BOI Home Loan Calculator

Buying a home is a major step, and figuring out the financial side of things can be stressful. The Bank of India (BOI) offers a free online tool, the BOI Home Loan EMI Calculator, to help you navigate this process.

This calculator estimates your monthly EMI (Equated Monthly Instalment) – the amount you'd pay towards your home loan each month. But it does more than just calculate a number.

The BOI Home Loan EMI Calculator can be a useful tool to understand how much you can afford to borrow.  By entering details like the loan amount, interest rate, and desired loan term, you can get a clearer picture of your monthly payments.  This information helps you make informed decisions about how much you can borrow and choose a loan that fits your budget and financial goals.

The BOI Home Loan EMI Calculator isn't just for basic calculations. You can also use it to explore different loan options. For example, you can see how a slightly higher interest rate would affect your EMI, or how extending your loan term would change your monthly payment. This can help you find the best loan strategy for your situation.

What is the Interest Rate of a BOI Home Loan?

While rates can start from as low as 8.40% per year, they may be higher depending on your situation.

For example, borrowers with a CIBIL score below 675 might see rates starting from 10.70% and potentially go even higher.

The interest rate for a BOI Home Loan can vary depending on your creditworthiness, the specific loan program you choose, and other factors like your employment.

What are the Different Types of BOI Home Loans?

Bank of India offers several home loan options to suit your needs:

• BOI Star Home Loan
• Star Diamond Home Loan
• BOI Star Smart Home Loan
• BOI Star Top-Up Loan
• BOI Star Pravasi Home Loan Scheme

It's a good idea to explore these options to find the best fit for your situation. Bank of India may also offer personalised home loan plans.  To discuss your specific requirements and choose the most suitable option, consider contacting a BOI agent.

Key Features of BOI Home Loans

1. Extended Repayment Tenure: BOI allows you to repay your home loan over a maximum period of 30 years (360 months). This gives you more time to manage your monthly payments comfortably.

2. Moratorium Period: During the initial stages of construction, you might not have any income from the property. BOI offers a moratorium period of up to 36 months where you can delay your EMI payments (interest will still accrue).

3. Competitive Rates: BOI's home loan rates start at Rs. 755 per lakh, which can help you save money on your overall loan cost.

4. Combined Income Eligibility: If you need additional borrowing power, BOI considers the income of a close relative as a co-applicant, increasing your eligibility for a larger loan amount.

3. Overdraft Facility: The Star Smart Home Loan option allows you to convert your loan into an overdraft facility, providing additional flexibility to access funds as needed.

4. Financing Options: BOI offers a variety of loan purposes beyond just purchasing a finished home. You can use your BOI Home Loan to finance the purchase of a plot for future construction (within 5 years), renovate or extend an existing property, or even furnish your new home.

5. Loan Top-Ups: Need additional funds after your initial loan amount? BOI allows you to easily top up your existing loan for unforeseen expenses.

6. Green Financing: Considering installing solar panels for your new home? BOI includes the cost of solar panel purchase within your home loan amount, making it easier to invest in sustainable solutions.

7. Simplified Loan Process: BOI considers the insurance premium for your property as part of the project cost, streamlining the loan application process.

8. Flexible Repayment Options: In some cases, BOI might offer you the option to adjust your EMI amount over the loan term, providing additional flexibility for managing your repayments.

How to Use BOI Home Loan Interest Rate EMI Calculator?

To make things easier for you, we at Jupiter have created a comprehensive Home Loan Interest Rate EMI Calculator that enables you to effortlessly calculate your EMI across multiple banks and lenders. Simply scroll to the top of this page, use our calculator, and input your loan details as instructed below. Once completed, your EMI and other significant parameters will be displayed automatically.

1. Input Your Loan Details: The calculator will typically require you to enter the following information:

• Loan Amount: Enter the desired amount you wish to borrow for your home purchase.
• Tenure: Select the loan repayment period that best suits your financial plan. BOI home loans typically range from 5 to 30 years.
• Rate of Interest: Enter the estimated interest rate based on your research or the bank's current offerings. Adjust this field to explore various scenarios with different potential interest rates.

2. Calculate Your EMI: Once you've entered all the details, the calculator will display your estimated monthly EMI amount. This represents the fixed amount you'll pay towards your loan every month throughout the chosen tenure.

3. Explore Different Loan Scenarios: Experiment with various loan amounts, interest rates, and repayment tenures to find the combination that best suits your financial situation and affordability.  This allows you to compare different loan options and make well-informed decisions before finalizing your home loan application.

How to Calculate BOI Home Loan EMI?

To calculate your home loan, the fastest and most convenient option is to use our online EMI calculators. These user-friendly tools typically require just three inputs as mentioned earlier. For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹30,00,000
• Annual Interest Rate: 8.40%
• Loan Tenure: 30 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 30 × 12 = 360

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹30,00,000 at an 8.40% annual interest rate over 30 years would be approximately ₹22,855.

What are the Benefits of Using a BOI Home Loan EMI Calculator?

1. Crystal-Clear EMI Estimates: No more guesswork! The calculator factors in the loan amount, interest rate, and loan term to provide a clear picture of your monthly EMI payment.  This allows you to confidently establish a realistic price range for your dream home.

2. Budgeting with Confidence: Knowing your EMI in advance is like having a roadmap for your finances. You can use this information to create a realistic monthly budget, taking into account your income, living expenses, and now, your future home loan payment. This promotes financial stability and helps you assess the feasibility of the loan based on your current situation.

3. Eligibility Assessment: Unsure about the loan amount you might qualify for? The calculator's eligibility function can provide valuable insights. By entering your income and existing financial obligations, it can estimate the loan amount you might be eligible for based on BOI's lending criteria. This helps you set realistic expectations and tailor your home search accordingly.

4. Understanding Your Loan Breakdown:  The EMI calculator goes beyond just the monthly payment. It unveils the amortization schedule, which breaks down each EMI into its principal and interest components. This transparency allows you to understand how much of your payment goes towards reducing the loan amount and how much goes towards interest.

5. Strategise for Early Payoff: The amortization schedule becomes a valuable tool when planning for prepayments. You can analyse the impact of lump sum payments or increased monthly payments, empowering you to save on interest and potentially shorten the loan term, saving you money in the long run.

How to Apply for a BOI Home Loan?

There are two ways to apply for a BOI Home Loan: online or in person at a branch.

1. Online Application

1. Visit the Bank of India website.
2. Under the "Loan Services" section, navigate to "Retail Loans." You might find this under a menu called "BOI Online" or something similar.
3. Look for an option titled "BOI Retail Loans in just 59 minutes" or something similar.
4. Select "Home Loan" from the available loan options.
5. Fill out the application form with the required details.
6. Provide your contact number. You'll receive a one-time password (OTP) on this number.
7. Enter the OTP, create a new password for online access, and click "Proceed" to continue the application process.

2. Branch Application

Visit any Bank of India branch and inquire about their Home Loan options. A customer service representative will be able to guide you through the application process in person.

Eligibility Criteria for BOI Housing Loan

The eligibility requirements to qualify for a Bank of India Home Loan depend on the specific loan program you choose. Here's a breakdown of the eligibility for each program:

1. Star Home Loan

• Citizenship: Open to resident Indians, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs).
• Employment: Salaried individuals, self-employed professionals, and non-individual entities like HUFs, corporations, groups, and associations can apply. However, trusts are not eligible.
• Age: Minimum age of 18 years at application and a maximum age of 70 years by the loan maturity date.

2. Star Diamond Home Loan

• Citizenship: Similar to the Star Home Loan, this program is open to resident Indians, PIOs, and NRIs.
• Age: Same age requirements apply (minimum 18 years at application and maximum 70 years at maturity).
• Employment: This program caters to High Net-worth Individuals (HNIs) who can be salaried professionals, self-employed, or non-individuals like HUFs, corporations, groups, and associations. However, there's an additional income requirement – a minimum average gross income of Rs 1 crore or more over the past 3 years.

3. Star Smart Home Loan

• Existing Account: This program is designed for existing Bank of India savings or current account holders who've maintained an average monthly balance of Rs 5,000 for the past year.
• New Accounts: New customers can also apply by opening a new savings or current account with an initial deposit of Rs 5,000.Employment: Salaried employees with existing Bank of India salary accounts and self-employed professionals like lawyers, doctors, chartered accountants, company secretaries, engineers, etc., are eligible.

4. Star Pravasi Home Loan Scheme

• Citizenship: This program is specifically for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
• Eligible NRIs: Indian citizens working abroad on assignments with national or international government agencies, and Indian citizens working in the merchant navy with NRI status can apply.
• Age: The age requirements are the same as other programs (minimum 18 years at application and maximum 70 years at maturity).

Frequently Asked Questions (FAQs)

Q: How long can I repay a BOI home loan?

A: The maximum repayment tenure for BOI home loans is 30 years.

Q: Can I use the BOI EMI calculator to try out different loan amounts?

A: Absolutely! The BOI EMI calculator allows you to input various loan amounts, interest rates, and tenures to see the resulting EMI.

Q: What's the lowest interest rate I can put into the BOI EMI calculator?

A: The starting interest rate value on the Bank of India EMI calculator is typically above 5%.

Q: Does Bank of India require a minimum credit score for a home loan?

A: There's no official minimum credit score set by Bank of India, but generally, applicants with higher credit scores will qualify for lower interest rates. The best rates are typically offered to borrowers with scores above 800.

Q: Does Bank of India offer any discounts on home loans for women?

A: Generally, there are no interest rate concessions specifically for female applicants, except in cases with a CIBIL score below 700. In that scenario, Bank of India might offer a small discount (5 basis points) on the interest rate.