Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (2023)

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (1)

    "Instant loan approval"

    0.5 5.0/5 "Blown Away!"

    I have taken Housing loan directly through BANK OF INDIA and the loan amount was Rs. 1,27,000. I have taken this loan for my friend, he is paying EMI 6300rupees and already paid for 1 month. The rate of interest was 11% floating which is quite nominal and the tenure is 2.5 years. Customer service was good and it took 1 day to receive a loan, around 1pm i signed for the loan i got a message at 7.30 pm loan got processed and the amount credited to my account.

    Was this review helpful? 14

    M , coimbatore
    Reviewed on Dec 24, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (2)

    Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (3)

    "Excellent"

    0.5 5.0/5 "Blown Away!"

    I have taken a home loan in BANK OF INDIA on 3 years before which was processed directly to bank, on time the loan got sanctioned. The loan amount of twenty four lakhs for the duration of 15 years. The rate of interest and processing fee are nominal.

    Was this review helpful? 19

    BH , ahmedabad
    Reviewed on Jul 24, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (4)

    "Good"

    0.5 4.0/5 "Great!"

    I had a Home Loan with Bank of India their have disbursed my loan amount as expected before. My total loan amount was sanctioned for about 7 lakh with the less rate of interest of 8 % and tenure of about 4 years still loan is in process paying my emi on time.

    Was this review helpful? 8

    JE , noida
    Reviewed on Jul 20, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (5)

    "Excellent Experience"

    0.5 5.0/5 "Blown Away!"

    I took the housing loan, they gave me 4% of simple interest per annum but its only for the staff. There is no charges application for the housing loan disbursement, I took the loan for the duration of 25 years, they do have balance transfer, part payment and foreclosure without any charges.

    Was this review helpful? 6

    DOSHI , pune
    Reviewed on Jul 09, 2019

    (Video) Bank Of India Home Loan |Low interest rate #Bankofindia #Cheapesthomeloan

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (6)

    "Its great"

    0.5 5.0/5 "Blown Away!"

    Bank of India is providing floating interest for the home loan around 8.6% for the duration of 18 years. I took Rs. 8.5 lakhs, the process was easy within 10 days I got the loan amount. They released the amount in single slot to purchase Individual house. There was no processing fee or insurance fee was taken from their end.

    Was this review helpful? 6

    SUBRAMANIAM DHANABAL , coimbatore
    Reviewed on Jun 22, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (7)

    "Good Loan"

    0.5 5.0/5 "Blown Away!"

    Got my home loan from Bank of India. They have given me a quick turn around time they have issued the loan. The branch is nearby my home and the interest rate which they provided is very less compared to others hence i have chosen this bank. They have provided the loan within 10 days and they have not taken any processing fee but they have charged me only stamp duty charges.

    Was this review helpful? 10

    INDRANIL BANDOPADHYAY , kolkata
    Reviewed on Jun 09, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (8)

    "Better Loan service"

    0.5 5.0/5 "Blown Away!"

    Rate of interest is very less thats the reason i have selected Bank of India for my home loan. They have offered me a interest rate of 8.3% and there is no processing fee. I have applied the loan amount of Rs. 28 lakhs and i received it on time. I pay the EMI amount of Rs. 24000 for the tenure period of 25 years.

    Was this review helpful? 10

    CHNDRAKANT THAKKAR , ahmedabad
    Reviewed on Jun 07, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (9)

    "Good card"

    0.5 5.0/5 "Blown Away!"

    I have been taken my housing loan with Bank of India from past six months, The loan amount was sufficient, the rate of interest they have charged me was nominal, they have been not charging me hidden charges , still this loan is running.So far i have no issue.

    Was this review helpful? 5

    GOPAL SAHA , kolkata
    Reviewed on Apr 26, 2019

    (Video) Bank of India Home Loan All Details 2022 | BOI Home Loan Kaise Le | BOI Home Loan Apply Online

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (10)

    "Excellent service"

    0.5 5.0/5 "Blown Away!"

    I have been holding my home loan with BANK OF INDIA recently. Just 7 months happen taking this loan. The loan amount they have given me is sufficient, and the rate of interest they charged me was up to 8.30% , it is nominal,it use to float,on the basis of offers they have launch that time they have not charged me processing fee , and overall service is good.

    Was this review helpful? 13

    MIRAJ SUDARSAN BISWAL , mumbai
    Reviewed on Jan 26, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (11)

    "Good service"

    0.5 5.0/5 "Blown Away!"

    There are processing fees which is very nominal one for documentation and approval. They instantly approved they took few days for the documentation and approval. I got my home loan with BANK OF INDIA. I am satisfied with the rate of interest which is nominal one .

    Was this review helpful? 1

    VELIDE KASHAP , hyderabad
    Reviewed on Jan 20, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (12)

    "Average service"

    0.5 3.0/5 "Satisfactory"

    I have been using my housing loan with Bank of India, there service was good ,they have given me sufficient loan amount, and the rate of interest they have given me was up to 8.5% now,the rate of interest is not fixed it use to fluctuate according to market price, and the processing fee they have charged me was nominal,there mobile application and net bank is good, there application is user-friendly,but if i took loan from Hyderabad bank but i am in Bangalore branch then they will not help me out in this only on that bank they will be helping out if i had any issue or query.

    Was this review helpful? 1

    KRISHNA GOPALAM , bangalore
    Reviewed on Jan 17, 2019

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (13)

    "Good service"

    0.5 4.0/5 "Great!"

    I have been holding my home loan with Bank of India, the loan amount which they have given me was sufficient, and the rate of interest they have charged me was nominal, and the processing fee they have charged me was nominal and there was no delay in loan amount , i got on time, overall service was good.

    Was this review helpful? 3

    MAHESH ISHWARLAL MANDLECHA , pune
    Reviewed on Dec 18, 2018

    (Video) 15 लाख का होम लोन 10, 15 साल के लिए | Union Bank Of India Home Loan Interest Rate & EMI Calculator

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (14)

    "Customer Service should be improved"

    0.5 2.0/5 "Expected more"

    My spouse have housing loan in Bank of India , they added me as a co applicant, I have dissatisfied experience, the process was very delay and the response is not upto the mark. Again planning to do balance transfer from BOI to other bank. Interest rate and charges are fine in Bank of India because its a govt bank.

    Was this review helpful? 3

    SREE RAMANJANEYARAJU DODDIGARLA , hyderabad
    Reviewed on Nov 28, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (15)

    "Good service"

    0.5 5.0/5 "Blown Away!"

    I got my housing loan from Bank of India . Am satisfied with rate of interest which is nominal one of 8.35% The customer service and response is good. It took 10 to 15 days for the documentation and approval process. They gave the tenure period of 15 years which i make the payment through ECS. Their customer service is good and responsive. There are no processing fees.

    Was this review helpful? 2

    CHHOTE KUMAR SHARMA , bhilwara
    Reviewed on Jul 03, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (16)

    "Excellent"

    0.5 5.0/5 "Blown Away!"

    My home loan was taken with BANK OF INDIA 6 years back. The loan amount was 9,80,000 and the interest rate was satisfactory . The tenure period was 20 years .The process was very fast and easy . The customer service and responses was amazing . They haves sanctioned the loan with the committed time.

    Was this review helpful? 7

    AVIJIT SENGUPTA , kolkata
    Reviewed on Jun 14, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (17)

    "BEST SERVICE"

    0.5 5.0/5 "Blown Away!"

    I have taken home loan form bank of India , as they have given promising rate of interest while comparing to other banking which available in market , easy approval process , payments made through ecs process .customer service and customer response is best regarding queries provides solution.

    Was this review helpful? 4

    THANGAVEL SARAVANAN , navi mumbai
    Reviewed on Apr 30, 2018

    (Video) 20 Lakh Home Loan for 20 Years - SBI Home Loan EMI Calculator - SBI Home Loan Interest Rates 2022

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (18)

    "Better service"

    0.5 4.0/5 "Great!"

    I have my home loan with BANK OF INDIA for about 3 years . The loan amount was 20,70,000. The Interest rate was 9.5% which is bit high than other banks in the market. The loan process was very smooth and hassle free here . My overall experience was better .

    Was this review helpful? 0

    BISWARUP CHOUDHURY , kolkata
    Reviewed on Feb 14, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (19)

    "Average service"

    0.5 2.0/5 "Expected more"

    The bank of India has offered me a home loan around 5years ago. The customer support service is not up to the mark. The service which I got from the bank of India was below average because they are taking 3months time to disburse the home loan amount. The loan amount has been disbursed in 3 months of time. The rate of interest and the charges are nominal with the bank of India.

    Was this review helpful? 1

    PRABAKAR REDDY ELAKERE , bangalore
    Reviewed on Feb 06, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (20)

    "Good banking"

    0.5 4.0/5 "Great!"

    I have taken Home loan with Bank of India.The loan amount is 9.50 lakhs they had deducted processing fees and other charges post that they had dispatched of 9.50 lakhs.The tenure is for thirty years.Net banking and mobile App is good and useful.

    Was this review helpful? 7

    LATHA THANGARAJ , bangalore
    Reviewed on Jan 29, 2018

  • Bank of India (BOI) Home Loan – Interest Rate, EMI Calculator 2022 (21)

    "Looking for better service"

    0.5 2.0/5 "Expected more"

    Bank of India is not corporative to the customer, previously I took the home loan of Rs.12 lakhs for the tenure of 20 years. They done lot of home loan procedure it was very inconvenience and also they are not customer oriented. Even their interest rate was higher side.

    Was this review helpful? 7

    KHURSHID MOHI UD DIN WANI , srinagar
    Reviewed on Oct 25, 2017

    (Video) Bank Of India-Latest Rate of Interest Jan 2022 | Home Loan | Car Loan| Personal Loan |Education Loan

FAQs

What is the loan interest rate in BOI? ›

Bank of India Personal Loan Interest Rate
ParticularsDetails
Interest Rate12.15% p.a. onwards
Processing Fee2% of the disbursed loan amount
Loan TenureUp to 60 months
Loan AmountUp to Rs.10 lakh
2 more rows

How is bank loan EMI calculated? ›

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

What is the EMI for 1.5 lakhs? ›

If you are taking a loan of 1.5 lakhs on a tenure of 24 months your EMI will be Rs. 8,006. As a result, you will have to pay a monthly equated instalment of Rs. 8,006 every month.

What is the EMI for 20 lakhs home loan? ›

EMI Calculation for a 20 Lakh Home Loan with varying Tenors
Loan AmountInterest rateEMI
Rs. 20 lakh7.70%*Rs. 23,950

How do you calculate interest rate? ›

Here's the simple interest formula: Interest = P x R x N. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal).

Which is Best Home Loan Bank? ›

Comparison of 10 Best Home Loan Banks in India
S.NoBank NameProcessing Fees
1Union Bank of India0.50% of the loan amount. Maximum of Rs. 15,000
2Kotak Mahindra Bank
3HDFC BankUp to 0.50% of the loan amount or Rs. 3,000/- whichever is higher.
4ICICI Bank0.50% – 2% of the loan amount or Rs. 1,500/- whichever is higher
6 more rows
14 Sept 2022

How is home loan EMI calculated? ›

For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious.

How is monthly EMI calculated? ›

The formula to calculate EMI: E = P x r x ( 1 + r )n / ( ( 1 + r )n - 1 ) where E is EMI, P is Principal Loan Amount, r is monthly rate of interest (For eg. If rate of interest is 14% per annum, then r = 14/12/100=0.011667), n is loan duration in number of months.

How is interest calculated monthly? ›

Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

What is the EMI for 15 lakh home loan? ›

Here are the EMI calculations for a home loan of Rs. 15 lakh with different tenors and a fixed interest rate of 10%.
...
EMI Calculations for a Home Loan of Rs.15 Lakh.
Loan amount: Rs. 15,00,000
TenorEMI amount
10 yearsRs. 19,823
15 yearsRs. 16,119
20 yearsRs. 14,475

How much EMI can I get for 5 lakhs? ›

EMI for Personal Loan of Rs 5 lakh for Tenures of 1-5 years
Loan Amount (Rs)Tenure (years)EMI (Rs)
5 lakh144,191
5 lakh223,304
5 lakh316,369
5 lakh412,923
1 more row
6 Sept 2022

What will be the EMI for 7 lakhs? ›

7 lakh on an annual interest of 14% for a tenor of two years, the EMI amount will be Rs. 33,609.

What is the EMI for 10 lakhs home loan? ›

₹ 10 Lakh Home Loan EMI Details: Different Tenure
Tenure10 Lakhs EMI at 6.70%10 Lakhs EMI at 7.0%
₹ 10 Lakh Home Loan EMI For 5 years₹ 19,660₹ 19,801
₹ 10 Lakh Home Loan EMI For 10 years₹ 11,457₹ 11,611
₹ 10 Lakh Home Loan EMI For 15 years₹ 8,821₹ 8,988
₹ 10 Lakh Home Loan EMI For 20 years₹ 7,574₹ 7,753
1 more row

What is the EMI for 25 lakhs home loan for 20 years? ›

EMI on a 25 lakh home loan for 20 years
Loan AmountInterest rateEMI
Rs. 25 lakh7.70%*Rs. 19,684

What is the EMI for 20 lakhs home loan for 30 years? ›

20 Lakh Home Loan EMI for 30 Years
YearInterest (Rs.)Balance (Rs.)
11,57,39219,82,959
21,55,99519,64,521
31,54,48519,44,572
41,52,85119,22,990
26 more rows
25 Aug 2022

How is bank interest calculated with example? ›

Simple Interest

It is calculated by multiplying the principal, rate of interest and the time period. The formula for Simple Interest (SI) is “principal x rate of interest x time period divided by 100” or (P x Rx T/100).

What is interest rate example? ›

For example, if you borrow $100 with a 5% interest rate, you will pay $105 dollars back to the lender you borrowed from. The lender will make $5 in profit. There are several types of interest you may encounter throughout your life. Every loan has its own interest rate that will determine the true amount you owe.

What is the current interest rate? ›

Today's national mortgage rate trends

If you're planning to refinance, the national average 30-year refinance rate is 6.90%, increasing 54 basis points over the last seven days. Meanwhile, today's national average 15-year refinance rate is 6.04%, increasing 28 basis points over the last seven days.

How can I reduce my home loan interest rate? ›

10 Ways To Reduce Home Loan Interest Rate
  1. Maintain A Great Credit Score. ...
  2. Make A Larger Down Payment, Reduce The Loan Amount. ...
  3. Decrease The Loan Tenure. ...
  4. Compare Interest Rates Online. ...
  5. Make Regular Prepayments. ...
  6. Revise EMI Every Year. ...
  7. Refinancing Your Home Loan. ...
  8. Take Long Tenure Home Loan And Start A SIP.
24 Feb 2022

Which bank has lowest interest rate? ›

Presently, low-interest personal loans start at 8.9% p.a., with IDBI Bank providing the lowest interest rate among private sector banks.

Which bank takes lowest interest on home loan? ›

Home Loan Interest Rate of all Banks 2022
BanksStarting Interest Rate (p.a.)Processing Fees
HDFC Home Loans8.10% p.a. onwards*0.5% or Rs.3,000 whichever is higher
LIC Housing Finance7.55% p.a. onwardsRs. 10,000 -Rs. 15,000
Axis Bank7.60% p.a. onwardsRs. 10,000
Canara Bank8.10% p.a. onwards0.50% of the loan amount
41 more rows

What is formula for EMI with example? ›

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

Is home loan interest compounded monthly? ›

For instance, Home Loan interest rate is compounded monthly, which means the interest payable is for the principal amount as well as the interest accumulated monthly.

Can I pay my home loan early? ›

A home loan offers a number of benefits which may make prepayment unbeneficial. Prepayment is a facility which allows you to repay your housing loan (in part or full) before the completion of your loan tenure. Usually, customers opt for prepayment when they have surplus funds.

What is the formula to calculate loan? ›

the amount so calculated using the simple interest calculator includes the interest amount along with the principal. the formula for calculation: a = p(1 + (r*t)) personal loan calculator: personal loan calculator allows you to calculate your EMI using variables like the amount borrowed, interest rate, and loan tenure.

What is the benefit of EMI? ›

Timely paying off an EMI means you have strong creditworthiness; it makes your future borrowing easier. Whenever you apply for a new loan, the lender usually considers your good credit before approving your loan at the earliest. You may also get a higher loan amount if you have a strong credit history.

What is EMI due date? ›

EMI date is 5th of every month. Refer to welcome letter sent at your registered email id. For loan availed at retail outlets till the 15th of the month, EMI will be deducted on 5th of the next month . Loans taken between 16th to 30th or 31st of the month will be charged with first EMI on the 5th of next to next month.

What is the interest rate for 15 lakh per month? ›

Monthly Interest for 15 Lakh Fixed Deposit
BanksInterest Rate on Rs. 15 LakhRs. 15 Lakh FD Interest Per Month
SBI2.90% - 5.50%Rs. 3625 - Rs. 6750
Punjab National Bank2.90% - 5.25%Rs. 3625 - Rs. 6625
HDFC Bank2.50% - 5.60%Rs. 3125 - Rs. 6875
Axis Bank2.50% - 5.75%Rs. 3125 - Rs. 7250
2 more rows

What will be the EMI for 12 lakhs? ›

EMI for an Rs. 12 lakh home loan for 10 years
Loan AmountRs. 12 lakh
Interest Rate7.70%*
Tenor10 years
EMIRs. 11,261

What will be the EMI for 15 lakhs for 5 years? ›

15 Lakh Personal Loan EMI for 1-5 Years Tenure. The EMI amount for 1-year loan tenure on a Rs 15 lakh personal loan at an 11.99% rate of interest per annum is ₹ 1,33,266. Similarly, for 2-year tenure is ₹ 70,603, 3-year tenure is ₹49,814, 4-year tenure is ₹39,493 and 5-year tenure is ₹ 33,359.

What is the interest on 5 lakh rupees per month? ›

Monthly Interest for 5 Lac Fixed Deposit in Post Offices

The Post Office Monthly Income Scheme locks your funds for 5 years, and the current interest rate is 6.6% per annum. Thus, you earn Rs 2,750 per month in interest and the total interest payout per year is Rs 33,000 for a 5 Lac Fixed Deposit.

What is the EMI for 4 lakhs home loan? ›

4 lakh at 14% interest with a repayment tenor of two years. In that case, you need to pay an EMI of Rs. 19,205 with a total interest payable of Rs. 60,925.

What is the EMI of 3 lakhs? ›

Calculated Monthly EMI for 300000 of loan amount for 3 years at various rate of Interest :
Loan AmountRate of InterestPer Month EMI
3 Lakh14.00%Rs.10253.29
3 Lakh15.00%Rs.10399.6
3 Lakh16.00%Rs.10547.11
3 Lakh18.00%Rs.10845.72
1 more row

What is the 10% of 7 Lacs? ›

In other words, how do you calculate ten percent of seven lakh? First, note that 10 percent means 10 per hundred, and 7 lakh is 7 followed by 5 zeros.

What is the monthly interest on 8 lakhs? ›

Banks which are offering 8 Lakh home loan amount at low rate of interest.
...
Emi Calculated on 8.10% .
Monthly Payment (EMI)Total Interest Payable in 20 yearsTotal Payment (Principal + Interest) after 20 years for 8 Lakh of loan amount
Rs.6,741Rs.8,17,935Rs.16,17,935

How much EMI can I get for 4 lakhs? ›

EMI for Rs 4 lakh Personal Loan for Tenures of up to 5 years
Loan Amount (Rs)Tenure (years)EMI (Rs)
4 lakh218,643
4 lakh313,095
4 lakh410,338
4 lakh58,697
1 more row
3 Aug 2022

What is the interest rate for 10 lakh per month? ›

Monthly Interest for ₹10 Lakh FD
BankInterest Rate on Rs. 10 LakhRs. 10 Lakh FD Interest Per Month
Punjab National Bank2.90% to 5.25%Rs. 2417 to Rs. 4375
SBI2.90% to 5.50%Rs. 2417 to Rs. 4583
HDFC Bank2.50% to 5.60%Rs. 2083 to Rs. 4667
Axis Bank2.50% to 5.75%Rs. 2083 to Rs. 4792
3 more rows

What is the interest for 7 lakhs? ›

Most lenders offer personal loans for Rs 7 lakh at interest rates starting from 10.25% p.a. onwards and usually for tenures of up to 5 years.

How much EMI can I get for 10 lakhs? ›

10 Lakh Home Loan EMI Interest Rates
Loan AmountTenureMonthly EMI
10 Lakh5 years19,566/-
10 Lakh10 years11,355/-
10 Lakh15 years8,711/-
10 Lakh20 years7,456/-
19 Aug 2022

What is the EMI for 25 lakhs home loan for 15 years? ›

Home Loan EMI Calculation to Calculate EMI of Home Loan upto 25 Lakh
Loan AmountEMI for 10 YearsEMI for 15 Years
₹ 25 Lakh₹ 29,675₹ 23,175
₹ 24 Lakh

What is the EMI for 30 lakhs home loan for 10 years? ›

Calculate Home Loan EMI Online
Loan Amount10 Year Loan30 Year loan
₹ 10 Lakh₹ 11,870₹ 6,992
₹ 15 Lakh₹ 17,805₹ 10,488
₹ 20 Lakh₹ 23,740₹ 13,984
₹ 30 Lakh₹ 35,611₹ 20,976

How do I calculate interest on 25 lakhs? ›

Monthly EMI = PMT (Monthly Interest Rate, Tenure in Months, Loan Amount)
  1. Monthly Interest Rate = 8%/12 = 0.666%
  2. Loan Tenure in Months = 15 years * 12 = 180 months.
  3. Loan Amount = Rs 25 lakh.
9 Feb 2022

What is the EMI for 30 lakhs home loan? ›

Emi Calculated on 8.10% .
Monthly Payment (EMI)Total Interest Payable in 20 yearsTotal Payment (Principal + Interest) after 20 years for 30 Lakh of loan amount
Rs.25,280Rs.30,67,255Rs.60,67,255

What is the EMI for 25 lakhs home loan for 10 years? ›

EMI Calculations for a Home Loan of ₹25 Lakhs with Varying tenures
Loan AmountLoan TenureEMI Payable
₹25 Lakhs30 Years₹16,132
₹25 Lakhs20 Years₹18,935
₹25 Lakhs15 Years₹22,053
₹25 Lakhs10 Years₹28,642

What is the monthly interest on 20 lakh rupees? ›

Monthly Interest for ₹20 Lakh Fixed Deposit
Financial InstitutionInterest ratesTotal Interest Amount Earned
Bajaj Finance Ltd6.17% to 7.75%Rs. 46,666 to Rs. 7,15,000
ICICI Bank2.50% to 6.30%Rs. 50,000 to Rs. 6,30,000
SBI2.90% to 6.20%Rs. 58,000 to Rs. 6,20,000
HDFC Bank2.50% to 6.30%Rs. 50,000 to Rs. 6,30,000
6 more rows

What is interest rate on borrowing? ›

The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).

What's the lowest amount you can borrow from the Bank? ›

The minimum amount you can borrow through a small amount personal loan varies from lender to lender, but on an average, it is around Rs. 10,000.

What is HBL interest? ›

5.45% 3 years to less than 5 year.

Which types of loans are provided by banks? ›

  • Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. ...
  • Credit Card Loans: ...
  • Home Loans: ...
  • Car Loans: ...
  • Two-Wheeler Loans: ...
  • Small Business Loans: ...
  • Payday Loans: ...
  • Cash Advances:

How is interest calculated monthly? ›

Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

What is interest rate example? ›

For example, if you borrow $100 with a 5% interest rate, you will pay $105 dollars back to the lender you borrowed from. The lender will make $5 in profit. There are several types of interest you may encounter throughout your life. Every loan has its own interest rate that will determine the true amount you owe.

How do banks calculate interest rates? ›

It is calculated by multiplying the principal, rate of interest and the time period. The formula for Simple Interest (SI) is “principal x rate of interest x time period divided by 100” or (P x Rx T/100).

Which loan interest is low in India? ›

Banks offering lowest personal loan interest rates
BANKSPersonal Loan AmountTenure
Punjab National BankUpto 10 LacsUpto 60 months
Indian Bank>=50000 and <=5 Lacs12 - 36 Months
Karur Vysya BankUpto 10 Lacs12 - 60 Months
State Bank Of India>=25000 and <=20 Lacs06 - 72 Months
1 more row
24 Jun 2022

How much loan can I get on 40000 salary? ›

How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.

How much loan amount is eligible for my salary? ›

You can usually get a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount.

How can I reduce my home loan interest rate? ›

10 Tips on How to Reduce Home Loan Interest Rate
  1. Go for shorter loan tenure: ...
  2. Negotiate hard with the lender: ...
  3. Pay more in down payment: ...
  4. Make regular prepayment: ...
  5. Revise EMI payout every year: ...
  6. Opt for a home loan balance transfer: ...
  7. Improve your Eligibility: ...
  8. Look for better deals and offer:
22 Mar 2022

Will home loan interest rates increase in 2022? ›

The policy repo rate hike by the Reserve Bank of India (RBI) in August 2022 to 5.40% has led many banks to increase their interest rate on loans. As per RBI, the average rate on 1-year MCLR, or the lowest lending rates, in Aug.

How is home loan EMI calculated? ›

What is Home Loan EMI?
  • Formula for EMI Calculation is -
  • P x R x (1+R)^N / [(1+R)^N-1] where-
  • P = Principal loan amount.
  • N = Loan tenure in months.
  • R = Monthly interest rate.
  • R = Annual Rate of interest/12/100.

What are the 3 types of term loan? ›

There are three main classification found in Term Loans: short-term term loan, intermediate term loan, and long-term term loan.

How do I choose the right loan? ›

  1. Preparing to Shop.
  2. Exploring Loan Choices. Learn about Loan Costs. Understand the Kinds of Loans Available. Contact Multiple Lenders. Gather Your Paperwork. Get a Preapproval Letter. Select the Loan That Fits Your Needs. Find the Right Home.
  3. Comparing Loan Offers.
  4. Closing on Your New Home.

What type of loan provides interest subsidy? ›

If you're paying off your federal loans under one of those three plans, the following loans are eligible for the interest subsidy: Direct Subsidized Loans. Direct Unsubsidized Loans. Direct GradPLUS Loans.

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