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 tenure.

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 divided by 12 and converted to decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

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

3. About Bajaj Markets Home Loans

Details: Bajaj Markets offers home loans starting at 8.50% p.a. interest rate with flexible tenures up to 30 years. The actual rate may vary based on credit profile and other factors.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (default is 8.50%), and loan tenure in years. The calculator will show your EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for Bajaj Markets home loans?
A: The current starting rate is 8.50% p.a., but your actual rate may vary based on creditworthiness.

Q2: How does loan tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: Are there any prepayment charges?
A: Bajaj Markets home loans typically allow prepayment with minimal or no charges, but confirm current terms.

Q4: What factors affect home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant age are key factors.

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