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Before you learn the formula for EMI calculation for a home loan, we want you to know what a home loan is, the benefits
accruable to our customers, and how to use the Bajaj Housing Finance Home Loan EMI Calculator. A home loan is a sum of
money received by the borrower from a lender, that needs to be paid back with interest.
The home loan is repaid as Equated Monthly Instalments or (EMIs). The property, along with certain original documents,
serves as collateral and is kept by the lender as a guarantee that the borrower will repay. The formula for EMI
calculation for a home loan is set by your lender based on the principal amount, amount of interest due, and finally,
loan duration. From the outset of the loan, a great section of the EMI to be paid is the interest because the principal
amount is normally high.
Meanwhile, as the home
loan grows, you pay less interest and pay more of the principal amount. To apply for a home loan,
you must either be a salary earner or a self-employed businessman. Either way, you must possess a steady source of
income. While understanding how to calculate home loan EMI is important, knowing the documents for the home loan
application process is equally essential. These documents include:
A quick tip: While most lenders offer home loans that is to be categorically utilised to buy or construct a new house,
Bajaj Housing Finance also offers funds for home renovation of Rs.5 Crore and more, basis eligibility. We also offer the
alternative of an adaptable duration of repayment, sometimes up to 30 years. To know what your repayment plan may look
like, we advise you use the Bajaj Housing Finance home loan EMI calculator.
Read on to learn the characteristics that determine your home loan eligibility, and how using the Home Loan EMI
Calculator would be beneficial to you.
Several characteristics determine whether you qualify for a home loan. Besides the formula for EMI calculation for a
home loan, the characteristics that determine whether you qualify for a home loan or not are:
The Bajaj Housing Finance Home Loan EMI Calculator employs an easy formula to determine the Equated Monthly Instalment.
So, here’s how to calculate the home loan EMI formula: E=[P x R x (1+E)^N]/[(1+R)^N-1].
Must Read: Best Home Loan Tenure to Suit Your Pocket
A quick tip: A lengthy duration of a home loan means that you pay more interest.
To learn the exact amount due to your lender, Visit to Bajaj Housing Finance's official website, click on “Tools and
Calculator” where the option for “Home Loan EMI Calculator” lies. Enter the required information in the respective
Upon supplying the necessary information, the Bajaj Housing Finance Home Loan EMI Calculator estimates the loan amount
and displays the result immediately. This takes only a minute to determine. You can use the Bajaj Housing Finance Home
Loan EMI Calculator to know where you stand today.
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