Use the home loan EMI calculator on Bajaj Markets and check the instalment details of your loan
✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50%
A proper understanding of your home loan EMIs can help you budget better and manage your loan effortlessly. Learning about your monthly instalments has become easier and more convenient with the home loan EMI calculator available on Bajaj Markets. This calculator eliminates the need for complicated manual calculations, which are time-consuming and prone to errors.
This digital calculator calculates the instalment amount based on the loan amount, tenure, and interest rate of your loan. It generates the required results within seconds with the help of a set algorithm. You can use the calculator to compare offers from multiple lenders. Also, you can check the amortisation schedule to budget and create an effective repayment plan.
You can calculate the probable EMI amount by entering these 3 details in the calculator:
Interest rate - The rate applied by a lender, usually on a per annum basis, as a fee for borrowing the loan amount. On Bajaj Markets, the rates start from 8.50% p.a.
Principal amount - The amount you borrow from the lender, which can range up to ₹15 Crores
Tenure - The period over which you wish to repay the borrowed principal amount along with the interest charges. These usually range up to 30 years in the case of home loans.
Once you provide this information you can quickly get the EMI amount. It also provides a list of lenders on Bajaj Markets who offer the loan and their EMIs. This helps you make instant comparisons and find an offer that suits your needs the best. You can also download the amortisation schedule which provides a complete breakdown of the instalments and how the EMI helps gradually repay the loan.
Some benefits that you can enjoy by using a home loan EMI calculator on Bajaj Markets are as follows:
Instant Comparison
Enter the needed loan amount in the calculator to find lenders that offer the loan along with their interest charges. Compare the EMIs of each offer to find the option that fits your financial situation.
Detailed Amortisation Schedule
View the details of each EMI to track how your loan is repaid. This information can help you plan the loan’s prepayments, foreclosures, and balance transfers, if you wish to go for these options.
Precise Calculations
The calculator on Bajaj Markets offers error-free EMI calculations using a reliable algorithm
Quick Results
Get EMI details within seconds by eliminating the tedious task of manually calculating the instalment amount, interest cost, and overall loan repayment amount
Unlimited Free Use
Calculate EMIs as many times as you need and check various combinations of different loan terms, free of charge
User-friendly Interface
Compute and understand your instalment details easily with the help of this simple online calculator
Accessible Anywhere
Available online, access this tool anytime via the official website or the Bajaj Markets App
The following formula is used to calculate the EMI for a home loan:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Herein,
P = Principal amount
R = Rate of interest on a per annum basis
N = Repayment tenure of the loan in months
Here’s a simple example to help you understand how the EMI is calculated. Assume you took a home loan of ₹1 Crore at an interest rate of 8.50% p.a. for a tenure of 30 years. In this case:
P = 10000000
R = 8.50/12/100 = 0.00708 (converted to per month basis and changed from percentage to numeric value)
- N = 30 x 12 = 360 (converted to monthly basis)
Let’s substitute these values in the formula above:
EMI = {P x R x (1+R)^N / [(1+R)^N-1]}
EMI = {10000000 x 0.00708 x (1 + 0.00708)^360 / [(1 + 0.00708)^360 - 1]}
EMI = {10000000 x 0.00708 x 12.6774 / [12.6774 - 1]}
EMI = {70800 x 12.6774 / [11.6774]}
EMI = 76,862.99
Such manual calculations can be quite difficult, time-consuming, and prone to errors. Thus, consider using a home EMI calculator to get accurate results within seconds. It provides not just the EMI amount, but also the interest charges and total loan repayment cost.
Additionally, you can also access the amortisation schedule for free. This allows you to check the repayment status of your loan and identify the right time to foreclose or transfer the loan. It provides detailed insights into your loan EMIs, enabling you to budget and plan your finances strategically.
Here are some things to keep in mind when calculating the monthly instalments of your home loan:
Enter Correct Details
Double-check the loan amount, interest rate, and tenure you input to ensure accurate EMI calculations that align with your requirements
Explore Scenarios
Experiment with various loan terms to see how the EMIs change. This helps you compare options and select the one that suits your financial situation best.
Consider the Type of Interest Rate
The calculations for EMIs differ depending on floating and fixed interest rates. Ensure you know which type of interest rate applies before using the tool for precise results.
Check EMIs Across Tenures
Use the calculator to see how changing the loan tenure affects the EMI and overall cost of the loan
Consider All Costs
Along with EMI, factor in processing fees, prepayment charges, and other expenses to understand the loan's total cost
Check Affordability
Ensure the EMIs fit within your monthly budget before applying for the loan
Review the Amortisation Schedule
Download and review the amortisation schedule to see the breakdown of the EMIs. This helps in planning for balance transfers, prepayments, and foreclosure.
Re-calculate the EMIs Regularly
Keep evaluating the EMIs and possible scenarios to accommodate changes in your financial situation. This helps in identifying the best time for refinancing or restructuring the loan.
Term |
Definition |
Principal Amount |
The amount one borrows from the loan provider on which the interest charge is calculated. |
Interest Rate |
The fee levied for borrowing money from a lender. It is generally represented as a percentage of the principal loan amount. |
Tenure |
The period over which the borrower is required to repay the loan. It extends from the date of loan disbursement to completion of loan repayment. |
Equated Monthly Instalment (EMI) |
A fixed payment made by the borrower each calendar month to the loan provider at a set date to service the loan. |
Amortisation Schedule |
A schedule that has a breakdown of the principal and interest repayment components of every monthly instalment |
Prepayment |
The action of paying a portion of the loan’s principal amount before it is due |
Foreclosure |
The action of repaying the complete outstanding amount and closing the loan before the tenure ends |
Total Repayment Cost |
The complete cost of the loan that a borrower pays to the lender over the tenure. This consists of the interest charges, principal amount, and any other fees. |
Floating Interest Rate |
A type of home loan interest rate that changes over time as per revisions in the index or benchmark rate. These are revised regularly, affecting the loan’s EMI and total interest payable. |
Benchmark Rate |
A standard rate, like the repo rate or MCLR, used as a reference point for pricing loans and financial products |
Marginal Cost of Funds-based Lending Rate (MCLR) |
A benchmark lending rate set by banks in India below which they cannot lend. These are usually dependent on the repo rate and operational costs of the bank. It reflects the marginal cost of funds and is used to determine the interest rates for various loans. |
The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the home loan.
Frequently Asked Questions
What is a home loan EMI?
The home loan emi is the amount you are required to pay each month to the lender to service your home loan. This amount is calculated based on your loan amount, interest rate, and tenure.
How to reduce your home loan EMIs?
If you are yet to apply for a home loan, consider improving your loan eligibility to get better loan terms. This will help reduce the instalment amount. Try highlighting any additional sources of income you may have, pay your EMIs and credit card dues on time, and reduce your debt-to-income ratio. You can also opt for a longer tenure, as it usually comes with a lower EMI.
If you already have a home loan and wish to reduce the EMI burden, consider transferring the balance of your home loan at a lower interest rate. This can help reduce the interest charges, leading to a drop in the EMI amount and the total repayment cost of the loan.
Does my EMI amount vary if I opt for a floating interest rate instead of a fixed interest rate?
A floating interest rate is initially lower than a fixed interest rate. So, at the beginning of the tenure, the EMI of your home loan with a floating interest rate is usually lower. However, this rate is subject to change as per revisions in the benchmark rate caused by various macroeconomic factors. Thus, the EMI amount may increase or decrease depending on the change in rates. Meanwhile, the instalment for a loan with a fixed interest rate remains unchanged throughout the tenure.
By choosing a floating interest rate can I benefit from lower EMIs?
You may benefit from lower instalment amounts with a floating interest rate, depending on the market conditions. A floating interest rate is initially lower than a fixed interest rate. Thus, the EMI is usually lower. However, the floating rate is subject to constant revisions and may surpass the fixed rate, depending on the market conditions. In such scenarios, the EMI for the floating rate loan may be higher than that for a fixed rate loan. It is essential to keep a close eye on fluctuations of rates in the market and predict the trend prior to opting for a floating rate.
Does choosing a longer tenure affect my home loan EMI?
Yes. Generally, a longer tenure results in a lower EMI, while a shorter tenure results in a higher instalment amount. Let’s look at the following example to understand this better. Consider you got a home loan of ₹50 Lakhs at an interest rate of 8.50% p.a. Here’s how the instalment amount will differ as per change in tenure:
Tenure |
EMI Amount |
10 years |
₹61,992.84 |
15 years |
₹49,236.98 |
20 years |
₹43,391.16 |
25 years |
₹40,261.35 |
30 years |
₹38,445.67 |
*Note: The mentioned values are for illustrative purposes only. The actual values may differ depending on the lender’s policies.
Do note that as the tenure increases, there is a surge in the interest charges. So, it is essential to take into account the total loan repayment cost prior to making a decision.
Do prepayments affect my home loan EMIs?
Yes. A prepayment is usually directed towards the repayment of the principal component of your loan. This can lead to a drop in the interest charges which are calculated based on the outstanding principal amount each month. This results in a fall in the interest component, leading to lower instalment amounts. Remember, this is subject to the lender’s policies. In some cases, the EMI is kept the same while the tenure is shortened.
How many times can I check my home loan EMIs on this calculator for free?
You can check the instalment amount of your home loan as many times as you wish for free by using the home loan EMI calculator on Bajaj Markets. This enables you to evaluate the EMI details of various loan offers and assess various possible scenarios without having to pay any charges. It can help you plan your finances efficiently and effortlessly.
