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Bank of India Loan Against Property EMI Calculator

Bank of India Mortgage Loan EMI

Last Updated 04th Feb 2021

Get monthly EMI as low as ₹ 1,130 per lakh on Bank of India loan against property. Mortgage loan EMI in Bank of India depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.

Loan Amount5 Year Loan7 Year loan12 Year loan
₹ 20 Lakh₹ 41,371₹ 32,026₹ 22,592
₹ 30 Lakh₹ 62,057₹ 48,039₹ 33,888
₹ 50 Lakh₹ 1,03,428₹ 80,065₹ 56,480
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    Loan Against Property EMI Calculator Bank of India

    Use the above quick and easy tool to easily calculate and compare monthly EMI on Bank of India Loan Against Property.

    Bank of India Loan Against Property Amortization Calculator

    The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

    Illustration: How to read an amortization schedule

    Suppose you borrow a Loan Against Property of ₹ 15 Lakh from Bank of India for 15 years at an interest rate of 8.85%, the EMI calculated for this loan amount would be ₹ 15,080 and the total annual EMIs to be paid annually is ₹ 1,80,965. The Bank of India Loan Against Property EMI schedule for 15 years is explained below in the table –

    Amortization Schedule for a Loan Against Property of ₹ 15 Lakh over the 15 years

    Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
    2021 ₹ 98,477 ₹ 37,247 ₹ 1,35,724 ₹ 14,62,753
    2022 ₹ 1,27,312 ₹ 53,653 ₹ 1,80,965 ₹ 14,09,100
    2023 ₹ 1,22,366 ₹ 58,599 ₹ 1,80,965 ₹ 13,50,501
    2024 ₹ 1,16,965 ₹ 64,001 ₹ 1,80,965 ₹ 12,86,500
    2025 ₹ 1,11,065 ₹ 69,900 ₹ 1,80,965 ₹ 12,16,600
    2026 ₹ 1,04,622 ₹ 76,344 ₹ 1,80,965 ₹ 11,40,256
    2027 ₹ 97,584 ₹ 83,381 ₹ 1,80,965 ₹ 10,56,875
    2028 ₹ 89,898 ₹ 91,067 ₹ 1,80,965 ₹ 9,65,808
    2029 ₹ 81,504 ₹ 99,461 ₹ 1,80,965 ₹ 8,66,347
    2030 ₹ 72,336 ₹ 1,08,630 ₹ 1,80,965 ₹ 7,57,717
    2031 ₹ 62,322 ₹ 1,18,643 ₹ 1,80,965 ₹ 6,39,074
    2032 ₹ 51,386 ₹ 1,29,580 ₹ 1,80,965 ₹ 5,09,494
    2033 ₹ 39,441 ₹ 1,41,524 ₹ 1,80,965 ₹ 3,67,970
    2034 ₹ 26,395 ₹ 1,54,570 ₹ 1,80,965 ₹ 2,13,400
    2035 ₹ 12,147 ₹ 1,68,818 ₹ 1,80,965 ₹ 44,582
    2036 ₹ 659 ₹ 44,582 ₹ 45,241 -₹ 0

    Each Bank of India Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

    As you assess the amortization table, you will find that by the end of 1st year 27.75% of your EMI has been used to repay the principal amount. This means that the remaining 72.25% of the EMI went into interest payment. Thus, you end up paying only 3.35% of the loan amount of ₹ 15 Lakh after paying 12 EMIs in the first year to Bank of India.

    In year 15, the interest component of Bank of India EMI is around 4.63%, while the principal component is around 95.37%. Upto 15 years, you have cumulatively repaid 100% of your total Bank of India Loan Against Property.

    How to process for Loan Against Property EMI moratorium in Bank of India?

    After the announcement of RBI on 22nd May 2020, Bank of India has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing Bank of India. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact Bank of India customer care or its nearest branch.

    FAQs

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

    Bank of India Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:

    • Typically, the Loan Against Property 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 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 the extent that the revised loan tenure is more than the maximum permissible by Bank of India, the bank may increase your EMI amount.

    Will Loan Against Property EMI change in case of prepayment?

    Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a 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.
    • Note that Bank of India may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?

    Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • Bank of India mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    How much loan can I get against my property from Bank of India?

    You can avail of a maximum loan of ₹ 5 Cr, depending on the value of the property. However, the loan amount cannot be more than 40% of the property value. Bank of India assesses the property before approving your mortgage loan application.


    Bank of India Loan Against Property News - Apr 2021
    • 2020-08-03 : Bank of India posted PAT of Rs. 845.78 crore in Q1FY21
      Bank of India posted a net profit of Rs.845.78 crores for the period ended June 30, 2020, as against a net profit of Rs.3600.65 crores for the period ended March 31, 2020. Further, the Bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.12022.48 crores during the period ended June 30, 2020.
    • 2019-05-17 : Bank of India posts Rs. 252 crores profit on lower provisioning
      Bank of India (BoI) has reported a net profit at Rs. 252 crores during the Q4 of FY19 as compared to Rs. 3,969 crore in the year-ago quarter. The profit is driven mainly by robust growth in net interest income and a sharp decline in loan loss provisions. Additionally, the lender is hoping to grow retail loans including home loans and mortgage loans around 15% in the near future.
    • 2019-05-13 : Bank of India lowers MCLR rates by 5 basis points
      Bank of India (BoI) has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.20% and 8.30% respectively. While for 3 months, the rate has been revised to 8.45%. While for 1 year the rate now stands at 8.70%. The revised rates are effective from May 10, 2019.
    • 2019-04-11 : Bank of India cuts 6-month MCLR by 5 basis points, other rates unchanged
      Bank of India (BoI) has reduced its marginal cost-based lending rate (MCLR) by five basis points for the six-month tenure. Other rates have been left unchanged. Now, the MCLR rate for 6 months have been reduced to 8.55% from 8.6% earlier. The new rate is effective from April 10.
    • 2018-11-20 : Bank of India revises MCLR rate
      Bank of India has revised MCLR for the month of November. The rates continue to be in the range of 8.15% to 8.65%. The new rates for six months MCLR now stand at 8.55% and that of one year is 8.65%. The revised rates are effective from November 10, 2018.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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