The eligibility for a loan decides whether can apply for it or not. Bank of Baroda is among the best housing loan providing banks in India. It has a set criteria based on which the loan is approved. As you will read this article, you will get to know the eligibility criteria according to which you can apply. But it will only tell you whether you fit in the list of people eligible for the loan.
So, to know the maximum loan amount you can get, you can use eligibility calculator. Read more to know such useful information.
Bank of Baroda Home Loan Eligibility Criteria
Below are the people who can apply for a housing loan offered by Bank of Baroda.
- Resident Indians
- Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
Check your eligibility with eligibility calculator
Here is an example showing how the maximum loan amount eligibility is checked. Harish earns a salary of ₹80,000 and saves around ₹40,000 every month. If he wishes to apply for a home loan at Bank of Baroda, then what will be his loan amount eligibility? Firstly, the calculator will determine per Lac EMI before arriving at the loan amount.
Loan Tenure– 30 Years
Rate of Interest– 8.40-9.40% p.a.
Per Lac EMI- ₹762-₹834
Loan Amount Eligibility-₹1,00,000 x Savings/Per Lac EMI
₹1,00,000 x ₹40,000/762 = ₹52,49,343.83 Lacs
₹1,00,000 x ₹40,000/834 = ₹47,96,163.06 Lacs
So, Harish is expected to get a loan amount ranging within ₹48 lakhs to ₹53 lakhs from Bank of Baroda to buy a dream home.
What is the minimum CIBIL score required for BoB home loan?
You need to have a minimum CIBIL score of 650 or above to apply Bank of Baroda home loan eligibility . In special cases, if your score is below 650 for some reasons and has proof of it, banks generally
Check your EMI eligibility with EMI calculator
A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details on your home loan which are as follows:
- Loan amount
- Interest rate
Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 9% p.a.
Total interest outgo: ₹16,51,360
Total amount: ₹36,51,360
We hope that you have understood how can you properly check your eligibility to apply, maximum loan amount and EMI for Bank of Baroda home loan. So, get ready to experience a smart home loan and experience a hassle-free journey.