With its headquarters in Vadodara, Gujarat, Bank of Baroda is an Indian state-owned International banking and financial services company. Established in 1908, it has continually worked on its mission of providing world class products and services to its customers.. Through its vision of becoming a top ranking National Bank of International Standards, Bank of Baroda spans out in over 21 countries and serves over 127 million customers.
Bank of Baroda offers innovative products and services to meet the financial requirements of individuals and businesses. The bank offers attractive home loan products that can aid in realising your dream of owning your own home However, it is important to know what the repayment schedule and monthly EMI would look like. Bank of Baroda has a Home Loan EMI Calculator which can be used to gain a better understanding of your loan repayment schedule.
Bank of Baroda Home Loan EMI Calculator: Overview
Buying a house is undoubtedly the most significant investment of an individual’s life. With an affordable EMI plan, the right financing house can help you purchase or construct your dream home.
With flexible repayment tenures of up to 30-years and affordable interest rates, Bank of Baroda home loans have built a reliable credibility among home buyers. The bank offers tailor-made home loans with nominal EMIs to spread out the mortgage obligation.
Bank of Baroda's home loan EMI calculator is an easy-to-use online tool that calculates monthly instalments payable over the tenure. Use the calculator to get an approximate representation of the EMIs you are comfortable paying each month without going over your financial limit before applying for the loan.
Features and Benefits of Bank of Baroda Home Loan EMI Calculator
A Bank of Baroda home loan EMI calculator is a time-saving and smart tool that generates results in the blink of an eye. By reducing the risk of manual error, the calculator helps you make an informed decision. Here are some of the most significant features and benefits of the BOB mortgage EMI calculator:
- Borrowers can estimate their potential EMI payable using the home loan EMI calculator based on their repayment capacity.
- By combining different permutations and combinations, the applicant can find the most affordable EMI
- By using the calculator, applicants can optimize their money flow
- Bank of Baroda's online EMI calculator allows its customers to assess the lending rates.
- The calculator displays an amortisation table and bar graphs that represent detailed EMI repayments.
How Does Bank of Baroda Home Loan EMI Calculator Work?
Bank of Baroda home loan EMI calculator assists a home buyer to calculate the EMI payable on their home loan. Individuals can therefore choose a home loan in accordance with their repayment capacity.
As soon as you enter the principal loan amount, the applicable interest rates, and the tenure of your preference, the calculator will display a bar graph and repayment schedule that illustrate the EMIs payable across the tenure.
The EMI calculator uses this mathematical formula to calculate the estimated monthly instalments:
EMI= [P*R*(1+R)^N] / [ (1+R)^N-1]
- EMI is referred to as equated monthly instalments
- P is referred to as principal loan amount
- R is referred to as the rate of interest
- N is referred to as the tenure of the loan
The Factors Influencing Bank of Baroda Home Loan EMI
Home loans help you to achieve the unmatched feeling of buying your own house at economical interest rates and affordable EMIs. Bank of Baroda offers cost-effective home loans with long tenures that goes up to 30 long years. The EMIs are primarily influenced by the following factors:
Principal Loan Amount
The principal loan amount refers to the loan amount sanctioned by the lending institution. The loan amount is directly proportional to the EMIs. A higher loan amount substantially increases the EMIs payable.
The rate of interest varies in accordance with the borrower’s creditworthiness. A higher interest rate will proportionally increase the EMIs and vice versa.
The tenure of the loan is a significant factor in determining the EMIs on home loans. An extended tenure results in higher interest payable and substantially a higher monthly instalment. Whereas, a shorter tenure results in low interest payable and hence a lower EMI.
Bank of Baroda Home Loan Amortisation Table
The Bank of Baroda home loan amortisation table shows a breakdown of the repayment over the tenure of your home loan. An amortisation schedule helps the borrower to make a wise decision after comparing all the possibilities to reduce the EMI in accordance with their repayment ability. Bank of Baroda displays the amortisation schedule on an yearly basis.
An amortisation schedule for a home loan amounting to INR 70 lakhs over a tenure of 10 years at an interest rate of 9.00% is tabulated below:
|Year||Opening Balance||EMI||Interest Paid||Principal Paid||Closing Balance|
|1||INR 70,00,000||INR 10,64,076||INR 6,11,639||INR 4,52,437||INR 65,65,924|
|2||INR 65,65,924||INR 10,64,076||INR 11,80,836||INR 9,47,317||INR 60,92,780|
|3||INR 60,92,780||INR 10,64,076||INR 17,03,611||INR 14,88,619||INR 55,77,054|
|4||INR 55,77,054||INR 10,64,076||INR 21,75,607||INR 20,80,699||INR 50,14,912|
|5||INR 50,14,912||INR 10,64,076||INR 25,92,062||INR 27,28,320||INR 44,02,178|
|6||INR 44,02,178||INR 10,64,076||INR 29,47,766||INR 34,36,693||INR 37,34,297|
|7||INR 37,34,297||INR 10,64,076||INR 32,37,019||INR 42,11,516||INR 30,06,308|
|8||INR 30,06,308||INR 10,64,076||INR 34,53,589||INR 50,59,023||INR 22,12,799|
|9||INR 22,12,799||INR 10,64,076||INR 35,90,657||INR 59,86,032||INR 13,47,874|
|10||INR 13,47,874||INR 10,64,076||INR 36,40,765||INR 70,00,000||NIL|
Bank of Baroda Home Loan EMI
|Principal Loan Amount||Rate of Interest||Tenure||EMI Payable (Yearly Basis)|
|INR 10 lakhs||9.00%||10 years||INR 1,52,011|
|INR 20 lakhs||9.00%||10 years||INR 3,04,022|
|INR 25 lakhs||9.00%||10 years||INR 3,80, 027|
|INR 30 lakhs||9.00%||10 years||INR 4,56,033|
|INR 50 lakhs||9.00%||10 years||INR 7,60,055|
Comparison of Bank of Baroda Home Loan with Other Banks
|Bank Name||Interest Rate|
|Bank of Baroda||6.90% p.a onwards|
|SBI||7.05% p.a. onwards|
|Axis Bank||6.50% p.a onwards|
|HDFC||7.55% p.a. onwards|
|Canara Bank||7.05% p.a. To 9.30% p.a. onwards|
|Citibank||6.75% p.a onwards|
|Federal Bank||7.65% p.a. onwards|
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Frequently Asked Questions (FAQs)
What is the maximum tenure provided by the Bank of Baroda Home loan for EMI payments?
The maximum tenure on Bank of Baroda home loans extend up to 30 years.
Who is eligible for a home loan at the Bank of Baroda?
An Indian resident or NRI with a minimum age of 21 years and maximum age of 70 years on the date of maturity of the loan is eligible to apply for a home loan at Bank of Baroda.
What happens if the EMI is not paid on time?
For each missed EMI, the borrower is required to pay late fees and penal interest according to the terms and conditions of Bank of Baroda.
How accurate is a Bank of Baroda Housing Loan EMI calculator?
An EMI calculator is a tool that displays estimated monthly installments payable on a loan. Bank of Baroda doesn’t guarantee the accuracy of the calculator. The calculator is used just for reference purposes. The bank decides the interest rate, loan amount, and tenure of a home loan in accordance with the borrower’s credit history and financial standing.