# BOB Home Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
 Monthly EMI ₹ Principal amount ₹ Total interest ₹ Total amount ₹
Principal amount
Interest amount

## Bank of Baroda Home Loan Calculator

Bank of Baroda is India’s third-largest public sector bank, with more than 130 million customers. In 2018, the financial institution merged with Dena Bank and Vijaya Bank, becoming one of the biggest lenders in India. BOB has gained a considerable reputation among borrowers over the years, with one of its more popular products being a home loan.

With tenures of up to 30 years and affordable interest rates, several individuals turn to Bank of Baroda for home loans. However, its repayment is a significant financial responsibility. That’s why individuals may use a Bank of Baroda home loan calculator to plan their repayment better.

## Bank of Baroda Home Loan EMI Calculator – Key Features

• Loans at BOB are available for both salaried and self-employed individuals. Special rates offered to women, senior citizen and NRI customers.
• Individuals who are 21 to 60 years old can apply for a loan at the Bank of Baroda
• Loan to Value Ratio is 90%.
• The loan tenure of the Bank of Baroda ranges from 5 to 30 years.
• Interest rates charged is 6.85% – 8.25%
• Bank of Baroda home loan EMI per lakh starts from Rs. 655. The EMI can be easily calculated using the Bank of Baroda home loan calculator 2022.

## What is a Home Loan Calculator?

It is an online tool that prospective borrowers can use to calculate the EMI on their home loans. It involves three inputs – the principal, rate of interest, and maturity period. With a BOB home loan EMI calculator borrowers can determine the monthly instalment amount that they need to pay against their home loans from Bank of Baroda.

This calculator also shows the net payable amount and the total interest that’ll accrue over the course of repayment, based on the inputs mentioned above.

## How is Bank of Baroda Home Loan EMI Calculated?

The Bank of Baroda home loan EMI calculator requires a user to enter the principal amount they need, the applicable rate of interest, and tenure as per their preference. This online tool uses the following formula to compute EMIs –

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

In this formula, E stands for EMI, P denotes the principal amount, R represents the rate of interest divided by 12, and N is the repayment tenure in months.

For instance, let’s consider the following example:

Mr. Jhunjhunwala avails a home loan from Bank of Baroda. The details of this loan are mentioned below.

 Loan amount Rs. 50 lakh Rate of interest 8% Tenure 20 years (240 months)

Here, P = Rs. 50 lakh, R = 0.0066, and N = 240 months.

Hence, E = [5000000 x 0.0066 x (1 + 0.0066)^240] / [(1 + 0.0066)^(240 – 1)]

Or, E = Rs. 38,591

As manual calculations are prone to inaccuracy due to their complexity, a better option is to use the free Bank of Baroda housing loan calculator.

## Factors influencing Home Loan EMI

The factors that impact home loan EMIs are –

• Tenure – It plays a critical role in EMI calculation. A brief repayment period will result in higher EMIs and vice versa. However, over a short tenure, the total interest one has to pay will be low.
• Interest rate – The EMI a borrower has to pay is directly dependent on the interest rate. If the interest rate is high, EMIs will increase proportionately, and vice versa.
• Principal – EMI also increases in proportion to the loan amount.

Individuals may want to keep these factors in mind when using the Bank of Baroda home loan calculator to maximise their benefits.

## What are the Advantages of a Bank of Baroda Home Loan Calculator?

1. It eases decision-making for individuals, as they can adjust the loan amount and tenure to determine the EMI that suits their financial profile.
2. This loan calculator is easy to use. Thus, prospective borrowers can calculate their future monthly payouts without any hassle.
3. It provides for a simple and time-efficient calculation of EMIs.

Without proper financial planning, home loan repayments can encumber a borrower’s finances significantly. Using a Bank of Baroda home loan interest rate 2022 calculator thus simplifies the planning procedure and allows for efficient management of repayment.

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