Bank of India Home Loan EMI Calculator Dec 2023 - Wishfin

# Bank of India Home Loan EMI Calculator

With Bank of India Home Loan EMI Calculator, it is absolutely easy and a hassle-free thing to calculate the EMIs of your home loan. This smart and magical tool with its fastest algorithms calculates your monthly installments in the best way. The device starts to function when it takes into account:

• Tenure
• Loan Amount
• Interest Rates

After feeding the above credentials, the device starts to function and calculates not only the Monthly Installments but also the Interest Outgo of your home loan. This online tool is easy to use and available 24×7, hence is widely used by the loan-seekers.

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Results
 Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

## Bank of India Home Loan EMI Calculator

In case, you want to know more about the home loan EMI Calculator, let’s take a look at the example below and try to understand the functionality of the same.

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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 30,00,0008.30%1₹ 2,61,382₹ 1,36,579₹ 31,36,579
₹ 30,00,0008.30%2₹ 1,36,093₹ 2,66,225₹ 32,66,225
₹ 30,00,0008.30%3₹ 94,425₹ 3,99,294₹ 33,99,294
₹ 30,00,0008.30%4₹ 73,662₹ 5,35,774₹ 35,35,774
₹ 30,00,0008.30%5₹ 61,261₹ 6,75,649₹ 36,75,649
₹ 30,00,0008.30%6₹ 53,040₹ 8,18,898₹ 38,18,898
₹ 30,00,0008.30%7₹ 47,208₹ 9,65,497₹ 39,65,497
₹ 30,00,0008.30%8₹ 42,869₹ 11,15,414₹ 41,15,414
₹ 30,00,0008.30%9₹ 39,524₹ 12,68,618₹ 42,68,618
₹ 30,00,0008.30%10₹ 36,876₹ 14,25,069₹ 44,25,069
₹ 30,00,0008.30%11₹ 34,733₹ 15,84,728₹ 45,84,728
₹ 30,00,0008.30%12₹ 32,969₹ 17,47,548₹ 47,47,548
₹ 30,00,0008.30%13₹ 31,497₹ 19,13,481₹ 49,13,481
₹ 30,00,0008.30%14₹ 30,253₹ 20,82,476₹ 50,82,476
₹ 30,00,0008.30%15₹ 29,192₹ 22,54,477₹ 52,54,477
₹ 30,00,0008.30%16₹ 28,278₹ 24,29,428₹ 54,29,428
₹ 30,00,0008.30%17₹ 27,487₹ 26,07,267₹ 56,07,267
₹ 30,00,0008.30%18₹ 26,796₹ 27,87,934₹ 57,87,934
₹ 30,00,0008.30%19₹ 26,190₹ 29,71,363₹ 59,71,363
₹ 30,00,0008.30%20₹ 25,656₹ 31,57,488₹ 61,57,488

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

YearPrincipalInterestBalance 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

### 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

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