Bajaj Housing Finance Home Loan EMI Calculator

Financial planning is absolutely critical If you want your financial position to be secure and stable. However, before planning your finances, you must know how much you need to pay for each of these commitments. The home loan EMI calculator helps you to make an informed decision about creating a provision for each commitment beforehand.

How does Bajaj Housing Finance Home Loan EMI Calculator work?

The home loan EMI calculator is an online tool available on Finserv MARKETS, which lets you provide certain inputs so that the inbuilt calculator can give you the exact amount you will need to shell out every month towards your Home Loan. The three important inputs are:

  • Loan amount

This is the principal amount of the Bajaj Housing Finance Home Loan that you wish to avail from us.

  • Rate of interest

This is essentially the cost of your home loan that needs to be paid as a part of your EMIs. You can enter the interest rate on the home loan as agreed upon.

  • Loan tenure

The next input is the loan tenure or Bajaj Housing Finance Home loan duration. This is the total term, throughout which, the home loan will be serviced.

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

The inputs are taken on a calibrated scale, which allows you to change the inputs according to your preferences. The amount of EMI is calculated within seconds of getting the inputs. Whenever you change the inputs, the EMI result changes accordingly. Calculating your home loan EMI is a really simple process. You need to click on the home loan calculator on our website. After that, all you need to do is input the loan amount, the rate of interest, and loan tenure, and you are done! You will instantly get the amount of EMI that you need to pay for the home loan specific to those inputs.

What are the factors that affect Bajaj Housing Finance Home Loan EMI?

Here is a list of factors that affect Home Loan EMI:

  • Change in the interest rate

Any kind of change in your home loan interest rate during the tenure can have a positive or negative impact on your EMI. If you have already taken a home loan with floating interest rates, then there will be changes in your EMI depending on the prevalent lending rates in the market. This means, every time there’s changes in bank rates, your EMI will be affected.

  • Change in Tenure of the loan

Even the slightest change in the tenure of the loan can impact your monthly equated installment. The basic principle says that, the longer the tenure, the lower will be your loan EMI and vice versa.

  • Pre-payment of Home Loan Principal amount

Prepaying your home loan brings down the principal amount and lowers the interest burden on you. However, you may be charged with a pre-payment penalty. You can try and negotiate with your lender to bring down the pre-payment penalty charges to as little as possible.

  • Step-Up or Step-Down Repayment

A step-up home loan repayment option is considered for those who have just got started with their career. Your EMI will increase with time. On the other hand, a step-down payment is convenient for those who are close to their retirement. Here, you start with EMIs of high amounts and gradually pay lesser with time.

Home Loan EMI for Different Loan Amounts

As we know, that EMI depends on the principal amount, rate of interest and the repayment tenure. Here’s a table to show various EMI amounts, basis the change in principal amount and tenure. The rate of interest considered here is 10%.

Principal Amount

Repayment Tenure

 

5 Years

10 Years

Rs. 10 Lakhs

Rs. 21247

Rs. 13215

Rs. 15 Lakhs

Rs. 31871

Rs. 19823

Rs. 25 Lakhs

Rs. 53118

Rs. 33038

Rs. 35 Lakhs

Rs. 74365

Rs. 46253

Rs. 50 Lakhs

Rs. 106235

Rs. 66075

Looking at the table and values, we understand that the EMI amount per month increases with the increase in the principal amount. With an increase in the repayment tenure, the EMI amount decreases accordingly.

Home Loan Amortization Schedule

Home Loan Amortization Schedule is a table that gives complete information of loan repayment. The table includes the payment that needs to be done each month throughout the repayment tenure. The table includes the following information:

  • Month Starting Balance 
  • EMI
  • Interest rate 
  • Principal contribution 
  • Interest contribution 
  • Ending Balance

Let’s say that the borrower avails a loan of Rs. 10 Lakhs. The repayment tenure is of 24 months and the rate of interest is 10%. Then, the amortization schedule is as follows:

Month

Starting Balance

EMI

Interest rate

Principal contribution

Interest contribution

Ending Balance

1

1,000,000

46145

10

37,812

8,333

962,188

2

962,188

46145

10

38,127

8,018

924,062

3

924,062

46145

10

38,444

7,701

885,617

4

885,617

46145

10

38,765

7,380

846,853

5

846,853

46145

10

39,088

7,057

807,765

6

807,765

46145

10

39,414

6,731

768,351

7

768,351

46145

10

39,742

6,403

728,609

8

728,609

46145

10

40,073

6,072

688,536

9

688,536

46145

10

40,407

5,738

648,129

10

648,129

46145

10

40,744

5,401

607,385

11

607,385

46145

10

41,083

5,062

566,302

12

566,302

46145

10

41,426

4,719

524,876

13

524,876

46145

10

41,771

4,374

483,105

14

483,105

46145

10

42,119

4,026

440,986

15

440,986

46145

10

42,470

3,675

398,516

16

398,516

46145

10

42,824

3,321

355,692

17

355,692

46145

10

43,181

2,964

312,511

18

312,511

46145

10

43,541

2,604

268,970

19

268,970

46145

10

43,904

2,241

225,067

20

225,067

46145

10

44,269

1,876

180,797

21

180,797

46145

10

44,638

1,507

136,159

22

136,159

46145

10

45,010

1,135

91,149

23

91,149

46145

10

45,385

760

45,763

24

45,763

46145

10

45,764

381

0

Frequently Asked Questions

  • ✔️Can I get subsidy on interest?

    Yes, you can get an interest subsidy of 6.5% under PMAY scheme basis your eligibility.

  • ✔️Can I transfer my existing home loan to Bajaj Housing Finance Limited?

    Yes, with the balance transfer facility available on Finserv MARKETS, you can transfer the existing home loan to Bajaj Housing Finance Limited.

  • ✔️I am a salaried employee. How much of financing can I get?

    You can avail a Bajaj Housing Finance Home Loan of up to Rs. 2.5 Crore as a salaried employee.

  • ✔️Is there any insurance policy available for the loan?

    Yes, In the event of an unfortunate incident, you can protect your loved ones from the burden of paying off your home loan with customized insurance plans.

  • ✔️What are the prepayment charges on my home loan?

    It is usually 2% of the loan amount plus GST.

  • ✔️What CIBIL score do I have to maintain to get the loan?

    A CIBIL score above 750, is recommended to get a loan.

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