1. What is the EMI Formula?

The EMI (Equated Monthly Installment) formula calculates your fixed monthly payment for a home loan. It considers the principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for both principal repayment and interest payment components in each EMI.

3. About Bajaj Finserv Home Loans

Details: Bajaj Finserv offers home loans starting at 7.49% p.a. interest rate, with loan amounts up to ₹15 crore. Loan terms can extend up to 30 years depending on applicant profile.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (current rate is 7.49%), and loan term in years. The calculator will show your estimated EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from Bajaj Finserv?
A: Bajaj Finserv typically offers home loans starting from ₹5 lakhs, up to ₹15 crore.

Q2: What factors affect my EMI amount?
A: EMI depends on three factors: loan amount, interest rate, and loan tenure. Higher loan amounts or rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q3: Can I prepay my Bajaj Finserv home loan?
A: Yes, Bajaj Finserv allows prepayment, though terms may apply. Partial prepayments can reduce your principal and subsequent interest.

Q4: What documents are needed for a Bajaj home loan?
A: Typically requires identity proof, address proof, income documents, property papers, and bank statements.

Q5: How accurate is this calculator?
A: This provides estimates. Actual EMI may vary based on final approved terms, processing fees, and other charges.