Bank of India Home Loan EMI Calculator

Bank of India Home Loan Calculator is an online tool that allows customers to calculate their estimated monthly payments and other costs associated with taking out a home loan. This calculator considers factors such as loan amount, interest rate, tenure, and processing fees to give an accurate estimate of the total amount that needs to be repaid. The calculator also provides additional information, such as the total interest paid and the total amount paid at the end of the loan tenure.

Bank of India Home Loan Calculator – Key Features & Benefits

Bank of India Home Loan EMI Calculator Key Features and Benefits:

• Calculate Your Monthly EMI: The Bank of India Home Loan EMI Calculator helps you calculate your monthly EMI based on the loan amount, interest rate and tenure. You can also use this calculator to understand how changing the loan amount, or tenure affects your EMI.
• Compare Different Home Loan Options: The Bank of India Home Loan EMI Calculator also allows you to compare different home loan options by changing the loan amount, interest rate and tenure. This helps you to choose the best home loan option that suits your needs and budget. 
• Check Your Eligibility: The Bank of India Home Loan EMI Calculator also helps you to check your loan eligibility. You can enter your desired loan amount, and the EMI calculator will show you the maximum loan amount available.
• Estimate Your Repayment: The Bank of India Home Loan EMI Calculator also helps you to estimate your overall repayment amount. You can enter the loan amount, interest rate and tenure, and the calculator will show you the estimated repayment amount.

How Does The Bank of India Home Loan Calculator Work & What is The Formula To Calculate EMI?

Bank of India home loan calculator is a simple and convenient tool that calculates your estimated home loan repayment amount. The calculator considers the loan amount, tenure and interest rate to calculate the estimated monthly payments. The formula to calculate the monthly payments is:

Monthly Payment = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where,

• P is the loan amount, 
• R is the interest rate
• N is the number of months

The calculator also provides an amortisation table which shows the detailed breakup of the repayment amount over the loan tenure. This helps the borrower understand how much of the repayment amount is the interest component and how much is the principal component.

How does EMI calculation Help in Planning the Home Purchase?

EMI calculation helps in planning the home purchase by enabling you to accurately calculate how much you can afford to pay each month for a home loan. Knowing your EMI payment amount allows you to budget for other expenses and plan for future payments. It also indicates how much you will need to save for a down payment and additional closing costs. Additionally, EMI calculation can help you determine how long it will take to pay off the loan and how much interest you will pay over the life of the loan.

Factors Affecting Bank of India Home Loan EMI 

The following factors affect the BOI Home Loan EMIs in India.

• Loan Amount: The higher the loan amount, the higher the EMI. It is important to remember that the EMI amount should not exceed the borrower’s repayment capacity.
• Interest Rate: Higher interest rates lead to higher EMIs. Bank of India offers competitive home loan interest rates and attractive discounts.
• Loan Tenure: The loan tenure affects the EMI amount. A longer loan tenure allows borrowers to opt for a lower EMI due to the extended repayment period. 
• Processing Fee: The processing fee charged by the Bank of India applies to the loan amount.
• Prepayment Charges: Prepayment charges apply to the loan amount. Borrowers can opt for a higher EMI to avoid prepayment charges.
• Credit Score: A good credit score increases the chances of loan approval and helps the borrower secure a lower interest rate.

Bank of India Home Loan Amortisation Schedule

The following table exhibits the repayment schedule of a Bank of India home loan where the loan amount is Rs 15 Lakhs. The interest rate for the same is 8.60% per annum. The repayment schedule of the loan is ten years.

Year	Opening Balance	Interest	Principal	Ending Balance
2023	15,00,000	125,158.94	98,979.10	1,401,020.85
2024	1,401,020.85	116,303.07	107,834.97	1,293,185.82
2025	1,293,185.82	106,654.82	117,483.22	1,175,702.56
2026	1,175,702.56	96,143.33	127,994.71	1,047,707.83
2027	1,047,707.83	84,691.38	139,446.66	908,261.13
2028	908,261.13	72,214.78	151,923.26	756,337.84
2029	756,337.84	58,621.89	165,516.15	590,821.65
2030	590,821.65	43,812.80	180,325.24	410,496.37
2031	410,496.37	27,678.71	196,459.33	214,037.00
2032	214,037.00	10,101.07	214,036.97	0

Bank of India Home Loan EMI for ₹ 10 Lakh

The following table showcases the BOI Home Loan EMI amount for Rs 10 lakhs at different tenures.

Loan Amount	Interest Rate	Tenure	EMI
10,00,000	8.65%	10	Rs 12,478.9
10,00,000	8.65%	15	Rs 9.935
10,00,000	8.65%	20	Rs 8,773

Bank of India Home Loan EMI for ₹ 20 Lakh

The following table showcases the Bank of India EMI amount for Rs 20 lakhs at different tenures.

Loan Amount	Interest Rate	Tenure	EMI
20,00,000	8.65%	10	Rs 24,957
20,00,000	8.65%	15	Rs 19,871
20,00,000	8.65%	20	Rs 17,546

Bank of India Home Loan EMI for ₹ 25 Lakh

The following table showcases the EMI amount for Rs 25 lakhs at different tenures.

Loan Amount	Interest Rate	Tenure	EMI
25,00,000	8.65%	10	Rs 31,197
25,00,000	8.65%	15	Rs 24,838
25,00,000	8.65%	20	Rs 21,993

Bank of India Home Loan EMI for ₹ 30 Lakh

The following table showcases the EMI amount for Rs 30 lakhs at different tenures.

Loan Amount	Interest Rate	Tenure	EMI
30,00,000	8.65%	10	Rs 37,346
30,00,000	8.65%	15	Rs 29,806
30,00,000	8.65%	20	Rs 26,320

Bank of India Home Loan EMI for ₹ 50 Lakh

The following table showcases the EMI amount for Rs 50 lakhs at different tenures.

Loan Amount	Interest Rate	Tenure	EMI
50,00,000	8.65%	10	Rs 62,394
50,00,000	8.65%	15	Rs 49,667
50,00,000	8.65%	20	Rs 43,867