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Which one is better Bank of Baroda Home Loan or SBI?



When you compare two banks for the same product, you must compare each and everything. Now that you want to know whether a home loan from Bank of Baroda is better than that of State Bank of India or not. You should compare the rates, eligibility and EMIs.

Bank of Baroda Home Loan Eligibility Criteria

Below are the people who can apply for a housing loan offered by Bank of Baroda.

       Resident Indians
       Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).

What is the present interest rate for BoB home loan?

The floating rate available for a home loan ranges from 8.40% - 9.40% per annum. This rate is offered by the bank on the basis of the overall eligibility of the applicant. If your income, property papers and CIBIL score (above 650) is as per the requirement. You can expect a good rate.

How much EMI do you pay for BoB home loan?

A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details on your home loan which are as follows:

       Loan amount
       Tenure
       Interest rate

Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 9% p.a.

EMI: ₹20,285
Total interest outgo: ₹16,51,360
Total amount: ₹36,51,360

SBI Home Loan Interest Rates

The bank has recently increased housing loan rates. At present, 8.45% per annum is the lowest rate of interest which is for women. Others can get the minimum rate of 8.50% per annum. The rates are linked to 2 year MCLR which is 8.35%.

SBI Home Loan Eligibility

Just like for any other loan, there is an eligibility criterion for SBI home loans as well. So have a look at the eligibility here:

For Salaried:

       Your age must be between 18-70 years
       Your net annual income should be at least ₹1,20,000
       You can get loan amount up to ₹5 lakhs to ₹1 crore
       The minimum work experience required is 2 years

For Self-employed:

       Your age must be between 21-70 years
       Your net annual income should be at least ₹2,00,000
       You can get loan amount up to ₹5 lakhs to ₹2 crores
       The minimum work experience required is 3 years

How much EMI do you pay for SBI home loan?

Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.5% p.a.

EMI: ₹19,695
Total interest outgo: ₹15,45,062
Total amount: ₹35,45,062

Now that you can see the interest rate, EMI and eligibility criteria at each of the banks, you can decide whether BoB home loan is better for you or not. 

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