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 (₹)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months (years × 12)
• \( PMT \) — Monthly EMI payment (₹)

Explanation: The formula calculates the fixed payment amount that pays off the loan over the specified term with interest.

3. About Bajaj Finserv Home Loans

Details: Bajaj Finserv offers home loans in India starting at 7.49% p.a. interest rate, with loan amounts up to ₹15 crore and flexible tenure options up to 30 years.

4. Using the Calculator

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

5. Frequently Asked Questions (FAQ)

Q1: What is the current Bajaj Finserv home loan interest rate?
A: Rates start at 7.49% p.a. (as of 2023), but actual rates may vary based on applicant profile and market conditions.

Q2: What is the maximum loan amount available?
A: Bajaj Finserv offers home loans up to ₹15 crore, depending on eligibility and property value.

Q3: What factors affect EMI amount?
A: EMI depends on three factors: loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce EMI.

Q4: Can I prepay my Bajaj Finserv home loan?
A: Yes, prepayment is allowed, though terms may apply. Partial prepayments can reduce your EMI or loan tenure.

Q5: Are there any hidden charges?
A: Standard processing fees of 0.5% to 2% of loan amount plus applicable taxes may apply. Always check the final loan agreement.