You can calculate your home loan EMI using the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
where:
P = Principal loan amount
R = Monthly interest rate (Annual interest rate / 12 / 100)
N = Loan tenure in months
For example, a home loan of ₹12 Lakhs at 8.50% p.a. for 5 years will result in an EMI of ₹24,620. The total interest payable will amount to ₹2,77,190. Consequently, the total amount payable will be ₹14,77,190.
Instead of performing manual calculations for monthly EMIs, use our house loan EMI calculator online to save time and quickly compare results for different values.
You can explore a range of home loan options offered by leading financial institutions for ₹12 Lakhs on Bajaj Markets.
The table below shows the EMI and total interest payable for a loan amount of ₹12 Lakhs at a tenure of 5 years, based on the lowest interest rates offered by each lender:
Lender |
Interest Rate |
Tenure (Example) |
EMI |
Total Interest Payable |
Bajaj Housing Finance Limited |
7.49% p.a. |
5 Years |
₹24,326 |
₹2,59,556 |
PNB Housing Finance |
8.50% p.a. |
5 Years |
₹24,620 |
₹2,77,190 |
South Indian Bank |
8.50% p.a. |
5 Years |
₹24,620 |
₹2,77,190 |
L&T Finance |
8.60% p.a. |
5 Years |
₹24,678 |
₹2,80,663 |
LIC Housing Finance |
8.65% p.a. |
5 Years |
₹24,707 |
₹2,82,401 |
Sammaan Capital |
8.75% p.a. |
5 Years |
₹24,765 |
₹2,85,881 |
ICICI Bank |
9.00% p.a. |
5 Years |
₹24,910 |
₹2,94,602 |
Kotak Mahindra Bank |
9.00% p.a. |
5 Years |
₹24,910 |
₹2,94,602 |
Shubham Housing Finance |
9.90% p.a. |
5 Years |
₹25,437 |
₹3,26,247 |
Truhome Finance |
11.50% p.a. |
5 Years |
₹26,391 |
₹3,83,468 |
Home First Finance Company |
12.00% p.a. |
5 Years |
₹26,693 |
₹4,01,600 |
Vridhi Home Finance |
12.00% p.a. |
5 Years |
₹26,693 |
₹4,01,600 |
India Shelter |
13.00% p.a. |
5 Years |
₹27,304 |
₹4,38,221 |
Easy Home Finance |
10.50% p.a. |
5 Years |
₹25,792 |
₹3,47,560 |
Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.
Here are the general eligibility criteria for a home loan of ₹12 Lakhs:
You must be an Indian citizen and resident
You should be 23–67 years old if salaried, or 23–70 years old if self-employed
Salaried individuals must have a minimum work experience of 3 years
Self-employed individuals must have a business vintage of at least 5 years
Submit the following documents to apply for a home loan of ₹12 Lakhs:
Proof of Identity: PAN card, Aadhaar card, Voter ID, or Driving Licence
Proof of Address: Aadhaar card, Passport, or Recent utility bill
Income Proof (Salaried): Last 3 months’ salary slips, Form 16, or last 2 years' ITR
The starting interest rate range for a home loan on Bajaj Markets can range between 7.45% and 13.00%.
The maximum repayment period can range up to 32 years, ensuring long-term affordability and lower monthly instalments.
Yes, you can apply for a housing loan with a low credit score. However, you may have to pay a higher interest rate.
It will initially lower your credit score. You also have to pay late payment penalties, and it will increase your overall interest.
Yes, joint home loans are usually available for married couples, family members, and business partners.
The exact amount will vary based on the lender. So, check the requirements for the particular lender.
Follow these steps to apply for a home loan on Bajaj Markets::
Click on the ‘Check Eligibility' button on this page
Provide your basic personal details on the online application form
Enter the loan amount and preferred repayment tenure
Submit the form for verification