Bajaj Home Loan
EMI Calculator
Home loans have become the easiest go-to option for several potential house buyers in India. With easy financing options, low rates of interest, and equally convenient EMIs offered by most banks in the country, availing of a home loan has become the common norm. Of course, with the growing demand, many top lenders compete in the market to offer competitive interest rates to their customers. Bajaj Housing is one such known name in the industry, offering home loans at an interest rate of 8.50% p.a. The EMI payable on the home loan taken from the bank can now easily be computed using the Bajaj Housing home loan EMI calculator.How to Calculate Bajaj Housing Finance Home Loan EMI?If you have availed of the home loan facility from Bajaj Housing, you can easily calculate the EMI payable on the tip of your finger. All you need to do is use the home loan EMI calculator online tool. It is an easy-to-use tool that gives accurate results within seconds and lets you plan your monthly budget effectively.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Bajaj Housing Finance Home Loan EMI Calculator Formula
Let us now understand how exactly the home loan EMI calculator tool works. Shared below is the Bajaj Housing home loan calculation formula used to calculate the EMI on the bank's home loan facility:
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting Bajaj Housing Finance Home Loan EMI
Total Tenure for Home Loan: This refers to the maximum duration for which the loan amount has been availed. Long-tenure loans generally require lower EMI amounts, while short-term loans may attract higher EMIs for the applicant.
Principal Amount on the Loan: The actual loan amount availed from the bank also plays a considerable role in determining its EMI for the borrower. Higher principal loan amounts automatically mean higher EMIs for the borrowers.
Benefits of Using the Bajaj Housing Finance Home Loan Calculator
- Using the home loan calculator by Bajaj Housing Finance can help you review your choices from multiple lenders. You can easily review and compare the loan offers made by different banks and NBFCs in India and make an informed choice based on the data available for EMI.
- Using the home loan calculator allows you to manage your schedule for loan repayment every month. Once you know the exact amount, you can budget accordingly and effectively.
- The calculator is one of the best means to derive quick and accurate results. It avoids any scope of error resulting from manual calculations.
Bajaj Housing Finance Home Loan Interest Calculator Formula
Bajaj Housing Bank home loan interest rate calculator is an add-on feature over and above the EMI calculator tool described above. This calculator allows you to calculate the interest rate on the amount of home loan availed. It also enables you to do a detailed comparison of the interest rates offered by other banks and NBFCs before zeroing in on one lender.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
Bajaj Housing Finance Home Loan Eligibility Criteria
Comparison of Bajaj Housing Finance Home Loan EMI with Other Popular Banks
Since multiple lenders in the home loan market govern choices for potential home buyers, it makes sense to do your research well. Before embarking on the journey to avail of a home loan and make your home-ownership dream come true, make sure to do a detailed comparison of the interest rates and EMI amounts of some top names in the industry.
The table below highlights the rates of interest and the corresponding EMI payable for different loan amounts offered by the top 5 banks and NBFCs in India. Note that the data has been derived for a loan tenure of 10 years using the EMI calculator tool on EMI
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
Bajaj Housing Bank | 8.50% p.a onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Axis Bank | 8.75% p.a. onwards | Rs. 12,533 | Rs. 25,065 | Rs. 37,598 | Rs. 50,131 | Rs. 62,663 |
Tata Housing | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
ICICI Bank | 8.75% p.a. onwards | Rs. 12,533 | Rs. 25,065 | Rs. 37,598 | Rs. 50,131 | Rs. 62,663 |
HDFC Bank | 8.55% p.a. onwards | Rs. 12,425 | Rs. 24,851 | Rs. 37,276 | Rs. 49,701 | Rs. 62,127 |
Kotak Mahindra | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
Bajaj Housing Finance Home Loan Amortization Schedule
Bajaj Housing home loan amortization schedule implies the periodic home loan payment plan that allows applicants to determine the exact repayment amount to be paid during the complete loan duration.
Steps to Calculate Bajaj Housing Finance Home Loan Amortized Interest:
1. Divide the rate of interest on the home loan amount availed by the number of EMIs that you may be required to pay during a financial year. For instance, the rate of interest offered by Bajaj Housing Bank on home loans is 8.50% p.a. Now, if you choose to pay EMI every month, you would need to divide 8.50% by 12. The number derived is .0071.
2. Multiply this number with your outstanding loan amount to arrive at the rate of interest payable per month. For instance, if your outstanding loan amount is Rs. 40,00,000, the interest rate in the first month would be 40,00,000 x .0071 Rs. 28,400.
3. Deduct the monthly interest amount obtained from the fixed EMI to calculate the principal amount payable in the first month. For instance, if the fixed monthly EMI is Rs. 39,390, you would need to pay Rs. 39,390 - Rs. 28,400 Rs. 10,990.
4. Repeat the steps above to calculate the principal amount, outstanding loan balance, and interest rate for all subsequent months in the same manner.
| Year / Month | Principal Amount | Interest | Loan Balance | Loan EMI |
|---|---|---|---|---|
| 2024 | Rs. 137,973.00 | Rs. 334,707.00 | Rs. 4,000,000.00 | Rs. 472,680.00 |
| 1st Month | Rs. 11,056.67 | Rs. 28,333.33 | Rs. 4,000,000.00 | Rs. 39,390.00 |
| 2nd Month | Rs. 11,134.98 | Rs. 28,255.02 | Rs. 3,988,943.33 | Rs. 39,390.00 |
| 3rd Month | Rs. 11,213.86 | Rs. 28,176.14 | Rs. 3,977,808.35 | Rs. 39,390.00 |
| 4th Month | Rs. 11,293.29 | Rs. 28,096.71 | Rs. 3,966,594.49 | Rs. 39,390.00 |
| 5th Month | Rs. 11,373.28 | Rs. 28,016.72 | Rs. 3,955,301.20 | Rs. 39,390.00 |
| 6th Month | Rs. 11,453.84 | Rs. 27,936.16 | Rs. 3,943,927.92 | Rs. 39,390.00 |
| 7th Month | Rs. 11,534.98 | Rs. 27,855.02 | Rs. 3,932,474.07 | Rs. 39,390.00 |
| 8th Month | Rs. 11,616.68 | Rs. 27,773.32 | Rs. 3,920,939.10 | Rs. 39,390.00 |
| 9th Month | Rs. 11,698.97 | Rs. 27,691.03 | Rs. 3,909,322.42 | Rs. 39,390.00 |
| 10th Month | Rs. 11,781.83 | Rs. 27,608.17 | Rs. 3,897,623.45 | Rs. 39,390.00 |
| 11th Month | Rs. 11,865.29 | Rs. 27,524.71 | Rs. 3,885,841.62 | Rs. 39,390.00 |
| 12th Month | Rs. 11,949.33 | Rs. 27,440.67 | Rs. 3,873,976.33 | Rs. 39,390.00 |
Frequently Asked Questions
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