Home EMI Calculator
Know your potential Home Loan EMI to plan your monthly budget
Buying a home is a life goal. While it fills you with a sense of accomplishment, it also secures your financial future. But with the ever-escalating property rates, it is almost impossible to buy a home without opting for a Home Loan.
Taking on a Bank of Baroda Home Loan comes with its advantages. It enables you to own a property by paying Equated Monthly Instalments (EMIs), adjusted to fit your budget and affordability. With Bank of Baroda, you can buy your dream house at one of the lowest interest rates, starting at 6.85%* p.a.
When you buy a property like a house or a plot of land, you invest in an asset whose value will appreciate. You also get tax benefits on the principal component and the interest repayment portion. Now you can apply for Bank of Baroda Home Loans online and get pre-approved. You can also use our EMI calculator for Home Loan to compute the EMI payable against your loan.
What is Home Loan EMI?
An Equated Monthly Instalment or EMI is the fixed sum of money you pay each month whilst repaying your Home Loan. The EMI comprises a portion of the principal amount loaned to purchase the property and a portion of the interest component payable against the loaned amount.
The monthly EMI payable against the loan depends on the amount loaned, the interest rate levied, and the borrower's repayment tenure. Typically, the EMI amount is lower if you opt for a longer tenure loan, and higher if you opt for a short tenure loan.
How to Use A Home Loan EMI Calculator?
Using a Home Loan EMI calculator is incredibly easy and enables you to calculate the EMI amount within a second. But before you use it, you should have a rough estimation of the principal loan amount you need and the EMI you can pay, based on your monthly income and expenses.
The EMI calculator uses the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1] to compute the EMI amount.
Enter the principal loan amount you need, a reasonable interest rate, and the loan's tenure. The online tool will compute the EMI amount instantly.
Home Loan EMI Calculator
Insert EMI calculator tool here
How to Use Our Home Loan EMI Calculator?
Calculate your Bank of Baroda Home Loan EMI amount in three simple steps with our instant Home Loan calculator:
Enter the principal loan amount you need/sanctioned by the bank, in the first tab of the EMI calculator.
Enter a reasonable interest rate in the second tab. The minimum interest rate will be auto-filled, which means you cannot enter a figure lower than the minimum rate.
Enter the repayment tenure (in years) you are comfortable with, not exceeding 30 years.
The calculator will instantly compute the EMI amount.
What Are The Advantages Of A Home Loan EMI Calculator?
EMI calculators prepare you for the Home Loan by predicting the potential EMI payable even before your home loan is sanctioned.
The EMI calculator removes the need for manual calculations and errors.
It enables you to adjust the loan amount and tenure by entering different permutations and combinations of principal amount and term, to arrive at an affordable EMI amount
Knowing the EMI in advance allows you to streamline your finances and plan your budget in a way that you can accommodate the EMI without affecting your other mandatory expenses.
Home Loan EMI Calculator FAQs
Why should I use the Bank of Baroda Home Loan calculator before applying for a loan?
The reasons why you should use the EMI calculator for Home Loan before applying for a loan are simple. For instance, if the EMI amount is higher than you can afford, you can apply for a lower loan amount to suit your budget, and make the EMI affordable. Knowing the EMI amount in advance allows you to plan your expenses. It helps you select the right tenure and loan amount.
Why should I use a Bank of Baroda Home Loan calculator instead of a general EMI calculator or manual calculations?
While taking a loan, it is recommended that you use the Bank of Baroda Home Loan EMI calculator instead of other calculators since you can calculate the EMI after knowing the minimum interest rates and minimum and maximum loan amounts offered by the bank. You won't find these details on a general EMI calculator. Also, manual calculations are time-consuming and can even lead to errors, which is why it is best to avoid them.
How much EMI do I have to pay against my Bank of Baroda Home Loan?
Bank of Baroda offers one of the lowest interest rates on Home Loans, starting at 6.85%* with one of the highest tenures of 30 years. The EMI payable depends on the loan amount and interest rate and can be calculated using our Home Loan EMI calculator.
How precise is the Bank of Baroda EMI calculator?
Bank of Baroda's Home Loan calculator is an online tool that relies on technology to calculate the EMI amount. Any data entered is calculated with 100% accuracy and precision. However, the interest rate and loan amount depend on the bank's sole discretion, so the EMI amount may differ when the loan is sanctioned.
How does the bank determine my loan eligibility? What if I apply for a loan jointly?
Bank of Baroda determines your loan eligibility based on several factors such as your age, your monthly income, your employment status and the number of years you have been employed, your residency status, your credit scores and so on. If you apply for a loan jointly with another borrower, the bank also considers the same details of the joint borrower and then sanctions the loan amount. Opting for a joint Home Loan increases your loan eligibility and divides the burden of repayment.
How do I have to make the Home Loan EMI payment?
Home Loan EMI can be paid in following ways:
Auto-debit instructions from your Bank of Baroda Savings Account.
Through your net banking account. The bank tells you the EMI date
Payment via cheque
Post-dated cheques in advance
*Conditions apply, interest rates and charges are the bank's sole discretion and are subject to change from time to time.