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Bajaj Finserv Home Loan EMI Calculator

Home Loan Bank Information

Bank Name
Interest
Tenure
Processing Fees
Kotak Mahindra Bank
6.55%
1 - 20
YEARS
Rs 20000
+ GST
HDFC
6.7%
1 - 30
YEARS
Rs 3000
+ GST
Bajaj Housing Finance
6.8%
1 - 20
YEARS
0.3 %
+ GST
LIC Housing Finance
6.9%
0 - 30
YEARS
Rs 10000
+ GST
See More Offers

Bajaj Finserv Home Loan EMI Calculator

Bajaj Finserv was created in April 2007 as a consequence of a demerger from Bajaj Auto Limited to focus on financial services. As a result of the demerger, Bajaj Finserv independently runs the business of lending, protection and savings. It is the holding company of the Bajaj Group for business dealing related particularly to financial services. It is India’s most diversified NBFC. The customers can get instant approval on loans

Bajaj Finserv home loans provides various home loan options starting at just 6.75% interest rate. The charges and fees are structured in such a way that the customers can lower their EMIs to INR 649/lakh. Bajaj Finserv offers easy and hassle-free home loan options at low interest rates. The customers have a large choice of plans and features to pick from, so that they can find one that meets their needs and requirements. These home loan options are tailored to the needs of different types of customers, ensuring that everyone gets the most out of the options. Bajaj Finserv home loan EMI calculator further reduces the difficulties of the people by making the most crucial calculations easy. The home loan EMI calculator provides the exact total amount payable and the EMI amount with just a click.

Key Features of Bajaj Finserv Home Loans

Bajaj Finserv home loans is the one stop solution for the ones who are planning to buy, renovate a house or construct one. With its minimum documentation, smooth process of providing loans and affordable interest rates, Bajaj Finserv home loans stands out from the rest. Some key features of the home loan options offered by Bajaj Finserv are:

  • Easy Balance transfer facility: The customer can easily refinance his/her home loan with Bajaj Finserv with the least documentation and simpler processing.
  • Top-up loan: The customers can finance their other needs and requirements with a high value top up loan at a minimum interest rate without involving themselves in any extra documentation process.
  • Property Dossier: Bajaj Finserv offers a custom-made guide to assist the customers with all of the legal and financial aspects of becoming a homeowner.
  • Part-payment and foreclosure options: Bajaj Finserv offers low-cost loan options such as no-cost prepayment and foreclosure. This allows the customers to pay off their full loan before the closure, saving them the money of interest payments.
  • Flexible tenor: The customers can pay back their loan with the various tenors, which range from 12 to 240 months. The customers can pick a plan that fits their budget with the help pf this.
  • Minimal documentation: The home loan procedure of Bajaj Finserv is simple, uncomplicated and requires minimal documentation. The customer has to simply follow their document requirements to ensure a simple approval of the required home loan.
  • Management of online account: There is no need for the customer to visit the Bajaj Finserv centre every time they have a question regarding their home loan. To enquire about the home loan, the customer can simply go into their online digital customer portal at any time and from anywhere.
  • Customized insurance plans: The customers can insure their house loan as a safeguard against unforeseen occurrences with the customised insurance plans.

Bajaj Finserv Home Loan Eligibility Criteria

Salaried as well as self-employed people can apply for a home loan from Bajaj Finserv and can use it to fulfil their dream of owning a beautiful home. The basic requirements for applying for a home loan are divided into two categories:

  • For salaried individuals, the home loan eligibility criteria is:
  1. The applicant should be residing in India.
  2. The age of the applicant must be between 23 and 62 years.
  3. The applicant must have a work experience of minimum three years.
  4. The minimum and maximum amount of loan granted is INR 10 lakh and INR 3.5 crores respectively.
  • For self-employed applicants, the home loan eligibility criteria is:
  1. If the applicant is a doctor, businessman, chartered accountant or an engineer, then Bajaj Finserv home loans offer home loans up to INR 5 crores provided:
  2. The applicant must be a resident of India
  3. The age of the applicant must be between 25 and 70 years
  4. The applicant must have a continuity of at least five years in the existing business.

Bajaj Finserv Home Loan Interest Rates

Bajaj Finserv home loans is widely known for its reasonable and affordable interest rates. Bajaj Finserv Home loans aims to provide loans at the least possible interest rate so that their customers do not find any kind of difficulty in achieving their dream of owning a house.

Current Home Loan interest rates

Employment type Product Rate of interest
Salaried Individuals Home loan 6.75%
Home loan balance transfer 6.75%
Home loan top up 7.75%
Self-employed individuals Home loan 8.50%
Home loan balance transfer 8.50%
Home loan top up 9.00%

 

The extremely low interest rates offered by Bajaj Finserv is the main feature of their home loans that attracts the maximum people to avail a from them.

Home Loan EMI calculator

Bajaj Finserv home loans offers their customers the EMI calculator to know about their monthly instalments and the total interest payable on their home loan easily without having to indulge themselves in complicated calculations.

The customer can select the tenure of up to 20 years with the rate of interest starting at just 6.75% to know about the EMIs that perfectly suit their repayment ability. This tool makes the planning of repayment of home loan much better and efficient.

The customer has to follow the given steps to calculate the EMI using the home loan EMI calculator:

  • Go the official site of Bajaj Finserv
  • Then click on the home loan EMI calculator.
  • The customer just has to adjust three values namely: Loan amount, tenor and the rate of interest according to their requirements.

The home loan calculator uses the given formula: E= [P*R*(1+ R) ^N/(1+R)^ N-1]

For example: If the loan amount is set to INR 10 lakhs, the tenor is set to 1 year and the rate of interest is set to 1 percent, then the home loan calculator will give the customers the following results:

Total interest payable INR 5424
Total payable (principal + interest) INR 1005424
The EMI amount INR 83785

 

Similarly, if the loan amount is set to INR 20 lakhs, the tenor is set to 2 years and the rate of interest is set to 5 percent, then the home loan calculator will give the customers the following results:

Total interest payable INR 105827
Total payable (principal + interest) INR 2105827
The EMI amount INR 8743

 

The customer can get the total interest payable, total amount payable and the EMI amount on the Bajaj Finserv site itself without having to doing any calculations themselves.

Advantages of Home Loan EMI calculator

Bajaj Finserv home loan EMI calculator helps the customers in deciding that whether they can afford financial commitment of a home loan in the long run. The customer can increase or decrease the EMI amount according to his/her home loan amount and the time period for which the customer will be paying the equated monthly instalments.

Factors Affecting Home Loan EMI

The following factors affect the home loan EMI of the customer:

  1. Principal: Principal is the amount that the customers borrow from the lender. This amount is directly proportional to the EMIs which means that lower the principal, lower will be the monthly instalments and vice-versa.
  2. Interest rate: The rate of interest is the rate at which the home loan provider offers the loan to the customer. This value is directly proportional to the value of the home loan EMI which means that lower the principal, lower will be the monthly instalments and vice-versa.
  3. Tenor: Tenor refers to the time in which the customer repays the home loan which means the longer the tenor, lesser will be the EMI. But, it should be noted that a longer tenor translates into a higher interest outgo.

Ways to reduce home loan EMI

Some of the ways to reduce home loan EMI are:

  1. Make partial prepayments periodically
  2. Pay an extra EMI every year
  3. Negotiate for better loan terms

Having one’s own home gives a proud feeling. The sense of belonging, starting a new chapter of life and to make memories in a place that one can name “mine” is very special for everyone. Bajaj Finserv Home Loans is working hard to deliver the most convenient home loan at the lowest possible interest rate to their customers so that they can have an experience of owning a house. They even ensure that the customer’s home-buying experience is as trouble free and smooth as possible.

FAQs

What is the procedure followed by Bajaj Finserv after they receive an application for home loan?

After they have received an application for home loan along with the necessary documents, they follow the following steps:

  1. Examination of all the documents handed over by the applicant.
  2. When the documents are found to be in order, then the applicant gets a certain amount sanctioned which depends on amount asked for, value of collateral property, creditworthiness.
  3. Property documents will then be verified by their property experts
  4. Technical examination of the property is done.

On completion of the above-mentioned steps, Bajaj Finserv home loans starts the disbursement of the home loan.

How can the customer update his/her mailing address?

If the customer’s mailing address is the same for which the loan has been availed, then the customer can update the mailing address by using any of the following ways:

  1. Calling them on 02039574151
  2. Using one’s registered email id to visit Bajaj Finserv at their official website

If the customer’s new mailing address is not the one for which the loan has been availed, then the customer would have to visit Bajaj Finserv in person at the nearest branch. The customer should carry original and self-attested copy of the new address proof along with photo identity while visiting the office.

What are the different options given by Bajaj Finserv to make the EMI payments?

Bajaj Finserv offers two ways to their customers to make their EMI payments:

  1. Electronic Clearing Service (ECS) is a very simple and convenient option available only for the ones who have a bank account. In this system, the customer’s EMI automatically gets paid from the bank account every month at a particular date.
  2. With Bajaj Finance, the customer can hand in a set of Post Dated Cheques (PDCs) before time from any of their bank accounts. This is only for customers with non-ECS locations.

What is the foreclosure charges in Bajaj Finserv home loans?

The fees paid by the customers when they foreclose their home loan are known as foreclosure charges. When customers on floating rates choose to foreclose on their loans, Bajaj Finserv does not levy a fee. For all borrowers on fixed rates and non-individuals on floating rates, the charge is 4% plus relevant taxes.

Why does the internal FRR change?

It is the benchmark reference rate. Internal FRR is determined according to the market conditions and also the cost of funds for the company. The changes are subject to the different external factors and economic conditions.

 

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