Bank of Baroda Home Loan Eligibility Calculator

The Bank of Baroda home loan eligibility calculator is a handy tool to assess and comprehend your eligibility and other pertinent details concerning your home loan. You are only required to input some basic information about your age, income, occupation, etc. In a jiffy, this calculator will compute an estimated loan amount you could be eligible for, the anticipated monthly EMI you are supposed to pay, the total loan tenure, and the applicable interest rate. Moreover, in addition to providing loan estimates, the calculator proffers several additional benefits that assist you in making well-informed financial choices.

Hereunder, we present a detailed view of the Bank of Baroda housing loan eligibility calculator. Namely, we delve into its key features, benefits, and how to use it, and compare various loan offerings the bank provides. Moreover, this comprehensive guide will give you a better understanding of the eligibility criteria, factors that influence those criteria, how to improve your eligibility if you fall short of the minimum eligibility, and more. Let’s dive in.

Bank of Baroda Home Loan Eligibility Calculator –  Key Features & Benefits

Following are some of the key features and benefits of the BOB home loan eligibility calculator:

Completely Digital

You can easily use the Bank of Baroda loan eligibility calculator via the official website of Urban Money, at any time and anywhere, ultimately eliminating any time or geographical limitations. By doing so, you are no longer required to visit the bank branch every now and then. Instead, you can conveniently check your eligibility, compare different options, and apply for the most cost-effective home loan.

Easy to Understand

Instead of presenting a tedious description in a textual format, the Bank of Baroda loan eligibility calculator employ a more visually engaging interface to display results. As a result, with a quick glance, you can easily perceive your current financial status regards your home loan.

Comparison Capabilities

The BOB home loan eligibility calculator empowers you to compare different loan options the Bank offers. Namely, this dynamic feature enables you to compare interest rates, monthly repayment terms, and other associated costs with different financing choices you might qualify for.

Real-Time Updates

The Bank of Baroda housing loan eligibility calculator is regularly updated with real-time financial parameters. This ensures you can perform calculations based on the latest data, enhancing accuracy and relevance.

Free of Cost

Yes, you require no charges to use the Bank of Baroda home loan eligibility calculator, making it ultimately free for anyone. You can easily locate access to this calculator via the Urban Money website.

How to use the Bank of Baroda  Home Loan Eligibility Calculator?

To use the  BOB home loan eligibility calculator, you can follow these simple steps:

• Visit the official website of “Urban Money.”
• Click on the “hamburger button” at the homepage’s top right corner.
• Choose the “Banks in India” option. This will redirect you to another page where you can find leading banks and financial institutions in India.
• Select the “Bank of Baroda” icon and then click on “Bank of Baroda Home Loan“.
• The calculator will appear titled “Check Bank of Baroda Home Loan Eligibility.”
• Enter the required details, such as your name, phone number, city, desired loan amount, loan tenure, etc.

• Click the “Check Eligibility” button.
• Shiftly, a 6-digit OTP will be sent to the phone number you entered.
• Enter the OTP and click “Submit.”
• The calculator will promptly present the total amount you can receive from the bank. You can also view the interest rate, tenure, monthly EMI, and total amount. 
• Besides, if you like to apply Bank of Baroda Home Loan, click the “Apply Now” button. Alternatively, click “View All Offers” to check and compare offers from other leading banks and financial institutions in India. 

Bank of Baroda Home Loan Eligibility Criteria

Bank of Baroda offers a variety of home loans, each catering to different individuals and professions. Predominantly, Bank of Baroda home loans can be segregated into four types. These include home loans based on salaried individuals, home loans based on self-employed individuals, home loans based on non-resident Indians, and home loans based on women applicants. Let’s take a look at the list of eligibility criteria for each one:

Bank of Baroda  Home Loan Eligibility Based on Salary

• The applicant must have a minimum of 21 years old; 18 years in the case of a co-applicant.
• The applicant must require a credit score of at least 701 or above
• The applicant must have a good monthly income; a monthly income of Rs. 25,000 is considered favourable.
• The applicant should be an Indian resident.

Bank of Baroda  Home Loan Eligibility Criteria for Self-Employed Individuals

• The age limit must be between 21-65 years.
• CIBIL score should be 701 or higher.
• The applicant must have a minimum of 2 years of business continuity.
• The loan-to-value ratio should be 75-90%.
• The applicant should be an Indian resident.

Bank of Baroda NRI Home Loan Eligibility: Requirements for Non-Resident Indians

• The applicant must be an Indian passport holder, a person of Indian origin (PIO) holding a foreign passport, or can be an Overseas Citizen of India (OCI). 
• The age limit should be between 21 – 70 years. 
• The applicant must have a credit score of at least 701.
• The applicant should have a permanent job or be self-employed abroad for a minimum of 2 years with an annual income of at least Rs. 5 lakhs.

Special Bank of Baroda Home Loan Eligibility for Women Applicants 

• The applicant’s age limit should be between 21-65 years.
• The applicant must have a credit score of at least 701 or above.
• The applicant must have a stable income.
• The applicant should be an Indian resident.

List of Factors Affecting Bank of Baroda Home Loan Eligibility

Following is the list of factors affecting Bank of Baroda home loan eligibility:

• Age: Your age might be a factor in Bank of Baroda’s home loan eligibility. Typically, the bank favoured younger applicants, who may get longer repayment periods.
• Credit Score: A good credit score matters tremendously, as it demonstrates your creditworthiness to the bank. Ideally, the bank assesses your credit score to gauge your repayment behaviour and financial capability. 
• Income: A high income is equivalent to a high loan amount with a low-interest rate. However, demonstrating to the bank that you have a stable and substantial income can significantly impact your home loan eligibility. On the other hand, the applicant with a history of frequent job changes or lower monthly income may be the bank considered risky, which can affect their eligibility negatively.
• Debt-to-Income Ratio (DTI): Your Debt-to-Income Ratio shows the bank how much of your monthly income will repay your existing debt. A low Debt-to-Income Ratio will ideally enhance your chance of loan approval. Conversely, a high Debt-to-Income Ratio may lead to the rejection of your loan application.
• Deciding Your Loan Amount: The correlation between the loan amount you intend to borrow, your income, and the value of your property will influence your home loan eligibility.
• Co-applicants or Guarantors: Adding a co-applicant with a strong financial profile and a robust credit history can significantly enrich the likelihood of your loan approval, as the bank considers both of your financial capacities.

How can you Improve your Bank of Baroda Home Loan Eligibility?

You can follow certain tips for improving your Bank of Baroda home loan eligibility.

Maintain a Good Credit Score

Pay your bills and existing loans on time, and reduce your credit card utilization. Doing so can significantly improve your home loan eligibility, often accompanied by lower interest rates and favourable terms. Ideally, the bank considers a credit score of 750 and above favourable.

Reduce Your Debt-To-Income Ratio

Your Debt-To-Income Ratio compares your total monthly debt payments to your monthly income. A higher Debt-To-Income Ratio implies fewer funds available for loan repayment, potentially leading the bank to reject your loan application. Ideally, you can lower your Debt-To-Income ratio by increasing your income or reducing your debts. 

Present All Your Income

Showcase all your income sources and your monthly salary. This could encompass investments, rental properties, retail businesses, income-generating hobbies, etc. As a result, the bank becomes more confident about your ability to repay the loan, ultimately enriching your home loan eligibility.

Affix Co-applicant

Incorporating your spouse, sibling, or other family members as co-applicants can help enhance your chances of loan approval. In such cases, the bank assesses the financial capacity of both applicants for repaying the loan,  thereby strengthening the overall loan eligibility of your home loan application.

Avoid Multiple Loan Applications

Each loan application you have applied for will be recorded on your credit report and can lower your credit score. Typically, an excess of loan applications in a short span of time can trigger apprehension for banks, as it indicates that you are credit-hungry and may have the potential challenge of repaying debts. 

Understanding the Impact of Credit Score on Bank of Baroda  Home Loan Eligibility

A credit score is a numerical representation of your creditworthiness. It is calculated based on various factors such as your credit history, repayment behaviour, outstanding debts, and other financial aspects. In general, your credit score ranges from 300 to 850, and a higher score indicates better creditworthiness. The Bank typically considers a credit score of 750 and above as ideal. However, regarding your home loan eligibility, this credit score has impacted various factors. These factors primarily encompass your interest rate, loan amount, loan tenure, fast approval, and better term.

Comparing Eligibility across Different Bank of Baroda Home Loan Products

Following is the comparison of eligibility across different Bank of Baroda home loan products:

Product Name	Minimum Age	Maximum Age	Minimum Income	Credit Score
Standard Home Loan	21 years	65 years	Rs 25,000 p.m.	701 or more
Home Construction Loan	21 years	65 years	Rs 25,000 p.m.	701 or more
Land or Plot Loan	21 years	65 years	Rs 25,000 p.m.	701 or more
Home Improvement and Extension Loan	21 years	65 years	Rs 25,000 p.m.	701 or more
Pre-Approved Home Loan	21 years	65 years	Rs 25,000 p.m.	701 or more
NRI Home Loans	21 years	65 years	USD 1,000 p.m.	701 or more