Bank of Maharashtra Home Loan EMI Calculator

The Bank of Maharashtra has various home loan schemes for its customers who have housing needs. Also, because the different individuals could easily fulfil their housing needs, the customers can also get a home loan to cover up to the limit of 90% of the value.

You can also repay the Bank of Maharashtra home loan through an EMI, which stands for equated monthly installment.

You know, estimate what the EMI amount would be for a home loan by using the Maharashtra Bank Home Loan Calculator.

What are the Features and Benefits of the Bank of Maharashtra Home Loan Calculator?

There are various benefits to using the Bank of Maharashtra Home Loan EMI Calculator:

• The calculator can be used for free and for instantaneous results, for which you do not have to incur any human errors out of the manual calculation.
• You can plan around the month when you can estimate the amount of EMI you would be paying towards your home loan. 
• You could use it as a tool of comparison to try combinations of different tenures and amounts to find your best option.

How to Use the EMI Calculator for Home Loan Bank of Maharashtra?

Using the Home Loan Calculator Maharashtra Bank is simple and only requires a few steps:

1) You need to provide the principal amount that you want for your home loan.

2) You need to then adjust the tenure for the loan repayment.

3) Lastly, you will have to provide the interest rate the Bank of Maharashtra is giving you over the home loan.

After you provide the above-mentioned details, the calculator will instantly show you the amount of EMI you need to pay over the loan each month.

How Using the Groww Bank of Maharashtra Home Loan EMI Calculator Will Help You?

You can use the Bank of Maharashtra home loan EMI calculator for various reasons, and some of the reasons are:

- They will eliminate the need for manual calculations.

- It will allow you to plan your financial budget around the home loan EMI each month.

- You would not have to apply or visit the bank to predetermine what your EMI would come up to in order to know if you can afford it.

The Bank of Maharashtra home loan EMI calculator will help you to make an estimation before you borrow the loan - therefore, you can be prepared for the EMI before committing to the actual loan. 

How Does the Calculator Estimate the EMI Amount of the Bank of Maharashtra Home Loan?

The calculator for Bank of Maharashtra home loan EMI uses a formula box to automatically calculate the amount of EMI and the interest amount from the value that you input. Here is the formula and an example to understand better.

The formula that is used by the Bank of Maharashtra Home Loan EMI Calculator:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here, the terminologies for the calculator are:

P = The Principal Amount

R = The Rate of Interest

N = The Tenure of the Loan

The Example to Explain how the Formula Works:

If Mr Ram decides to take a loan from the Bank of Maharashtra in July 2022, here are the details of the home loan that he wants to take:

Principal Amount = Rs. 50 lakhs

Tenure of the Loan = 17 Years

Interest Rate of the Home Loan = 7.1%

The EMI = 42,271

The Amortization Table of the Home Loan

From the example that is given above, we can also derive the monthly break up of your EMI, along with the entire repayment schedule of the home loan in detail: