Bajaj Finance offers Home loans for 40 Years

📅 June 13, 2023

Having a Home is one the most important need of each one of us, it can surely be rented, but for a lot of us having our Own Home is important. We put our lives savings in it and we need to be very agile and knowledgeable in case we are taking a Home Loan and we need to know our EMI Per Month, Type of Loan, Principle and Interest Portion. Recently Bajaj Finance has offered an option to increase the tenure of the Home Loans till 40 Years.

Let us assume that you are a 40 year old salaried employee, and for you buying a home is important and buying the Home with a home loan is a significant financial decision. One crucial aspect to consider is the loan tenure, which determines the duration of your repayment journey. Selecting the right tenure can have a significant impact on your monthly finances, interest payments, and overall financial goals. In this guide, we'll explore key factors to help you make an informed decision on the ideal home loan tenure.

EMI Chart per Lakh for Different Loan Tenures, this will help in understanding the Monthly EMI and Principle Amount.

Here is an approximate EMI chart per lakh for different loan tenures at an interest rate of 8.5%:

Loan Tenure | EMI per Lakh (in INR) | Principal Component per Lakh (in INR) | Interest Component per Lakh (in INR)

10 years | Rs. 1,215.71 | Rs. 839.36 | Rs. 376.35

15 years | Rs.897.25 | Rs. 652.83 | Rs. 244.42

20 years | Rs.766.88 | Rs. 523.25 | Rs. 243.63

25 years | Rs. 698.94 | Rs. 466.34 | Rs. 232.60

30 years | Rs. 656.88 | Rs. 422.78 | Rs.234.10

35 years | Rs. 629.55 | Rs. 389.07 | Rs. 240.48

40 years | Rs. 610.68 | Rs. 361.26 | Rs. 249.42

Considerations for Choosing the Right Tenure:

Monthly EMI: Evaluate your monthly cash flow and choose a tenure that allows you to comfortably manage your Equated Monthly Installments (EMIs). Longer tenures result in lower EMIs, while shorter tenures lead to higher EMI amounts