What is the difference between Axis Bank Home Loan and SBI?

axis bank home loan

Home loans may continue for up to 30 years and people often get confused between the lender. The most preferred lender is State Bank of India. But, what about other lenders? Axis Bank is also a good bank but is it the best one for a home loan? Let us compared this bank SBI and try and understand the difference between the two and maybe by the end of this article, you will also have an answer.

Axis Bank Home Loan Eligibility Criteria

For Salaried-

  • The applicant must be in permanent service in the Government or in reputed companies
  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 60 years

For Self-employed-

  • Those who file ITR are eligible
  • The age of applicant should be between 21 years and 65 years

SBI Home Loan Eligibility Criteria

Salaried:

  • Age of the applicant should be between 18-70 Years
  • The annual income of the applicant should be at least ₹1.2 lakhs
  • The maximum loan amount the applicant can get is ₹5 lakhs to ₹1 crores
  • Maximum loan tenure is 30 years
  • The minimum work experience with the current employer should be 2 years

Self-employed:

  • Age of the applicant should be between 21-70 Years
  • The annual income of the applicant should be at least ₹2,00,000
  • The maximum loan amount the applicant can get is ₹5 lakhs to ₹2 crores
  • Maximum loan tenure is 30 years
  • The minimum work experience with the current employer should be 3 years

Home Loan Interest Rates

The Axis Bank home loan rates at  presently range between 8.50%-8.80% per annum. Whereas, SBI is offering home loans for rates between 8.45%-9% per annum. So, you can calculate EMIs for different rates according to your required loan amount and tenure to see which lender is offering you a better deal.

How can you calculate home loan EMI?

A home loan EMI calculator is the easiest tool that can help you calculate home loan EMI in a few minutes. This tool would take into account the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Now, when you mention the above details in the home loan calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with the loan amount ₹20 lakhs with the tenure of 20 years and interest rate of 8.50% p.a.

Loan amount- ₹20 lakhs

Interest rate- 8.50% p.a.

Tenure- 20 years

The payment details will be as follows:

Monthly EMI- ₹17,356

Total Interest Outgo- ₹21,65,552

Total Amount (Interest + Principal)- ₹41,65,552