Bank of Baroda Home Loan EMI Calculator

With the increasing demand for housing units several financial and non-banking sectors have extended their hands for financial aids. Therefore individuals should have a clear idea about the bank they are applying for a loan. In this article, we will provide a handy guide that will consist of an overview of Bank of Baroda home loan emi calculator, Rate of interests, repayment procedures, house loan schemes, and some relative information.

Overview of Bank of Baroda Home Loan EMI Calculator:

Most of us desire to become a house owner, but at times we face a financial crisis. To fulfil the goals, financial and non-banking sectors provide home loans to the individuals under certain terms and conditions. The home loan is a part of secured loans and one need to submit their property documents while applying for a loan. The loan amount is to be repaid within a certain period and a rate of interest is charged on it. To make the repayment easy for individuals, banks have introduced EMI or Equated Monthly Installment facility where a fixed amount of money is deposited every month during the tenure. EMIs consists of two parts that are the principal loan amount and the interest charged on it. With Bank of Baroda Home Loan EMI Calculator  an individual can understand the amount of EMIs he needs to pay every month for a particular loan amount within a selected tenure.

Bank of Baroda offers a wide variety of housing schemes at an interest rate linked to repo rate starting from 7.00% per annum. The loan amount can extend up yo Rs. 10 Crore and a maximum tenure of 30 years. Every house loan is having free accident insurance as an add-on. If an individual is paying interest on a floating rate no prepayment charges are asked for. During the tenure, a top-up loan facility up to five times can be applied. For customer convenience, the bank has offered multiple loan repayment options.

Bank of Baroda Home Loan EMI Calculator

The EMI Calculator has three tabs that take in the loan amount as principal (P), rate of interest charged ( R ), and repayment tenure as N. With the formula given below it calculates the EMI rates.

EMI = [P×R×(1+R)^N] /[(1+R)^N-1 ].

BOB mortgage loan EMI Calculator uses the same formula to identify loan against property rates or mortgage rates. The Mortgage loans are provided to the borrowers against residential as well as commercial properties. The repayment period, rate of interest that may be paid by floating rate or fixed rate, and the loan amount borrowed s the important factors to determine the EMIs to be paid every month.

EMI Calculator home loan generates the amortization schedule which keeps a record of the periodic loan payment. The table consists of –

• The paid and the pending EMIs.
• The Principal Amount of the EMI.
• The rate of interest charged on each EMIs including fixed rates and floating rates.
• The outstanding amount before and after every EMI payment.

The benefits of using the home loan EMI calculator are –

• It provides an instant and accurate result.
• Bank of Baroda home loan interest rate 2019 calculator helps to determine the rate of interest to be paid on each EMIs. Thus one can try ways to reduce the rates if the amount is exceeding the affordability.
• With EMI calculator repayment, the customers get a clear image of how much he needs to pay every month against the loan he is applying for. Thus helps in decision making.
• It is a user-friendly online tool that makes calculations easy, simple, errorless, and time-saving than manual calculations.
• This tool is completely free and is available on the bank’s website.
• It can be accessed from multiple devices, 24*7 from any location.

All large financial institutions offer this tool on their official website. You can try EMI Calculator SBI, EMI calculator Axis Bank, EMI Calculator ICICI Bank, or other public and private sector banks in which you want to apply for a home loan.

Eligibility criteria of the applicants and the co-applicants.

• An Indian Resident or an NRI having an Indian passport, PIOs or Persons of Indian Origin having a foreign passport, or OCI Overseas Citizens of India, can apply for home loans in Bank of Baroda.
• The age of the applicant must be within 21 to 70 years.
• The applicant must be salaried or self-employed.

One can use a Home Loan Eligibility Calculator to know his eligibility for a particular loan amount. This requires certain parameters –

• Location
• Date of Birth
• Net monthly income
• Additional Income
• Loan tenure preferred
• Details about current EMIs already paying (optional)

If your monthly income is up to Rs. 20,000 then the bank will provide home loans which are 36 times of the monthly income, for salaries between 20,000 to 1 lakh you can get 48 times of the monthly income and for above that, 54 times of the monthly income is offered as home loans.

Documents required to apply for a home loan.

The common documents that are generally required are given below.

• Identity Proof that is either Valid Passport, PAN card, Driving License, Voter ID Card, or Aadhar card.
• Residential Proof like Aadhar card, Voter ID, driving license, passport, or copy of utility bills.
• Age Proof that may be a birth certificate, voter ID card, valid passport, or voter ID card.
• Income Proof includes form 16, income tax returns, and last 6 months bank statement.
• Other documents that may include property papers, application form, and processing fee cheque.

Besides these documents, several other documents are asked by the bank in case if the property is bought from a builder, or direct allotment in a co-operative housing society, or resale.

Best Bank of Baroda Home Loan Offers

1. Bank of Baroda home loan – for purchasing a house or plot, constructing a house or remodelling, and extending of the old house.

• Both residents and non-residents of India who are salaried or is self-employed can apply for the loan.
• The known amount can be extended up to rupees 10 crores at a starting rate of interest 7.00% and a maximum loan tenure of 30 years.

2. Bank of Baroda Home Loan Advantage – This is a type of overdraft facility. The approved home loan gets linked with your Bank of Baroda savings account and the interest will be charged on the amount deposited in that account.

• On salary and self-employed individuals residing in India or is an NRI can apply for the loan.
• The loan amount can be extended up to 10 crores. For amounts up to rupees 75 lakhs, the rate of interest charged is within 7.00% to 7.85%, and for the loan amount above rupees 75 lakh, the rate of interest charged is 7.10% to 8.10%. the long tenure can be extended up to 30 years.
• For Salaried or self-employed individuals they are required to have at least one-year work experience in the same job or business. For the non-salaried individual, at least two years in current profession is required.

3. Baroda Top Up Loan –

• The rate of interest is 7.85% per annum and the processing fee is up to 0.35% of the loan amount with a unified processing charge.
• The minimum amount of loan is Rs 1 lakh and can be extended up to Rs 2 crore. The tenure can be extended up to 30 years.

4. Baroda Ashray Reverse Mortgage Loan – The starting rate of interest is 9.35% per annum with a processing fee of 20.20% of the loan amount. This is an additional income source provided by the bank to senior citizens. For all Bank of Baroda’s home loans and top of loans, a processing charge is 100% waived.
5. Bank of Baroda Home Improvement Loan – the rate of interest lies within 7.00% to 8.35% per annum and the processing fee is up to 0.50% of the loan amount which is minimum rupees 7,500 to maximum rupees 20,000. The bank presents smart floating rates of interest that is coupled to a year of MCLR. The maximum moratorium period is of Thirty-Six months and the loan amount in semi-urban and rural areas can be extended up to rupees 1 crore while for metro cities it is rupees 5 crores and for Mumbai, it is rupees 10 crore.
6. Bank of Baroda Pre-Approved Home Loan – the loan amount is approved according to the eligibility of the borrower. The approval of the loan is valid for 4 months from the date of issue. It offers greater flexibility for negotiations with sellers or builders.
7. Baroda home loan Advantage for NRI/PIOs – the loan approved is linked to the savings bank account. The borrowers can enjoy better interest benefits. The interest charged is on the outstanding credit balance of the savings bank account that is linked with the sanctioned loan and the EMIs are recovered from that account.
8. Baroda home improvement loan for NRI/PIOs – this loan can be available for improvement repairing or renovation of old properties. The loan tenure can be extended up to 30 years having a moratorium period max for 3 years. New judges are applied on prepayment of loan and the interest charged is on a daily reducing balance at monthly rates.
9. Baroda home loan for NRI – loans are available at a competitive rate of interest, free accidental insurance and repayment tenure is extended up to 30 years.
10. Baroda CRE home loan to NRI/PIOs – these loan are suitable for borrowers who are willing to avail Housing finance for his third house onwards. The rate of interest applicable starts from 0.25% more than the regular Baroda home loan for NRI.
11. Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) – these loans are applicable for the lower-income group having a monthly income up to rupees 10,000  and economically weaker section having an average monthly income of up to rupees 5,000.
12. Pradhan Mantri Awas Yojana (PMAY) – under this scheme affordable housing benefits are offered to the economically weaker section of the society with interest subsidies depending on the annual income of the family.

Also read : HDFC Home Loan EMI Calculator

FAQs: