Bank of Baroda Home Loan EMI Calculator
Home Loan Bank Information
Bank of Baroda housing loan is one of the most affordable loans in the country and offers lower interest rates to its customers. Real estate investments, especially buying a property such as a house or an apartment, are considered assets as their value increases with time. Individuals who dare to buy a property or a plot of land can easily secure a housing loan from the Bank of Baroda.
BOB offers a great feature in EMI (Equated Monthly Installment), which allows the customer to pay a fixed amount monthly throughout the loan tenure with a lower interest rate. One of the reasons for choosing the EMI option is that the customers can compare EMI amounts depending upon the loan amount, interest rate, and repayment tenure. The applicant is recommended to check the EMI calculator before proceeding to borrow from the bank.
What is a Home Loan EMI?
Bank of Baroda home loan EMIs are fixed payments that consist of a percentage of the principal amount used as a home loan, and the remaining amount consists of the interest rate for the repayment of the loan. The borrower needs to pay back the loan in regular monthly installments without any delays.
BOB EMI features helps the investor to realize the dream of owning a house without paying a large sum upfront from his pocket; instead, the home buyer can repay the loan amount in small installments over a while to clear his dues.
Bank of Baroda offers a reasonable interest rate of 6.75%, with an EMI amount starting as low as Rs.649. per lakh, making it an attractive feature for home buyers, investors and BOB customers. The EMI depends upon the amount loaned, interest rate, and tenure of the home loan. An individual with a longer loan duration has a lower EMI to repay, whereas the one with shorter loan tenure has a higher EMI to be paid back to the bank.
The home buyer can calculate the EMI beforehand using the BOB Home loan EMI calculator available on the bank’s website, which can be utilized free of cost. Some of the advantages of knowing the EMI amount beforehand are as follows.
- The loan applicant can easily estimate the EMI amount and allow him to plan his monthly budget accordingly. If the EMI exceeds his monthly expenditures, the applicant can choose a lower EMI amount that suits his income.
- Knowing the EMI amount can help the applicant pay the loan amount in advance if he has surplus cash in the future.
- The applicant can use the EMI calculator to understand the charges involved in loan settlement before the repayment tenure.
What is the BOB Home Loan EMI Calculator?
BOB Home Loan EMI Calculator is no-cost online software that helps the applicant calculate the loan repayment amount required for building a house or purchasing an apartment. The online calculator prompts the customer with inputs related to the principal amount, interest rates, and years required to repay the loan. The borrowers can quickly compute the monthly installments that will require them to repay the bank. BOB EMI calculator can be given varying inputs depending upon the customer’s expenditures in a given month. If the expenditure is unmanageable, the applicant can provide favorable input to his monthly finances. The below-mentioned table below outlines the EMI Calculated for varying loan amounts and tenures at the current interest rate of 6.75%.
| Loan Tenure | |||
|---|---|---|---|
| Loan Amount (Rs.) | 15 years | 20 years | 30 years |
| Rs.25 lakh | Rs.22,213 | Rs.19,009 | Rs.16,215 |
| Rs.50 lakh | Rs.44,245 | Rs.38,018 | Rs.32,430 |
| Rs.75 Lakh | Rs.66,368 | Rs.57,027 | Rs.48,645 |
| Rs.1 Crore | Rs.88,491 | Rs.76,036 | Rs.64,860 |
From the above illustration, it is evident that as the duration of the loan increases, the EMI amount decreases considerably.
How to check your Home Loan EMI with the calculator?
The applicant can find out the home loan EMI using the BOB Home Loan EMI Calculator. The borrower can easily estimate the home loan EMI by using specific primary data related to his principal amount, interest rate, and loan tenure. The steps to calculate the Bank Of Baroda Home Loan EMI is given below.
- The applicant must first enter the loan amount that is needed to purchase a home.
- The calculator comes with an adjustable and mobile-friendly slider feature that could drag sideward to alter the loan amount according to the user’s desire.
- The applicant must now slide through the loan interest rate options provided in the calculator.
- The last step is the choice of payment tenure that varies from 0 to 30 years.
- On adjusting the slider across various values, the calculator displays a graphical value representing the total amount of loan to be repaid in grey color, the interest rate applied in orange color, and the monthly payment amount displayed at the bottom graph.
The below chart shows the monthly EMI for a loan amount of Rs.50 lakhs at an interest rate of 6.75%.
| EMI CALCULATIONS | |||
|---|---|---|---|
| Loan Amount-Rs.50 lakhs | Monthly EMI-Rs.38,018 | ||
| Sr.No | Balance | Interest | Prinicpal |
| 1 | Rs.49,90,107 | Rs.28,125 | Rs.9,893 |
| 2 | Rs.49,80,158 | Rs.28,069 | Rs.9,949 |
| 3 | Rs.49,70,153 | Rs.28,013 | Rs.10,005 |
| 4 | Rs.49,60,092 | Rs.27,957 | Rs.10,061 |
| 5 | Rs.49,49,974 | Rs.27,901 | Rs.10,118 |
How Does BOB Home loan EMI calculator help?
The borrower can plan his home purchase better with the help of the BOB Home loan EMI Calculator. The online tool provides crucial insights such as the amount of money that needs to be set aside for the EMI and helps the buyer manage his daily expenses accordingly. The applicant can also use the EMI calculator to find the lowest EMI amount by adjusting the mount slider on the bank’s website. The applicant can avail EMI as low as Rs.649 to buy his dream home. Another benefit of using the online calculator is comparing, checking, and analyzing the EMI options of other banks with that of Bank of Baroda to find cheaper rates in the market.
The applicant can alter the tenure to see the bank’s different interest rates, providing flexibility in making choices as per one’s financial conditions. BOB Home loan EMI Calculator helps get a detailed amortization schedule wherein the applicant can break his repayment into various segments involving principal amount, interest rates, and loan tenure. Amortization will help the borrower calculate the total EMIs required to clear the loan.
The applicant can also utilize the online EMI calculator to calculate outstanding loan balances. The borrower can clear a portion of the loan ahead of the tenure if he has surplus cash in hand, as this will reduce the tenure and interest rate of the remaining loan amount.
The EMI online calculator is widely preferred for its accuracy and caters to the customers’ needs in planning and managing their loans at ease.
What is the BOB Home Loan Amortization Schedule?
Bank of Baroda Home Loan Amortization helps the borrower to understand how the bank segregates the loan. The applicant can utilize the loan breakdown to make timely payments and help the applicant to buy his dream house without jeopardizing his normal lifestyle.
The amortization schedule provides information related to the number of completed installments and pending EMIs, due dates of the installments, the actual principal amount based on which the interest rate is charged, principal and interest segregation of the EMI, balance principal amount after every EMI installment paid an annual rate of interest. The information used in the amortization schedule is tabulated below.
Amortization Schedule for a BOB home loan of Rs.25 lakh over 30 years at an interest rate of 6.75%
| Year | Interest Paid every Year | Principal amount Repaid During The Year | Total Amount Repaid During The Year (Interest + Principal)) |
Balance Principal |
|---|---|---|---|---|
| 2021 | Rs. 84,192 | Rs. 13,098 | Rs. 97,290 | Rs. 24,86,902 |
| 2022 | Rs. 1,67,024 | Rs. 27,556 | Rs. 1,94,579 | Rs. 24,59,347 |
| 2023 | Rs. 1,65,105 | Rs. 29,474 | Rs. 1,94,579 | Rs. 24,29,872 |
| 2024 | Rs. 1,63,053 | Rs. 31,527 | Rs. 1,94,579 | Rs. 23,98,346 |
| 2025 | Rs. 1,60,858 | Rs. 33,722 | Rs. 1,94,579 | Rs. 23,64,624 |
| 2026 | Rs. 1,58,510 | Rs. 36,070 | Rs. 1,94,579 | Rs. 23,28,554 |
| 2027 | Rs. 1,55,998 | Rs. 38,581 | Rs. 1,94,579 | Rs. 22,89,973 |
| 2028 | Rs. 1,53,312 | Rs. 41,267 | Rs. 1,94,579 | Rs. 22,48,706 |
| 2029 | Rs. 1,50,439 | Rs. 44,141 | Rs. 1,94,579 | Rs. 22,04,565 |
| 2030 | Rs. 1,47,365 | Rs. 47,214 | Rs. 1,94,579 | Rs. 21,57,351 |
| 2031 | Rs. 1,44,078 | Rs. 50,502 | Rs. 1,94,579 | Rs. 21,06,849 |
| 2032 | Rs. 1,40,561 | Rs. 54,018 | Rs. 1,94,579 | Rs. 20,52,831 |
| 2033 | Rs. 1,36,800 | Rs. 57,779 | Rs. 1,94,579 | Rs. 19,95,052 |
| 2034 | Rs. 1,32,777 | Rs. 61,802 | Rs. 1,94,579 | Rs. 19,33,250 |
| 2035 | Rs. 1,28,474 | Rs. 66,105 | Rs. 1,94,579 | Rs. 18,67,145 |
| 2036 | Rs. 1,23,871 | Rs. 70,708 | Rs. 1,94,579 | Rs. 17,96,437 |
| 2037 | Rs. 1,18,948 | Rs. 75,631 | Rs. 1,94,579 | Rs. 17,20,805 |
| 2038 | Rs. 1,13,682 | Rs. 80,897 | Rs. 1,94,579 | Rs. 16,39,908 |
| 2039 | Rs. 1,08,049 | Rs. 86,530 | Rs. 1,94,579 | Rs. 15,53,378 |
| 2040 | Rs. 1,02,024 | Rs. 92,555 | Rs. 1,94,579 | Rs. 14,60,823 |
| 2041 | Rs. 95,580 | Rs. 98,999 | Rs. 1,94,579 | Rs. 13,61,823 |
| 2042 | Rs. 88,687 | Rs. 1,05,893 | Rs. 1,94,579 | Rs. 12,55,930 |
| 2043 | Rs. 81,314 | Rs. 1,13,266 | Rs. 1,94,579 | Rs. 11,42,665 |
| 2044 | Rs. 73,427 | Rs. 1,21,152 | Rs. 1,94,579 | Rs. 10,21,513 |
| 2045 | Rs. 64,992 | Rs. 1,29,588 | Rs. 1,94,579 | Rs. 8,91,925 |
| 2046 | Rs. 55,969 | Rs. 1,38,611 | Rs. 1,94,579 | Rs. 7,53,314 |
| 2047 | Rs. 46,318 | Rs. 1,48,262 | Rs. 1,94,579 | Rs. 6,05,052 |
| 2048 | Rs. 35,994 | Rs. 1,58,585 | Rs. 1,94,579 | Rs. 4,46,467 |
| 2049 | Rs. 24,952 | Rs. 1,69,627 | Rs. 1,94,579 | Rs. 2,76,840 |
| 2050 | Rs. 13,142 | Rs. 1,81,438 | Rs. 1,94,579 | Rs. 95,403 |
| 2051 | Rs. 1,887 | Rs. 95,403 | Rs. 97,290 | -Rs. 0 |
The applicant who has availed a loan for 30 years pays only 1.07% of the total principal at the end of 1 year with 12 completed EMIs. The illustration shown in the above table provides a complete breakup of the availed loan amount.
Factors Affecting Home Loan EMI
The primary factors determining any home loan EMI are loan amount, interest rate, and loan tenure.
Loan Amount
The applicant with a higher loan amount tends to pay higher interest at the time of EMI installments. The borrower must carefully choose the loan amount after proper comparisons and analysis with other banks in the market.
Interest Rate
The loan interest rate plays a vital role in the EMI amount. Loan amount with higher interest rates increases housing loan EMI resulting in the increased total cost of the loan.
Loan Tenure
The applicant with longer tenure usually has lower EMI in comparison to loans with short duration.
FAQs
What is the formula to calculate EMI?
The Bank Of Baroda Home loan EMI is calculated using the below formula.
E = [P x R x (1+R) ^N]/ [(1+R) ^N-1] where
‘E’ refers to the Equated monthly installment that needs to be paid by the borrower.
‘P’ refers to the principal amount borrowed as a loan.
‘N’ is the number of monthly installments that need to be paid at regular intervals.
‘R’ is the interest rate per month of the availed loan.
The above formula provides an accurate figure of the EMI that needs to be repaid.
What is the loan limit in the Bank of Baroda?
The Bank of Baroda offers a minimum loan limit of Rs. 30,00,000 and the maximum loan limit of Rs. 7,00,00,000.
Can an individual calculate housing loan EMI using a General EMI calculator?
The individual must use a housing loan EMI calculator as the underlying algorithm is different from a general EMI calculator.
What is the rate of accuracy of the Bank of Baroda home loan EMI calculator?
Bank of Baroda Home Loan EMI calculator has an accuracy rate of 100% because of the underlying mathematical formula used to calculate the EMI amount.
Are there any prepayment charges at the Bank of Baroda?
The bank levies no prepayment charges for paying the loan in advance.
What happens to the EMI if the interest rate drops?
The amount of EMI will change following the change in the interest rate.
Can an individual pay the EMI using an online method?
Yes, the individual can pay the EMI online using net banking facilities provided by the bank.
Is there any processing charge for the home loan?
The processing fee is 0.50% of the home loan availed by the borrower.
Is there any subsidy for home loans in the Bank of Baroda?
The bank offers subsidized interest rates for women and economically weaker sections. The individual must get in touch with the bank to get further details on interest rate subsidies for a home loan.
What is the age criterion for applying for a home loan?
The applicant must be 21 years of age when applying for the home loan, and the ones who are more than 70 years of age are not eligible to apply for a home loan.