Axis Bank, chances are high that you can get the loan deal done at lower rates. The bank charges home loans on the basis of 1-year MCLR, which currently stands at 8.50%. The MCLR would further add a spread portion to arrive at the actual lending rate. Loans of up to 30 lakhs are offered at MCLR, though, beyond which the spread would apply. So, if you look for a loan beyond 30 lakhs, you can use your existing relationship to lower the spread portion and get the eventual rate reduced.
Should You Analyze Further with Amortization Schedule?
It would only pay you in the long run by giving you an idea in advance about the repayment ahead. The amortization schedule clearly shows the principal and interest repayment year-on-year while also indicating the outstanding balance at the end of every year. You can thus start saving and investing in profitable avenues to build on the surplus to pay off the loan before it runs its original span.
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