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: 

• Lenders expect a certain credit score to grant you a home loan of your desired amount. A score of 750+ is considered strong and should pose no obstacles during your home loan agreement. Anything lesser than that may make your home loan approval process a little tougher than normal.
• You must possess a steady monthly income. If you are new to your current workplace, your loan application is likely to be declined. A stable income is mandatory to be able to avail of a home loan.
• Your existing debt obligations also play a significant role in determining your home loan amount, and if the lender deems it too high, you may not be approved for a fresh home loan, as your financial liabilities are already too many.
• You must also be able to showcase a proof of steady employment.
• The kind of property to be bought determines whether your application is approved.

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]. 

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They are: 

• Principal Amount: The principal amount is the sum of money borrowed from the lender. A low principal amount often means that you will pay a low EMI, while a high principal amount means otherwise. 
• Interest Rate: This refers to the rate at which the lender releases money to you as a loan. It is equal to the EMIs payable on your home loan. 
• Duration of Loan: This refers to the time given to you to complete your home loan repayment. However, this factor is not like the other factors. Long duration to repay loans means that your EMIs become more affordable, however, in totality – it does not reduce the interest outflow.

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 fields: 

• Loan amount
• Rate of interest 
• Loan duration

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.