Planning a ₹1 Crore Home? Check If Your Salary Matches the EMI
Want a ₹1 Crore Home Loan? Check If Your Salary Matches the EMI: Buying a home has become easier, but if you are planning to take a ₹1 crore home loan from Bank of Baroda, your salary plays a key role.
Before approving the loan, the bank checks your monthly income, age, existing EMIs, and CIBIL score. A strong CIBIL score (800 or above) improves your chances and helps you get a lower interest rate. A low score may reduce your eligible loan amount or increase your interest rate.
If you have no existing loans and a good credit score, getting a ₹1 crore loan becomes easier.
For example, at an interest rate of 7.65% for 20 years, you need a minimum monthly salary of about ₹1,25,500 to qualify.
Your EMI would be around ₹81,575 per month, and you may get a loan close to ₹1 crore.
Currently, home loan interest rates at Bank of Baroda start from 7.20%, mainly for customers with a CIBIL score of 800 or more. The final approval depends on the bank’s assessment.
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