I am sure you must have heard or read it somewhere that availing a home loan is not an easy deal. Well, let me tell you guys that it is not true. That’s Right! If you have an expert guidance on your side, it would obviously be easy for you to crack the best deal. But not many can afford to have a financial expert but that doesn’t mean they can’t get the best deal. Well, here we are to help you in finding the best deal. All you need to do is simply read this article to know how you can grab a lucrative deal.
Now the moment you decide to avail a home loan online, the first thought that generally strikes the mind is to locate the best lender. Yes, that is true! With the help of a good and renowned lender, you would be able to get a great deal. And, when it comes to the best lender, nothing is better than Axis Bank, offering a wide range of financial products to choose from. However, today, we are going to talk about Axis Bank Home Loan, giving you a better view on the same.
Moreover, now that you have finalized the lender, the next vital factor that plays a crucial role in your loan journey is the home loan interest rate. That’s Right! There is no denying the fact that interest rates are the significant and the most vital factor of a loan that can either make or break the situation for many. Furthermore, usually, the first and foremost thing that we as an applicant look into any deal before signing it is the interest rate.
And, why not, after all, it is interlinked with many factors that can further make your deal appealing. I am sure now you must be wondering what are those factors? How Axis Bank home loan interest rates could be the integral part of your loan journey? Curious to know the answers of the same? Well, so are we… So, let’s get started and give you the insights of this important topic in the article below.
How about explaining you the concept with the help of the examples below.
Scenario 1:
Namit Verma, a 32-year-old, Senior Manager by profession is looking to buy a beautiful home of ₹30 Lakh. In order to buy the same, he has applied in many banks and after going through his home loan eligibility, Axis has decided to give away the loan at an interest rate of 8.35% per annum for a tenure of up to 30 years. But before signing the loan documents, Namit decided to calculate his monthly installments, hence used a home loan EMI Calculator. So, let’s just know what would be the EMI and Interest Outgo in the article below.
EMI:₹22,749
Interest Outgo:₹51,89,729
Total Amount Payable:₹81,89,729
Scenario:2
Ankit Gupta, a 32-year-old, PHP Developer by profession wants to avail a beautiful home of ₹30 Lakh in New Delhi. In order to get this loan amount, he has applied to a few lenders and has got the loan from Axis Bank. Well, the lender got agreed to offer the loan at Axis Bank home loan interest rates of 8.75% per annum for a tenure of 30 years. He decided to use an Axis Bank home loan EMI Calculator so as to have a better understanding of the EMI and Interest calculations. Read below the article to know more.
EMI:₹23,601
Interest Outgo:₹54,96,364
Total Amount Payable: ₹84,96,364
If you look at both the scenarios above, you would be able to figure out the difference here. On comparing both the cases, a difference of ₹852 (EMI) and ₹3,06,635 (Interest Outgo) shows that how Axis Bank home loan interest rates online play a significant role in the overall loan journey. A slight change or variation in the home loan interest rates online can create a bigger impact on your EMI and Interest Outgo. And, the same can easily be seen with both these examples above.
Hope you had a great time reading this article!