Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan Calculator – Key Features

Bank of Maharashtra Home Loan EMI Calculator Key Features and Benefits:

• Calculation of the Monthly EMI: You can determine your monthly EMI using the Bank of Maharashtra Home Loan EMI Calculator based on the loan sum, interest rate, and term. This calculator can also be used to determine how your EMI will change if the loan term or sum is changed.
• Comparison of Different Home Loan Options: You can compare various home loan choices using the Bank of Maharashtra Home Loan EMI Calculator by adjusting the loan amount, interest rate, and tenure. This makes it easier for you to select the home loan that best suits your requirements and financial situation.
• Check Your Eligibility: You can determine your loan eligibility with the assistance of the Bank of Maharashtra Home Loan EMI Calculator. The EMI calculator allows you to enter the desired loan amount and displays the maximum loan amount that is feasible.
• Estimate Your Repayment: You can estimate your total repayment amount with the assistance of the Bank of Maharashtra Home Loan EMI Calculator. The calculator will display the estimated repayment amount after you enter the loan amount, interest rate, and tenure.

Why Should One Use the Bank of Maharashtra Home Loan Emi Calculator and What Is the Formula to Calculate Its EMI?

Your anticipated home loan repayment amount is calculated using the Bank of Maharashtra home loan calculator. To determine monthly payments, the calculator takes into account the loan amount, term, and interest rate.

The following equation is used to determine weekly payments:

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

Where,

• P is the loan amount, 
• R is the interest rate
• N is the number of months

The calculator also offers an amortisation table that breaks down the repayment amount in depth over the course of the loan. This aids the borrower in determining how much of the repayment sum is made up of principal and how much is made up of interest.

How can the EMI Calculation Help you Plan your Finances in a Better Way? 

The ability to precisely determine how much you can afford to pay each month for a home loan thanks to EMI calculation aids in planning the purchase of a home. You can plan for future payments and create a budget for other expenditures when you are aware of your EMI payment amount. It also tells you how much you’ll need to set aside for a down payment and other closing expenses. Calculating your EMIs can also help you estimate how long it will take to pay off your debt and how much interest you will accrue during that time.

Factors Affecting Bank of Maharashtra Home Loan EMI

The Bank of Maharashtra Home Loan EMIs in India are impacted by the following variables.

• Amount: The EMI rises proportionately to the loan sum. It’s crucial to keep in mind that the EMI amount shouldn’t be greater than the borrower’s ability to return.
• Interest Rate: EMIs increase as interest rates rise. Bank of Maharashtra provides appealing discounts and competitive interest rates on house loans.
• Term: The EMI sum is influenced by the loan term. Due to the extended repayment time, a longer loan term enables borrowers to choose a lower EMI.
• Processing Fee: The loan sum is subject to the processing fee levied by the Bank of Maharashtra.
•  Prepayment Fee: The loan sum is subject to prepayment penalties. A higher EMI can be chosen by borrowers to prevent prepayment penalties.
• Credit Rating: A high credit score increases the likelihood of a loan being approved and aids the borrower in obtaining a reduced interest rate.

Bank of Maharashtra Home Loan EMI for ₹ 10 Lakh

The EMI amount for a Bank of Maharashtra home loan for Rs 10 lakhs over various terms is shown in the chart below:

Loan Amount	Interest Rate	Tenure (Years)	EMI
10,00,000	8.35%	10	Rs 12,318
10,00,000	8.35%	15	Rs 9,760
10,00,000	8.35%	20	Rs 8,584

Bank of Maharashtra Home Loan EMI for ₹ 20 Lakh

The EMI amount for a Bank of Maharashtra home loan for Rs 20 lakhs over various terms is shown in the chart below:

Loan Amount	Interest Rate	Tenure (Years)	EMI
20,00,000	8.35%	10	Rs 24,637
20,00,000	8.35%	15	Rs 19,519
20,00,000	8.35%	20	Rs 17,167

Bank of Maharashtra Home Loan EMI for ₹ 25 Lakh

The EMI amount for a Bank of Maharashtra home loan for Rs 25 lakhs over various terms is shown in the chart below:

Loan Amount	Interest Rate	Tenure (Years)	EMI
25,00,000	8.35%	10	Rs 30,796
25,00,000	8.35%	15	Rs 24,399
25,00,000	8.35%	20	Rs 21,459

Bank of Maharashtra Home Loan EMI for ₹ 30 Lakh

The EMI amount for a Bank of Maharashtra home loan for Rs 30 lakhs over various terms is shown in the chart below:

Loan Amount	Interest Rate	Tenure (Years)	EMI
30,00,000	8.35%	10	Rs 36,955
30,00,000	8.35%	15	Rs 29,279
30,00,000	8.35%	20	Rs 25,751

Bank of Maharashtra Home Loan EMI for ₹ 50 Lakh

The EMI amount for a Bank of Maharashtra home loan for Rs 50 lakhs over various terms is shown in the chart below:

Loan Amount	Interest Rate	Tenure (Years)	EMI
50,00,000	8.35%	10	Rs 42,918
50,00,000	8.35%	15	Rs 48,798
50,00,000	8.35%	20	Rs 42,918