Bank of India (BOI) is a government-owned commercial bank that started its journey in 1906. Back then, it was founded and controlled by a group of renowned businessmen from Mumbai. Later, in 1969, BOI was nationalised as per the policies of the Government of India. Over the years, this financial institution has grown significantly and carries sizeable operations internationally. As of March 2019, BOI works via 5316 branches across the country and also operates via its 56 overseas offices.
As a government-backed nationalised financier, BOI also provides home loans at competitive interest rates starting from 6.95% p.a. Therefore, homebuyers can consider this lender to avail housing finance at one of the most affordable rates in this lending market. Individuals can also use an online BOI home loan EMI calculator and create their repayment strategy as per a suitable EMI amount.
Based on the following formula, a BOI housing loan EMI calculator computes monthly instalment amounts –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
Now, with the help of an example, this formula can be explained easily –
Let’s say Sashi is self-employed and buying a flat. He wants to avail a home loan of Rs. 25 lakh from BOI for 12 years at an interest rate of 7.2% p.a. His monthly EMI would be calculated as follows.
The values entered in the calculator would be –
|Loan principle or P||Rs. 25,00,000|
|Rate of interest or R||7.2%|
|Tenure in months or N||144 months|
As per the formula –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
= [25,00,000 X 7.2% X (1+7.2)^144] / [(1+7.2)^144-1]
So, Sashi needs to pay Rs. 25,977 for the upcoming 144 months spanning the repayment tenure. Moreover, this BOI housing loan EMI calculator also computes the total repayment liability, amounting to Rs. 37,40,544.
As the name suggests, BOI’s EMI calculator for home loans is a simple digital tool that enables users to estimate their monthly instalments. This calculator requires you to enter three components, namely the interest rate, principal value, and repayment term. Once individuals enter these metrics, a BOI home loan calculator 2020 can compute the instalment amount within a few seconds.
Individuals can also assess various EMI options as they tweak the value of tenure or advance amount entered in a home loan calculator. Thus, they can compare and select a suitable amount according to their financial profile and capability.
Here are some factors that influence home loan EMIs –
A BOI home loan calculator 2020 is a beneficial tool that can help with a systematic borrowing process –
Learning about the utility of a BOI home loan EMI calculator has become essential for a streamlined borrowing process. A careful approach to availing high-value funding like home loans can ensure the improved financial health of individuals.
Que. How to apply for a BOI home loan?
Ans. A home loan can be applied by going to the official BOI website or by visiting the nearest bank branch to apply for a housing loan.
Que. What is the eligibility for a home loan?
Ans. Self-employed and salaried individuals can apply for a home loan at the Bank of India.
Que. What is the tenure for repayment of BOI home loans?
Ans. The repayment tenure for BOI home loans goes up to a maximum of 30 years.
Que. How does the repayment of loans happen?
Ans. The loan can be repaid in the form of Equated Monthly Instalments (EMIs) which means a fixed amount of money is to be repaid by the borrower every month. One can calculate your EMI using a Bank of India Home loan calculator.