Bank Of India Home Loan EMI Calculator
Calculate your monthly home loan repayments accurately with the BOI Home Loan EMI Calculator.
The Bank of India Home Loan EMI Calculator is a useful tool that assists you to calculate installments for your home loan. It’s convenient and easy to use, you just have to enter details like the loan amount, interest rate, and tenure, and it provides you an estimate of your calculated Monthly Installment (EMI).
Discover Your EMI with the Bank of India Home Loan Calculator
Use the BOI Home Loan Calculator to uncover your Equated Monthly Installment (EMI) effortlessly. Let this powerful tool guide you towards informed financial decisions and a seamless home loan experience.
Calculate Home Loan EMI Here: Home Loan EMI Calculator
Unique Features of Bank of India Housing Loan
Bank of India Home Loan offers several unique features for its home loan products. Here are some highlights:
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High Loan-to-Value (LTV) Ratios :
Finance up to 90% of your property’s value, reducing upfront costs for easier homeownership.
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Top-up Loans :
Existing customers can access extra funds for needs like renovation or education.
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Balance Transfer Facility :
Easily transfer your home loan to the Bank of India for lower rates and reduced interest expenses.
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Pre-Approved Home Loans :
Gain in-principle approval before house hunting, streamlining your negotiation and approval processes.
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Variety of Home Loan Schemes :
Tailored solutions for various needs, including first-time buyers, women borrowers, NRIs, and specific purposes like construction or renovation.
How Does the Bank Of India Home Loan Calculator Work?
Calculate your EMI in seconds using NoBroker’s comprehensive EMI calculation tool.
Here’s how it works–
Input Requirements:
Provide the following key inputs:
- Loan Amount:This is the principal amount you intend to borrow from the bank.
- Loan Tenure:Specify the duration over which you plan to repay the loan.
- Interest Rate:Input the applicable interest rate. This is the annual rate at which interest is charged on the loan amount.Calculation Formula
To calculate the Equated Monthly Installment (EMI) for your Bank of India home loan, you can use the formula provided:
- EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
- Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
For Example:
Let’s say you’ve taken out a home loan of ₹50 lakhs for the maximum allowed tenure of 30 years at an interest rate of 8.30%.
Calculate the monthly interest rate (R):
- R = 8.30% / 12 = 0.0069
Plug the values into the EMI formula:
- EMI = [50,00,000 x 0.0069 x (1+0.0069)^360] / [(1+0.0069)^360-1]
- EMI = 410108.4 / 10.8872
- EMI = 37668.85 (approx.)
3-Step Guide: Using the Bank Of India Home Loan Calculator
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Locate the EMI Calculator:
Find the EMI Calculator tool on our page.
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Input Loan Details :
Enter the loan amount, tenure, and interest rate.
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Click Calculate:
Hit the ‘Calculate’ button for instant EMI results.
Benefits of Bank Of India Housing Loan Calculator
Discover the advantages of the BOI Home Loan Calculator for precise financial planning and informed loan decisions:
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Convenience at Your Fingertips:
Access the EMI calculator online from anywhere, eliminating the need for branch visits or assistance.
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User-Friendly Interface:
Input loan details effortlessly, with a simple interface requiring only loan amount, interest rate, and tenure for instant EMI estimates.
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Swift and Accurate Results :
Bank Of India Housing Loan Calculator, Receive quick and accurate EMI estimates, avoiding manual calculations and extensive research.
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Informed Decision-Making:
Empower yourself with insights into affordability and potential loan obligations.
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Effortless Loan Comparisons:
BOI Home Loan Interest Rate Calculator, facilitates easy loan comparisons by inputting different scenarios.
Check Here: Compare Home Loan Interest Rates
Amortization Schedule Explained
The Amortization Schedule is like a roadmap for your loan payments. It breaks down each instalment, showing how much goes to pay off the actual loan (principal) and how much is for the interest.
Here’s how it will help:
- Clear Payment Breakdown :
It shows exactly where each payment is going – towards paying back the loan or covering the interest. - Plan Your Finances :
This helps you plan your money better by giving a full picture of how your loan will be repaid. - Understanding Interest :
It explains how much interest you’re paying each time, making it easier to grasp your loan.
Pay Off Faster:
Lets you plan to pay off your loan quicker if you want, by showing the impact of extra payments.
Bank of India Home Loan EMI for Varied Loan Values
Loan Amount (Principal) | Monthly EMI (approx). At 8.3% p.a. For a Tenure of 30 Years |
20,00,000 | 15,096 |
30,00,000 | 22,644 |
40,00,000 | 30,191 |
50,00,000 | 37,739 |
60,00,000 | 45,287 |
70,00,000 | 52,835 |
80,00,000 | 60,383 |
90,00,000 | 67,931 |
1,00,00,000 | 75,478 |
1,50,00,000 | 113,218 |
2,00,00,000 | 150,957 |
2,50,00,000 | 188,696 |
3,00,00,000 | 226,435 |