Home Loan: What will be the monthly EMI on a home loan of Rs 40 lakh for 25 years, understand the calculation before going to the bank..

Home Loan: Every person dreams of having his own house, but it is becoming difficult for the common man to achieve it. Property prices are constantly increasing, making it a big challenge for middle-class families to buy a house. Many people are solving this problem by taking a home loan from the bank. After taking a loan, they pay a part of their earnings every month, which also includes interest. In this way, gradually they get their dream home.

If you are also planning to buy a house by taking a home loan, then you should take a home loan from a bank whose interest rates are low. Bank of Baroda (BOB), one of the largest government banks in the country, is the best for home loans. BOB's home loan interest rates are quite low. In such a situation, you can take a home loan from this bank.

BOB Home Loan Interest Rates-
Talking about the interest rates of Bank of Baroda's home loan, this bank offers home loans to its customers at an initial interest rate of 8.40 percent. This interest rate may vary according to your CIBIL score.

Monthly EMI on a home loan of Rs 40 lakh-
If you take a 25-year home loan of Rs 40 lakh from the Bank of Baroda, you will have to pay an EMI of Rs 31,940 per month at a rate of 8.40%. The total cost of this loan will be Rs 95,81,992, out of which Rs 55,81,992 will be in the form of interest only. Thus, you will pay a large amount to the bank during the entire loan period, which can affect your financial planning.

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