1. What is the BOI Home Loan Eligibility Calculator?

The Bank of India Home Loan Eligibility Calculator helps potential borrowers estimate how much they can borrow based on their repayment capacity, interest rate, and loan tenure.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Eligible loan amount (INR)
• \( PMT \) — Monthly payment you can afford (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Loan tenure in months

Explanation: The formula calculates the maximum loan amount you can get based on what you can pay monthly, the interest rate, and the loan duration.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligible loan amount helps in financial planning, property selection, and loan application preparation.

4. Using the Calculator

Tips:

• Enter your comfortable monthly EMI amount
• Use the current BOI home loan interest rate (convert annual rate to monthly by dividing by 12)
• Enter loan tenure in months (e.g., 20 years = 240 months)

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan tenure BOI offers?
A: BOI typically offers home loans up to 30 years, subject to age and other criteria.

Q2: What factors affect my actual loan eligibility?
A: Income, credit score, existing obligations, property value, and BOI's internal policies affect final eligibility.

Q3: Is the interest rate fixed for entire tenure?
A: BOI offers both fixed and floating rate options. Floating rates may change during the loan term.

Q4: What is the minimum down payment required?
A: Typically 10-20% of property value, depending on loan amount and property type.

Q5: Are there prepayment charges?
A: BOI usually doesn't charge for prepayment of floating rate loans, but fixed rate loans may have charges.