Bank of Baroda Home Loan EMI Calculator

Bank of Baroda Home Loan EMI Calculator

If you are planning to buy a new home, you’ll likely need a home loan to make the purchase more affordable. Since purchasing a home is a significant financial commitment, it requires advance planning. You can check affordability by using the Bank of Baroda Home Loan EMI Calculator, which helps estimate your monthly instalments.

This easy-to-use online tool helps you choose an affordable loan along with the right tenure at your convenience. The EMI calculator helps you plan your finances and provides an estimate of the monthly amount you will need to pay. You can also use it to compare different loan terms. 

How Does the Bank of Baroda Home Loan Calculator Work?

Bank of Baroda home loan EMI calculator is an online financial tool that helps us determine the EMI amount that you will have to pay every month throughout the loan tenure. Moreover, it also shows the total interest component along with the total amount payable throughout the tenure. 

This automated online tool removes the hassle of manual calculations and makes EMI calculation quick, easy and convenient. You will have to enter the principal amount, loan tenure and interest rate to get the EMI amount and the total interest payable in no time.

Inputs Required:

• Principal Amount: The principal amount is the initial sum of money borrowed from a lender, representing the core loan amount before interest.
• Interest Rate: The interest rate is the percentage charged by the lender on the principal amount, determining the additional cost (interest) incurred over the loan tenure.
• Loan Tenure: Loan tenure refers to the period agreed upon for repayment, specifying the duration over which the borrower will repay the loan.

Home Loan Calculation Formula

The following formula is used by BoB home loan calculators: 

EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

Here:

EMI is the monthly payment

• P is the principal amount of the loan
• R is the monthly interest rate (annual interest rate divided by 12)
• N is the total number of payments

Example of Bank of Baroda Home Loan EMI Calculation

Let us understand home loan EMI calculations with the help of an example.

For instance, Ms Hazra is willing to secure a home loan worth ₹30 lakh and is wondering whether she will be able to afford the monthly EMI or not. Given that the rate of interest is 8.4% p.a. and she is flexible with the tenure, however, she can afford a maximum EMI amount of ₹25,000 per month.

Let us have a look at the different EMI amounts for different tenures.

As we can see, based on her affordability, she can afford the ₹30 lakh home loan with a tenure ranging from 25 years to 30 years in which the EMI amount is less than her maximum budget, i.e. ₹25,000.

How to Use the Bank of Baroda Home Loan Interest Rate Calculator?

Here is the step-by-step guide for using a Bank of Baroda home loan EMI calculator:

Step 1: Navigate to the BOB housing loan calculator Page.

Step 2: Simply enter the details like loan amount, rate of interest and loan tenure.

Step 3: It will show the monthly EMI, total interest payable and total amount payable in no time.

Benefits of Using the BOB Home Loan Calculator

Using a Bank of Baroda home loan calculator has several benefits, which are as follows:

Accurate and Instant EMI Calculation:

The EMI calculator helps us to get precise EMI figures instantly, eliminating the possibility of errors associated with manual calculations.

Facilitates Better Financial Planning:

It helps in effective financial planning by helping users assess the ideal loan amount and down payment according to their financial situation and status.

Smarter and Efficient Loan Management:

The Bank of Baroda housing loan calculator makes it easier to make informed decisions regarding your home loan, ensuring a smoother and financially secure journey.

Transparent Amortisation Schedule:

The online calculator shows a detailed amortisation schedule that breaks down principal and interest payments. This allows borrowers to plan prepayments strategically and lower the overall loan costs.

Features and Benefits of Bank of Baroda Home Loan

Bank of Baroda offers competitive interest rates to its customers, along with a range of additional benefits, which are as follows: 

Auto-Recovery EMI

The home loan includes an automated EMI recovery system, streamlining the repayment process for borrowers.

Lower Interest Rates

Borrowers can benefit from a lower rate of interest, as it makes your loan more affordable and ultimately saves on the interest component of the loan.

Lower Processing Fees

The processing charges associated with a home loan are minimal, making it more cost-effective compared to other banks or lending institutions.

Higher Loan Amount

Borrowers can avail a high loan amount up to ₹20 crore from Bank of Baroda. However, the loan sanction amount depends on various factors such as credit score, income, age of the applicant and more.

Extended Repayment Tenure

You can avail a BoB home loan with an extended repayment tenure of up to 30 years, providing flexible repayment options.

Optional Life Insurance

You have the choice to add an optional life insurance component to your home loan, enhancing overall security.

Attractive Rate of Interest

The home loan starts with a compelling Rate of Interest at 8.40%, ensuring favourable and competitive terms for borrowers.

Hassle-Free Loan Processing

The bank ensures a smooth and hassle-free processing experience for home loan applicants, simplifying the overall borrowing process.

Loan Moratorium

Bank of Baroda provides a moratorium period of up to 3 years when you are not required to pay EMIs. 

Calculate Home Loan EMI Here: BOB Home Loan Calculator

BOB Home Loan EMI for Different Loan Amounts

Let’s have a look into the various EMIs and how they change with changes in the loan amounts ranging from ₹10 lakhs to ₹1 crore.

BOB Home Loan EMIs for Different Loan Tenures

Here is an overview of how the home loan EMI changes with a change in loan tenure:

Understanding Amortisation Schedule

An amortisation schedule is a comprehensive table consisting of periodic payments, showing the principal and interest included in each payment till the time the loan is completely paid off. 

It shows the systematic reduction of the principal amount through scheduled payments, which include both interest and a portion of the principal. This process ensures that borrowers steadily reduce their debt, creating a predictable and manageable repayment structure.

Understanding the amortisation schedule is vital for borrowers as it provides a detailed breakdown of each payment, delineating the allocation between interest and principal.

This transparency helps borrowers plan their finances, make informed decisions, and gauge the impact of extra payments on accelerating debt reduction. Shown below is an amortisation schedule of a loan amount of ₹20 lakhs, providing a breakdown of the annual EMIs along with the yearly interest paid.

Contact Us for Personalised Assistance

NoBroker Home Loan Services has a competent team that guides you through the entire loan process. Contact us today for a seamless and stress-free experience in securing your home loan.

Key Insights

If you’re considering a home loan, it’s advisable to use the Bank of Baroda Home Loan EMI calculator to assess whether the loan amount you’re seeking is affordable. It not only helps you check if the loan amount you’re seeking is within your budget but also allows you to adjust the loan amount and tenure to find the most affordable EMI. 

Using this useful tool will help you get a clear understanding of your monthly payments, ensuring they don’t become a burden on your finances.