Purchasing a dream home is a significant milestone for many but it isn’t easy. As this is a huge investment, it requires you to plan strategically so that you don’t overburden your finances. While opting for a home loan can help you finance the property purchase, effective financial planning forms the crux of a secure future.
However, you can plan your budget effectively using a home loan EMI calculator. This free online tool helps you estimate your monthly home loan repayments. Simply enter 3 crucial parameters and get accurate estimates of your home loan EMIs. One such efficient tool that you can consider is the Bajaj Markets Home Loan EMI Calculator.
Key Benefits of Using the Bajaj Markets Home Loan EMI Calculator
Here’s a quick rundown of the numerous advantages you can enjoy with this online tool:
- Helps you plan your finances better, as you are aware of the total repayment amount and EMIs
- Lets you create a budget and allocate funds towards buying your dream home
- Empowers you to compare multiple loan options, interest rates and tenures before making informed decisions
- Allows you to evaluate loan affordability, ensuring responsible borrowing without financial stress
- Helps you make strategic decisions by letting you analyse the impact of prepayments
- Saves you time and effort, as you can calculate your home loan EMIs instantly
How to Use a Bajaj Markets Home Loan EMI Calculator
All you have to do is input the loan tenure, loan amount and applicable interest rate. Add these 3 variables to the Bajaj Markets Home Loan EMI Calculator to calculate the monthly instalment of your home loan.
Consider a hypothetical example. You plan to take a home loan of ₹50 Lakhs for a tenure of 20 years at a fixed interest rate of 8.50%. You can get the monthly EMI, total amount payable and total interest amount in a jiffy.
In the example mentioned above, here are the final values that you get:
- Monthly EMI = ₹43,391
- Total Amount Payable = ₹1,04, 13, 879
- Total Interest Amount = ₹54, 13, 879
Disclaimer: Please note that these calculations are considered for illustrative purposes, and the actual values may vary based on the lender’s loan terms.
Click here to use the home loan EMI calculator and simplify your financial planning.
As you can see, using a home loan EMI calculator equips borrowers with valuable insights and tools. From helping with budgeting strategies, comparing interest rates, and selecting a suitable loan tenure to planning prepayments, this user-friendly tool enables you to manage your home loan repayments hassle free. Access the tool on the Bajaj Markets platform and explore various financial products and services.
