A home loan calculator is an invaluable tool for individuals considering purchasing a home or refinancing an existing mortgage. It allows you to estimate their monthly home loan EMI payments and analyse financial scenarios before committing to a loan. A home loan calculator serves as a crucial resource to make informed decisions. If you are looking into BOI’s (Bank of India) home loan, calculate your BOI home loan EMI using the BOI Home Loan EMI calculator.
BOI home loan EMI calculator on Angel One is available for free and makes your life easy by providing instant results.
The BOI home loan EMI calculator formula to compute the monthly instalment on the home loan is, –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- R = Rate of interest
- N = Loan tenure in months
Let’s consider an example to understand this formula better. Say Mr A is buying a house worth Rs. 70 lakh and looking for a home of Rs. 50 lakh from BOI for 10 years at an interest rate of 7% p.a. The monthly EMI will be calculated as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
= [50,00,000 X 7/100/12 X (1+7/100/12)^120] / [(1+7/100/12)^120-1]
= Rs. 58,054
Now Mr A has to pay Rs. 58,054 per month for 10 years as EMI on his home loan.
To avoid manual calculation, which is prone to errors, you can use the BOI home loan EMI calculator on Angel One. The usage of this calculator is simple and straightforward as follows: –
- Open the online BOI home loan EMI calculator on Angel One website
- Enter the loan amount
- Enter the interest rate
- Enter the tenure of the loan
The Angel One online BOI home loan EMI calculator not only gives the EMI you need to pay but also the total interest amount on the loan.
- Financial planning: Angel One’s BOI home loan EMI calculator can help you plan your finances effectively. Once you know your home loan EMI, you can plan your monthly expenses accordingly.
- Affordability assessment: Assessing your affordability is a crucial part while getting a loan. And using the home loan EMI calculator can help you determine if you can afford the monthly EMIs.
- Long-term financial analysis: Buying a house is not a small task. It involves one of the big purchases you make in your life. So you must understand the long-term financial implications. Using the home loan calculator will help you determine the right loan tenure that suits your financial objectives
- Free to use: Angel One BOI home loan EMI calculator is free to use, which means you can use it as many times as you wish.
- Accessibility: The online BOI home loan EMI calculator on the Angel One website is accessible from anywhere in the world. You can use it at any time and calculate your home loan EMIs.
Before purchasing a home loan, it is important to note the factors that can influence your home loan EMI:
- Interest rates:
The rate of interest on your home loan directly affects the home loan EMI.
The tenure of the loan also affects the home loan EMI. If you opt for high tenure, your EMIs may seem low but check the total interest on the loan, which can be high. So opt for a tenure that is financially beneficial to you.
The BOI home loan EMI calculator is a financial tool that helps you calculate the BOI home loan EMIs. The calculator eliminates the errors from the manual calculations and gives quick results.
The online BOI home loan EMI calculator on Angel One is a user-friendly tool that is free of charge. Just enter the loan amount, interest rate and tenure. You’ll get results of the monthly instalment amount along with the total interest on the loan.
Yes. The BOI home loan EMI calculator on the Angel One website is free to use. It is accessible from anywhere and can be used at any time, according to your convenience.
The interest rate on the BOI home loans depends on various factors like the applicant’s occupation, age, credit score, etc. The interest rates are subject to change due to economic factors as well. It is better to contact the bank to find out the current interest on BOI home loans.