1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For home loans, EMIs are used to repay both principal and interest each month.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months (years × 12)
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment required to fully amortize the loan over its term.

3. Bank of Baroda Home Loan Features

Details: Bank of Baroda offers home loans starting at 6.50% p.a. with tenure up to 30 years. Special benefits for women borrowers, government employees, and affordable housing schemes.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (current rate 6.50% p.a.), and loan tenure in years. The calculator will show monthly EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the current home loan interest rate at Bank of Baroda?
A: As of 2023, rates start from 6.50% p.a. for salaried individuals, subject to change.

Q2: What is the maximum loan tenure available?
A: Bank of Baroda offers home loans up to 30 years tenure, depending on age and retirement criteria.

Q3: Are there any prepayment charges?
A: Bank of Baroda doesn't charge for prepayment of floating rate home loans from own sources.

Q4: What is the minimum loan amount?
A: Minimum home loan amount is typically ₹3 lakhs, varying by property value and location.

Q5: What documents are required for application?
A: Standard documents include ID proof, address proof, income proof, property documents, and bank statements.