Bank Of Maharashtra Home Loan EMI Calculator
An EMI calculator will help you understand your upcoming EMI payments so that you can effectively manage your budget, prioritize savings, and make informed decisions about your homeownership goals.
Whether you’re seeking a modest abode or a luxurious estate, the EMI calculator ensures that your dream home remains within your grasp.
Discover Your EMI with the Bank of Maharashtra Home Loan Calculator
Start your home loan journey by exploring your Equated Monthly Installment (EMI) with the Bank of Maharashtra Home Loan Calculator. Input the relevant details like loan tenure, interest rate and loan amount to gain insights into your potential monthly repayments effortlessly.
Unique Features of Bank of Maharashtra Home Loan
-
Low-Interest Rates :
The Bank of Maharashtra offers you home loans with rates with interest rates starting as low as 8.5%.
-
Flexible Repayment Options :
You can choose how long you want to take to pay back the loan with a maximum limit set at 30 years, making it easier on your budget.
-
Borrow More with High LTV :
You can borrow a larger chunk of your home’s value (up to 90% of the total value), so you don’t need a huge upfront payment.
-
No Extra Charges for Paying Early :
If you want to pay back your loan faster, the Bank of Maharashtra won’t charge you extra.
-
Easy to Understand Schemes :
Bank of Maharashtra has different plans to suit different needs, making it simple to find the right fit for you.
How Does the EMI Calculator Work?
Navigating the intricacies of home loan EMIs can be a difficult task, but NoBroker’s comprehensive EMI calculator makes it a breeze. This powerful tool simplifies the process of estimating your monthly EMI payments, empowering you to make informed financial decisions with ease.
Take a Look At The NoBroker EMI Calculator Tool!
-
Input Requirements :
To make use of the NoBroker EMI Calculator, provide:
- Loan Amount::The total amount you intend to borrow.
- Interest Rate::The applicable interest rate on your home loan.
- Loan Tenure::The duration over which you plan to repay the loan.
-
Calculation Formula :
To calculate the Equated Monthly Instalment (EMI) for your Bank of Maharashtra home loan, you can use the formula provided:
- EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
- Where:
- P = Loan amount: This is the principal amount you borrow from the bank. It represents the total amount of money you need for your home loan.
- R = Interest rate per month: This is the monthly interest rate applicable to your loan amount. To calculate the monthly interest rate, you need to divide the annual interest rate by 12 (12 months in a year).
- N = Loan tenure in months: This is the total number of months you choose to repay your home loan. It is calculated by multiplying the years by 12 (since there are 12 months in a year).
For Example:
Let’s say you’ve taken out a home loan of ₹50 lakhs for the maximum allowed tenure of 30 years at an interest rate of 8.5%.
Calculate the monthly interest rate (R):
Monthly Interest Rate = Annual Interest Rate / 12
R = 8.5% / 12 = 0.0070
Calculate the loan tenure in months (N):
Loan Tenure in Months = Loan Tenure in Years x 12
N = 30 years x 12 = 360 months
Plug the values into the EMI formula:
EMI = [50,00,000 x 0.0070 x (1+0.0070 )^360] / [(1+0.0070 )^360-1]
Calculate the EMI using a calculator or spreadsheet:
EMI = [50,00,000 x 0.0070 x 12.3199] /11.3199
EMI = 431196.5 / 11.3199
EMI = 38091.90 (approx.)
Step-by-Step Guide: Using the Bank of Maharashtra EMI Calculator
Navigate the Bank of Maharashtra EMI Calculator like a pro with this step-by-step guide:
-
Visit the Official Website :
Head to the Bank of Maharashtra website, usually in the home loan section.
-
Locate the EMI Calculator :
Look for the EMI Calculator tool, usually prominently placed on the home loan page.
-
Enter Loan Details :
Input your loan amount, preferred tenure, and applicable interest rate.
-
Click ‘Calculate’ :
Hit the ‘Calculate’ button, and watch the EMI calculator process the information.
-
Review the Breakdown :
Understand your monthly EMI, including the principal and interest components.
-
Adjust for Comparison :
Experiment with different loan scenarios to find the most suitable option for you.
Benefits of Utilizing Bank of Maharashtra EMI Calculator
-
Easy Financial Planning :
The EMI Calculator helps you plan how much you need to set aside for your home loan every month.
-
Quick Estimates :
Get instant and accurate estimates of your monthly payments, saving you time and effort.
-
Smart Decision-Making :
Understand your affordability and make informed decisions about your home loan.
-
Comparison Made Easy :
Easily compare different loan scenarios to find the most budget-friendly option.
-
No Math Headaches :
Say goodbye to complex calculations; the EMI Calculator does the math for you.
Bank of Maharashtra Home Loan EMI for Varied Loan Values
Here’s the table showcasing the Equated Monthly Installments (EMI) for different loan amounts with a fixed interest rate of 8.5% and a tenure of 30 years for ICICI Bank home loans:
| Loan Amount (Principal) | Monthly EMI (approx) |
| 20,00,000 | 15,378 |
| 30,00,000 | 23,067 |
| 40,00,000 | 30,757 |
| 50,00,000 | 38,446 |
| 60,00,000 | 46,135 |
| 70,00,000 | 53,824 |
| 80,00,000 | 61,513 |
| 90,00,000 | 69,202 |
| 1,00,00,000 | 76,891 |
| 1,50,00,000 | 115,337 |
| 2,00,00,000 | 153,783 |
Understanding Amortization Schedule
An amortization schedule is a financial roadmap for your loan. It breaks down each payment into two parts:
1. one goes towards paying back the loan amount (the principal), and
2. the other covers the interest charged by the bank.
Over time, as you make these monthly payments, the balance shifts, and you gradually pay off more of the principal.
