Taking a home loan is a big financial decision, especially when it’s as substantial as ₹60 lakh. If you’re considering a home loan from Bank of Baroda (BOB), understanding how much you’ll pay every month as EMI (Equated Monthly Installment) is crucial. In this guide, we break down everything you need to know about the monthly EMI, interest rates, and down payment required for a ₹60 lakh home loan from BOB.
₹60 Lakh BOB Home Loan EMI Guide
| Key Detail | Information |
|---|---|
| Loan Amount | ₹60 Lakh |
| Interest Rate | Starting from 8.60% per annum |
| Tenure | Up to 30 Years |
| Approximate EMI (20 Years) | ₹52,456 |
| Down Payment | 10% – 25% of Property Value |
| Official Link | Bank of Baroda Home Loan |
Taking a ₹60 lakh home loan from Bank of Baroda is a significant financial commitment. Knowing your EMI, interest payable, and down payment helps you plan better. Use the BOB Home Loan EMI Calculator for accurate calculations.
What is EMI and How is it Calculated?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your home loan. It includes both the principal amount and the interest. The formula for calculating EMI is:
EMI=P×R×(1+R)N(1+R)N−1EMI = \frac{P \times R \times (1 + R)^N}{(1 + R)^N – 1} Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual Rate / 12)
- N = Loan tenure in months
see also: Small SIP for Long Time vs. Big SIP for Short Time
₹60 Lakh Home Loan EMI Calculation
For a ₹60 lakh home loan from BOB with an interest rate of 8.60% per annum and a tenure of 20 years (240 months):
- Principal (P) = ₹60,00,000
- Monthly Interest Rate (R) = 0.007167 (8.60% / 12)
- Tenure (N) = 240 months
Using the above formula, the EMI comes to approximately ₹52,456.
Interest and Total Repayment Breakdown
If you take a ₹60 lakh loan for 20 years at 8.60% interest:
- Total Interest Payable = ₹65,89,440
- Total Amount Payable (Principal + Interest) = ₹1,25,89,440
This means you’ll pay more than double the principal amount over the loan tenure.
How Much Down Payment is Needed?
Bank of Baroda typically requires a down payment of 10% to 25% of the property value. For a property worth ₹60 lakh:
- Minimum Down Payment (10%) = ₹6 lakh
- Maximum Down Payment (25%) = ₹15 lakh
Tips for Reducing EMI and Interest
- Opt for a Shorter Tenure: Reduces total interest paid.
- Make Larger Down Payment: Lowers the principal amount.
- Prepay Whenever Possible: Reduces principal faster.
see also: ₹54 Lakh Home Loan EMI Monthly Payment and Total Interest Explained
₹60 Lakh BOB Home Loan EMI Guide FAQs
1. Can I get 100% financing for a ₹60 lakh home loan?
No, Bank of Baroda usually finances up to 75%-90% of the property value.
2. Can I prepay my home loan?
Yes, BOB allows prepayment without penalty on floating rate loans.
3. How do I check my eligibility for a ₹60 lakh loan?
You can use the BOB Home Loan Eligibility Calculator.
