BOB Home Loan EMI Calculator

What is BOB Home Loan EMI Calculator?

The BOB Home Loan Advantage EMI Calculator is an online tool that can help to plan the process for a home loan with ease. It enables you to calculate your home loan's EMI with minimal effort. All you need to do is input the desired loan amount and the loan tenure and it displays the monthly EMI amount.

This way, you can assess the affordability of your home loan, enabling you to plan your finances adequately. The user-friendly interface and precise calculations ensure clarity throughout the loan process.

As a borrower, you can leverage the power of the EMI calculator for home loan BOB in making informed decisions.

How to calculate BOB home loan EMI?

The BOB home loan advantage EMI calculator requires a user to  input details related to  the principal amount, the applicable rate of interest, and tenure as per their choice. 

This online tool uses the standard  formula to compute EMIs on loans, which is as follows:

EMI = [P x r x (1 + r)^n] / [(1 + r)^n-1]

In which, 

P=the principal amount, 

r=the rate of interest divided by 12

n-the repayment tenure in months

Example for BOB Home Loan EMI Calculator

Let’s assume an individual avails of a home loan from Bank of Baroda. The details of this loan are as below:

Here, P = Rs 1,00,00,000, r = 8% or 0.08, and n = 240 months

EMI =  [1,00,00,000 x 0.08/12 x (1 + 0.08/12)^240] / [(1 + 0.08/12)^(240 – 1)]

EMI = [1,00,00,000 x 0.0066 x (1 + 0.0066)^240] / [(1 + 0.0066)^(240 – 1)]

EMI = Rs 83,644

BOB home loan EMI calculation formula

To cross-check the EMI amount, the following standardised formula is used:

EMI = [P x r (1+r)^n]/[(1+r)^n -1]

In which, 

P = the principal or Loan amount

r = the interest rate applicable

n = the number of EMIs or applicable tenure

How can BOB Home EMI Calculator help you?

BOB Home Loan EMI Calculator displays the potential EMI payable even before your home loan is sanctioned.

The EMI calculator eliminates the need for manual calculations and negates the possibility of errors.

It enables you to adjust the loan amount and tenure by entering various permutations and combinations of principal amount and term, to arrive at an affordable EMI amount.

Knowing the EMI well in advance allows you to streamline your finances and helps to align your budget to accommodate the EMI without affecting other mandatory expenses.

BOB Amortization Schedule

Let’s assume, you have taken a home loan of Rs 50 lakh for a period of 20 years or 240 months. The interest rate is fixed at 8.4% every year. The following is the amortization schedule.

How to use BOB home loan EMI calculator?

You can calculate the BOB Home Loan EMI amount in three easy steps as follows:

Loan amount: Enter the desired loan amount that you wish to avail

Loan tenure (in months): Input the desired loan term for which you wish to avail of the housing loan.

Interest rate: Remember, a longer tenure helps in enhancing the eligibility interest rate percent per annum. 

How to calculate home loan eligibility in BOB

The steps to calculate Bank of Baroda's Home Loan eligibility calculator is as follows:

Step 1: Visit Bank of Baroda's home Loan eligibility calculator

Step 2: Choose one of the categories: salaried or self-employed

Step 3: Enter the income details: Gross monthly salary, if you are salaried and gross annual income, if you are self-employed

Step 4: Enter your date of birth

Step 5: Enter the loan tenure (in months)

Step  6: Enter your CIBIL or credit score

Step  7: Enter any other EMIs (monthly), if any.

Step  8: Enter any monthly deduction (tax, NPS, etc.), if any

Step 9: Click on “Calculate now”

After you get an estimation of your eligibility and home loan amount by using the home loan eligibility calculator, you can apply for an online home loan with Bank of Baroda.

Benefits of using BOB home loan EMI calculator

A few of the benefits of using the BOB home loan EMI calculator are as follows:

Ease of financial planning: It performs complex calculations with ease, providing you with a clear understanding of your monthly repayments or EMIs. It is possible to analyse various loan amounts, interest rates, and tenures to zero in on the optimal repayment plan.

Accurate and instant estimates: You can get precise calculations in an instant using a BOB EMI calculator for home loans. This online tool helps in getting a clear picture of your financial commitments and aids in making well-informed decisions.

Tailor-made repayment strategies: The EMI calculator for home loan BOB allows you to customise your repayment strategy as per preferences and financial capabilities. By adjusting the loan tenure or the principal amount, you can explore various scenarios and help you strike a balance between affordability and tenure.

Real-time comparison for informed decision-making: The BOB home loan EMI calculator allows a borrower to compare different loan options based on interest rates and repayment terms.

Factors affecting BOB Home Loan EMI

The following three factors will affect the amount of EMI:

Principal: The  EMI is directly proportional to the principal amount

Interest rate: The EMI is directly dependent on the rate of interest charged by the Bank of Baroda

Loan tenure: The shorter the repayment tenure, the higher will be the EMI applicable

BOB Repayment Plans

The Bank of Baroda provides a variety of home loan products, which enables a customer to purchase a home with ease. These home loans are available at interest rates ranging between 8.4-10.6% per annum . In metro cities, the maximum loan amount offered ranges from Rs 5-10 crore. In semi-urban and rural areas, the maximum home loan amount offered is Rs 1 crore.

Here’s a list of loan repayment methods that are commonly adopted by borrowers:

Equated Monthly Instalments (EMIs): This is most preferred in terms of loan repayment. Every instalment amount comprises two components: the principal  and the interest amountst. EMIs are to be paid every month on a fixed date throughout the loan tenure.

The loan to be repaid through EMI can spread to a maximum tenure of 30 years. However, this is only applicable if you are applying for the loan at a young age and the loan is cleared ahead of your retirement age. 

Similarly, the minimum tenure for a home loan is short-term housing loan repayment. The duration period is either equal to or less than five years for repayment. Borrowers who choose this option generally make the repayment in two years.

Those who can manage this minimum tenure for home loan repayment are debt-free in a shorter period. This minimum tenure for a home loan depends on the borrower’s capacity, as the EMI and loan tenure are reciprocal to each other, that is, if period is less, EMI is higher.

Borrowers also have the option to prepay a loan after a certain number of instalments have been paid up. A few financial institutions may charge a prepayment fee. Some of the common pre-payment options available include:

Part Pre-Payment: In case a borrower repays part of the loan, it reduces the principal amount. As a result, this reduces the interest applicable to the remaining loan amount.

Full Prepayment or Pre-Closure: In case a borrower fully pays off the borrowed loan in advance of the loan tenure, this is referred to as full prepayment or pre-closure of the loan.

Bullet Repayment: Under this option, borrowers have to pay the interest component every month. As the loan tenure approaches its closure, the borrower makes a single bullet repayment to pay off the remaining principal value or entire loan amount.

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