To get the tax benefits on your home loan, you need to pay it timely without any delay. And with the help of Axis Bank home loan calculator payments can be managed easily. Whether the interest rate is floating or fixed on your Axis Bank home loan. Using Axis Bank home loan EMI calculator, you can pay the loan easily within the set tenure and get tax deductions on it. Read the given article and know how you can earn tax on your loan payments.
Manage Payment using Axis Bank home loan EMI calculator!
To pay the home loan is necessary, otherwise it will affect your credit history. And Axis Bank knows it that is why it provides the EMI calculator. With the help of this online tool, you can anytime check the EMI of the borrowed amount. To use it, visit the official Axis Bank website and enter your loan amount, charged Axis Bank home loan interest rate and the tenure. Once you enter all the details the approximate EMI is shown quickly on your screens. Suppose, you have borrowed INR 76 lakh for house construction and the interest rate is 10.00%. Then the EMI that you would have to pay is INR 71,803.
Does the Axis Bank home loan EMI calculator make payment smoother?
Yes, the payment becomes easier for the borrower to pay the loan with Axis Bank home loan interest rate using the calculator. Axis Bank charges interest rates on your borrowed amount on both fixed and floating rates of interest. It is up to the borrower whether he/she needs a changeable or fixed rate during the tenure. Because the Axis bank home loan interest rate for fixed types starts from 12.00% per annum, whereas floating ranges from 8.55%-9.20% per annum. The floating Axis bank home loan rate of interest depends on the repo rate and the 1-year spread of it, currently Axis Bank repo rate is 5.15%.
Using the Axis bank home loan EMI calculator, you can check the EMI of the loan whenever the repo rate changes, if you have a floating rate of interest.
Get Tax deductions on Axis Bank Home Loans!
For claiming the tax deduction on your Axis home loan, you need to make sure that you won't do any prepayment or closure after that otherwise it would be reversed. Under the income tax act of 80c and 24b, the borrower gets the benefit of INR 2.5 lakh on his loan payment. Whether you get the loan for home purchase or construction in both cases you are eligible for tax deductions. Just the criteria vary from one to another, for example, if you buy a ready-made house with Axis Bank home loan then you can easily avail the benefit of tax deduction if you live in the property. In-home construction you canít claim your tax benefit until the property is ready and you move into it.
To manage the payment, you can take help from the Axis Bank home loan EMI calculator. And swap the payment method by paying the applicable charge for it. You can make payments using ECS, PDCS, NACH banking service for your Axis Bank home loan. No prepayment charges are levied on your early payment but if you do so you can't get the tax benefit.