Home Loan EMI Calculator
Repayment schedule
About Home Loan EMI Calculator
The Home Loan EMI Calculator is a handy tool that specialises in making your Housing loan application process smoother and fault-free, so you can enjoy the benefits of speedy approval and disbursal from Bajaj Housing Finance. All prospective Home Loan borrowers are advised to use it, to improve their loan application and to arrive at an amount that is well within their repayment budget.
Use the Home Loan EMI Calculator before you apply to know which loan terms are best suited to you. You can check the applicable EMI amounts by entering basic details, including the principal, rate of interest, and tenor. Just a few calculations will give you an idea of how these factors affect your EMI, helping you decide the ideal loan amount and tenor for you considering your income and liabilities. The EMI Calculator tool also gives you insights into how much interest you will be paying over the course of the tenor.
What Factors Affect Your Housing Loan EMI?
Your Home Loan EMI is dependent on the principal amount, interest rate, and loan tenor. Use our Home Loan Eligibility Calculator to know how much you can borrow based on your monthly income and fixed obligations.
The tenor refers to the number of months over which you will pay your EMIs, and the housing loan interest rate is the rate offered to you by the lender. The interest rate depends on market conditions and your credibility as a borrower.
The below EMI formula exhibits the relationship between the EMI, principal, rate of interest, and tenor.
EMI = [P x R x (1+R)N ]/[(1+R)N-1]
Where,
‘P’ is the principal or loan amount
‘R’ is the monthly Home Loan interest rate
‘N’ is the number of EMIs (the tenor in months)
When you use a Home Loan EMI Calculator, the tool uses this formula to display your EMI instantly and accurately. While this gives you an overview of your repayment plan, bear in mind that the actuals change in case you opt for a part-prepayment, or if the interest rate changes.
Benefits of using Home Loan Calculator
There are several advantages of using a Home Loan Calculator; it:
- can calculate the EMIs instant and accurate.
- can be used online from anywhere
- helps you pick the ideal tenor
- helps you decide upon the loan amount (principal) for you
- assists in repayment planning
The Home Loan interest calculator shows you your amortization schedule, annual interest, and principal break-up, and you can use it to plan your taxes for the year. Similarly, it can also be used to assess if a Home Loan is the right choice for you based on your current debt-to-income ratio.
How Does Home Loan EMI Repayment Reduce Tax Obligation?
As per the India Income Tax Act, you can claim Home Loan tax benefits on both principal and interest repayment.
- Section 80C: Principal repayment (including registration fee and stamp duty), up to Rs.1.5 Lakh
- Section 24B: Interest repayment, up to Rs.2 Lakh
- Section 80EE: Additional interest, up to Rs.50,000
In case of a joint Home Loan, both homeowners can claim their Home Loan tax benefits separately.
While using the Bajaj Housing Finance Online Home Loan Calculator to view your EMI and amortization schedule, make sure you review the conditions to qualify for Home Loan tax benefits under relevant sections.
Frequently Asked Questions
EMI, or Equated Monthly Instalment, is the monthly amount you pay to repay your loan by the end of the tenor. Its amount depends on the applicable Home Loan interest rate, the principal amount, and the loan tenor. To know your home loan EMI, use the EMI Calculator.
The Home Loan EMI calculator, as the name suggests, is a tool you can use to calculate your home loan EMIs. Based on the values entered for the Home Loan principal amount, interest rate, and tenor, the calculator displays the EMI you must pay each month.
The Home Loan amortization schedule is a table of EMI payments scheduled to be paid over your tenor. It indicates the interest and principal break-up of each instalment from the start to the end of the tenor. In the amortization table, while the EMI remains constant, the interest component decreases and the principal component increases as the tenor progresses. Apart from the opening and closing balance, one can also infer the total interest and principal paid and the interest and principal paid yearly. You can use a housing Loan calculator that offers an amortization schedule to view your EMI break-up across the tenor.
Generally, your Home Loan EMI payments begin in the month after the disbursal. In case a moratorium is agreed upon, the Home Loan EMIs start after a predefined period. For under-construction properties, EMIs commence only after the final disbursement, and only the interest is to be paid till then. However, you can opt to start your EMI payments after the initial disbursal itself.
You can make a part payment several times your EMI. The amount paid goes towards reducing the outstanding loan amount and thereby reduces the net interest payable. Use the Home Loan Prepayment Calculator to view your EMI and tenor savings.
Pre-EMI consists only of the interest component of the Home Loan repayment amount. Your actual EMI which consists of both interest and principal amount begins once the entire home loan amount is disbursed.
