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 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.

- 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 2021.

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.

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.

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.

- It eases decision-making for individuals, as they can adjust the loan amount and tenure to determine the EMI that suits their financial profile.
- This loan calculator is easy to use. Thus, prospective borrowers can calculate their future monthly payouts without any hassle.
- 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 2020 calculator thus simplifies the planning procedure and allows for efficient management of repayment.

**Que**. What is the maximum tenure provided by the Bank of Baroda Home loan for EMI payments?

**Ans**. The maximum tenure goes up to 30 years for repayment of the Bank of Baroda home loan.

**Que**. How to apply for a home loan at the Bank of Baroda?

**Ans**. A home loan at Bank of Baroda can be applied by going to the official website of Bank of Baroda or by visiting the nearest branch to apply for a housing loan.

**Ques**. Who is eligible for a home loan at the Bank of Baroda?

**Ans**. Self-employed and salaried individuals can apply for a home loan at the Bank of Baroda.

**Que**. Can I add family members as co-guarantors?

**Ans**. To add co-guarantors from your immediate family, one can apply for a joint Bank of Baroda home loan.

**Ques**. What happens if the EMI is not paid on time?

**Ans**. In case an EMI payment is missed, the bank will levy a penalty.

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