Bajaj Housing Finance Home Loan EMI Calculator

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 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%.

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: