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Bank of India Loan Against Property EMI Calculator

Bank of India Mortgage Loan EMI 2021

Last Updated 09th Jul 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 the type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate. Check Best Offers.

  • Use Bank of India mortgage loan calculator to evaluate your EMI before applying for a loan.
  • Check Bank of India property loan EMI for different tenures at the current rate of 8.85%
Loan Amount5 Year Loan7 Year loan12 Year loan
₹ 10 Lakh₹ 20,686₹ 16,013₹ 11,296
₹ 25 Lakh₹ 51,714₹ 40,033₹ 28,240
₹ 40 Lakh₹ 82,743₹ 64,052₹ 45,184
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback
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Loan Against Property EMI Calculator Bank of India

You can calculate your Bank of India loan against property EMI in advance to plan your expenses using a Bank of India mortgage loan calculator. Bank of India loan against property EMI calculator is an online tool that gives accurate results without hassle.

Why should you use Bank of India Loan Against Property EMI Calculator?

  • Calculate the EMI at Different Tenures : With Bank of India LAP EMI Calculator, you can compare the EMI on your loan against property with different loan tenures and loan amount. However, you must check the interest rate on Bank of India loan against property to calculate the EMI. As per the current rates, Bank of India offers the lowest EMI per lakh of ₹ 1,130 at 8.85 %
  • Compare Bank of India LAP EMI : You can also get a precise estimate on your loan against property compared to other banks at the same loan amount and tenure by using Bank of India loan EMI Calculator. On the basis of Bank of India Loan against property EMI, you can choose the most affordable offer.
  • Get Detailed Amortisation Schedule : Bank of India Loan against EMI Calculator helps you to calculate the division of total EMIs into interest and principal repayment at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance : Finally, you can also use Bank of India EMI Calculator to calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. Thus, it can help you reduce your loan tenure by prepayment or foreclosure or to avail loan at a lower rate with balance trasnfer.

Bank of India Mortgage Loan EMI Calculator to estimate the EMI that fits your budget

To calculate the EMI against Bank of India EMI loan against property at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Bank of India Loan against property EMI calculator. The table below shows the Bank of India EMI calculation at the various combinations of loan amount and years at the lowest rate of 8.85%.

Bank of India Loan against property EMI is calculated for different loan amounts and tenures at 8.85% interest rate

Loan Tenure
Loan Amount (Rs.)10 years15 years20 years
EMI on ₹ 15,00,000 ₹ 18,880 ₹ 15,080 ₹ 13,352
EMI on ₹ 25,00,000 ₹ 31,466 ₹ 25,134 ₹ 22,253
EMI on ₹ 40,00,000 ₹ 50,346 ₹ 40,215 ₹ 35,604
EMI on ₹ 60,00,000 ₹ 75,519 ₹ 60,322 ₹ 53,406

Factors Affecting Bank of India Property Loan EMI

You can calculate Bank of India EMI for your loan against property using an online LAP EMI Calculator, which considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI on loan against property. You can avail of Bank of India loan against property for an amount ranging between ₹ 10,00,000 to ₹ 5,00,00,000.

Interest Rate

A higher interest rate increases your Bank of India loan against property EMI, increasing the total cost of the loan. As per the current rates, Bank of India provides loan against property at rates starting at 8.85%. Before applying for a loan, you must compare LAP rates and calculate EMI online using Bank of India loan against property loan calculator.

Loan Tenure

Your EMI will be lower if you avail mortgage loan for a maximum tenure of 12 years, and similarly, you will have to pay a higher EMI if your tenure is shorter.

Comparison of Bank of India Loan Against Property EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Bank of India 8.85% ₹ 11,296 ₹ 33,888 ₹ 56,480
Yes Bank 8.95% ₹ 10,113 ₹ 30,339 ₹ 50,565
Bajaj Home Finance 9.00% ₹ 8,997 ₹ 26,992 ₹ 44,986
Jammu And Kashmir Bank 9.20% ₹ 16,191 ₹ 48,572 ₹ 80,954
Edelweiss 9.25% ₹ 10,292 ₹ 30,876 ₹ 51,460
Karur Vysya Bank 9.25% ₹ 13,676 ₹ 41,027 ₹ 68,379
Punjab and Sind Bank 9.35% ₹ 11,578 ₹ 34,735 ₹ 57,892
UCO Bank 9.45% ₹ 11,635 ₹ 34,906 ₹ 58,176
Kotak Bank 9.50% ₹ 11,664 ₹ 34,991 ₹ 58,319
PNB 9.50% ₹ 12,940 ₹ 38,819 ₹ 64,699
PNB Housing Finance 9.50% ₹ 9,321 ₹ 27,964 ₹ 46,607

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 ₹ 20 Lakh from Bank of India for 10 years at an interest rate of 8.85%, the EMI calculated for this loan amount would be ₹ 25,173 and the total annual EMIs to be paid annually is ₹ 3,02,077. The Bank of India Loan Against Property EMI schedule for 10 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 10 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 87,336 ₹ 63,703 ₹ 1,51,038 ₹ 19,36,297
2022 ₹ 1,65,928 ₹ 1,36,149 ₹ 3,02,077 ₹ 18,00,148
2023 ₹ 1,53,377 ₹ 1,48,700 ₹ 3,02,077 ₹ 16,51,448
2024 ₹ 1,39,670 ₹ 1,62,407 ₹ 3,02,077 ₹ 14,89,042
2025 ₹ 1,24,700 ₹ 1,77,377 ₹ 3,02,077 ₹ 13,11,665
2026 ₹ 1,08,349 ₹ 1,93,728 ₹ 3,02,077 ₹ 11,17,937
2027 ₹ 90,492 ₹ 2,11,585 ₹ 3,02,077 ₹ 9,06,352
2028 ₹ 70,988 ₹ 2,31,089 ₹ 3,02,077 ₹ 6,75,262
2029 ₹ 49,686 ₹ 2,52,391 ₹ 3,02,077 ₹ 4,22,871
2030 ₹ 26,421 ₹ 2,75,656 ₹ 3,02,077 ₹ 1,47,215
2031 ₹ 3,823 ₹ 1,47,215 ₹ 1,51,038 -₹ 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 43.13% of your EMI has been used to repay the principal amount. This means that the remaining 56.87% of the EMI went into interest payment. Thus, you end up paying only 6.51% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to Bank of India.

In year 10, the interest component of Bank of India EMI is around 4.63%, while the principal component is around 95.37%. Upto 10 years, you have cumulatively repaid 100% of your total Bank of India Loan Against Property.

Bank of India Loan Against Property EMI for ₹ 10 Lakh

The following table shows EMI on Bank of India loan against property for ₹ 10,00,000 for different tenures at an interest rate of 8.85%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 8.85% 5 Years ₹ 20,686
₹ 10,00,000 8.85% 10 Years ₹ 12,587
₹ 10,00,000 8.85% 12 Years ₹ 11,296
₹ 10,00,000 8.85% 12 Years ₹ 11,296

Bank of India Loan Against Property EMI for ₹ 25 Lakh

The following table shows Bank of India loan against property EMI for ₹ 25,00,000 for different tenures at an interest rate of 8.85%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 8.85% 5 Years ₹ 51,714
₹ 25,00,000 8.85% 10 Years ₹ 31,466
₹ 25,00,000 8.85% 12 Years ₹ 28,240
₹ 25,00,000 8.85% 12 Years ₹ 28,240

Bank of India Mortgage Loan EMI for ₹ 30 Lakh

The following table shows Bank of India loan against property EMI for ₹ 30,00,000 for different tenures at an interest rate of 8.85%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 8.85% 5 Years ₹ 62,057
₹ 30,00,000 8.85% 10 Years ₹ 37,760
₹ 30,00,000 8.85% 12 Years ₹ 33,888
₹ 30,00,000 8.85% 12 Years ₹ 33,888

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 Bank of India 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 Bank of India Loan Against Property EMI change in case of prepayment?

Similar to all loans, Bank of India 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 EMI calculator calculate Bank of India Loan Against Property EMI?

Bank of India Loan against property emi calculator 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 ₹ 5,00,00,000, 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.

How to pay your Bank of India Mortgage loan EMI Online?

You can pay the Bank of India mortgage loan EMI by logging in to your net banking account as provided when availing of the loan using your savings account or debit/credit card. You can also visit the Bank of India branch to submit the cheque of your EMI.

What is the EMI for ₹ 10 Lakh mortgage loan in Bank of India?

To determine different EMI for different tenures, you can use a 10 lakh loan against property EMI Calculator. Consider this example for a better understanding.

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 8.85% 5 years ₹ 20,686
₹ 10 Lakh 8.85% 10 years ₹ 12,587
₹ 10 Lakh 8.85% 12 years ₹ 11,296
₹ 10 Lakh 8.85% 12 years ₹ 11,296

How is Bank of India loan against property EMI calculated?

You can calculate Bank of India LAP EMI using the mathematical formula mentioned below or using an online Bank of India LAP EMI Calculator.

  • E = [P x R x (1+R)^N]/[(1+R)^N-1] where
  • ‘E’ means Equated monthly instalments
  • ‘P’ means the principal amount
  • ‘N’ is the number of monthly instalments
  • ‘R’ is the interest rate per month.

What is the EMI for ₹ 20 Lakh Loan against property in Bank of India?

To determine different Loan against property EMI Bank of India for different tenures, you can use a 20 lakh loan against property Calculator, as reflected in the table below:

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 8.85% 5 years ₹ 41,371
₹ 20 Lakh 8.85% 10 years ₹ 25,173
₹ 20 Lakh 8.85% 12 years ₹ 22,592
₹ 20 Lakh 8.85% 12 years ₹ 22,592

What is the EMI for ₹ 30 Lakh mortgage loan in Bank of India?

To determine different Bank of India EMI for different tenures, you can use a 30 lakh loan against property EMI Calculator.

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 8.85% 5 years ₹ 62,057
₹ 30 Lakh 8.85% 10 years ₹ 37,760
₹ 30 Lakh 8.85% 12 years ₹ 33,888
₹ 30 Lakh 8.85% 12 years ₹ 33,888

What is the EMI for ₹ 50 Lakh mortgage loan in Bank of India?

To estimate Bank of India EMI for different loans against property tenures, you can use a 50 lakh mortgage Calculator. The results are mentioned as follows:

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 8.85% 5 years ₹ 1,03,428
₹ 50 Lakh 8.85% 10 years ₹ 62,933
₹ 50 Lakh 8.85% 12 years ₹ 56,480
₹ 50 Lakh 8.85% 12 years ₹ 56,480


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Bank of India Loan Against Property News - Jul 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.
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