Bank of India Home Loan EMI Calculator

Bank of India Home Loan - Lowest EMI is Rs. 780 per lakh

Last Updated 29th Mar 2017
  • Get monthly EMI as low as Rs. 780 per lakh with Bank of India now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by Bank of India is 8.65%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 994 for a 15 year loan and Rs. 877 for a 20 year loan. Check the EMI for other tenures using the Bank of India home loan EMI calculator on this page.

Home Loan EMI Calculator Bank of India

Bank of India Home Loan EMI Calculator
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Bank of India Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Bank of India offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 780 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Bank of India on Home Loan is 8.65%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 24,83921,93419,489
    5,000,000 49,67843,86738,978
    7,500,000 74,51665,80158,468
    10,000,000 99,35587,73477,957
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Bank of India Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Bank of India Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 8.65%, which is linked to Bank of India 1 Year MCLR, which is currently 8.50%. Last revised on 07th Mar 17
n = tenure in month. For Bank of India, this can be 360 months

Will the Bank of India home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Bank of India subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Bank of India will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Bank of India, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Bank of India allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
Bank of India Home Loan EMI Calculator News - Mar 2017
09th Jan 17 Bank of India cuts home loan rates to 8.65 percent
Bank of India has reduced its home loan interest rates by 65 bps to 8.65 percent for women. The bank has also reduced home loan interest rates for other borrowers to 8.70 percent as compared to 9.30 percent earlier. The rates are effective from 7th January, 2017.
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