Highlights
- What is a Home Loan EMI?
- How to Use the Bajaj Housing Finance Home Loan EMI Calculator?
What is a Home Loan EMI?
A Home Loan EMI is the sum you pay every month towards the repayment of your Home Loan. EMIs are pre-decided on the basis of several loan parameters.
The formula to calculate the EMI for a Home Loan is based on the principal amount, the interest rate, and finally, the loan duration.
Aspiring homeowners can use our Home Loan EMI Calculator to calculate their tentative EMIs based on their Home Loan requirements. This will help them get an idea of how feasible their required Home Loan amount would be in terms of repayment.
A quick tip: Apart from Home Loans to buy a new house, Bajaj Housing Finance also offers funds for home renovation. To know what your repayment plan may look like, we advise you to use our online home loan calculator.
The Formula for EMI Calculation for Home Loan
The Bajaj Housing Finance Home Loan EMI Calculator uses an easy formula to determine the Equated Monthly Instalment. Here’s the formula to calculate the Home Loan EMI:
EMI= [P x R x (1+R) ^ N]/[(1+R) ^ N-1]
Additional Read: Types of Housing Loan Charges
How to Use the Bajaj Housing Finance Home Loan EMI Calculator
Visit the official Bajaj Housing Finance website, scroll down to the horizontal 'Calculator' panel, and select ‘Home Loan EMI Calculator.’ To calculate your Home Loan EMIs, enter the following details:
- Loan amount: It is the total loan amount you want
- Loan duration: This refers to the time given to you to complete your Home Loan repayment
- Rate of interest: It is the cost of borrowing the principal loan amount
Additional Read: Home Loan Terminologies You Must be Aware Of
Once you input the above details, the Home Loan EMI Calculator estimates the loan amount and displays the result immediately. You can also use the EMI calculator to gauge the status of your current Home Loan.
*Terms and conditions apply
