After the recent merger of Dena Bank and Vijaya Bank, Bank of Baroda has emerged as one of the top five banks when it comes to the number of branches and customers across the country. Because of its pan India presence, there are so many individuals who opt for banking products provided by the Bank of Baroda. Among all of them, one of the most popular is the Bank of Baroda Home Loan. Due to the affordable Bank of Baroda Home Loan Interest Rate, a lot of individuals prefer to opt for this facility.
But before applying for the Bank of Baroda Home Loan, it is important for an individual to have an estimate about the EMI amount he or she will have to pay. If you are thinking about how this can be done, then you must know about this amazing tool known as the Bank of Baroda Home Loan Calculator. By using this tool, any applicant can know the approximate monthly installment. Knowing the EMI amount beforehand is quite important when it comes to financial management. In this article, we will be telling you everything about the bank of Baroda Home Loan Calculator so that you can prepare better before applying for a home loan.
Details You will Need to Use Bank of Baroda Home Loan Calculator
If you had used any calculator, you must know this fact that a tool needs a few inputs so that you can get the output. Similarly, there are a few details you will need to use the Bank of Baroda Home Loan Calculator. These details are the Required Loan Amount, Rate of Interest, and required tenure. As soon as you will feed all these details into the calculator, you will get three results – EMI Amount, Interest Outgo and Total Amount Payable.
When we talk about the loan amount, you must remember that the loan amount mainly depends on the overall property value for which you want to get the loan amount. Bank of Baroda Home Loan, you can get a maximum of 90% of the property value as the loan amount. You must keep this amount within your repayment capacity otherwise you may face difficulty in repaying the loan amount.
The second thing you will need to feed to the calculator is the Bank of Baroda is the rate of interest on your home loan that tends to change from one individual to another based on different factors. These factors are the applicant’s age, employment type, monthly income, employment history, existing obligations, credit score, etc.
The third and last thing that you need is the required tenure which means the number of months you will require to repay the home loan. Bank of Baroda provides a maximum of 30 years to repay the loan. Higher tenure will make you a higher interest amount over the tenure.
For example, an individual wants to opt for a loan amount of INR 35 lakhs for a period of 20 years at 8.75% per annum. On feeding these details into the calculator, you will get the EMI amount as INR 30,930 and interest outgo will be INR 39,23,170. You can use the calculator for as many times as you want with different values until you get satisfactory results.