Home Loan Eligibility Calculator
Buying a property has become incredibly easy today. Today, you can get the necessary finance to buy your dream home with Bank of Baroda Home Loans. Bank of Baroda offers Home Loans at highly competitive interest rates, starting as low as 6.85%* p.a. You can repay the loan in flexible and affordable Equated Monthly Instalments in tenures lasting up to 30 years. The EMI comprises a portion each of the principal loan amount and the interest component.
But before you apply for the loan, we recommend that you use the Bank of Baroda Home Loan eligibility calculator to compute the maximum loan amount you can get.
What is a Home Loan Eligibility Calculator?
To get your Home Loan application approved, you first need to establish that you are eligible for the same. You can find this out instantly by using an online Home Loan eligibility calculator. This calculator evaluates by taking into account factors such as your age, income, dependents, employment status, and so on.
The calculator also estimates the potential principal loan amount you can get when applying for a Bank of Baroda Home Loan. The eligibility amount depends on your financial standing and your creditworthiness. It helps the bank establish that you are financially stable and capable of repaying the loan on time.
How to Use Our Home Loan Eligibility Calculator?
Using the Bank of Baroda Home Loan eligibility calculator is very easy and takes only a few seconds. All you need to do is:
Enter your age/date of birth: Ensure that you are in the age group of 21 years and 65 years.
Enter your employment status: You could be a salaried person, a self-employed individual, or a business owner.
Enter your net monthly income: Your net income is the income you get in-hand after all the mandatory deductions
Enter the property location: Property rates differ as per the city/state in which you reside; however, they do not affect Home Loan rates.
What Factors Determine Home Loan Eligibility?
Your Age: Your chances of getting a Home Loan are higher when you are younger since you have many years of employment ahead of you. To be eligible for a Bank of Baroda Home Loan, you need to be in the age bracket of 21 and 65.
Your monthly income and employment status: You should be earning a regular monthly income to be eligible for the home loan. This source of income can be your salary, self-employment earnings or business income.
Your employment stability: It would help if you had a stable job or a continuing business to improve your chances of getting a Home Loan.
Your credit score: You need a credit score of 701+ to be eligible for a low-interest home loan. However, Bank of Baroda may consider a lower CIBIL score at its discretion.*
Your credit history and repayment behaviour: How you’ve handled your previous loans and credit card payments in the past also affects your Home Loan eligibility.
Your current financial liabilities: These include any existing loans you are repaying, your monthly credit card bills, monthly expenses and savings.
Your relationship with the bank: If you are an existing Bank of Baroda customer, your chances of getting a Home Loan sanctioned, can improve considerably.
How to Enhance Home Loan Eligibility?
- Pay off your existing loans before applying for the Home Loan.
- Apply for the loan jointly with another, employed co-applicant.
- Become a customer with Bank of Baroda by opening savings, current, or salary accounts.
- Opt to pay a higher down payment. You typically have to pay a down payment of 10% of property rates.
- Ensure that you repay your credit card bills on time, without defaulting
- Improve your credit score before applying for the loan and demonstrate your status of being a risk-free borrower.
Home Loan Eligibility FAQs
What is a Home Loan eligibility calculator?
A Home Loan eligibility calculator is a free-to-use online tool. It calculates the maximum loan amount you can get when you apply for a home loan, based on your age, income, expenses etc
What are the advantages of using a Home Loan eligibility calculator before applying for a loan?
The Home Loan eligibility calculator gives you an indicative estimate of the loan amount you can get and the down payment you need to provide. It prepares for the loan in advance and increases your chances of getting the loan approved.
What details are needed to check my Home Loan eligibility?
You need to provide necessary details such as your age, income, employment status, monthly expenses, and outstanding debts, and so on, to check your Home Loan eligibility.
What are the eligibility criteria to apply for a Bank of Baroda Home Loan?
To apply for a Home Loan from Bank of Baroda, you need to be:
- A resident Indian, an NRI, a PIO or an OCI
- Minimum Age - Minimum age of the applicant must be 21 years. However, the minimum age of co-applicant/s can be 18 years
Maximum Age can be as under -
For Salaried Persons: Age of the applicant/co-applicant/s (whose income are considering for eligibility) plus repayment period should not be beyond retirement age.
For Others (self-employed/professionals/agriculturists & NRIs etc.): Age of the applicant/co-applicant/s (whose income are considering for eligibility) plus repayment period should not exceed -65- years.
A salaried individual, a self-employed professional or a business owner
Able to provide the necessary documents and down payment to get the loan sanctioned
What minimum and maximum loan amount can I get and how much financing does the bank provide?
There is no minimum or maximum loan amount at Bank of Baroda. Your eligibility depends on your capacity to repay and the loan amount you require. The bank also considers the title of the property and your income. Most banks also consider the new property’s location. E.g. you may get a higher loan if your new property is in metropolitan cities or urban areas. The maximum financing or Loan to Value ratio depends on the range of 75% to 90%*.
What are the interest rate and repayment tenure for a Bank of Baroda Home Loan?
Bank of Baroda adjusts the interest rates as per the market rates. You can currently get Home Loans starting at a low-interest floating rate of 6.85%* per annum. Bank of Baroda offers loan tenures lasting up to 30 years.
What assets are accepted as collateral?
The property purchased through the Home Loan is typically accepted as collateral. The bank also accepts gold jewellery and gold bonds, government bonds and treasury bills, life insurance policies, etc. The bank returns the collateral once the loan is repaid in full.
*Conditions apply, interest rates and charges are at the sole discretion of Bank of Baroda. These are subject to change from time to time.