AU Bank Home Loan Calculator

What is the AU Bank Home Loan EMI Calculator?

The AU Bank Home Loan EMI Calculator is an online tool that helps you figure out what your monthly EMI will be for a home loan. It's simple, quick and easy to use. You just pop in details like the loan amount you’re considering, the interest rate, and how long you want to take to pay it off, and it shows you the monthly payment amount right away. This way, you’re not left guessing or dealing with tough math. You get a clear idea of what you'll need to budget, making it easier to see if the loan really fits with your finances. Super straightforward and saves you a ton of time.

What is the AU Bank Home Loan Interest Rate?

AU Bank home loan interest rates usually range between 8% to 22% per year. The rate you get depends on some factors like your credit score, loan amount, and repayment timeline.

Types of AU Bank Home Loan

AU Bank has a range of home loans to choose from, depending on what you need. Let’s go through it quickly:

• Home Purchase Loan: This one’s for buying a house, whether it’s new or resale.
• Home Construction Loan: If you're planning to build your dream home from scratch, this is the one.
• Home Improvement Loan: Need to fix up or renovate your current place? This loan can help with that.
• Home Loan Balance Transfer: If you’ve got a home loan with another bank, you can transfer it to AU Bank, sometimes at a lower rate.
• Home Top Up Loan: Already have a home loan? It lets you borrow a bit more money on top of your existing loan.
• Land Purchase and Construction Loan: If you want to buy land and build a house on it, this loan covers both.
• Commercial Property Purchase Loan: Looking to buy commercial property? This loan's perfect for that.

So, whether it’s buying, building, or improving that you’re trying to do, you can choose the right loan for your situation.

Features of AU Bank Home Loan

AU Bank’s home loans come with some really handy perks that make them pretty great for a lot of people:

• For all types of income: Whether you're on a regular salary or have an informal income setup, AU Bank will work with you.
• No surprise fees: Everything is upfront- there are no hidden charges or fine print to worry about.
• They come to you: Need help with your loan application? AU Bank offers doorstep service, so they’ll come to you instead of you having to visit the bank.
• Available in rural areas too: You don’t have to be in a big city. AU Bank’s home loans are accessible in rural India as well.
• Perfect for your dream property: AU Bank is all about making sure you get the right financing for your ideal home, wherever it is.

So, basically, AU Bank’s home loan is designed to be super flexible, clear, and easy to use, no matter your situation or where you live.

How to Use the AU Bank Home Loan Interest Rate EMI Calculator

Go to the top of the page and follow these steps to use the AU Bank Home Loan EMI Calculator:

1. First, just put in how much you want to borrow.
2. Next, enter the interest rate for your loan (it might change depending on the offer you get).
3. Next, decide on the loan term that works best for you.
4. If you're planning to make any extra payments, add that amount.
5. Don’t forget to include any processing fees if there are any.
6. Tap on the ‘Calculate’ button to see your EMI.
7. Once the results pop up, you’ll see:

• Your monthly EMI.
• The total amount you borrowed.
• How much interest you'll end up paying over time.
• Any pre-payment you’ve made (if applicable).
• And the total amount you'll pay, including the principal, interest, and any pre-payments.
• Plus, it’ll show how much of your loan has already been paid off.

It’s pretty simple to follow, and the results give you a clear picture of what to expect.

How to Calculate AU Bank Home Loan EMI?

For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹35,00,000
• Annual Interest Rate: 8%
• Loan Tenure: 20 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 20 × 12 = 240

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹35,00,000 at an 8% annual interest rate over 20 years would be approximately ₹29,275.

Advantages of using the AU Bank Home Loan EMI Calculator

Here’s why using the AU Bank Home Loan EMI Calculator is a total win:

• Quick and Spot-On Results
  You get accurate calculations in no time. No more guessing or stressing over the numbers. It's fast and reliable.
• Super Easy to Use
  It’s super simple to use. You don’t need to be a tech wizard to figure it out.
• Great for Planning Your Finances
  It’s a game-changer for planning your budget. You’ll know exactly how much your loan repayments will be, so no surprises later.
• Saves You Loads of Time
  Rather than doing math by hand, you get all the answers instantly.
• Helps You Stick to Your Budget
  By showing you different loan amounts and interest rates, you can make sure your loan fits comfortably into your monthly budget.
• Compare Loan Options Easily
  You can easily compare different loans and pick the one that works best for you, so no more guesswork.
• Shows How Your Loan Breaks Down
  It gives you a detailed breakdown of how much goes toward the principal and interest. So, you can clearly see how the loan is structured.
• Makes Everything Clear
  The calculator breaks down your payments, so you can easily see how much interest you’re paying and how much of your EMI is going toward reducing the loan amount.
• Convenient and Accessible
  You can use it anytime, anywhere- on your phone, laptop, or tablet. It’s there whenever you need it.
• Completely Online
  You don’t need to download or install anything. Just open your browser, and you’re all set.
• 100% Free
  And the best part? It’s totally free! No hidden charges or anything- just the info you need, at no cost.

How to Apply for AU Home Loan?

Follow the following steps to apply for an AU Home Loan:

1. Head over to the AU Small Finance Bank website.
2. Find the ‘Home Loans’ section under the ‘Retail Loans’ tab.
3. Pick the ‘Home Purchase Loan’ option.
4. Fill in your basic details like your name, phone number, email, city, and the captcha code.
5. Finally, just hit the ‘Apply Now’ button, and you're done!
6. Super simple, right? Now you’re all set to start your application!

Eligibility Criteria for AU Bank Home Loan - H2

If you're thinking about applying for an AU Bank Home Loan, here's what you need to know in terms of eligibility:

For Salaried Individuals:

• You must be an Indian resident.
• Minimum age is 18 years, and you can apply until you're 70 years old (at loan maturity).
• The loan term can be as short as 1 year and as long as 30 years (if you're on a bank salary) or 20 years (for cash salaried or SEP/SENP).
• The minimum loan amount is INR 2,00,000.
• For documentation, you'll need your salary slips, bank statements, and Form 16. If you're paid in cash, they might require a salary certificate.

For Self-Employed Individuals:

• You must be an Indian resident.
• You need to be at least 18 to apply, and the loan should be repaid by the time you're 70.
• The loan tenure is similar: 1 year minimum and up to 30 years for bank salaried and 20 years for cash salaried/SEP/SENP.
• The minimum loan amount is INR 2,00,000.
• Instead of salary slips, you'll need documents like your IT returns, financial statements for the last 3 years, or informal income docs.

So, no matter if you're salaried or self-employed, if you meet these age, income, and document requirements, you can apply for an AU Bank Home Loan!

FAQs

How can I reduce my housing loan interest rate?

To reduce your housing loan interest rate, you can consider increasing your credit score, going for a shorter loan tenure, or offering higher collateral. You can also negotiate with the bank if you have a good relationship or if market interest rates have decreased since you took the loan.

What is the maximum home loan limit for AU Small Finance Bank?

AU Small Finance Bank offers home loans up to ₹5 crore, depending on your eligibility, property value, and repayment capacity.

What credit score do you need to qualify for an AU Bank Home Loan?

While AU Bank does not have an officially stated minimum credit score, a score of 750 or higher is generally preferred to increase your chances of approval and get a favorable interest rate.

Who can I add as a co-applicant on an AU Small Finance Bank Home Loan?

The co-applicant can be a spouse, parent, child, or even a sibling. They should meet the eligibility criteria, including age and income requirements.

What are the tax benefits of AU Small Finance Bank home loan?

You can get tax benefits by claiming deductions on the principal repayment under Section 80C and on the interest paid under Section 24(b) of the Income Tax Act.

What is the longest loan tenure available for an AU Small Finance Bank home loan?

The maximum tenure for an AU Small Finance Bank home loan is up to 30 years, depending on the type of borrower (salaried or self-employed) and their eligibility.

Are NRIs eligible to apply for a home loan with AU Small Finance Bank?

Yes, Non-Resident Indians (NRIs) can apply for a home loan with AU Small Finance Bank, if they meet the bank's eligibility criteria.

Does AU Small Finance Bank home loans offer special interest rates for certain types of borrowers?

AU Small Finance Bank may offer special interest rate discounts for certain categories of borrowers, such as women applicants, defense personnel, or those who are existing customers of the bank. You can check with the bank for any current offers.

What is the minimum age to be eligible for an AU Small Finance Bank home loan?

The minimum age to apply for a home loan with AU Small Finance Bank is 18 years.