BOI Home Loan EMI Calculator

Calculate Your Bank of India Home Loan EMI Instantly

Bank of India (BOI) is a government-owned commercial bank that started its journey in 1906. Back then, it was founded and controlled by a group of renowned businessmen from Mumbai. Later, in 1969, BOI was nationalised as per the policies of the Government of India. Over the years, this financial institution has grown significantly and carries sizeable operations internationally. As of March 2019, BOI works via 5316 branches across the country and also operates via its 56 overseas offices.

As a government-backed nationalised financier, BOI also provides home loans at competitive interest rates starting from 6.95% p.a. Therefore, homebuyers can consider this lender to avail housing finance at one of the most affordable rates in this lending market. Individuals can also use an online BOI home loan EMI calculator and create their repayment strategy as per a suitable EMI amount.

Key Features of BOI Home Loan EMI Calculator

• Quick and Accurate: Instantly calculate your monthly EMI amount.
• Customizable Inputs: Adjust loan amount, interest rate, and tenure to find the best fit for your budget.
• User-Friendly Interface: Easy-to-use tool with instant results.
• Bank of India provides a home loan to both salaried and self-employed. Also, special rates offered to women, senior citizen and NRI borrowers.
• Individuals aged 21 to 60 years can apply for a loan.
• For security, the borrower can keep the mortgage of property they are planning to purchase, renovate or construct.
• Loan to Value Ratio is 85%.
• The tenure of the home loan ranges from 5 to 30 years.
• Interest rates range from 6.95% to 7.15%.
• BOI home loan EMI per lakh starts is Rs. 662 (starting price). However, one can calculate the home loan EMI anytime using the BOI home loan calculator.
• The processing fees charges is 0.25% of the loan amount (amounting to a maximum of Rs. 20,000).

How to Calculate BOI Home Loan EMI?

The BOI home loan EMI is calculated using the standard formula:

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

Where:

• P = Loan Principal Amount
• R = Monthly Interest Rate (Annual Rate / 12 / 100)
• N = Loan Tenure in Months

Example Calculation

Suppose you take a home loan of ₹25 lakh from BOI for 12 years at an interest rate of 7.2% p.a.

• Loan Amount (P): ₹25,00,000
• Interest Rate (R): 7.2% p.a. or 0.006 per month
• Tenure (N): 144 months

Using the formula:

EMI = [25,00,000 x 0.006 x (1+0.006)^144] / [(1+0.006)^144-1] = ₹25,977

Thus, your total repayment amount over the tenure will be ₹37,40,544.

Factors Influencing BOI Home Loan EMIs

Several factors impact the EMI amount for a Bank of India home loan:

• Interest Rate: Higher rates increase EMI and overall repayment.
• Loan Amount: Larger loan amounts result in higher EMIs.
• Loan Tenure: Longer tenure reduces EMI but increases total interest payable.

Benefits of Using BOI Home Loan EMI Calculator

• Time-Saving & Hassle-Free: No manual calculations required.
• Accurate Estimates: Helps in better financial planning.
• Comparison Tool: Adjust variables to find the best repayment plan.
• Informed Borrowing: Helps assess loan affordability before application.

FAQs

1. How to apply for a BOI home loan?
You can apply online via BOI’s official website or visit the nearest branch.

2. What is the minimum eligibility for a BOI home loan?
Eligibility is based on income, credit score, and employment type.

3. What is the maximum loan tenure for BOI home loans?
The tenure can extend up to 30 years depending on loan terms.

4. How does BOI home loan repayment work?
EMIs are deducted automatically from your bank account monthly.