Bank of Baroda Home Loan Salary Eligibility: Last year, the Reserve Bank of India had reduced the repo rate by 1.25 percent, after which the repo rate came down to 5.25 percent. Home loan interest rates also fell significantly due to the repo rate cut by the Reserve Bank of India (RBI). After the decision of RBI, all the banks of the country reduced the interest rates on home loans. Public sector Bank of Baroda is now offering home loans at starting rates of only 7.20 percent. Today we will know here what should be your monthly salary to take a home loan of Rs 50 lakh from Bank of Baroda and how much EMI will you have to pay every month for this?
Salary eligibility will be different for different tenure loans
If we calculate the minimum interest rate of home loan offered by Bank of Baroda as 7.20 percent, then to take a home loan of Rs 50 lakh, the monthly salary should be Rs 68,000. This calculation has been done according to a 30 year loan. If you want to take a loan for 25 years, then your monthly salary should be Rs 72,000 and for 20 years, your monthly salary should be Rs 79,000. Keep in mind that to take a loan based on this calculation, you should not have any other loan already active.
If you take a loan of Rs 50 lakh, how much will be the EMI?
For a 30 year home loan with a salary of Rs 68,000 your monthly EMI will be around Rs 34,000, for a 25 year home loan with a salary of Rs 72,000 your monthly EMI will be around Rs 36,000 and for a 20 year home loan with a salary of Rs 79,000 your monthly EMI will be around Rs 36,000 will become approximately Rs 39,500. To take any kind of loan from any bank, your credit score should be good. If your credit score is not good then the bank may flatly refuse to give you a loan. Apart from credit score, your old loan accounts are also checked.
Latest Business News