Bajaj HFL Home Loan EMI Calculator

Using a Bajaj HFL home loan calculator will benefit the borrowers in the following ways —

• The user-friendly design and navigation of the home loan calculator will allow individuals to conveniently calculate their EMIs
• It will enable you to choose the ideal payout amount as per your repayment capacity to better manage your financial profile
• It generates 100% accurate EMI results without any possibility of errors

How To Calculate Home Loan EMI

Using the standardized formula to calculate the home loan EMI on your own can be a tedious and erroneous task. To save your time and efforts, Magicbricks have come up with a free online EMI calculator. You can check the affordability of various home loan schemes using this EMI calculator.

How To Use Magicbricks' Home Loan EMI Calculator

Magicbricks Home Loan EMI calculator is one of the most user-friendly tools. Follow these steps to check your EMI in seconds –

• Go to the site of Bajaj HFL Home Loan page
• Enter the principal amount
• Fill in your desired maturity period
• Enter the current rate of interest
• Click on the option 'Calculate Your EMI'

Home Loan EMI Calculation Formula

Most EMI calculators use a standardized EMI formula to bring uniformity in their calculations.

E = P.r. (1+r)^n/([(1+r)^n]-1)

where, P = Loan/Principal Amount
E= applicable EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = tenure or number of EMIs
For example, if any borrower avails a loan of 25 lakh for a 15-year tenure at a 7% p.a. rate of interest, the applicable EMI will be –
E = 25,00,000 × .0058(1+.0058)^84/([(1+,0058)^84]-1)

Bajaj HFL Home Loan Amortization Schedule

An amortization schedule constitutes the figures that will appear after writing down the loan value. Financial institutions and lenders use this to represent the loan repayment timeline in accordance to the maturity date in particular. Amortization schedules highlight on the part of the payment inclusive of the interest against principal for every payment on a monthly cycle. It helps in detecting the amount which will be outstanding after each payment. With the help of this schedule the borrowers will also have an idea about the amount of interest that can be saved with additional payments.

If you have taken a loan of Rs 40 lakh over a 7-year tenure at an interest rate of 7% p.a., you will have an amortization schedule that looks like the following –