1. What is EMI Calculation?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower 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, in decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment required to completely pay off a loan over its term.

3. About Bajaj Finance Home Loans

Details: Bajaj Finance offers home loans starting at 7.49% p.a. interest rate with flexible tenure options up to 30 years. Loan amounts can go up to ₹10 crores depending on eligibility.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (default is 7.49%), and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect EMI amount?
A: EMI depends on principal amount, interest rate, and loan tenure. Higher principal/rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q2: What is Bajaj Finance's current home loan rate?
A: Rates start at 7.49% p.a. but may vary based on applicant profile, loan amount, and property type.

Q3: Are there prepayment charges?
A: Bajaj Finance may charge prepayment penalties depending on loan terms. Check current policy before prepayment.

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

Q5: How to reduce EMI burden?
A: Options include increasing down payment, opting for longer tenure, or negotiating lower interest rate.