To buy a house you need to do the planning first, and in this procedure payment is the primary concern for you. But you don’t have to worry about it when you borrow a home loan from Bank of Baroda in India. The bank provides you an online tool by which you can generate the payable interest and accurate EMI amount. The tool is the Bank of Baroda Home Loan EMI Calculator read the article to know about the device working and its advantages.
How to calculate the EMI?
The home loan is paid in equated monthly installments, and to find out what could be your EMI before the repayment starts, use the Bank of Baroda Home Loan EMI Calculator. To use this tool, you need to insert a few details such as loan amount, interest and tenure. Because the tool works in mathematical expression of EMI = [P x R x (1+R)^N]/[(1+R)^N-1].
Bank of Baroda offers you a home loan for up to 30 years. And when you calculate the principal, rate of interest and tenure using Bank of Baroda Home Loan EMI Calculator, you can choose a suitable tenure for the EMI payment.
Compatible Interest Payment
The advantage of using the Bank of Baroda Home Loan EMI Calculator is that you have the idea of how much interest will go on your payment for the selected tenure. With which you can choose a tenure in which you can pay the EMI without any trouble and the interest outgo is less. Bank of Baroda Home Loan Interest Rates ranges from 6.85%-7.85%. And it is decided on your borrowed amount as per your repayment capacity, credit score and current obligations.
Bank of Baroda offers you the best home loan interest rates, which makes it easier to buy a property. And also there are no pre-closure charges on your Bank of Baroda home loan. If you think you missed the opportunity to get Bank of Baroda home loan interest rate then it’s not too late for you. Customers who have an existing home loan can transfer it to Bank of Baroda to reduce the interest payment and EMI amount.
See the example below and know how the home loan balance transfer to Bank of Baroda reduces your interest burden.
Example: Sameer is a salaried employee in a corporate office and borrowed INR 75 lakh from a housing finance company to buy a home. He purchased his desired property but now found it difficult to pay. So, Sameer friends suggested that he should transfer his home loan to Bank of Baroda as it charges an attractive rate of interest. The current interest rate on his home loan is 9.20% per annum. Sameer applied for the Bank of Baroda home loan take over scheme and is eligible for an interest rate of 7.00%. Look at the table below to know how much he will save with the Bank of Baroda home loan interest rate using the Bank of Baroda Home Loan EMI Calculator.
|EMI @ 9.20%||61,429|
|Payable Interest Amount||1,46,14,475|
|Paid Interest in 7 years||47,00,105|
|Outstanding Balance After 7 Years EMI Payment||70,39,059|
|Bank of Baroda Home Loan Interest Rate||7.00%|
|EMI @ 7.00%||51,379|
|Paid Interest @ 7.00%||71,41,668|
|Paid Interest @ 7.00% + Paid Interest in 7 Years||1,18,41,773|
|EMI Amount Saved||10,050|
|Total Savings||2772702 ( 1,46,14,475 – 1,18,41,773 )|