Bank of Baroda Home Loan: Everyone dreams of owning their own home these days. However, in today’s inflationary times, buying a home becomes difficult. This creates the need for home loans. Employed individuals living on rent in major cities often require home loans to purchase their own homes.
The RBI has cut the repo rate by 1% this year, resulting in a 1% reduction in home loan rates. Today, we will explore the monthly salary required to obtain a home loan of ₹60 lakh from the Bank of Baroda and the monthly EMI required.
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Home Loan Interest Rates
Following the RBI’s repo rate reduction, many banks have also reduced their home loan interest rates. Public sector bank Bank of Baroda has also reduced its home loan interest rates. Currently, BoB charges an interest rate of 7.45%. Therefore, if you take out a home loan of ₹60 lakh for 30 years, you’ll have to pay ₹83,500 monthly at 7.45%. This requires significant consideration: you shouldn’t have any other loans running.
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What will be the EMI on a ₹60 lakh home loan?
If you take out a home loan of ₹60 lakh from BoB, you’ll have to pay ₹41,750 monthly at 7.45% interest. Credit scores are crucial for any bank. If your credit score is poor, the bank may reject your loan application. A good credit score is crucial. In addition to your credit score, your previous loan balances are also examined. A good credit score makes it easier to get a loan from the bank.