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Bank of Maharashtra Home Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

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:

Year

Interest

Principal 

Total

Outstanding Loan 

2022

1,76,365

77,264

2,53,629

49,22,736

2023

3,44,277

1,62,980

5,07,257

47,59,756

2024

3,32,323

1,74,936

5,07,259

45,84,821

2025

3,19,489

1,87,767

5,07,256

43,97,053

2026

3,05,717

2,01,542

5,07,259

41,95,511

2027

2,90,931

2,16,326

5,07,257

39,79,185

2028

2,75,062

2,32,196

5,07,258

37,46,990

2029

2,58,030

2,49,229

5,07,259

34,97,761

2030

2,39,747

2,67,511

5,07,258

32,30,250

2031

2,20,122

2,87,135

5,07,257

29,43,116

2032

1,99,059

3,08,199

5,07,258

26,34,918

2033

1,76,453

3,30,805

5,07,258

23,04,111

2034

1,52,185

3,55,073

5,07,258

19,49,038

2035

1,26,139

3,81,123

5,07,262

15,67,918

2036

98,181

4,09,078

5,07,259

11,58,840

2037

68,169

4,39,085

5,07,254

7,19,754

2038

35,964

4,71,298

5,07,262

2,48,458

2039

5,172

2,48,458

2,53,630

0

 

Bank of Maharashtra Home Loan EMI Calculator - FAQs

Q1. What details do I need to enter on the Bank of Maharashtra home loan EMI calculator?

You will have to enter the details below:

  1. a) The principal amount you need from the bank for the home loan.
  2. b) The tenure that you want to repay the loan.
  3. c) The rate of interest that your home loan scheme that you are choosing.

Q2. Is this a sign-up and use this calculator?

No. You will not be required to sign up or log in to use the calculator; you can gain access to it instantly online without having to register.

Q3. What is the formula that the Bank of Maharashtra home loan calculator uses?

The EMI calculator for this loan is EMI = [P x R x (1+R)^N]/[(1+R)^N-1].

Q4. What is the maximum time period for a home loan from the Bank of Maharashtra?

You can repay the home loan over a period of 30 years in this bank.

 

Q5. How much will I be charged to use this calculator from Groww?

This calculator is free of cost, and you will not be charged irrespective of the number of times that it is being used.

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