Buying a home is one of the most significant milestones in one’s life. However, achieving this dream often requires financial support in the form of a home loan. If you are planning to take a home loan of ₹35 lakh, calculating the Equated Monthly Instalment (EMI) becomes essential to manage your finances effectively. With Bajaj Finserv Home Loan, you can simplify your home-buying journey while taking advantage of attractive interest rates and flexible repayment options.

This article will guide you on how to calculate the 35 Lakh Home Loan EMI step-by-step, highlight the benefits of choosing Bajaj Finserv for your home loan, and explain how to apply effortlessly.

35 Lakh Home Loan EMI Calculation – Step-by-Step

When you apply for a home loan, the EMI you pay each month is determined by three key variables:

1. Loan Amount: ₹35,00,000 (35 lakh in this case).
2. Loan Tenure: The repayment period, which typically ranges from 10 to 30 years.
3. Interest Rate: The applicable annual interest rate based on Bajaj Finserv’s latest offerings.

The mathematical formula to calculate EMI is:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

Where:

• P: Principal loan amount (₹35,00,000).
• R: Monthly interest rate (Annual interest rate divided by 12).
• N: Number of monthly installments (tenure in months).

To demonstrate:

• Suppose Bajaj Finserv offers a competitive annual interest rate of 8.5%, the monthly interest rate becomes 8.5% ÷ 12 = 0.708% (or 0.00708).
• For a tenure of 20 years (240 months):

Plugging these variables into the formula:
EMI = [35,00,000 x 0.00708 x (1+0.00708)^240] / [(1+0.00708)^240 – 1]

While manual calculation may seem intimidating, you can simplify it by using Bajaj Finserv’s Home Loan EMI Calculator available. This online tool provides instant and accurate EMI amounts, saving you both time and effort.

For example, if the interest rate is set at 8.5% and the tenure is 20 years, the EMI for a ₹35 lakh home loan will approximately amount to ₹30,166 per month.

Benefits of Bajaj Finserv Home Loan

Now that you’ve understood how EMIs are calculated, let’s explore why Bajaj Finserv is one of the best choices for availing a home loan. Bajaj Finserv home loans are designed to meet diverse customer requirements while offering exceptional benefits.

1. High Loan Amounts

With Bajaj Finserv, you can avail a home loan of up to ₹5 crore or more, depending on your creditworthiness and eligibility. This means that even for large-scale property investments, you can rely on their financing solutions to fulfill your goals.

2. Flexible Tenure Options

Bajaj Finserv offers flexible repayment tenures ranging from 10 to 30 years, allowing borrowers to choose an EMI plan that suits their financial capabilities. A longer tenure reduces EMI amounts, while a shorter tenure helps minimize interest payments.

3. Competitive Interest Rates

Bajaj Finserv provides attractive and competitive interest rates on home loans, ensuring affordability and reducing overall costs. With such rates, EMIs for a ₹35 lakh loan become easy to manage.

4. Online Home Loan EMI Calculator

You can use the EMI Calculator tool on the Bajaj Finserv website to determine your monthly payments instantly. This tool lets you experiment with various loan amounts, tenures, and interest rates, enabling informed decision-making.

5. Minimal Documentation

Applying for Bajaj Finserv Home Loan is quick and hassle-free, thanks to minimal documentation requirements. Borrowers can submit basic documents such as income proofs, identity proofs, and property-related paperwork.

6. Quick Loan Disbursal

Bajaj Finserv prioritizes fast loan processing and disbursal. Once your application is approved, the loan amount is transferred promptly, letting you proceed with your home purchase without delay.

7. Prepayment and Foreclosure Options

Bajaj Finserv allows partial prepayments and full foreclosure of your home loan, typically without extra charges. These features enable borrowers to repay their loans sooner and save on interest costs.

8. Doorstep Services

With Bajaj Finserv, you can enjoy doorstep services for documentation and loan-related needs, making the application process convenient and stress-free.

How to Apply for Bajaj Finserv Home Loan

Applying for a Bajaj Finserv Home Loan is simple. Follow these steps to kickstart your journey:

Step 1: Visit the Official Website

Go to the Home Loan page.

Step 2: Check Your Eligibility

Use the online eligibility calculator to determine if you fulfill the criteria for a home loan. Common factors include your income, age, employment status, and credit score.

Step 3: Fill Out the Application Form

Submit your application form, providing details about your personal information, financial background, and loan requirements (₹35 lakh in this case).

Step 4: Upload Documents

Upload necessary documents, such as ID proof, income proof, and property-related papers. Bajaj Finserv ensures minimal documentation to streamline the process.

Step 5: Loan Approval and Disbursal

Your application will be reviewed, and once approved, you’ll receive the loan amount in your designated bank account.

Additional Tips to Manage Your EMI

• Choose an Optimal Tenure: While longer loan tenures result in smaller EMIs, they also lead to higher interest costs. Pick a tenure that balances these factors effectively.
• Consider Prepayment: If your finances improve, use any surplus funds to make partial prepayments. This reduces your principal and saves on overall interest payments.
• Use EMI Calculator: Before applying for a loan, use Bajaj Finserv’s Home Loan EMI Calculator to simulate various scenarios and plan accordingly.

Conclusion

Calculating the EMI for your 35 Lakh Home Loan is crucial before committing to any financial obligation, and Bajaj Finserv makes this task easy and accurate with its online EMI calculator. When selecting the right lender, always prioritize cost-saving features, repayment flexibility, and customer-friendly benefits — all of which Bajaj Finserv offers.

By availing a Bajaj Finserv Home Loan, you can enjoy benefits such as competitive interest rates, high loan amounts, quick disbursal, and prepayment options. Applying for the loan is equally hassle-free, with minimal documentation and online accessibility. Visit today to apply for your home loan and make your dream of owning a home a reality!

Start calculating, plan effectively, and turn your dream into an affordable EMI reality with Bajaj Finserv Home Loan!