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.
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 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 |
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