Using a calculator is a great way to know whether you qualify for a home loan, and if you do, then how much you can afford to borrow. Prior to applying at a lender, you must check with an eligibility calculator to ascertain whether or not you meet the minimum requirements set for the approval. At the same time, you also need to take into account your monthly income so as to keep your EMI within the range you can comfortably afford.
How Axis Bank can help lower your EMI?
Axis Bank has a range of housing loan products to meet your requirements. You can choose a product according to your need and use its calculator to know how much you can afford. The advantage with Axis Bank is that it can help you lower your EMI.
- Long Term: You can borrow for a maximum of 30 years tenure. The longer your term, the lower your EMI would be. However, you must know that you would be paying more in interest as your term increases.
- Competitive Interest Rate: Axis Bank is one of the leading banks and a popular housing finance lender. Low interest rates are one of the reasons why it is popular with home loan seekers. A low rate can also help you keep the monthly installments lower.
- Balance Transfer: If you already have a housing loan from a different financial institution, you can transfer outstanding balance to Axis Bank for a lower EMI.
Other benefits with Axis Bank home loans include no prepayment (or preclosure) penalty, doorstep service, transparent processing and special reward points.
How Axis Bank home loan calculator can help you select an appropriate product?
You need to know a few things before you can decide on a loan product, and especially the amount you should borrow. It is important to keep the principal as low as you can comfortably afford. Here comes the need of a good home loan calculator.
An eligibility calculator, for example, helps you estimate the maximum amount you can afford. An EMI calculator, on the other hand, helps you know about the monthly installments if you know the following:
- Loan Amount
- Interest Rate
- Loan Term
- Processing Fees
Use this home loan calculator for amortization. Moreover, you can also calculate EMI and generate amortization schedule for repayment.