BOI Home Loan Calculator

The BOI Home Loan EMI calculator is a simple but effective tool that can help you determine the EMI for your home loan. This can help you further plan your monthly finances to make the right decision in your home purchase.

Several banks, NBFCs (Non-Banking Financial Companies), and other financial institutions in India offer home loans to help people own a house. A home loan is one of the biggest liabilities for most borrowers, which runs for long tenures ranging up to 20 to 30 years. You can also get home loans to renovate your house.

An EMI or Equated Monthly Installment can ease the loan repayment process by breaking up the amount to be repaid into smaller amounts that can be paid every month over the tenure of repayment.

How Does The BOI Home Loan EMI Calculator Work?

Your monthly EMI amount is calculated using the following formula:

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are planning to take a home loan for ₹88 lakhs. The interest rate of the loan is 6.5%. The duration of the loan is 30 years. Here's how much you would have to pay as monthly EMI:

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 88,00,000 x (0.065/12 x (1 + 0.065/12)^30) / [(1 + 0/065/12)^30 - 1]
EMI = ₹55,622

You would have to pay an EMI of ₹55,622 every month if you take a home loan of ₹88 lakhs at an interest rate of 6.5% for a period of 30 years.

How To Use The BOI Home Loan EMI Calculator?

The calculator takes three inputs to calculate your EMI. They are:

• The home loan amount
• The tenure of the home loan
• The interest rate of the home loan

Once done, the calculator will calculate your monthly EMI amount.

Example:

Ms Shalini is looking to take a home loan for ₹75 lakhs. The interest rate of the home loan is 7% per annum. The tenure of the loan is 27 years. By putting the values in the calculator formula, we get:

EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 75,00,000 x (0.07/12 x (1 + 0/07/12)^27) / [(1 + 0/07/12)^27 - 1]
EMI = ₹51,586

If Ms Shalini takes a home loan for ₹75 lakhs at an interest rate of 7% per annum, she would have to pay an EMI of ₹51,586 per month for 27 years.

Benefits Of Using The BOI Home Loan EMI Calculator

Below are the advantages of using the home loan EMI calculator.

• The home loan calculator can calculate your monthly EMI amount in a matter of seconds, saving you time and effort.
• The calculator can provide error-free results, so you don't have to worry about any mistakes.
• The calculator can help you compare tenure and interest rates from multiple lenders. This can help you choose the best home loan for you.
• The calculator is completely free to use.