Taking a home loan is a big decision, and understanding your EMI is crucial. The Bank of India Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
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Bank Of India Home Loan Highlights
The Bank of India home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.35% p.a. – 11.85% p.a. |
| Loan Amount | Up to 90% of the property value |
| Loan Tenure | 30 Years |
| Processing Charges | 0.25% of Loan amount Min. ₹1,500 to Max. ₹20,000 |
| Pre-Payment/ Foreclosure Charges | Floating Interest Rates: NIL Fixed Interest Rates: 0.65% of the outstanding loan amount |
Bank of India Home Loan Interest Rates
Bank of India provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
Bank of India Fixed Interest Rate Home Loans Based on CIBIL Score
Bank of India offers fixed interest rate home loans where the interest rate remains constant for the first 5 years. Upon completion of this period, the then-current fixed rate will be applied.
If you choose to switch to a floating rate after this term, you will be charged the current floating rate at that time.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 10.60% p.a. onwards | |
| 800 – 824 | 10.60% p.a. onwards | |
| 740 – 799 | 10.60% p.a. onwards | |
| 725 – 759 | 10.70% p.a. onwards | |
| 675 – 724 | 10.80% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 11.90% p.a. onwards | 12.05% p.a. onwards |
| Below 624 (For Others) | 11.95% p.a. onwards | 12.10% p.a. onwards |
| -1/ 0 | 10.90% p.a. onwards | |
Bank of India Floating Interest Rate Home Loans Based on CIBIL Score
At Bank of India, floating interest rates for home loans are determined by your CIBIL score and are calculated annually, unless stated otherwise.
These variable rates apply both to new home loans and to customers opting to switch their existing loan to a floating rate structure.
| CIBIL Score | Salaried | Self Employed |
|---|---|---|
| 825 and Above | 8.40% p.a. onwards | |
| 800 – 824 | 8.50% p.a. onwards | |
| 740 – 799 | 8.70% p.a. onwards | |
| 725 – 759 | 8.80% p.a. onwards | |
| 675 – 724 | 9.55% p.a. onwards | |
| Below 624 (For Women Beneficiary) | 10.65% p.a. onwards | 10.80% p.a. onwards |
| Below 624 (For Others) | 10.70% p.a. onwards | 10.85% p.a. onwards |
| -1/ 0 | 8.80% p.a. onwards | |
Check Out: Bank Of India Home Loan Interest Rates
Bank of India Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Bank of India:
| Criteria | Requirements |
|---|---|
| Age | 18 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
Bank Of India Home Loan Documents Required
When applying for a home loan with the Bank of India, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI/ PIO
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Also Read: Bank Of India Home Loan Documents Required
How is Bank Of India Home Loan EMI Calculated?
The EMI for an Bank Of India home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example Calculation:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Pro Tip: If your credit score is low, consider working on it for 3-6 months before applying for a home loan.
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How to Use Bank Of India Home Loan EMI Calculator
Bank Of India Home Loan EMI Calculator is a powerful tool to help you calculate your monthly EMI, total interest payable, and overall repayment amount with precision. Follow these steps to use the calculator effectively:
- Review the Results: The calculator will display:
- Monthly EMI: The fixed monthly payment (e.g., ₹1,04,767).
- Interest Amount: The total interest you’ll pay over the loan tenure (e.g., ₹1,00,58,069).
- Total Payable: The total amount you’ll repay, including the loan amount and interest (e.g., ₹1,88,58,069).
A pie chart visually represents the split between the loan amount and the interest payable.
- Input the Loan Amount: Use the slider or enter the amount you wish to borrow in the “Loan Amount” field (e.g., ₹88,00,000).
The loan amount determines the base on which your EMI is calculated. - Set the Interest Rate: Adjust the interest rate slider to match Bank of India’s current home loan interest rate (e.g., 11.85% p.a. in this example).
Refer to the Bank Of India Home Loan Interest Rate to get the latest applicable interest rates. - Choose the Loan Tenure: Select the repayment period using the slider or input the desired loan tenure in years (e.g., 15 years).
Longer tenures lower your EMI but increase the total interest payable.
How to Reduce Bank Of India Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Pro Tip: Use the Bank Of India Home Loan Prepayment Guide to learn how to make prepayments and reduce your EMI.
How To Apply For a Home Loan From Bank of India?
- Check Eligibility Criteria: Verify age, income, credit score, and employment status.
- Calculate Loan Amount and EMI: Use Bank of India’s online calculator to determine affordable loan amounts and monthly installments.
- Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
- Choose Application Method: Apply online through Bank of India’s website or visit a nearby branch in person.
- Submit the Application: Complete the application form accurately and attach all necessary documents.
- Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
- Property Valuation and Legal Checks: Bank of India assesses the property’s market value and performs legal due diligence.
- Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
- Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
- Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
- Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.
Read More: Home Loans in Bangalore
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.15% onwards | 8.15% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Check Out: Bank Of India Home Loan Customer Care
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Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
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