# Bank of Baroda Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

Are you looking for a quick and easy way to calculate your EMIs? Try the Bank of Baroda Home Loan EMI Calculator. This efficient online tool quickly provides accurate figures for your monthly EMI, total interest outgo, and the overall amount you'll pay over the life of your loan. It's simple to use and provides the financial details you need instantly. In this article, we’ll learn how to use the Wishfin home loan EMI calculator to get your monthly repayment schedules easily.

## How to Use Wishfin Bank of Baroda Home Loan EMI Calculator?

The Wishfin Bank of Baroda home loan calculator is a helpful tool for borrowers to figure out their monthly loan payments before they apply for a loan. Since home loans can last up to 30 years, it's important to choose a repayment period that suits your budget. To use the calculator, you just need to enter:

• Interest Rate
• Tenure
• Loan Amount

The calculator will quickly tell you your monthly payment amount, the total interest you'll pay, and the total amount you'll end up paying back. It also shows an amortization table, which helps you see how your loan payments break down over time. This tool is available 24*7, making your home loan journey a hassle-free experience.

## Bank of Baroda Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For instance, if you avail a home loan worth ₹45,00,000 for a tenure of 20 years at an agreed-upon interest rate of 9%. So, as per the formula:

• Principal Amount (P): ₹45,00,000
• Interest Rate (R): 9% per annum (which is 9/12/100 = 0.0075 per month)
• Loan Tenure (n): 20 years, or 240 months

Let’s see how it works:

[45,00,000 x 0.0075 x (1 + 0.0075) ^ 240]/[(1+0.0075) ^240 -1] = 40,488

The EMIs you will be required to pay is ₹40,488

## Bank of Baroda Home Loan Amortisation Schedule

In order to have more clarity on the same, let’s just take a look at the example below.

Suppose, Ruchi Verma, a 30-year-old, Senior Content Writer in a Company is looking for a home loan of INR 30 Lakh to buy a home in New Delhi. She has applied for the same and BOB has agreed to offer the home loan at an interest rate of 8.30% per annum for a tenure of 30 years. But before saying yes to the lender, Ruchi wants to know the exact calculations of her EMIs. She wants to know whether her monthly installments are going to be pocket-friendly or not? Thus, she used a home loan EMI Calculator for the same. So, let’s see the results in the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 8.30% 1 ₹ 2,61,382 ₹ 1,36,579 ₹ 31,36,579
₹ 30,00,000 8.30% 2 ₹ 1,36,093 ₹ 2,66,225 ₹ 32,66,225
₹ 30,00,000 8.30% 3 ₹ 94,425 ₹ 3,99,294 ₹ 33,99,294
₹ 30,00,000 8.30% 4 ₹ 73,662 ₹ 5,35,774 ₹ 35,35,774
₹ 30,00,000 8.30% 5 ₹ 61,261 ₹ 6,75,649 ₹ 36,75,649
₹ 30,00,000 8.30% 6 ₹ 53,040 ₹ 8,18,898 ₹ 38,18,898
₹ 30,00,000 8.30% 7 ₹ 47,208 ₹ 9,65,497 ₹ 39,65,497
₹ 30,00,000 8.30% 8 ₹ 42,869 ₹ 11,15,414 ₹ 41,15,414
₹ 30,00,000 8.30% 9 ₹ 39,524 ₹ 12,68,618 ₹ 42,68,618
₹ 30,00,000 8.30% 10 ₹ 36,876 ₹ 14,25,069 ₹ 44,25,069
₹ 30,00,000 8.30% 11 ₹ 34,733 ₹ 15,84,728 ₹ 45,84,728
₹ 30,00,000 8.30% 12 ₹ 32,969 ₹ 17,47,548 ₹ 47,47,548
₹ 30,00,000 8.30% 13 ₹ 31,497 ₹ 19,13,481 ₹ 49,13,481
₹ 30,00,000 8.30% 14 ₹ 30,253 ₹ 20,82,476 ₹ 50,82,476
₹ 30,00,000 8.30% 15 ₹ 29,192 ₹ 22,54,477 ₹ 52,54,477
₹ 30,00,000 8.30% 16 ₹ 28,278 ₹ 24,29,428 ₹ 54,29,428
₹ 30,00,000 8.30% 17 ₹ 27,487 ₹ 26,07,267 ₹ 56,07,267
₹ 30,00,000 8.30% 18 ₹ 26,796 ₹ 27,87,934 ₹ 57,87,934
₹ 30,00,000 8.30% 19 ₹ 26,190 ₹ 29,71,363 ₹ 59,71,363
₹ 30,00,000 8.30% 20 ₹ 25,656 ₹ 31,57,488 ₹ 61,57,488
₹ 30,00,000 8.30% 21 ₹ 25,183 ₹ 33,46,242 ₹ 63,46,242
₹ 30,00,000 8.30% 22 ₹ 24,763 ₹ 35,37,555 ₹ 65,37,555
₹ 30,00,000 8.30% 23 ₹ 24,389 ₹ 37,31,358 ₹ 67,31,358
₹ 30,00,000 8.30% 24 ₹ 24,054 ₹ 39,27,579 ₹ 69,27,579
₹ 30,00,000 8.30% 25 ₹ 23,754 ₹ 41,26,148 ₹ 71,26,148
₹ 30,00,000 8.30% 26 ₹ 23,484 ₹ 43,26,991 ₹ 73,26,991
₹ 30,00,000 8.30% 27 ₹ 23,241 ₹ 45,30,037 ₹ 75,30,037
₹ 30,00,000 8.30% 28 ₹ 23,021 ₹ 47,35,214 ₹ 77,35,214
₹ 30,00,000 8.30% 29 ₹ 22,823 ₹ 49,42,450 ₹ 79,42,450
₹ 30,00,000 8.30% 30 ₹ 22,644 ₹ 51,51,673 ₹ 81,51,673

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 23,607 ₹ 2,48,115 ₹ 29,76,392
2 ₹ 25,642 ₹ 2,46,080 ₹ 29,50,750
3 ₹ 27,853 ₹ 2,43,868 ₹ 29,22,896
4 ₹ 30,255 ₹ 2,41,467 ₹ 28,92,640
5 ₹ 32,864 ₹ 2,38,858 ₹ 28,59,775
6 ₹ 35,698 ₹ 2,36,024 ₹ 28,24,076
7 ₹ 38,777 ₹ 2,32,945 ₹ 27,85,299
8 ₹ 42,121 ₹ 2,29,601 ₹ 27,43,178
9 ₹ 45,753 ₹ 2,25,969 ₹ 26,97,425
10 ₹ 49,698 ₹ 2,22,024 ₹ 26,47,726
11 ₹ 53,984 ₹ 2,17,738 ₹ 25,93,742
12 ₹ 58,639 ₹ 2,13,083 ₹ 25,35,103
13 ₹ 63,695 ₹ 2,08,027 ₹ 24,71,407
14 ₹ 69,188 ₹ 2,02,534 ₹ 24,02,219
15 ₹ 75,154 ₹ 1,96,568 ₹ 23,27,064
16 ₹ 81,635 ₹ 1,90,087 ₹ 22,45,429
17 ₹ 88,674 ₹ 1,83,048 ₹ 21,56,755
18 ₹ 96,321 ₹ 1,75,401 ₹ 20,60,433
19 ₹ 1,04,627 ₹ 1,67,095 ₹ 19,55,806
20 ₹ 1,13,649 ₹ 1,58,073 ₹ 18,42,157
21 ₹ 1,23,449 ₹ 1,48,273 ₹ 17,18,707
22 ₹ 1,34,094 ₹ 1,37,628 ₹ 15,84,613
23 ₹ 1,45,657 ₹ 1,26,065 ₹ 14,38,955
24 ₹ 1,58,218 ₹ 1,13,504 ₹ 12,80,736
25 ₹ 1,71,861 ₹ 99,861 ₹ 11,08,875
26 ₹ 1,86,681 ₹ 85,041 ₹ 9,22,194
27 ₹ 2,02,779 ₹ 68,943 ₹ 7,19,414
28 ₹ 2,20,265 ₹ 51,457 ₹ 4,99,149
29 ₹ 2,39,258 ₹ 32,464 ₹ 2,59,890
30 ₹ 2,60,046 ₹ 11,832 ₹ 0

## The Minimum EMI Offered by Bank of Baroda on Home Loans

Here are the monthly payments for different home loan amounts from Bandhan Bank, calculated at interest rates of 8.40% and 12.10% for a period of 20 years:

Interest Rate of 8.40%

Interest Rate of 12.10%

10 lakh loan amount - ₹8,615 p.m.

10 lakh loan amount -  ₹11,081 p.m.

12 lakh loan amount - ₹10,338 p.m.

12 lakh loan amount -  ₹13,297 p.m.

15 lakh loan amount - ₹12,828 p.m.

15 lakh loan amount -  ₹16,621 p.m.

17 lakh loan amount - ₹14,539p.m.

17 lakh loan amount - ₹18,837 p.m.

20 lakh loan amount - ₹17,104 p.m.

20 lakh loan amount -  ₹22,161 p.m.

## What are the Main Benefits of Utilizing the Bank of Baroda Home Loan EMI Calculator?

Here are the main benefits of using the Bank of Baroda Home Loan EMI Calculator to help you plan your home purchase effectively:

• Easy Budget Planning: The Bank of Baroda EMI calculator helps you understand exactly how much you will need to pay towards your home loan. When you know the EMI details, you can plan your budget and other financial commitments accordingly.
• Saves Time: Instead of manually calculating EMIs, which can be prone to errors and time-consuming, the calculator provides quick and accurate results. This means you can save a lot of time as well as effort.
• Financial Preparedness: Knowing your monthly outgo in advance helps you assess your readiness for the loan, ensuring you're financially prepared for the long-term commitment.
• Transparency: The calculator gives a clear breakdown of the payment schedule, which includes the principal amount, interest, and the total payable amount. This promotes transparency in your financial dealings.

## Bank of Baroda Home Loan Eligibility

Both salaried and self-employed individuals can apply for Bank of Baroda home loans. Hindu Undivided Families (HUFs) are not eligible to apply for this loan.

Minimum Age: 21 years for applicants and 18 years for co-applicants.

Maximum Age: 70 years

Resident Type: Resident Indians and Non-Resident Indians (NRIs) holding Indian passports/ Persons of Indian origin (PIOs) holding foreign passports/ Overseas Citizens of India (OCI).

Work Experience:

• For Resident Indians:

- Salaried individuals need to be employed for at least 1 year.
- Non-salaried individuals, such as business owners or freelancers, need at least 2 years of experience.
- Up to 3 months of employment gap is acceptable.

• For Salaried NRIs/PIOs/OCIs:

- Must have a stable job with a reputable Indian or foreign company, or a government department abroad for at least 2 years.
Must hold a valid job contract or work permit.

• For Self-employed NRIs/PIOs/OCIs:

- Must have been operating a business, or be self-employed, and living abroad for at least 2 years.

Income Requirements:

• The yearly income of the applicant(s) or co-applicant(s) must be at least Rs. 5 lakh.
• For NRIs, the combined annual income of the applicant and co-applicant should also be at least Rs. 5 lakh to meet these criteria.

## Factors that Influence the Bank of Baroda Home Loan EMI

Here are the key factors that play an integral role in deciding the home loan EMIs that you will be required to pay:

• Loan Amount: The total amount you borrow has a direct impact on your EMI. Larger loan amounts will result in higher EMIs.
• Loan Tenure: The repayment period also plays an important role. Longer loan tenures spread the cost over more months. This reduces your monthly payments but increases the total interest paid over the life of the loan. Shorter tenures increase monthly payments but decrease interest costs.
• Interest Rate: The rate at which interest is charged on your loan amount also affects your monthly payments. Higher interest rate leads to higher EMIs.
• Repayment Frequency : How often you make your loan payments (monthly, quarterly, etc.) can influence your EMI. More frequent payments can reduce the interest cost.
• Existing Financial Obligations : If you have other loans or debts, it might affect your loan eligibility and the EMI you can comfortably afford.

## Fees and Charges Related to Bank of Baroda Home Loans

 Processing Fees Up to 0.50% (Min. Rs.8,500; Max. Rs.25,000) Penal Interest Not available Prepayment/Foreclosure Charges NIL

## Drawbacks of Using the Bank Of Baroda Home Loan EMI Calculator

Here are the main disadvantages of using a home loan EMI calculator of Bank of Baroda:

• Only Gives Estimates: The calculated EMIs might not match the actual payments due to factors like loan amount adjustments and interest rate changes.
• Misses Extra Costs: It doesn't include other charges like processing fees and legal costs that are part of getting a home loan.
• Assumes Fixed Rates: Assumes the interest rate won't change, which isn’t the case with floating rate loans.
• Ignores Credit Score: Doesn’t consider your credit score, which can affect the interest rate you get.
• Doesn't Show Tax Benefits: Doesn’t account for tax benefits that can lower your overall loan costs.
• Over-Simplifies: Might oversimplify your financial situation, missing out on important details.