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The Bank of India Home Loan EMI Calculator is an online tool to compute monthly EMIs based on loan amount, interest rate, and tenure. It uses the formula EMI = [P × R × (1+R)^N] / [(1+R)^(N-1)], where P is principal, R is monthly interest rate, and N is tenure in months. Available on the official website, it supports loans up to ₹5 crore, tenures up to 30 years, and rates starting at 6.95% p.a. as of September 2025. Use it to plan repayments, check eligibility, and estimate total interest.
Rates are floating, linked to external benchmarks like RLLR, with spreads based on CIBIL score (min. 700+ for lowest), loan amount, and borrower type. Women and government employees get 0.05-0.10% concessions. Minimum rate: 6.95% p.a.; maximum up to 9.50% p.a.
| Borrower Type | Starting Rate (p.a.) | Spread Over Benchmark | Max Loan Amount | Key Notes |
|---|---|---|---|---|
| Salaried (Private/Public) | 6.95% - 8.00% | 0.00% - 0.25% | ₹5 crore | CIBIL 750+ for lowest; 1-3 years experience required |
| Self-Employed | 7.50% - 8.50% | 0.00% - 0.75% | ₹3 crore | 2+ years business; ITR verification |
| Women Borrowers | 6.90% - 7.95% | -0.05% concession | ₹5 crore | Applicable on joint/single loans |
| Government Employees | 6.95% - 7.75% | -0.10% concession | ₹5 crore | PSU/defense; no prepayment penalty |
| NRIs/Senior Citizens | 7.40% - 8.60% | 0.00% - 0.85% | ₹2 crore | Age up to 70 years; forex options |
*Rates effective September 2025; subject to change. Input into Bank of India Home Loan EMI Calculator for real-time quotes.
For a ₹50 lakh loan at 7.50% p.a. over 20 years: EMI ≈ ₹39,500; total repayment ₹94.80 lakh; interest ₹44.80 lakh.
For a ₹30 lakh loan at 7.50% p.a., longer tenures reduce EMI but increase total interest. Use the calculator to adjust.
| Tenure (Years) | Monthly EMI (₹) | Total Repayment (₹) | Total Interest (₹) | Annual Principal Reduction (₹, Year 1) |
|---|---|---|---|---|
| 5 | 59,500 | 35.70 lakh | 5.70 lakh | 3.57 lakh |
| 10 | 35,800 | 43.00 lakh | 13.00 lakh | 2.15 lakh |
| 15 | 28,300 | 51.00 lakh | 21.00 lakh | 1.70 lakh |
| 20 | 24,800 | 59.50 lakh | 29.50 lakh | 1.49 lakh |
| 30 | 21,700 | 78.10 lakh | 48.10 lakh | 1.30 lakh |
Shorter tenure saves on interest (e.g., 5 years: 88% less interest vs. 30 years) but raises monthly outflow.
Varying rates affect affordability. Sample for ₹40 lakh loan over 15 years.
| Interest Rate (p.a.) | Monthly EMI (₹) | Total Repayment (₹) | Total Interest (₹) | EMI per Lakh (₹) |
|---|---|---|---|---|
| 6.95% | 36,200 | 65.20 lakh | 25.20 lakh | 905 |
| 7.50% | 37,500 | 67.50 lakh | 27.50 lakh | 938 |
| 8.00% | 38,800 | 69.80 lakh | 29.80 lakh | 970 |
| 8.50% | 40,100 | 72.20 lakh | 32.20 lakh | 1,003 |
A 0.55% rate drop (6.95% vs. 7.50%) saves ₹2.30 lakh in interest; use calculator to test your rate.
Bank of India offers standard EMI, partial prepayments (no charge on floating rates), and step-up/step-down EMIs. PMAY subsidy applicable for eligible (up to 6.5% on ₹6-9 lakh loans).
| Option | Description | Pros | Cons | Impact on EMI/Interest |
|---|---|---|---|---|
| Standard EMI | Fixed monthly payments | Predictable; easy budgeting | Fixed outflow | Baseline EMI |
| Partial Prepayment | Lump sum reduces principal | Lowers interest; no fees | Requires savings | Reduces EMI by 10-20% |
| Step-Up/Step-Down | Adjusts with income changes | Flexible for life stages | Proof of income shifts needed | Matches cash flow |
| Balance Transfer | Switch from other bank | Lower rate (save 0.5-1%) | Processing fee up to 1% | EMI drops ₹400-900/lakh |
| PMAY Subsidy | Interest credit for low-income | Effective rate 3-4% initial | EWS/LIG category only | Saves up to ₹2.67 lakh |
Prepayments in first 5 years cut total interest by 15-25%.
For ₹20 lakh loan at 7.50% p.a., 15-year tenure (EMI: ₹18,200). Early years: higher interest; later: more principal.
| Year | Opening Balance (₹) | Principal Paid (₹) | Interest Paid (₹) | Closing Balance (₹) | Cumulative Interest (₹) |
|---|---|---|---|---|---|
| 1 | 20,00,000 | 85,000 | 1,37,000 | 19,15,000 | 1.37 lakh |
| 5 | 16,50,000 | 1,25,000 | 1,10,000 | 15,25,000 | 5.85 lakh |
| 10 | 11,20,000 | 1,80,000 | 55,000 | 9,40,000 | 9.90 lakh |
| 15 | 0 | 1,82,000 | 0 | 0 | 13.80 lakh |
Total interest: ₹13.80 lakh. Prepay ₹2 lakh in Year 1 to save ₹1.2 lakh interest.
Minimum age: 21 years; max: 70 years at maturity. Income: ₹15,000/month min. for salaried; 50-60% of income for EMI. Up to 90% property value funding.
| Criterion | Requirement | Calculation/Notes |
|---|---|---|
| Age | 21-70 years | Tenure adjusted to age |
| Income | Salaried: ₹15,000+/month; Self-emp: ₹2 lakh ITR | Net take-home after deductions |
| Credit Score | 700+ (CIBIL) | Below 700: +0.25-0.50% rate |
| Employment | Salaried: 1 year; Self-emp: 2 years | Joint income boosts eligibility |
| Property Value | Up to 90% financing | Valuation by bank empanelled valuer |
| Existing EMIs | Max 50% debt-to-income ratio | Deduct from eligibility |
Use the Bank of India Home Loan Eligibility Calculator (on site) for instant max loan estimate based on income and score.
Under Income Tax Act: Deduct up to ₹1.5 lakh principal (Section 80C) and ₹2 lakh interest (Section 24b) annually. First-time buyers get additional ₹50,000 under 80EE if loan ≤ ₹35 lakh.
| Benefit | Section | Max Deduction (₹/year) | Eligible Borrowers |
|---|---|---|---|
| Principal Repayment | 80C | 1.5 lakh | All (with 5-year lock-in) |
| Interest Deduction | 24b | 2 lakh | Self-occupied property |
| Additional Interest | 80EE | 50,000 | First home, loan ≤ ₹35 lakh |
| Joint Ownership | 80C/24b | Shared per co-borrower | Spouses can claim separately |
Total savings: Up to ₹3.5 lakh/year at 30% tax bracket. Factor into calculator for net EMI.
| Fee Type | Amount/Rate | When Applicable |
|---|---|---|
| Processing Fee | Up to 0.50% of loan (min. ₹3,000) | At sanction |
| Prepayment (Floating) | Nil | Anytime |
| Cheque Bounce | ₹500/instance | Failed payment |
| Conversion Fee | 0.25% of principal | Fixed to floating switch |
| Stamp Duty | As per state norms | Loan agreement |
No commitment fee; legal fees extra.
Use the Bank of India Home Loan EMI Calculator at bankofindia.co.in for personalized data. For queries, call 1800-220-022.
FAQs Related to This Calculator
Answered on 2025-09-20