Do you want to take a home loan and buy a new house? But find out if you can take a loan of Rs. 60 lakhs based on your salary.
Home Loan: Home loans are usually required to buy a house in big cities. Especially, employees who rent in big cities rely on home loans to buy their own house. RBI has reduced the repo rate by 1 percent this year. Due to this, home loan interest rates have also come down by 1 percent. Now let us find out what your monthly salary should be to take a home loan of ₹60 lakh from Bank of Baroda, and how much EMI you will have to pay every month for this.
Bank of Baroda Home Loan Rates – After the RBI cut the repo rate, all banks in the country have reduced the interest rates on other loans, including home loans. Bank of Baroda, a public sector bank, has also reduced its home loan interest rates. Bank of Baroda is currently offering home loans at an introductory interest rate of 7.45 percent.
What is the monthly salary required for a ₹60 lakh loan? – To take a ₹60 lakh home loan for a period of 30 years at an interest rate of 7.45 per cent from Bank of Baroda , your monthly salary should be ₹83,500 . However, you should note one important thing: You should not have any other loan running in your name. Your overall financial obligations are taken into account in calculating the loan eligibility.
What is the EMI for a ₹60 lakh home loan? – If you take a ₹60 lakh home loan for a tenure of 30 years from Bank of Baroda at an interest rate of 7.45 percent , you will have to pay an EMI of around ₹41,750 every month . EMI stands for Equated Monthly Installment. This is a fixed amount that you pay to the bank every month. It includes both the principal and interest.
Importance of Credit Score – Your credit score plays a major role in taking any type of loan from any bank. If your credit score is not good, the bank may reject your loan application. A good credit score is very important for any loan. Along with credit score, the history of your old loan accounts is also checked. If your credit score is good, you can also ask for a reduction in interest rates from the bank.
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