1. What is Home Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. For home loans, EMI payments include both principal and interest components.

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)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Example: For ₹50,00,000 loan at 8.5% p.a. for 20 years, the monthly EMI would be ₹43,391.

3. Bajaj Markets Home Loan Features

Key Features:

• Interest rates starting at 8.50% p.a.
• Loan amounts up to ₹10 crores
• Flexible tenure up to 30 years
• Balance transfer facility
• Top-up loan options

4. Using the Calculator

Instructions:

1. Enter the principal loan amount in INR
2. Input the annual interest rate (8.50% is the starting rate)
3. Specify the loan tenure in years (1-30)
4. Click Calculate to see your EMI, total payment, and total interest

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from Bajaj Markets?
A: The minimum home loan amount is typically ₹5 lakhs.

Q2: Are there any prepayment charges?
A: Bajaj Markets usually allows prepayment after a certain period without charges, but terms may vary.

Q3: What documents are required for application?
A: Standard documents include ID proof, address proof, income documents, and property papers.

Q4: How is the interest rate determined?
A: Rates depend on factors like loan amount, tenure, applicant's credit score, and current market conditions.

Q5: Can I get a loan for under-construction property?
A: Yes, Bajaj Markets offers loans for both ready-to-move and under-construction properties.