12/18/2019 How Bank of Baroda Home Loan EMI Calculator Helps You in Estimating The EMI Amount?Read NowHome is the biggest luxury an individual can afford in a country like India. You may wonder why? Well, because of the hefty prices of homes set out by the builders. Because of this, not many individuals afford to buy them in one installment as it would be very difficult for them to arrange this sum of money in one go. To solve their problem, there are several banks and financial institutions that provide home loan facilities to needy customers. Bank of Baroda is also one of the finest public sector banks that provide home loan to the customers at an affordable rate of interest.
But here we will talk about an aspect of this home loan that many fail to notice - EMI (Equated Monthly Installments) calculation before opting for the home loan. Bank of Baroda gives you such an amazing tool with the help of which you can easily get an estimation of your monthly installment. This tool is Bank of Baroda Home Loan EMI Calculator. If you’re someone who is looking to opt for a home loan and want to have a proper guess about your EMI amount so that you can be better prepared for it, then this will a perfect tool for you. In this article, we will be telling you about it and also how Bank of Baroda home loan interest rate plays a crucial role in determining it. So read on! Why EMI Calculation is Important? Suppose you’re ready to opt for a home loan. As you know that home loan is generally a big amount and you will be repaying it with the help of monthly installments. These EMIs would be going from your monthly income. And you will be setting aside a large portion from your monthly income. If you won’t have a proper estimate about the EMI, then how will you manage your spends with the extra burden of EMI every month? That’s why EMI calculation is important. When you have a certain figure of it, you will be better prepared financially and mentally to repay it. Otherwise, you could miss your payments and in the future, may default the loan. That’s why everybody must use the Bank of Baroda home loan EMI calculator before opting for the home loan. What are the details that you will need to use the EMI calculator? Like any other calculator, this calculator will also need a few inputs to give you an output. You will need only a few basic details such as loan amount, rate of interest, and tenure. The first thing that you will need to fill in the home loan amount. Bank of Baroda provides a maximum of INR 10 crores in metros while INR 1 crore in semi-urban and rural areas. Fill the desired amount into the required place according to your repayment capability only otherwise you may find it difficult while repaying. After that, fill the required Bank of Baroda home loan interest rate which depends on many factors such as your age, repayment capability, monthly income, employment type, and most importantly CIBIL score. The third and last thing that you will need to fill in is the required number of years within which you will be able to repay the loan. The maximum tenure you can choose is 30 years. As soon as you wil feed all these details into the calculator, it will give you the monthly EMI, total interest, and the total amount that you will pay during the loan repayment.
0 Comments
Leave a Reply. |
Details
Anika Sharma
|