Bank of India Home Loan EMI Calculator
Securing your dream home often involves financial planning and understanding the associated costs. To help potential homebuyers and existing homeowners in this financial journey, Bank of India provides a valuable tool called the Bank of India EMI calculator. This useful online tool is designed to enable interested borrowers to calculate their monthly loan repayments quickly and accurately. The user just needs to feed in general loan-related details to use the online Bank of India home Loan EMI Calculator, and these details are the loan tenure, principal amount, and interest rate. Let us understand the top benefits of using the Bank of India home loan calculator and how to use it.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Bank of India Home Loan EMI?
Thinking about how to calculate home loan EMI will no longer be your concern once you learn how to use it within a fraction of a second using the online EMI calculator. Moreover, the borrower can use this free-to-use Bank of India online EMI calculator as often as required for any combination in terms of the loan tenure, interest rate, and principal amount.
Bank of India Home Loan EMI Calculator Formula
One can choose to calculate the home loan EMI manually, but that has a scope for errors. So, using the Bank of India home loan calculator online is advisable to get an estimate of monthly expenses for a home loan EMI. For your easy understanding, we are now presenting the Bank of India home loan calculation formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P stands for the Principal Amount
R stands for the Rate of Interest
N stands for the Number of Monthly Repayment Instalments
Factors Affecting Bank of India Home Loan EMI
When you apply for a home loan, you are bound to hear about three main components: the rate of interest, the principal loan amount, and the loan tenure. Remember these are the three main Bank of India home loan criteria that impact the home loan EMI for borrowers throughout the loan tenure:
Interest Rate: Have you ever wondered why one checks out the interest rate when applying for a home loan? It is because the higher this rate, the higher would be the monthly home loan EMI and vice-versa.
Loan Amount: The second important parameter that determines your home loan EMI is the loan amount. If you dare to apply for a higher amount, be ready to pay a higher repayment EMI every month.
Loan Tenure: Lenders offer home loans for up to 30 years because they want to earn on the interest for that much period. Hence, loan tenure also plays a crucial factor in determining the home loan EMI. A shorter tenure may lead to a lower EMI, but the overall interest paid will gradually be higher.
Benefits of Using the Bank of India Home Loan Calculator
Calculators have come as useful tools to simplify various mathematical calculations. Likewise, the Bank of India home loan EMI calculator has several benefits for home loan borrowers. Read on to get acquainted with at least three top advantages of using home loan calculators:
Fast Calculations: The prime advantage of using the Bank of India EMI calculator is that it is super fast in showing the results. Check out the free-to-use online EMI calculator available at the official website of the BASIC Home Loan: EMI.
100% Accuracy: If you enter the right details in the online home loan EMI calculator, there is no chance that it will show any error in the calculation. In short, borrowers prefer using this tool because it is 100% accurate and helps them manage their monthly budget very well.
Aids in Financial Planning: Not to forget that an online EMI calculator helps users in accurate financial planning. They get to know how much EMI at a particular interest for a certain duration of a preferred loan amount will incur how much EMI on a home loan using this wonderful online tool.
Bank of India Home Loan Interest Calculator Formula
A prospective home loan applicant can check the monthly EMI payable for any loan amount by simply accessing the Bank of India home loan interest rate calculator. Do not worry about how to use this calculator that uses a simple mathematical formula. Just continue reading to understand the Bank of India home loan interest rate calculation formula given below:
Total Interest = (P X R X T) / 100
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
Bank of India Home Loan Eligibility Criteria
Although all banks these days offer hassle-free home loans, it is important to cross-check the eligibility for the same. If you are keen to get a home loan from the Bank of India, then make sure to go through the BOI home loan eligibility. For this, you can conveniently access the online Bank of India home loan eligibility calculator and check your eligibility for a home loan from this bank. To use this tool, you need to enter details like your age, income, CIBIL score, employment status, and nationality.
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Comparison of Bank of India Home Loan EMI with other Popular Banks
Bank of India is a good decision for anyone interested in applying for a home loan. But other banks and non-banking financial companies are also offering housing loans. So, it would be a great idea to compare the Bank of India home Loan EMI with the EMI of good lenders in your city for a tenure of at least 10 years:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| Bank of India | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| LIC | 8.50% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| HDFC Bank | 8.50% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
| ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
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Bank of India Home Loan Amortization Schedule
As an individual keen to apply for a home loan, we suggest you check out the Bank of India Home Loan Amortization Schedule. Through the schedule or table, you can easily check the breakdown of the monthly EMI for a home loan on account of the interest paid and the principal amount for a home loan. Some of the key components shown in a home loan amortization schedule are principal amount, interest, remaining balance, loan term, total payment, and payment due date.
Steps to Calculate Bank of India Home Loan Amortized Interest
Step 1: Divide your Bank of India home loan interest rate by the total number of EMIs you will make in a year. For instance, 8.40% p.a. and you make monthly payments, then you would divide 8.40% by 12 = 0.007
Step 2: Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 5,500,000, your first month's interest would be 5,500,000 x 0.007 = Rs. 38,500
Step 3: Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 53,839, you will pay Rs. 53,839 - Rs. 38,500 = Rs. 15,339 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
Step 4: Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 1,91,322.61 | Rs. 4,54,745.39 | Rs. 5,500,000.00 | Rs. 646,068 |
| 1st Month | Rs. 15,339.00 | Rs. 38,500.00 | Rs. 5,500,000.00 | Rs. 53,839 |
| 2nd Month | Rs. 15,446.37 | Rs. 38,392.63 | Rs. 5,484,661.00 | Rs. 53,839 |
| 3rd Month | Rs. 15,554.50 | Rs. 38,284.50 | Rs. 5,469,214.63 | Rs. 53,839 |
| 4th Month | Rs. 15,663.38 | Rs. 38,175.62 | Rs. 5,453,660.13 | Rs. 53,839 |
| 5th Month | Rs. 15,773.02 | Rs. 38,065.98 | Rs. 5,437,996.75 | Rs. 53,839 |
| 6th Month | Rs. 15,883.43 | Rs. 37,955.57 | Rs. 5,422,223.73 | Rs. 53,839 |
| 7th Month | Rs. 15,994.62 | Rs. 37,844.38 | Rs. 5,406,340.29 | Rs. 53,839 |
| 8th Month | Rs. 16,106.58 | Rs. 37,732.42 | Rs. 5,390,345.68 | Rs. 53,839 |
| 9th Month | Rs. 16,219.33 | Rs. 37,619.67 | Rs. 5,374,239.10 | Rs. 53,839 |
| 10th Month | Rs. 16,332.86 | Rs. 37,506.14 | Rs. 5,358,019.77 | Rs. 53,839 |
| 11th Month | Rs. 16,447.19 | Rs. 37,391.81 | Rs. 5,341,686.91 | Rs. 53,839 |
| 12th Month | Rs. 16,562.32 | Rs. 37,276.68 | Rs. 5,325,239.72 | Rs. 53,839 |
FAQs
The maximum repayment tenure offered on a BOI home loan is up to 30 years.
The maximum tenure on the Bank of India EMI calculator is up to 30 years.
There is no minimum starting interest rate value on the Bank of India EMI calculator, which means you can use it for any minimum rate value to calculate the home loan EMI.
You can easily use the Bank of India EMI Calculator to get the EMI amount, filling in details like the principal amount, loan tenure, and interest rate.
Yes, an interested applicant can conveniently apply online for a Bank of India home loan after using the EMI calculator.
To use the BOI home loan EMI calculator online, you simply need to visit the official bank website and enter details like loan tenure, principal amount, and interest rate.
Yes, the BOI home loan EMI calculator is completely free to use for as many times as you want to use it.