Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan EMI Calculator

The Bank of Maharashtra Home Loan EMI Calculator helps you estimate your monthly loan repayments based on the principal amount, loan tenure, and interest rate. This tool is essential for planning your finances before taking a housing loan.

How the EMI Calculator Works

The calculator uses a mathematical formula to compute your Equated Monthly Installment (EMI) — the fixed amount you pay every month until your loan is fully repaid. It considers the loan amount, interest rate, and loan tenure.

EMI Formula

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Principal loan amount
• R: Monthly interest rate (annual rate divided by 12 ÷ 100)
• N: Total number of monthly installments (loan tenure in months)

Inputs Required

To use the calculator, you need the following:

• Loan Amount: The principal you plan to borrow (e.g., ₹30 lakh)
• Tenure: Duration of loan repayment in years (up to 30 years)
• Interest Rate: Current Bank of Maharashtra home loan interest rate

Example (Q1 FY 2024–25)

• Loan Amount: ₹30,00,000
• Tenure: 20 years
• Interest Rate: 9.00% p.a.
• EMI: ₹26,992 (approx.)

Benefits of Using the Calculator

• Quick EMI Estimation: Instantly calculates monthly outgo
• Financial Planning: Helps evaluate loan affordability
• Compare Scenarios: Adjust inputs to compare EMI options
• Avoid Manual Errors: Reduces chances of miscalculation

Bank of Maharashtra Home Loan Interest Rate (Q1 FY 2024–25)

The interest rate for Bank of Maharashtra home loans currently starts from 9.00% p.a. and may vary based on the applicant’s profile, loan amount, and tenure.

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.