2 min
27 August 2024
Securing a Rs. 4 crore home loan represents a major financial undertaking. Managing the EMI (Equated Monthly Instalment) for such a significant amount requires careful consideration and understanding of how it will impact your monthly finances. This guide will help you calculate and understand the EMI details for a Rs. 4 crore home loan effectively.
Key components of a home loan:
1. Principal amount: The total loan amount borrowed, in this case, Rs. 4 crore.
2. Interest rate: The annual interest charged on the principal, which may be fixed or floating.
3. Tenure: The period over which the loan will be repaid, which can extend up to 40 years.
4. EMI: The monthly payment comprising both principal and interest.
The EMI calculation formula is:
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 = Number of monthly instalments
For example, if you take a Rs. 4 crore loan at an annual interest rate of 8.50% for a tenure of 20 years, the EMI would be approximately Rs. 3,44,380 per month.
To simplify your EMI calculations, you can use online calculators. Bajaj Finance offers home loan EMI calculator that helps you determine your monthly payments based on the loan amount, tenure, and interest rate.
Here are a few reasons why you should choose Bajaj Housing Finance Home Loan:
1. Competitive interest rates: Enjoy some of the most competitive home loan interest rates, keeping your loan affordable throughout its term.
2. Affordable EMI: With Bajaj Housing Finance, your EMI could be as low as Rs. 741/lakh*, easing your monthly budget.
3. Flexible tenure: Choose a repayment period of up to 32 years, to match your financial situation.
4. No foreclosure fee*: Repay your loan early without incurring extra charges.
5. Quick and simple processing: Experience a streamlined application process with fast approval and disbursal.
1. Nationality: Must be an Indian citizen residing in India.
2. Age:
4. Occupation: Open to salaried employees, professional individuals, and self-employed persons.
Here are the documents required for home loan:
2. Enter your full name, mobile number, and employment type.
3. Select the loan type you wish to apply for.
4. Generate and submit the OTP to verify your phone number.
5. After OTP verification, provide details like your monthly income, loan amount, and property status.
6. Enter your date of birth, PAN number, and other details as requested.
7. Click the ‘SUBMIT’ button.
Your application will be submitted, and a representative will contact you to guide you through the next steps.
Explore Bajaj Housing Finance Home Loan today for a seamless and efficient way to finance your dream home!
Understanding the basics of a Rs. 4 crore home loan
A Rs. 4 crore home loan is typically used for purchasing high-value properties or extensive renovation projects. The EMI calculations for this loan amount depend on factors like the interest rate, loan tenure, and type of loan.Key components of a home loan:
1. Principal amount: The total loan amount borrowed, in this case, Rs. 4 crore.
2. Interest rate: The annual interest charged on the principal, which may be fixed or floating.
3. Tenure: The period over which the loan will be repaid, which can extend up to 40 years.
4. EMI: The monthly payment comprising both principal and interest.
Calculating the EMI for a Rs. 4 crore home loan
To calculate the EMI for a Rs. 4 crore home loan, you need to know the principal amount, interest rate, and tenure. Use the following formula to compute EMI:The EMI calculation formula is:
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 = Number of monthly instalments
For example, if you take a Rs. 4 crore loan at an annual interest rate of 8.50% for a tenure of 20 years, the EMI would be approximately Rs. 3,44,380 per month.
EMI breakdown for a Rs. 4 crore home loan
Here's a look at the monthly EMI for a Rs. 4 crore home loan at 8.50% interest rate based on different tenures:| Loan Tenure | Monthly EMI |
| 20 Years | Rs. 3,44,380 |
| 25 Years | Rs. 2,85,035 |
| 30 Years | Rs. 2,41,209 |
To simplify your EMI calculations, you can use online calculators. Bajaj Finance offers home loan EMI calculator that helps you determine your monthly payments based on the loan amount, tenure, and interest rate.
Explore Bajaj Housing Finance Home Loan
Whether you're buying your dream home or investing in property, a home loan is crucial. Bajaj Housing Finance Home Loan offers competitive interest rates, flexible repayment options, and quick processing to make securing your ideal property easier.Here are a few reasons why you should choose Bajaj Housing Finance Home Loan:
1. Competitive interest rates: Enjoy some of the most competitive home loan interest rates, keeping your loan affordable throughout its term.
2. Affordable EMI: With Bajaj Housing Finance, your EMI could be as low as Rs. 741/lakh*, easing your monthly budget.
3. Flexible tenure: Choose a repayment period of up to 32 years, to match your financial situation.
4. No foreclosure fee*: Repay your loan early without incurring extra charges.
5. Quick and simple processing: Experience a streamlined application process with fast approval and disbursal.
Eligibility and documents required
You can apply for a Bajaj Housing Finance home loan if you meet the following eligibility criteria:1. Nationality: Must be an Indian citizen residing in India.
2. Age:
- For salaried applicants: Between 23 years and 67 years
- For self-employed professionals: Between 23 years and 70 years
- Note: The upper age limit refers to your age at the time the loan matures.
4. Occupation: Open to salaried employees, professional individuals, and self-employed persons.
Here are the documents required for home loan:
- KYC documents (identity and address proof)
- Proof of income (salary slips or profit & loss statement)
- Proof of business (for self-employed applicants)
- Bank account statements for the last 6 months
How to apply for a Bajaj Housing Finance Home Loan
1. Click the 'APPLY' button on this page.2. Enter your full name, mobile number, and employment type.
3. Select the loan type you wish to apply for.
4. Generate and submit the OTP to verify your phone number.
5. After OTP verification, provide details like your monthly income, loan amount, and property status.
6. Enter your date of birth, PAN number, and other details as requested.
7. Click the ‘SUBMIT’ button.
Your application will be submitted, and a representative will contact you to guide you through the next steps.
Explore Bajaj Housing Finance Home Loan today for a seamless and efficient way to finance your dream home!
