Bank of Baroda Loan Against Property can be your paramount choice if you need a loan and own a residential or commercial property that you can use as collateral. With affordable interest rates, the Bank of Baroda offers a Loan Against Property through a quick and hassle-free procedure. You can secure a LAP starting right from 2 lakhs up to 10 crores.
However, you must first calculate the monthly EMIs and payable interest component due on a loan before applying for one. You may calculate the EMI on your loan against property through the BOB LAP EMI Calculator. The high-tech tool will enable you to make well-informed choices. The EMI schedule and the monthly payment amounts will be displayed to you once you enter the chosen loan amount and tenure in the Bank of Baroda LAP loan EMI Calculator.
Why Should You Use BOB Loan Against Property EMI Calculator?
Typically, there are numerous variables and intricate computations involved in the EMI calculation, which can eat up your precious time. With just a click of a button, the BOB LAP EMI calculator lets you quickly and correctly determine the results. You should use the Bank of Baroda Loan Against Property calculator for several reasons. Here are a few of them:
Perform Computations for Different Amounts and Repayment Tenure
BoB LAP EMI calculator enables you to compare the EMI on your loan against property with different loan amounts and tenures. To calculate the EMI, you must know the BoB LAP interest rate. Based on current pricing, you can get an amount up to 7.5 Crores at an interest rate of 9.15% from the Bank of Baroda.
Obtain a Detailed Amortisation Schedule
Using the BoB loan against property calculator, and you can determine how your total payments will be split between principal and interest throughout the course of the loan. You can obtain a detailed amortisation schedule to assist you better in planning your payback.
Compare BOB LAP WIth Other Bank’s Product
With the Bank of Baroda mortgage EMI calculator, and you can accurately estimate your loan against a property.
Additionally, you can compare it to loans from other banks with different principal amounts and repayment tenures. You can choose the best option as per your financial situation and matches your borrowing needs.
Calculate the Outstanding Balance
You can also use the Bank of Baroda LAP loan EMI calculator to figure out how much is still owed on loan at any given point in the repayment term. You can more precisely and effectively schedule your payback this way.
Additionally, it will help you shorten the length of your loan through foreclosure or early repayment. You can also use the handy calculator to get a loan with a cheaper interest rate through a balance transfer.
BOB Loan Against Property (LAP) Calculator Features
The Bank of Baroda LAP EMI calculator is an online application that helps the user determine the monthly payment amount in relation to the borrowed amount. With technology infused into the financial sector, computation has become more accessible. You just enter the desired values and get the output in split seconds. The calculator's features are listed below:
Quick and Easy to Use
Users can rapidly calculate the EMI amount by inputting the appropriate data in the required fields on its interface.
The calculator is accessible at any time and from any location online. For the user's benefit, the BOB LAP EMI calculator also displays a detailed repayment plan in addition to the EMIs.
The calculator gives the customer immediate results. It allows you to get desirable values at lightning-fast speed as the calculator is designed to compute the figures quickly. It affectingly eliminates the tasks of performing laborious and time-consuming calculations.
The user can enter and contrast different settings for the interest rate, repayment tenure, and principal. The user can plan and choose the EMI amount that best fits their financial objectives by calculating and comparing an array of EMI amounts.
Factors Affecting Bank of Baroda LAP Loan EMI
The Bank of Baroda Loan Against Property computation is based on the loan amount, interest rate, and repayment period, among other variables. These three elements serve as a guide to help you figure out how much you must pay each month to pay back the borrowed money within the specified tenure. The specifics of how these variables affect EMIs are as follows:
The loan against property will have a greater interest rate if you ask for a larger loan amount, which will eventually result in higher EMI payments.
Simply put, the interest component and EMI increase with the amount.
The EMI is directly proportional to the interest rate. The higher the interest rate, the higher the monthly EMI against the loan.
Additionally, it will eventually increase the total cost of the loan in terms of interest components. As a result, you should evaluate LAP rates and compute EMI online before applying for the loan using the BOB LAP EMI calculator. You can use it to plan the payback and make an informed choice.
Your monthly EMI would be less if you took out a loan against property with a maximum term of 15 years. The amount of your EMI will also increase with a shorter loan term. So longer the repayment tenure, the lesser the EMI will increase the overall interest component on the borrowed amount.
Bank of Baroda Loan Against Property Amortisation Calculation,
The repayment breakdown of the borrowed amount over its whole term is provided by the amortisation schedule. While the EMIs remain consistent throughout the loan, the principal and interest do not. The schedule clarifies to the borrower how their EMIs are broken up monthly. To further clarify the repayment procedure, they can also look at the loan's outstanding balance for a certain time period. To shorten the length of the EMI payments, the borrower might strategically plan to make prepayments against the loan.
For better understanding, let’s consider an example.
Suppose you take out a Bank of Baroda loan against the property of Rs 21,00,000 for a period of 10 years at an interest rate of 7%. The calculated EMI would be Rs 24,383. And the total amount to be paid against the loan is Rs 29,25,934.
Amortisation Schedule for Loan Against Property of Rs 21 Lakhs over 10 Years
The below depicted table mentions the amortisation schedule for Loan Against Property of 21 Lakhs over a period of 10 years:
|Year||Principal Component Paid||Interest Component Paid||Total Payment (Principal + Interest)||Outstanding Loan Balance|
|2022||INR 73,867||INR 72,429||INR 1,46,296||INR 20,26,133|
|2023||INR 1,55,697||INR 1,36,897||INR 2,92,594||INR 18,70,437|
|2024||INR 1,66,952||INR 1,25,641||INR 2,92,593||INR 17,03,485|
|2025||INR 1,79,021||INR 1,13,575||INR 2,92,596||INR 15,24,465|
|2026||INR 1,91,963||INR 1,00,631||INR 2,92,594||INR 13,32,503|
|2027||INR 2,05,839||INR 86,755||INR 2,92,594||INR 11,26,664|
|2028||INR 2,20,719||INR 71,875||INR 2,92,594||INR 9,05,945|
|2029||INR 2,36,676||INR 55,918||INR 2,92,594||INR 6,69,270|
|2030||INR 2,53,784||INR 38,811||INR 2,92,595||INR 4,15,486|
|2031||INR 2,72,130||INR 20,466||INR 2,92,596||INR 1,43,356|
|2032||INR 1,43,356||INR 2,941||INR 1,46,297||0|
Bank of Baroda Loan Against Property at Different Repayment Tenures
Depending on the length of the repayment period, payable monthly instalments may differ. See the example of how the repayment tenure affects the EMIs with a comparable loan amount of 10 Lakhs below.
|Loan Amount||Interest Rate||Tenure||EMI|
|10,00,000||7 %||5 Years||19,801|
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Frequently Asked Questions (FAQs)
How accurate is a BOB Loan EMI calculator?
The BOB LAP EMI Calculator is a handy online tool that immediately provides an accurate estimate. The best feature is that you can compute and contrast various EMIs for various loan amounts, interest rates, and tenure combinations.
Why should I calculate my BOB LAP EMI before taking a loan?
Before applying for a BOB LAP, you must calculate your monthly payments on a loan secured by the property to see if you can afford the requested amount. Additionally, you will be able to manage your costs effectively if you have clarity regarding the details of your repayment schedule.
How to pay my BOB Loan Against Property EMI?
BOB loan against property EMIs are automatically withheld from the account on the said date. You can pay through the official website or net banking if you wish to make the payment before the due date.
What is the interest rate for Bank of Baroda LAP?
Bank of Baroda offers loans against property at competitive interest rates starting from 9.15%.