Ankuraggarwal.in is reader-supported. When you buy through links on our site, we may earn an affiliate commission. Learn more.

Bank Of Baroda Home Loan Calculator

June 21, 2022
Loan Amount
Rate Of Interest (p.a) %
Loan Tenure Yr
Monthly EMI 0
Principal Amount 0
Total Interest 0
Total Amount 0

With over 130 million customers, India's third-largest public sector bank is the Bank of Baroda

Bank of Baroda has been the go-to house loan lender for various individuals due to its low-interest rates (beginning at 6.75 percent p.a.) and maximum term of 30 years.

Home loan repayment is a huge financial burden that needs careful preparation. Home loans from Bank of Baroda Prospective borrowers might use Bank Of Baroda Home Loan Calculator to help manage their home loan repayments. 

The loan's monthly EMI is determined by the amount borrowed, the interest rate charged, and the borrower's payback period.

If you choose a longer-term loan, your EMI will be cheaper, and if you choose a shorter-term loan, your EMI will be higher.

However, before using a Home Loan EMI Calculator, you need to have a general idea of how much money you'll need in the first place, depending on your monthly income and costs, the EMI you can afford.

Benefits of Bank of Baroda Home Loan Calculator

A home loan with Bank of Baroda Using the Bank of Baroda Home Loan Calculator, you may figure out your monthly payment and plan your repayment strategy. It makes the budgeting process easier and enables more efficient payment management.

  1. It's simple to utilize the BOB EMI Calculator. As a result, potential borrowers may easily calculate their future monthly payments.

  2. It's a quick and easy way to figure out your EMI for various home loan EMI options.

  3. Individuals may change the loan amount and duration to find an EMI that matches their financial situation, making decision-making easier.

Home Loan EMI Calculation Formula

 Bank of Baroda Home Loan Calculator, the user must input the principal amount, the relevant rate of interest, and the desired duration in the EMI calculator.

E = [P x R x (1 + R)^N] / [(1 + R)^N-1]

Here,

E = EMI

P is the amount of the loan or the principal.

R = Interest rate in effect

N denotes the appropriate tenure or the number of EMIs.


For example, if a borrower takes out a 40 lakh house loan for nine years at an interest rate of 8%, the EMI will be —

E = [40,00,000 x 0.0066 x (1+0.0066) ^108] / [(1+0.0066) ^108-1]

E= Rs. 52, 075

Because hand calculations are prone to inaccuracies owing to their complexity, using the free BOB EMI Calculator is a preferable solution.

Bank of Baroda Home Loan EMI Calculation

There's no need to worry about an EMI calculation causing you to lose sleep. Fill in your information about your home loan, and the Bank of Baroda Home Loan Calculator will calculate your EMI payments for the future.

 

Amount

20 years

25 years

30 years

20 lakhs

14,911

13,504

12,641

40 lakhs

29,823

27,008

25,283

60 lakhs

44,734

40,512

37,924


For this loan EMI sample, the lowest interest rate of 6.50 percent per annum was used. Your ultimate EMI amount will be determined by the bank's interest rate.

Bank of Baroda Home Loan Eligibility Criteria

  • Status of Residency

      Requirements:

  1. Indian Resident
  2. (PIO) Person of Indian origin
  3. (NRI) Non-Resident Indian

 

  • Age

      Requirements:

      Applicant

  1.   Minimum age requirement: 21 years
  2.   Maximum age requirement: 70 years

      Co-applicant

  1.  Minimum age requirement: 18 years
  2.  Maximum age requirement: 70 years

 

  • Employment type

        Requirements:

  1.   Self-employed
  2.   Salaried

Documents Required to Apply for Bank of Baroda Home Loan

  • Identity Verification (One of them is required)
  1. PAN Card
  2. Valid Passport
  3. Voter ID
  4. Aadhaar Card
  5. Driving License
  • Address proof (One of them is required)
  1. Voter ID
  2. Aadhaar Card
  3. Passport
  4. Copy of Utility Bills
  5. Driving License
  • Income Proof
  1. Bank account statements over the last six months
  2. Income Tax (IT) Returns, Form 16 (latest)
  • Proof of Age (One of them is required)
  1. Voter ID
  2. Birth Certificate
  3.  Aadhaar Card
  4.  Valid Passport
  • Additional Files
  1. An application form that is completely filled out and signed, as well as the applicant's and co-applicant’s passport-size photos
  2.  Cheque in favor of the bank for processing fees

Why should you use the Bank of Baroda Home Loan Calculator?

Using the BOB EMI Calculator, you can calculate your EMI in under a minute.

Hit "Calculate" after entering the interest rate, loan amount, period, and processing fee. You may calculate your EMI for your Bank of Baroda house loan by using the BOB EMI Calculator.

 Highlights

  • Based on your inputs, the automatic tool calculates your EMI and presents a breakdown of the total amount owed during the loan's duration.

  •  Based on the provided inputs, BOB EMI Calculator also displays the net due amount as well as the total interest that will accumulate throughout the duration of payback.

  • The Bank of Baroda offers loans to people aged 21 to 60.

  • BOB provides loans to both self-employed and salaried persons.

  • 90% is the loan-to-value (LTV) ratio.

  • Women, older citizens, and NRI clients receive discounted pricing.

  • The Bank of Baroda's loan duration varies between 5 and 30 years.

  • Home loans from Bank of Baroda the first lakh's EMI begins at Rs. 655.

Factors Affecting Bank of Baroda Home Loan EMI

  • Term of the Loan: When compared to a 5-year loan, your EMI will be cheaper if you choose a 30-year loan from the Bank of Baroda. You can pay a lower EMI over a longer period of time, and vice versa.

  • Rate of Interest: The current interest rate on a Bank of Baroda home loan is 6.50 percent. The overall cost of your Bank of Baroda house loan will rise when the interest rate rises. Before you apply for a house loan, conduct thorough market research, compare rates and calculate EMIs online using the BOB EMI Calculator.

  • Amount of Loan: You will be required to pay a higher EMI if you ask for a larger loan amount. The Bank of Baroda offers house loans ranging from lakhs to crores.

Frequently Asked Questions: FAQs

1. When does the interest rate of Bank of Baroda home loans change?

Your interest rate and hence your EMI will be lower, if you take out a Bank of Baroda floating rate loan, on the day of reset, with a reduction in the repo rate and a rise in the repo rate.

You may get further information by contacting the bank. Or visiting this page.


2. What are the processing fees for Bank of Baroda home loans?

On home loans, the bank charges a processing cost of up to 0.50 percent of the loan amount plus relevant taxes, while other loan packages are available with no processing fees at all.


3. Does Bank of Baroda give pre-approved home loans?

Yes, Bank of Baroda offers pre-approved house loans, and you may get further information by contacting the bank.


4. Does a Bank of Baroda home loan take the salary of the spouse into consideration?

Yes, If you earn a lot of money, you have a good chance of getting a home loan approved, and you and your spouse can both apply for the loan if you have a earning spouse.


5. How can I decrease Bank of Baroda home loan EMIs?

The outstanding balance of the principal amount on your Bank of Baroda home loan is reduced when you make a prepayment. Then you can lower the EMI while keeping the loan term the same, resulting in a lower monthly payment.

OR If the EMI exceeds your monthly budget, you have the option of applying for a smaller loan amount that suits your budget and makes Bank of Baroda EMI reasonable.

Ankur Aggarwal

Follow me here

About the Author

Hi all, I am Ankur Aggarwal – Digital Marketer, Entrepreneur, Traveller, Blogger, and Foodie. Have been blogging since 2010. In 2016 I scored 99.2 percentile in XAT Exam for MBA, left that to pursue my Online business dreams.
The purpose of ankuraggarwal.in is to pass on 100% accurate, genuine and FREE information on Personal Finance, Entrepreneurship, Investing, Career, and Learning Digital Marketing Online. Know more about me here: About Ankur Aggarwal

You may also like

Flipkart Delivery Boy Job

Flipkart Delivery Boy Job

Cloud Kitchen Business Model

Cloud Kitchen Business Model
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>
Success message!
Warning message!
Error message!