Bank of Baroda Home Loan
A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house, etc. But as they get older, they realize that to make this dream of theirs come true they need money which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that Bank of Baroda offers home loans.
A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide beforehand how much of a loan you would want, what interest rate you are comfortable paying and also the tenure of the loan.
Bank of Baroda provides home loans for amounts up to Rs.5 crores, with really flexible and relaxing tenures of up to 30 years (360 months). Bank of Baroda home loan interest rate is offered at a minimal 6.75% p.a.
You can get Bank of Baroda home loan for any home related purpose! Be it buying, constructing or renovating an existing residential property.
Bank of Baroda Home Loan Summary
| Interest Rate | Starting at 6.75% |
| Loan Amount | Up to Rs. 10 Crores |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.25% – 0.5% of loan amount + GST |
Bank of Baroda Home Loan Interest Rates
The interest rates for a Home Loan through Bank of Baroda depend on whether you’re a salaried employee or self-employed individual and what type of interest rate package and the scheme you have chosen.
| Bank of Baroda Home Loan Schemes | Interest Rates |
|---|---|
| Bank of Baroda Home Loan | 6.75% onwards |
| Bank of Baroda Home Loan Advantage | From 6.75% to 8.35% |
| Baroda Home Improvement Loan | From 6.75% to 8.10% |
| Bank of Baroda Top Up Loan | Applicable ROI + Additional Charges |
| Baroda Home Loan Takeover Scheme | Starting from 6.75% |
How to Use Fincity’s Axis Bank Home Loan EMI Calculator?
You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results.
Here’s an easy guide on how to use the home loan EMI calculator:
Step 1: Use the slider or just enter the number to input the loan amount you wish to borrow.
Step 2: Input the applicable interest rate for the home loan.
Step 3: Input the tenure over which you will be able to repay your home loan.
As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable.
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
| Loan Particulars | EMI for 15 years | EMI for 15 years | EMI for 15 years |
| EMI | Rs. 53,762 | Rs. 46,338 | Rs. 39,717 |
| Total Interest Payable | Rs. 36,77,181 | Rs. 51,21,127 | Rs. 82,98,077 |
| TotalAmount Payable | 96,77,181 | 1,11,21,127 | 1,42,98,077 |
Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
| Particulars | 15 Years EMI (Rs.) | 20 Years EMI (Rs.) | 30 Years EMI (Rs.) |
| EMI | 53,762 | 46,338 | 39,717 |
| Total Interest Payable | 36,77,181 | 51,21,127 | 82,98,077 |
| TotalAmount Payable | 96,77,181 | 1,11,21,127 | 1,42,98,077 |
Interest Rate – The Rate of Interest is the interest charged on the borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
| Loan Particulars | EMI for Rs. 40 lakhs (Rs.) | EMI for Rs. 60 lakhs (Rs.) | EMI for Rs. 1 crore (Rs.) |
| EMI | 30,892 | 46,338 | 77,230 |
| Total Interest Payable | 34,14,085 | 51,21,127 | 85,35,212 |
| TotalAmount Payable | 74,14,085 | 1,11,21,127 | 1,85,35,212 |
Bank of Baroda Home Loan Eligibility
To get a Bank of Baroda home loan, individuals should be eligible for it. Check Bank of Baroda home loan eligibility given below:
| Borrower Profile | Indian Residents Non-Resident Indians (NRIs) holding Indian passports. Persons of Indian origin (PIOs) holding a foreign passport. Overseas Citizens of India (OCI) |
| Age Limit | 21 to 70 years |
| Income Criteria for NRI/PIO/OCI | Applicant or co-applicant/s should have a regular job abroad in a reputed Indian/foreign company, organization OR A government department holding a valid job contract/work permit for the minimum past 2 years Should be employed / self-employed or have a business unit and stay abroad for at least 2 years, Applicant / co-applicant/s (whose income is considered for eligibility) should have a minimum gross annual income equivalent to Rs. 5 lakh per annum |