Bajaj Housing Finance Home Loan Calculator

Bajaj Housing Finance home loan EMI is calculated based on the amount borrowed, the loan repayment tenure, and the rate of interest. Since the interest rate and tenure of the loan depend upon your credit score and your monthly income, it will be fair to say that your loan EMI is also determined by your income and your credit score.

The equated monthly instalment (EMI) you must pay to service a home loan from Bajaj Housing Finance will depend on several variables. These mainly include your Bajaj home loan repayment tenure, principal amount borrowed, applicable interest rate, and your creditworthiness. If you want to know what your monthly EMI outflow will look like with different Bajaj home loan amounts, tenures and interest rates, you can use the Bajaj Housing Finance Home Loan EMI calculator on Bajaj Markets.

How to use the Bajaj Housing Finance EMI Calculator 

The Home Loan EMI calculator on Bajaj Markets can be used to determine the near-exact amount you must pay to service your Bajaj Housing Finance Home Loan repayments. This convenient tool can be used in three simple steps:

• Step 1: Enter the Home Loan amount that you desire

• Step 2: Next, select the expected rate of interest applicable on the Home Loan

• Step 3: Lastly, select the preferred tenure, i.e. the term for which you wish to avail the Housing Loan.

Once you enter these values, the Home Loan EMI amount will instantly be displayed on the screen. You can even change the variables to arrive at a number that is most comfortable to you. 

Bajaj Finance Home Loan EMI Calculation Methods

You can calculate your Bajaj Housing Finance Home Loan EMIs in three ways, using the manual formula, using Microsoft Excel, and using the Home Loan EMI calculator available on Bajaj Markets. Let us understand about these methods in detail:

• Bajaj Home Loan EMI Calculation Formula: The traditional  home loan EMI calculation formula that is used by Bajaj Housing Finance is as follows: Bajaj Home Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where, P is the borrowed principal amount, R is the rate of interest (expressed monthly), and N is the loan repayment tenure (in months)

• Bajaj Home Loan EMI through Microsoft Excel: To compute Home Loan EMIs using Microsoft Excel or any other spreadsheet software you will need the exact same three variables you need to calculate your EMIs manually (Principal amount, repayment tenure, interest rate). Once you have determined your principal amount, repayment tenure length and your applicable rate of interest, pick a cell in your spreadsheet software and enter the following formula: =PMT (RATE,NPER,PV,FV,TYPE) where, RATE stands for the applicable home loan interest rate, NPER is the total number of monthly EMIs, PV stands for the outstanding principal amount, FV is the future value or the cash balance post the last EMI payment. Type is 0 or 1. This is an indicator of when the payment is due. If it is due at the end of the month, the type will be 0. If it is due at the start of the month, it will be 1.

• Bajaj Home Loan EMI with Home Loan EMI Calculator: You can save yourself the time and energy you would have otherwise wasted on the above two methods simply by using the Housing Loan EMI calculator available on Bajaj Markets. It is a free online tool available on our portal that will ask you some basic information pertaining to your Bajaj home loan.

Bajaj Home Loan EMI amount at Different Tenures

If you go for a longer home loan loan repayment tenure, you will pay lesser amounts as EMIs, but the money that you will pay as interest over time will be much more. On the other hand, if you choose a shorter loan repayment tenure, you will pay higher amounts as EMIs every month, but the total interest that you will pay over time will be considerably lower. The following table will show you what your Bajaj Housing Finance Home Loan EMI will look like at different repayment tenures. For the same, assume that the applicable interest rate is 12%: