The dream of buying a house has definitely become easier now, but if you are a salaried person and are thinking of taking a home loan of ₹ 1 crore from Bank of Baroda, then it is very important to know first what your income should be. To take such a big loan from Bank of Baroda, the bank assesses many aspects like your monthly income, existing debt, credit score and loan tenure. If you are also planning to buy a property, then know what is the salary required for a home loan of ₹ 1 crore and what are the conditions to be fulfilled.
On what basis do banks approve home loans?
Before approving a home loan, any bank assesses a customer’s age, monthly income, existing EMI or any outstanding loan and CIBIL score. That is, the bank evaluates the customer on its home loan eligibility criteria. If you do not have any previous loan outstanding and your CIBIL score is excellent (800 or more) then it will be easy for you to get the loan. The bank can give you a loan at its initial interest rate. If the CIBIL score is a little weak then you may have to take a home loan at an expensive interest rate and it is also possible that the loan amount approved may be slightly less.
What should be the minimum salary to take ₹1 crore home loan?
It is mandatory to have a fixed monthly income in home loan. If you do not already have any loan. If there are no defaulters, then it may be easy for you to take a home loan of ₹ 1 crore from Bank of Baroda. Provided, you have sufficient monthly salary. If you do not have any outstanding loan. Your date of birth is 12 February 1986.
Home loan calculation.
If your CIBIL score is above 771 and below 800, then according to the calculation based on 7.65 percent interest rate, to get a home loan of Rs 1 crore for 20 years, your minimum salary must be Rs 1,25,500. According to the calculation, you can get a maximum home loan of Rs 1,00,11,783 for 20 years. Your monthly installment on this loan amount will be Rs 81,575.
Bank of Baroda interest rate
At present, Bank of Baroda home loan is available at an initial interest rate of 7.20 percent. At this rate, home loan is offered to those customers whose CIBIL score is 800 or more. However, the final decision is taken by the bank only.
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