Bank of Baroda Home Loan EMI Calculator
Bank of Baroda or BOB is a popular Indian bank that offers numerous services to people across the country at cheap interest rates. Home loan is one prime service BOB offers. If you are keen to apply for a home loan from this bank, use the Bank of Baroda EMI calculator to assess your loan affordability for different home loan amounts and tenures. It is a simple online tool that gives instant and accurate information on EMI estimates on home loan repayments. Let us proceed and understand the benefits of using the Bank of Baroda home loan EMI calculator and how to use it.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Bank of Baroda Home Loan EMI?
An online calculator is a magical tool for individuals who do not know how to calculate home loan EMI. It uses a basic formula and information from the borrower, such as the loan amount, rate of interest, and loan tenure, to provide precise EMI information within a fraction of a second without charging any money.
Bank of Baroda Home Loan EMI Calculator Formula
Borrowers can calculate the housing loan Equated Monthly Installments manually using the Bank of Baroda home loan calculation formula. However, there is always a scope for human error in doing it manually, so people these days prefer using online housing loan EMI calculators. Hence, we recommend you understand the formula used by the online home loan EMI calculator Bank of Baroda for better understanding.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P is for the Principal Amount
R is for the Rate of Interest
N is for the Number of Monthly Repayment Installments
Factors affecting Bank of Baroda Home Loan EMI
As you can see, the housing loan EMI formula is calculated using the three main loan components, the same as the basic Bank of Baroda Bank Home Loan criteria that can influence the housing loan monthly repayments. Let us understand how.
Interest Rate: Not just the rate of interest at which the home loan is taken, but also the type of rate package; for instance, floater or fixed impacts the housing loan monthly repayment. The EMI will be higher if the interest rate is higher, and it will fluctuate if you opt for a floater plan. It will remain constant if you choose a fixed rate package.
Loan Duration: The next crucial parameter that can decide your monthly repayment for a housing loan is the duration for which you got it approved by the lender. Longer tenures or durations mean paying lower EMIs, but the interest over the tenure increases.
Principal Amount: The amount you get as a home loan from a bank is one major factor that determines the monthly repayment installment. You will naturally have to repay with a higher EMI for a higher loan amount and vice versa.
Benefits of Using the Bank of Baroda Home Loan Calculator
Using an EMI calculator offers numerous benefits to home loan borrowers. If you are not aware of the same, read on to learn about the main benefits of Bank of Baroda Home Loan:
Precise and Accurate Calculations: The first and foremost benefit of using an online calculator for EMI calculation is that it helps to compute accurate monthly installments using precise mathematical algorithms. Try the most reliable EMI calculator available online at the official website of the BASIC Home Loan: EMI
Saves Time with Instant Results: Get instant results to quickly assess your monthly installments without wasting time on manual calculations by using the online housing loan EMI calculator. It saves a lot of time and effort in calculating the monthly repayments for a housing loan scheme.
Acts as a Comparison Tool: At the same time, online EMI calculators serve as valuable comparison tools, allowing users to compare EMI amounts from different banks. This assists the borrower in proper budget planning with a home loan obligation.
Bank of Baroda Home Loan Interest Calculator Formula
Calculating the interest payable on a housing loan can be simple if you try the Bank of Baroda home loan interest rate EMI calculator. Similar to the online EMI calculator, this tool uses a mathematical formula to give you an idea of interest payable as part of the monthly installments on a housing loan scheme. The formula to calculate the interest on a home loan is given below:
Total Interest = (P X R X T) / 100
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
Bank of Baroda Home Loan Eligibility Criteria
Using an online EMI calculator makes it easy for a borrower to evaluate the monthly repayments; using the Bank of Baroda home loan eligibility calculator can make it easy to check whether a person is eligible to apply for a BOB housing loan or not. This online tool can be used by inputting general details like the applicant’s age, salary or income, credit score, and nationality.
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Comparison of Bank of Baroda Home Loan EMI with other Popular Banks
Comparing BOB housing loan EMI with different banks can help you evaluate whether or not the bank is the right choice for you to avail of a housing loan. So, feel free to see the comparison of Bank of Baroda Bank Equated Monthly Installments with 5 other banks and housing finance companies for a 10-year loan tenure:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| Bank of Baroda | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
| ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
| Bank of Baroda Bank | 9.40% p.a. onwards | Rs. 12,885 | Rs. 25,770 | Rs. 38,655 | Rs. 51,540 | Rs. 64,425 |
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Bank of Baroda Home Loan Amortization Schedule
Bank of Baroda Bank Housing loan Amortization Schedules illustrate the complete breakdown of your monthly repayment, helping you as a borrower to understand how much each component of the home loan is repaid. It helps the borrower understand the progression of their loan repayment so that they can plan their finances accordingly.
Steps to Calculate Bank of Baroda Bank Home Loan Amortized Interest
Step 1: Calculate the housing loan amortized interest by dividing your interest rate on the home loan from Bank of Baroda Bank by the total EMIs payable per annum. Let us see an example, if your housing loan rate of interest is 8.40% p.a. and you choose monthly EMIs, then divide 8.40% by 12 = 0.0070
Step 2: Your next step after getting the figure in step 1 is to multiply it with your outstanding loan amount. This will provide you with your payable monthly interest. For example, if your home loan balance is Rs. 4,000,000, then 4,000,000 x 0.0070 = Rs. 28,000 will be interest for the first month
Step 3: Proceed further by deducting the monthly interest you calculated above from your Equated Monthly Installment to learn about the loan principal payable in the first month. For example, if your Equated Monthly Installment is Rs. 39,155, you will pay Rs. 39,155 - Rs. 28,000 = Rs. 11,155 as the principal amount, and reduce the same from your outstanding loan to get the estimate of your remaining loan balance for the upcoming month
Step 4: Continue the same way to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 139,135.78 | Rs. 330,724.22 | Rs. 4,000,000.00 | Rs. 469,860 |
| 1st Month | Rs. 11,155.00 | Rs. 28,000.00 | Rs. 4,000,000.00 | Rs. 39,155 |
| 2nd Month | Rs. 11,233.09 | Rs. 27,921.92 | Rs. 3,988,845.00 | Rs. 39,155 |
| 3rd Month | Rs. 11,311.72 | Rs. 27,843.28 | Rs. 3,977,611.92 | Rs. 39,155 |
| 4th Month | Rs. 11,390.90 | Rs. 27,764.10 | Rs. 3,966,300.20 | Rs. 39,155 |
| 5th Month | Rs. 11,470.63 | Rs. 27,684.37 | Rs. 3,954,909.30 | Rs. 39,155 |
| 6th Month | Rs. 11,550.93 | Rs. 27,604.07 | Rs. 3,943,438.66 | Rs. 39,155 |
| 7th Month | Rs. 11,631.79 | Rs. 27,523.21 | Rs. 3,931,887.74 | Rs. 39,155 |
| 8th Month | Rs. 11,713.21 | Rs. 27,441.79 | Rs. 3,920,255.95 | Rs. 39,155 |
| 9th Month | Rs. 11,795.20 | Rs. 27,359.80 | Rs. 3,908,542.74 | Rs. 39,155 |
| 10th Month | Rs. 11,877.77 | Rs. 27,277.23 | Rs. 3,896,747.54 | Rs. 39,155 |
| 11th Month | Rs. 11,960.91 | Rs. 27,194.09 | Rs. 3,884,869.77 | Rs. 39,155 |
| 12th Month | Rs. 12,044.64 | Rs. 27,110.36 | Rs. 3,872,908.86 | Rs. 39,155 |
FAQs
Like several other banks, the Bank of Baroda offers a maximum home loan repayment tenure of up to 30 years for EMI payments.
Borrowers who fail to pay their BOB housing loan EMI on time might have to pay a penalty, which is generally a percentage of the overdue amount. This may also impact their credit score negatively.
Calculating the housing loan EMI before taking a loan helps in proper budget planning and assessing the affordability of the loan amount.
Increasing the housing loan EMIs helps in faster loan repayment and saving on interest. It also helps reduce the financial burden and improve the credit score of the borrower.
Whether or not to increase the EMI or make a prepayment is a personal choice. One major advantage of doing so is that it helps in faster repayment of the loan and lowers the interest payment. One major disadvantage is that it may strain the borrower's monthly budget.