Whether you’re planning to borrow ₹1 Lakh or ₹15 Crore, this tool provides precise EMI calculations, enabling you to make data-driven borrowing decisions aligned with your financial capacity.
The real estate market in India’s metro cities has seen unprecedented growth, with property prices surging by 15-20% annually. Mumbai leads with an average price of ₹19,557/sq.ft, followed by Delhi at ₹15,252/sq.ft and Bangalore at ₹12,375/sq.ft (2024 data). This steep rise has made home loans a necessity for most buyers.
However, calculating the monthly financial commitment for these loans isn’t straightforward. Multiple variables like interest rates, tenure, and principal amount create complex calculations that can overwhelm potential borrowers. This is where the Bajaj Home Loan EMI Calculator steps in.
The calculator simplifies these intricate calculations into a user-friendly tool, helping you determine your exact monthly obligations within seconds.
Bajaj home loan EMIs seem too high? Enjoy lower payouts with a balance transfer.
Bajaj Home Loan Highlights
Bajaj Housing Finance offers home loans with attractive interest rates starting from 8.45% p.a. and a maximum tenure of up to 40 years.
Key Details of Bajaj Housing Finance Home Loan
| Feature | Details |
|---|---|
| Interest Rate | Starting from 8.45% p.a. |
| Loan Amount | Up to ₹5 crore (potentially more based on eligibility), typically 75% to 90% of property value; some loans can go up to ₹15 crore. |
| Loan Tenure | Up to 30 years (in some cases, up to 32 or 40 years) |
| Processing Charges | Up to 4% of the loan amount |
| Pre-Payment/Foreclosure Charges | NIL for individual borrowers with variable interest rates |
| Approval Time | As quick as 48 hours |
| Types of Home Loans | Fresh Home Loan, Home Loan Balance Transfer, Home Loan Top-Up (up to ₹1 crore) |
Bajaj Housing Finance Property Loan Eligibility Criteria
To be eligible for a home loan from Bajaj Housing Finance, applicants need to meet certain criteria related to age, employment, credit score, and other factors. These criteria may vary based on whether the applicant is salaried or self-employed.
General Eligibility Criteria:
- Nationality: Indian citizen. Salaried individuals, including NRIs, are eligible. Self-employed applicants must be Indian residents.
- Age:
- Salaried: 21 to 75 years.
- Self-Employed: 23 to 70 years.
- Some sources state the minimum age for salaried individuals is 23.
- Note: The upper age limit is considered at the time of loan maturity and may vary depending on the property profile.
- Employment Status:
- Salaried: Minimum 3 years of work experience in a public, private, or multinational company.
- Self-Employed: Minimum 3 years of business continuity in the current enterprise. Some sources say 5 years.
- Credit Score: A credit score of 750 or higher is generally required for prompt loan approval. A minimum score of 725 may also be considered.
- Minimum Salary: A minimum salary of ₹25,000 per month is required.
- Other Factors: Bajaj Housing Finance also considers factors such as the applicant’s financial position, repayment history, existing liabilities, and the property’s specifications. A home loan guarantor may be required under certain circumstances.
Additional Criteria for Self-Employed Professionals (Doctors and Chartered Accountants):
- Doctors must hold an MBBS or a higher degree.
- Chartered Accountants must have a valid Certificate of Practice (COP).
- For professionals, the years of experience are counted post-qualification.
Source of Information: Check the official eligibility criteria for Bajaj housing finance home loans on their website.
How to Calculate Your Bajaj Home Loan EMI?
The Bajaj Home Loan EMI Calculator employs a standardized mathematical formula to compute your monthly installments.
Here’s a detailed breakdown of how your EMIs are calculated:
EMI Formula
EMI = P × r × (1 + r)^n / [(1 + r)^n - 1]
Where:
P = Principal loan amount
r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
n = Total number of months
Sample Calculation Scenario
Let’s consider a practical example using the Bajaj Housing Finance Property Loan EMI Calculator:
- Loan Amount: ₹50,00,000
- Interest Rate: 8.50% p.a.
- Tenure: 20 years (240 months)
Monthly EMI Breakdown:
| Component | Amount (₹) | Percentage |
|---|---|---|
| Principal | 13,889 | 31% |
| Interest | 30,903 | 69% |
| Total EMI | 44,792 | 100% |
The Bajaj Home Loan Calculator automatically generates an amortization schedule showing how your EMI payments are distributed between principal and interest throughout the loan tenure. In the initial years, a larger portion (approximately 65-70%) goes towards interest, while this ratio gradually reverses towards the end of the tenure.
Interest vs Principal Component
First-Year EMI Distribution (Based on the above example):
- Month 1-12: 69% Interest, 31% Principal
- Year 10: 52% Interest, 48% Principal
- Final Year: 12% Interest, 88% Principal
Factors Affecting Bajaj Home Loan EMI
The factors which affect the home loan EMI are:
1. Loan Tenure
Bajaj offers a maximum tenure of 30 years. You can increase your tenure, which would lower your EMI, but this will result in a higher total amount to be repaid and require more interest charges.
2 . Rate
You can compare the home loan rates of different banks here. For detailed comparisons between top banks, visit our compare home loans page.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.15% onwards | 8.15% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.
3. Loan amount
A higher loan amount will attract higher EMI. The loan amount however depends on the LTV ratio. Here is a breakdown:
| Home Loan Amount | LTV Ratio |
|---|---|
| Up to Rs. 30 lakhs | Up to 90% of the property’s cost |
| Above Rs. 30 lakhs to Rs. 75 lakhs | Up to 80% of the property’s cost |
| Above Rs. 75 lakhs | Up to 75% of the property’s cost |
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.
Bajaj Home Loan Processing Fees and Charges
Here’s a breakdown of Bajaj Housing Finance’s home loan processing fees and other charges:
Processing Fee:
- Up to 4% of the loan amount plus GST. Some sources mention up to 7%. The processing fee is a one-time, non-refundable charge.
Other Fees and Charges:
- EMI Bounce Charges: If an EMI payment is missed or bounces, borrowers may have to pay a bounce charge.
- Late Payment Charges: A fee may be applied if there’s a delay in EMI payment.
- Penal Interest: 24% per annum + Applicable Interest Rate on the Overdue Amount.
- Secure Fee: Up to Rs. 9,999 (One-time).
- Foreclosure Charges: Nil.
Bajaj Home Loan Prepayment Charges
Here’s what you should know about prepayment charges for Bajaj Housing Finance home loans:
- No Prepayment Charges for Floating Rate Loans: There are no prepayment charges for home loans with floating interest rates, particularly for individual borrowers. This aligns with RBI guidelines.
- Prepayment Charges for Fixed Interest Rate Loans: Prepayment charges may apply to home loans at fixed interest rates.
- Part-Prepayment Charges: For term loans, part-prepayment charges can be 2% of the part-prepayment amount.
- Own Funds Exception: No foreclosure/prepayment charges are levied if the home loan is closed by borrowers using their own funds (funds not borrowed from another bank/NBFC/HFC or financial institution).
- RBI Guidelines: The Reserve Bank of India (RBI) has set guidelines regarding prepayment penalties, and these depend on the type of financial institution and the interest being charged (fixed or floating).
- Prepayment Amount: When a part payment is being opted for by a borrower, the prepayment amount should certainly be a lump-sum amount and should be at least three times your monthly EMI.
- Dual-Rate Home Loans: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan on the foreclosure/part-prepayment date.
It’s always prudent to review your loan agreement’s terms and conditions to understand the specific prepayment charges that may apply to your loan.
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Tips to Reduce Your BAJAJ Home Loan EMI
Using the Bajaj Home Loan EMI Calculator effectively can help you strategize your loan better. Here are proven methods to reduce your EMI burden:
1. Higher Down Payment Impact
- Every 5% increase in down payment reduces EMI by approximately 8-10%
- Example: On a ₹50 lakh loan at 8.50% for 20 years
- 20% down payment: EMI = ₹34,521
- 30% down payment: EMI = ₹30,018
- Annual savings: ₹54,036
2. Tenure Optimization
Longer tenure means lower EMIs but higher interest outgo:
Loan Amount: ₹40 lakh at 8.50%
15 years: EMI = ₹39,482 (Total Interest: ₹31,06,760)
20 years: EMI = ₹34,521 (Total Interest: ₹42,85,040)
25 years: EMI = ₹31,876 (Total Interest: ₹55,62,800)
Suggested Read: 15 vs 30-year home loans: weighing the pros and cons.
3. Interest Rate Negotiation
- Maintain credit score above 750
- Compare rates across lenders
- Consider balance transfer for better rates
- Negotiate based on a relationship with the bank
4. Joint Loan Benefits
- Higher loan eligibility (up to 30% more)
- Tax benefits for both applicants
- Lower interest rates in some cases
- Shared liability reduces individual burden
The most effective strategy is combining multiple approaches. Start by using the Bajaj Home Loan EMI Calculator to simulate different scenarios before finalizing your loan structure.
Bajaj Home Loan Customer Care Details
You can contact Bajaj Housing Finance customer care through the following channels:
- Phone: 022-45297300 (Available Monday to Saturday, 9 AM to 6 PM).
- Email: bhflwecare@bajajhousing.co.in.
- Branch Visit: You can visit your nearest Bajaj Housing Finance branch.
For lodging complaints or escalating issues:
- Level 1: bhflgrievance@bajajfinserv.in
- Level 2: bhflcustomerexperience@bajajfinserv.in
- Level 3: hema.ratnam@bajajfinserv.in
Other options:
- WhatsApp: 9607025035 (for statements)
- SMS: SMS ‘SHOL’ to 9773633633
- Customer Portal: My Account (access loan details, manage loans, view offers)
If your issue remains unresolved, you can contact the Grievance Redressal Officer at 022 41803901 (Monday to Friday, 9:30 am to 5:30 pm) or grievanceredressalteam@bajajfinserv.in.
Conclusion
The Bajaj Home Loan EMI Calculator serves as an indispensable tool for prospective homeowners.
With 87% of borrowers reporting more confident decision-making after using the calculator, it’s clear that informed planning leads to better loan management.
By understanding your EMI structure, optimizing tenure, and utilizing Credit Dharma’s expertise in negotiating rates (proven to save an average of ₹2,300 monthly on EMIs), you can secure favorable loan terms.
Make your home-buying journey smoother by combining the calculator’s precision with professional guidance.
Frequently Asked Questions [FAQs]
An Equated Monthly Instalment (EMI) is a fixed monthly payment that borrowers make to repay their home loan. It comprises both the principal and interest components, ensuring the loan is paid off over a specified tenure.
The EMI is calculated using the formula:
EMI = P×R×(1+R)^N/[(1+R)^N−1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months
For example, for a loan of ₹50 lakh at an annual interest rate of 8.5% for 20 years, the EMI would be approximately ₹43,379.
To use the calculator:
Enter the desired loan amount.
Input the applicable interest rate.
Select the loan tenure.
The calculator will then display the EMI amount, total interest payable, and the total payment (principal + interest).
The primary factors influencing your EMI are:
Loan Amount (Principal): Higher principal leads to higher EMIs.
Interest Rate: A higher interest rate increases the EMI.
Loan Tenure: Longer tenures result in lower EMIs but increase the total interest payable.
Yes, you can reduce your EMI by:
Opting for a longer loan tenure.
Making part-prepayments to reduce the principal amount.
Negotiating for a lower interest rate.
Improving your credit score to avail better rates.
It’s a detailed table that breaks down each EMI payment into principal and interest components over the loan tenure, showing how the loan balance decreases over time.
Yes, under the Income Tax Act of India:
Section 80C: Deduction up to ₹1.5 lakh on principal repayment.
Tax Section 24(b): Deduction up to ₹2 lakh on interest payment.
Section 80EE: Additional deduction of ₹50,000 on interest for first-time homebuyers.
Part-prepayment reduces the outstanding principal, which can either lower your EMI or shorten the loan tenure, leading to savings on interest.
Fixed Rate: EMI remains constant throughout the loan tenure.
Floating Rate: EMI may vary based on market interest rate fluctuations.
Yes, using the EMI formula mentioned above. However, manual calculations can be complex and prone to errors. It’s advisable to use the online EMI calculator for accurate and quick results.
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