A home loan calculator not only helps in checking payments you will be liable to pay. But, it also helps in checking whether the combination of the loan amount, the rate of interest and tenure is suitable for you or not.

When you decide to take a home loan, you can use Bank of Baroda home loan EMI calculator. This tool is free to use and is available online. You can get the details within a few minutes with accuracy. Read more to know how can you use it.

### EMI Calculator

A home loan EMI calculator is also popular with the name interest calculator. It is basically used to calculate the monthly installments of the loan. This tool takes into account the following details:

• Loan amount
• Tenure
• Interest rate

On the basis of the above data, this calculation tool would give you the details of the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:

Loan amount- ₹20 lakhs

Interest rate- 8.50% p.a.

Tenure- 20 years

The payment details will be as follows:

Monthly EMI- ₹17,356

Total Interest Outgo- ₹21,65,552

Total Amount (Interest + Principal)- ₹41,65,552

Now, if you are eligible for interest subsidy under Pradhan Mantri Awas Yojana, you can save up to ₹2.67 lakhs. So, how much less will you pay to the bank?

Total Amount (Interest + Principal) – Interest Subsidy = Final repayment amount

₹41,65,552 – ₹2.67 lakhs = ₹41,65,549.33

### What is the Current Interest Rate on Bank of Baroda Home Loan?

The interest rate on home loans ranges from 8.40% – 9.40% per annum. This approved rate is decided on the basis of your overall eligibility. If your income, property papers and CIBIL score (above 650) is as per the requirement, banks will find your profile trustworthy and suitable for a lower rate of interest.

### Does EMI Amount Change with Tenure?

This might sound weird but many people think that the monthly installment amount would change with tenure. It is partially true and partially false. It depends on many factors which you may read below:

• The changing of EMI amount depends on what choices the borrower makes while opting a specific EMI plan and paying it.
• Floating Interest Rate: If the borrower opts for a floating rate of interest, the amount of EMI will change every time a new floating rate is set by the lender.
• Prepaying the Loan Amount: If the borrower prepays the loan in the given tenure, the EMI amount changes. Prepaying the loan reduces the principal amount on loan and the interest rate changes according to remaining principal.
• Opting for Progressive EMIs: Many times the borrowers are unable to pay the EMI amount in huge sums, so they opt for this option. Here many lenders offer to repay the loan in smaller EMIs at the beginning of loan repayment tenure. This is a fixed period.