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.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Bajaj 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.
Bajaj 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]
where,
P = Principal Amount
R = Rate of Interest
N = Number of Monthly Installments
Factors Affecting Bajaj Finance Home Loan EMI
The home loan EMI calculator considers certain factors while computing the EMI amount payable on the loan. Let us take a quick look at some of the key Bajaj Housing Bank home loan criteria:
Interest Rate Payable: It is one of the most important factors affecting the EMI amount on the loan. If the bank's interest rate is high, the corresponding EMI is bound to be higher as well, and vice versa.
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 Bajaj Finance Home Loan Calculator
Why should you use a home loan calculator? Listed below are some of the prominent benefits of the Bajaj Housing home loan calculator to help you make an informed decision:
- 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 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.
Explained here is the formula for the Bajaj Housing home loan interest calculator:
Total Interest = (P X R X T) / 100
where,
P = Principal Amount
R = Rate of Interest
T = Tenure for EMI payment
Bajaj Finance Home Loan Eligibility Criteria
Along with EMI and interest rate calculator tools, Bajaj Housing also provides the facility of a home loan eligibility calculator. This allows prospective borrowers to determine whether or not the bank will accept their home loan application. It lists the key eligibility criteria for home loan applicants and the factors taken into consideration by the bank before defining these criteria.
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Comparison of Bajaj 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 |
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Bajaj 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 Finance Home Loan Amortized Interest
Step 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.
Step 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.
Step 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. This is your principal amount and will be deducted from your outstanding home loan amount to obtain the remaining balance for the second month.
Step 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 | EMI |
|---|---|---|---|---|
| 2024 | 137973.00 | 334707.00 | 4000000.00 | 472,680.00 |
| 1st Month | 11056.67 | 28333.33 | 4000000.00 | 39,390.00 |
| 2nd Month | 11134.98 | 28255.02 | 3988943.33 | 39,390.00 |
| 3rd Month | 11213.86 | 28176.14 | 3977808.35 | 39,390.00 |
| 4th Month | 11293.29 | 28096.71 | 3966594.49 | 39,390.00 |
| 5th Month | 11373.28 | 28016.72 | 3955301.20 | 39,390.00 |
| 6th Month | 11453.84 | 27936.16 | 3943927.92 | 39,390.00 |
| 7th Month | 11534.98 | 27855.02 | 3932474.07 | 39,390.00 |
| 8th Month | 11616.68 | 27773.32 | 3920939.10 | 39,390.00 |
| 9th Month | 11698.97 | 27691.03 | 3909322.42 | 39,390.00 |
| 10th Month | 11781.83 | 27608.17 | 3897623.45 | 39,390.00 |
| 11th Month | 11865.29 | 27524.71 | 3885841.62 | 39,390.00 |
| 12th Month | 11949.33 | 27440.67 | 3873976.33 | 39,390.00 |
FAQs
It is possible to make easy EMI payments online for your Bajaj Housing home loan by using the My Account app. Just log in to the app with your registered mobile number and follow the instructions to pay your EMI online.
The general down payment required for a home loan from Bajaj Housing Bank is 20% of the property's total value.
Yes, it is possible to check the EMI payable on various loan amounts and make an informed choice with the Bajaj Housing home loan EMI calculator tool online.
Yes, Bajaj Housing Bank allows customers to make online home loan applications after they have computed the EMI payable using the online calculator available on its website.
Yes, Bajaj Housing allows customers who have availed of home loans on floating rates of interest to foreclose the loan at no extra cost.
Bajaj Housing offers home loans starting at 8.50% p.a. for salaried employees and at 9.10% p.a. for self-employed applicants.