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Invest for your future with a ₹40 lakh Home Loan
Elevate your living standards and invest in a brighter future with a ₹40 lakh Home Loan from Axis Bank. Unlock possibilities for spacious living, enhanced comfort, and potential property appreciation. Our experienced financial advisors offer tailored solutions and comprehensive support to guide you through the process.
Want to know your EMI outflow for a ₹40-lakh home loan? Read on.
₹40 lakh Home Loan EMI for 10 Years
Let us calculate the monthly EMI for a ₹40 lakh home loan for 10 years with the following details.
Loan Amount (₹) | 40,00,000 |
|---|---|
Tenure (years) | 10 |
Interest Rate (p.a.) | 8.75% - 9.15% |
Note: Considering 8.75% interest on ₹40 lakh home loan in the below scenarios.
₹40 lakh Home Loan EMI
| EMI for 10 Years | EMI for 15 Years | EMI for 20 Years | EMI for 25 Years |
|---|---|---|---|---|
Equated Monthly Instalments (EMI in ₹) | 50,131 | 39,978 | 35,348 | 32,886 |
Principal Amount (₹) | 40,00,000 | 40,00,000 | 40,00,000 | 40,00,000 |
Interest Amount (₹) | 20,15,684 | 31,96,030 | 44,83,623 | 58,65,724 |
Total Amount Payable (₹) | 60,15,684 | 71,96,030 | 84,83,623 | 98,65,724 |
You can calculate ₹40 lakh home loan EMI for 5 years using Home Loan EMI Calculator. Similarly you can also calculate ₹40 lakh home loan EMI for 30 years or any other tenure.
₹40 lakh Home Loan Fees and Charges
- Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable).
- An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
- The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.
Factors that affect interest rate applicable on a ₹40 lakh Home Loan
- RBI’s repo rates – Since Home Loan rates are linked to the RBI’s repo rates, any change in the RBI’s rates will impact the Home Loan interest rate
- Type of loan chosen – Whether it is a Floating Rate Home Loan or a Fixed Rate Home Loan will impact the interest rate. The interest rate on a Fixed Rate Home Loan is higher than a Floating Rate Home Loan
- Your job profile and credit score also impact the interest rate. A borrower with a stable job and high credit score may get a Home Loan of ₹40 lakh at a better rate of interest
How to apply for ₹40 lakh Home Loan online at Axis Bank?
To apply for Axis Bank Home Loan Online
- 01
Make sure you qualify before you start. The Home Loan Eligibility Calculator can help you determine if you can handle the monthly payments
- 02
Visit the Axis Bank Home Loan website and click the "Apply Now" button
- 03
Enter your information and click Submit. Confirm whether you are already a customer or not, and provide your name, contact number, email address, city, and state
- 04
An Axis Bank representative will reach out to chat about your loan options
- 05
Get your documents in order
- 06
After you're approved, submit your property documents for verification
- 07
With all your documents in hand, you could get approved in just 15 days
Great plans start with well-calculated decision
Home Loan EMI Calculator
Calculating your Home Loan EMI is now easier than ever with our user-friendly and efficient Home Loan EMI Calculator. Whether you have a ₹30 lakh home loan EMI for 20 years or a ₹20 lakh home loan EMI for 10 years, use our Home Loan EMI calculator to effortlessly manage your repayments and make your dream home a reality.
₹
3L
5Cr
%
6.50% 11%
Y
1Y30Y
Your EMI*₹ 1,14,678
Get a call back*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
Home Loan Eligibility Calculator
A place to call our own is an aspiration for most of us. But owning a home requires a lot of planning, given the costs involved. However, with the right kind of financial support, buying your own home is a dream that you can fulfil easily.
Loan Amount
₹ 1,55,455.03
Home Loan for Every Budget
Frequently Asked Questions
A credit score exceeding 750 is regarded as favourable and enhances the probability of loan approval.
No, documentation is essential, encompassing KYC, income verification, and property along with stamp duty papers for the house you are purchasing.
Ideally, your income should be 3-4 times the loan amount to ensure the affordability of the ₹40 lakh Home Loan EMI without causing undue financial strain.
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