BOI Home Loan EMI Calculator
Compare with other banks - Home Loan
| Bank | Interest Rate (%) | Source |
|---|---|---|
| Bank of India (Your selected bank) | 8.00 - 9.30 | View Details |
| State Bank of India | 8.00 - 9.25 | View Details |
| Bank of Baroda | 8.40 - 10.10 | View Details |
| HDFC Bank | 8.50 - 9.25 | View Details |
| ICICI Bank | 8.60 - 9.35 | View Details |
| Canara Bank | 8.00 - 9.25 | View Details |
| Punjab National Bank | 9.00 - 11.20 | View Details |
| Kotak Mahindra Bank | 8.65 - 12.30 | View Details |
| Axis Bank | 8.75 - 9.30 | View Details |
| Central Bank of India | 8.40 - 9.40 | View Details |
| Indian Bank | 8.25 - 9.65 | View Details |
| Indian Overseas Bank | 7.90 - 9.35 | View Details |
| Union Bank of India | 7.85 - 10.30 | View Details |
| IndusInd Bank | 10 - 14 | View Details |
| Yes Bank | 9 - 12 | View Details |
| IDFC First Bank | 8.85 - 10.50 | View Details |
| Federal Bank | 9.65 - 11.35 | View Details |
| RBL Bank | 9 - 10.50 | View Details |
Home Loan EMI Calculator
A home loan EMI calculator helps you estimate your monthly payments and plan your home purchase effectively. It takes into account the loan amount, interest rate, and loan term to calculate your Equated Monthly Installment (EMI).
How Home Loan EMI Calculator Works
- Enter the loan amount you wish to borrow
- Input the interest rate offered by the bank
- Select the loan tenure in years
- Get instant calculation of your monthly EMI
Factors Affecting Home Loan EMI
- Credit Score: Higher scores may get better interest rates
- Income: Determines your loan eligibility and EMI capacity
- Property Value: Affects the loan amount you can get
- Loan Term: Longer terms mean lower EMIs but higher total interest
- Interest Rate: Fixed or floating rates impact your EMI
Home Loan EMI Examples
Example 1: ₹50 Lakhs Home Loan
For a ₹50 lakhs home loan at 8.5% interest for 20 years, your monthly EMI would be approximately ₹43,391. The total interest paid would be ₹54.13 lakhs.
Example 2: ₹30 Lakhs Home Loan
For a ₹30 lakhs home loan at 8.5% interest for 15 years, your monthly EMI would be approximately ₹29,555. The total interest paid would be ₹23.19 lakhs.
Frequently Asked Questions
What is the minimum down payment required for a home loan?
Most banks require a minimum down payment of 20% of the property value. However, this can vary based on the loan amount and your credit profile.
Can I prepay my home loan?
Yes, most banks allow prepayment of home loans. Some may charge a prepayment penalty, especially for fixed-rate loans.
What documents are required for a home loan?
Common documents include identity proof, address proof, income proof, property documents, and bank statements.
How does the interest rate affect my EMI?
Higher interest rates increase your EMI and total interest paid. A 1% increase in interest rate can significantly impact your monthly payments.
Tips for Home Loan Planning
- Compare interest rates from multiple banks before choosing a loan
- Consider your long-term financial stability before taking a loan
- Maintain a good credit score to get better interest rates
- Plan for additional costs like registration, insurance, and maintenance