# Bank of India Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

Looking for a quick way to figure out your EMIs? The Bank of India Home Loan EMI Calculator is here to help. This easy-to-use online tool gives you accurate details on your EMI, interest payments, and total amount due. In this article, we will learn how to use this online calculator, like the one offered by Wishfin, to get an idea of your monthly repayment.

## How to Use the Wishfin Bank of India Home Loan Calculator?

The Wishfin Bank of India home loan calculator is an essential tool for borrowers to figure out their monthly loan payments before they apply for a loan. To use the calculator, a user needs to feed:

• Tenure
• Loan Amount
• Interest Rates

Soon after feeding these values, the calculator fetches the values for you in just a few seconds. This amazing tool due to its  24×7 online availability is always there to make your home loan journey a hassle-free experience.

## Bank of India Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For example, let's say a borrower takes out a home loan of ₹70,00,000 with a term of 30 years at an interest rate of 9% per annum. Here’s how the calculation would look:

• Principal Amount (P): ₹70,00,000
• Interest Rate (R): 9% per year (which is 9/12/100 = 0.0075 per month)
• Loan Tenure (n): 30 years, or 360 months

Let’s see how it works:

[70,00,000 x 0.0075 x (1 + 0.0075) ^ 360]/[(1+0.0075) ^360 -1] = 56,324

The EMIs you will be required to pay is ₹56,324

## Bank of India Home Loan Amortisation Schedule

In order to have more clarity on the same, let’s just take a look at the example below..

Suppose, Ravi Bansal, a 35-year-old, Software Engineer by profession wants to apply for a home loan for INR 30 Lakh. He has applied in BOI to avail the same loan amount. The bank, after checking his profile has agreed to offer him the loan at an interest rate of 8.30% per annum for a tenure of 20 years. Though Ravi is happy but at the same time, he is worried about the EMIs. He wants to know whether his monthly installments are going to be pocket-friendly or not? Is he going to repay the loan easily or not? Well, to find out the answers of the questions above, he used an EMI Calculator. So, let’s see what would be the result in Ravi’s case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 8.30% 1 ₹ 2,61,382 ₹ 1,36,579 ₹ 31,36,579
₹ 30,00,000 8.30% 2 ₹ 1,36,093 ₹ 2,66,225 ₹ 32,66,225
₹ 30,00,000 8.30% 3 ₹ 94,425 ₹ 3,99,294 ₹ 33,99,294
₹ 30,00,000 8.30% 4 ₹ 73,662 ₹ 5,35,774 ₹ 35,35,774
₹ 30,00,000 8.30% 5 ₹ 61,261 ₹ 6,75,649 ₹ 36,75,649
₹ 30,00,000 8.30% 6 ₹ 53,040 ₹ 8,18,898 ₹ 38,18,898
₹ 30,00,000 8.30% 7 ₹ 47,208 ₹ 9,65,497 ₹ 39,65,497
₹ 30,00,000 8.30% 8 ₹ 42,869 ₹ 11,15,414 ₹ 41,15,414
₹ 30,00,000 8.30% 9 ₹ 39,524 ₹ 12,68,618 ₹ 42,68,618
₹ 30,00,000 8.30% 10 ₹ 36,876 ₹ 14,25,069 ₹ 44,25,069
₹ 30,00,000 8.30% 11 ₹ 34,733 ₹ 15,84,728 ₹ 45,84,728
₹ 30,00,000 8.30% 12 ₹ 32,969 ₹ 17,47,548 ₹ 47,47,548
₹ 30,00,000 8.30% 13 ₹ 31,497 ₹ 19,13,481 ₹ 49,13,481
₹ 30,00,000 8.30% 14 ₹ 30,253 ₹ 20,82,476 ₹ 50,82,476
₹ 30,00,000 8.30% 15 ₹ 29,192 ₹ 22,54,477 ₹ 52,54,477
₹ 30,00,000 8.30% 16 ₹ 28,278 ₹ 24,29,428 ₹ 54,29,428
₹ 30,00,000 8.30% 17 ₹ 27,487 ₹ 26,07,267 ₹ 56,07,267
₹ 30,00,000 8.30% 18 ₹ 26,796 ₹ 27,87,934 ₹ 57,87,934
₹ 30,00,000 8.30% 19 ₹ 26,190 ₹ 29,71,363 ₹ 59,71,363
₹ 30,00,000 8.30% 20 ₹ 25,656 ₹ 31,57,488 ₹ 61,57,488

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 61,166 ₹ 2,46,708 ₹ 29,38,833
2 ₹ 66,441 ₹ 2,41,433 ₹ 28,72,392
3 ₹ 72,170 ₹ 2,35,704 ₹ 28,00,222
4 ₹ 78,393 ₹ 2,29,481 ₹ 27,21,828
5 ₹ 85,153 ₹ 2,22,721 ₹ 26,36,674
6 ₹ 92,496 ₹ 2,15,378 ₹ 25,44,178
7 ₹ 1,00,472 ₹ 2,07,402 ₹ 24,43,705
8 ₹ 1,09,136 ₹ 1,98,738 ₹ 23,34,568
9 ₹ 1,18,547 ₹ 1,89,327 ₹ 22,16,021
10 ₹ 1,28,770 ₹ 1,79,104 ₹ 20,87,251
11 ₹ 1,39,874 ₹ 1,68,000 ₹ 19,47,377
12 ₹ 1,51,935 ₹ 1,55,939 ₹ 17,95,441
13 ₹ 1,65,037 ₹ 1,42,837 ₹ 16,30,404
14 ₹ 1,79,268 ₹ 1,28,606 ₹ 14,51,135
15 ₹ 1,94,727 ₹ 1,13,147 ₹ 12,56,408
16 ₹ 2,11,518 ₹ 96,356 ₹ 10,44,889
17 ₹ 2,29,758 ₹ 78,116 ₹ 8,15,130
18 ₹ 2,49,570 ₹ 58,304 ₹ 5,65,560
19 ₹ 2,71,091 ₹ 36,783 ₹ 2,94,468
20 ₹ 2,94,644 ₹ 13,406 ₹ 0

## What is the Lowest EMI Offered by Bank of India on Home Loans?

Here are the monthly payments for different home loan amounts from the Bank of India, calculated at interest rates of 8.30%-10.85% p.a. for 20 years:

Interest Rate of 8.30%

I nterest Rate of 10.85%

10 lakh loan amount - ₹8,552 p.m.

10 lakh loan amount -  ₹10,220 p.m.

12 lakh loan amount - ₹10,262 p.m.

12 lakh loan amount -  ₹12,264 p.m.

15 lakh loan amount - ₹12,923 p.m.

15 lakh loan amount -  ₹15,330 p.m.

17 lakh loan amount - ₹14,646 p.m.

17 lakh loan amount - ₹17,374 p.m.

20 lakh loan amount - ₹17,104 p.m.

20 lakh loan amount -  ₹20,440 p.m.

## The Advantages of Using Bank of India Home Loan EMI Calculator

Here are the key benefits of using the Bank of India home loan EMI calculator:

• Quick Calculations: Instantly calculates your monthly EMI, which helps in planning your budget and understanding how much you can afford to pay towards a home loan each month.
• Easy to Use: The interface is user-friendly, requiring just a few inputs like loan amount, interest rate, and tenure to get results, making it accessible to everyone regardless of their financial expertise.
• Financial Planning Aid: By providing a clear picture of your future monthly obligations, the calculator helps you manage your finances better and avoid overextending yourself financially.
• Flexible Scenario Testing: Allows you to easily change inputs and compare different loan scenarios. This helps you understand how changes in loan amount, tenure, or interest rates affect your EMI, helping you choose the most suitable loan option.
• Transparency: Offers transparency by breaking down the payment schedule, showing exactly how much of each EMI goes towards the principal and how much goes towards interest.
• Saves Time and Effort: Eliminates the need for complex calculations and consultations with financial advisors for preliminary loan assessments, saving time and effort.

## Bank of India Home Loan Eligibility

Eligibility for Star Home Loan

• Resident Indians, NRIs, and PIOs are eligible.
• The loan is available to various job profiles, such as salaried employees, self-employed individuals, and professionals, as well as non-individual entities like HUFs, corporations, and groups or associations of individuals.
• Trusts are not eligible for this loan scheme.
• Applicants must be at least 18 years old at the time of applying for the loan, and the maximum age at loan maturity is 70 years.

Eligibility for Star Diamond Home Loan

• Open to Resident Indians, PIOs, and NRIs.
• The minimum age required to apply for the loan is 18 years.
• The maximum age at the time of loan maturity is 70 years.
• Eligible applicants include HNI individuals such as salaried workers, self-employed persons, and professionals, as well as non-individual entities like HUFs, corporations, and groups or associations of individuals.
• Over the past three years, the minimum required average gross income is Rs 1 crore or more.

Eligibility for Star Smart Home Loan

• Current or savings account holders with an average balance of Rs. 5,000 over the previous year.
• New customers who initiate a savings or current account with a starting balance of Rs 5,000.
• Salaried employees who maintain their salary accounts with the Bank of India.
• Self-employed professionals include lawyers, doctors, chartered accountants (CAs), company secretaries (CS), engineers, and similar professionals.

Eligibility for Star Pravasi Home Loan Scheme

• Available to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
• Eligibility extends to Indian citizens employed overseas with national or international government agencies, and Indian citizens working in the merchant navy who hold NRI status.
• The minimum age to apply for the loan is 18 years.
• The maximum age at loan maturity is 70 years.

## Factors Influencing Bank of India Home Loan EMI

Here are the main factors that influence the Bank of India home loan EMI:

1. Loan Amount: The principal amount you borrow directly impacts your EMI. Higher loan amounts result in higher EMIs and vice versa.
2. Interest Rate : This is one of the most critical factors. The Bank of India's interest rates on home loans may vary based on the RBI's policies, market conditions, and your credit profile. A lower interest rate reduces the EMI, while a higher rate increases it.
3. Loan Tenure : The duration over which you choose to repay the loan affects your EMI. Longer loan tenures mean lower EMIs but higher total interest paid over the life of the loan.
4. Type of Interest Rate : Whether the interest rate is fixed or floating can influence your EMI. Fixed rates remain constant throughout the loan tenure, ensuring steady EMIs. Floating rates can fluctuate with market changes, affecting EMI amounts accordingly.
5. Credit Score : A high credit score can help you secure lower interest rates, thereby reducing your EMI. It reflects your creditworthiness and repayment capacity to the lender.
6. Prepayments : Making prepayments on your loan can reduce the principal amount and either the EMI or the tenure of the loan, depending on the terms agreed with the bank.
7. Loan Scheme : Different loan schemes may have different rate structures and terms that can affect your EMI. It’s advisable to review the specific features of the loan scheme you opt for.

## Fees and Charges You Need to Pay on Bank of India Home Loans

Fee Type

Charges

Processing Fees

Up to 0.25% for individuals (Min: Rs. 1,500; Max. Rs. 20,000)

Prepayment/Foreclosure Charges

Nil for floating-rate packages

0.65% to 2.25% of the loan balance for fixed-rate packages

## What are the Main Limitations of Using the Bank of India Home Loan Calculator?

Here are a few limitations associated with using this calculator:

• Preliminary Calculation Only: The results provided by the BOI Home Loan Calculator are preliminary and not final offers. This means the actual loan amount, interest rate, and EMI may differ based on the bank's final assessment and approval process.
• Limited Input Parameters: The calculator typically requires you to input details like loan amount, interest rate, and tenure. However, it may not take into account other factors like processing fees or other charges that can affect the overall cost of the loan.
• No Consideration for Individual Credit Profile: The calculator does not take into account the individual's credit score, income stability, or other personal financial details that the bank will consider during the actual loan approval process. These factors can significantly influence the loan terms offered.
• No Real-time Updates: The calculator does not provide real-time updates or adjustments based on the latest interest rates or changes in the bank's lending policies. Users must manually check for the most current rates and terms.