Factoring in many elements while deciding on a home loan can be a tedious process. One of the main factors influencing your home loan affordability is the EMI – borrowers must make sure to borrow an amount that makes paying the EMIs affordable. To make the process of figuring out the right EMI easier for you, Bajaj Finserv has introduced a tool called an EMI calculator. This tool makes it easier for you to be aware of your EMI and Amortisation schedule so you can plan your other financial obligations around the EMI as well as your repayment journey well in advance.
Here’s How the Bajaj Finserv EMI Calculator Can Prove Beneficial
Aids in Assessing the Selected Property
By using the Bajaj Finserv home loan Interest calculator, you can decide to back out of the purchase if you learn that the house you’ve chosen would need you to pay a higher EMI than you had anticipated. So that paying back the loan won’t be a constant struggle, you can search for a smaller property in the same neighbourhood or elsewhere and bring down your EMIs into the affordable category.
Helps You Decide Which Offer Is Best for You
If you intend to take out a loan, you should speak with various lenders to learn what they have to offer. Use the Bajaj Finserv home loan calculator to compare various loan offers once you have all the offers in front of you. You can use the calculator to find out the total cost of each loan offer as well as the monthly interest payment required for each loan. It will be easier for you to choose the loan offer that is best for you if you have this information at hand.
Helps You Schedule Pre-payments
You should consider making part-prepayments if you wish to pay off your debt as quickly as possible. Choose part-prepayment to lower the amount of the loan outstanding if you have additional money during the loan term. To comprehend how a partial prepayment will impact your loan tenor and EMIs, use the Bajaj Finserv home loan EMI calculator.
Easy and Accurate Results
The Bajaj Finserv home loan EMI calculator makes calculating your EMIs extremely simple and easy. By altering the tenor or interest rate and calculating how much the EMI value changes in a matter of seconds, you can compare many combinations.
Get Access to the Amortisation Plan for Your Loan
The results of the advanced Bajaj Finserv home loan EMI calculator also include loan amortisation schedules. The interest and principal components of each month’s EMIs are broken down in this schedule. As a result, you can determine exactly how much of a given month’s EMI would be used to pay down the principal and interest.
An amortised loan is one that the borrower can pay back in equal monthly instalments over a predetermined period of time. Now, there are two components to the EMI you pay on the borrowed money:
-) Interest levied by the bank
-) The initial loan amount which is to repaid as the principal
The initial principal sum decreases as long as you make EMI payments. The interest component of the loan amount lowers with time, but the principal component of your EMI rises. You would have fully repaid the principal amount at the end of the term.
How to Use the Bajaj Finserv Home Loan EMI Calculator
Step 1: Search for Bajaj Finserv home loan calculator on the internet.
Step 2: Enter the required amount.
Step 3: Enter the interest rate being offered to you.
Step 4: In the “Tenor” area, enter the loan’s duration.
Step 5: Find the results in the “EMI Amount” column.
Factors That Influence Your Home Loan EMI
- Principal: The principal sum that you desire to borrow through your home loan must be entered first.
- Loan’s tenor: The length of your loan, or how long you would have to return it, is the next field you must fill in.
- rate of interest The interest rate, which is a proportion of the principal amount you must repay, is also taken into consideration by the calculator.
FAQs:
Is the Bajaj Finserv home loan EMI calculator a trustworthy tool?
Yes. With our housing loan EMI calculator, you can guarantee accurate results.
How do I use the EMI calculator to determine which loan will suit my needs the best?
Since each bank has its own interest rate, you can use the Bajaj Finserv house loan EMI calculator to compare loans from several institutions. From bank to bank, the tenor may differ. You will be able to select the finest loan that meets your financial objectives and has the lowest EMI.
Can I lower my EMIs using the home loan calculator?
Yes. Bajaj Finserv home loan Interest calculator is a useful tool because you can change the numbers for various loan details until you discover an appropriate EMI amount for you.
Is there a cost associated with utilising the EMI calculator?
No, you can use this free tool as often as you like or need by visiting our website at any time.