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.
Also Read: 5 Strategies to Manage High Home Loan EMIs Effectively
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]
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
Also Read: Know Why Paying Home Loan EMI Is Better than Renting a Home
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
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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