Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra does not have a Home Loan EMI Calculator on its website. However, the bank provides an EMI chart that can help its borrowers to check out their EMI in advance. This chart is in the form of an MS Excel table that you can use to calculate the EMI.

Additional Info: Also check 75 Lakh Home Loan EMI

EMI is the ideal mode of repayment for a Home Loan. It comprises of two variable aspects. One is the interest component, whereas the other variable component represents the principal amount repayment. This mode of payment is the best one for borrowers as it ensures uniform payment throughout the entire tenure of the loan. Other methods of payment, such as Equated Instalments (not to be confused with Equated Monthly Instalments), have a higher outgo in the initial months.

In the initial stage of repayment, the EMI has a high-interest repayment component. As you go deep into the repayment, you find that the principal repayment amount keeps on increasing gradually.

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• The Bank of Maharashtra EMI chart helps you know your EMI obligation
• It is an interactive chart that helps find your EMI over a range of loan amount, rate of interest (ROI), and loan tenure.
• Knowing your EMI obligation helps the customer to arrive at a reasonable loan affordability level.
• It helps to draw and maintain your budget

Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.

Though the Bank of Maharashtra does not have an exclusive Home Loan EMI Calculator, the EMI chart on the website is good enough. It is easy to decipher the chart and arrive at the EMI.

The EMI chart is an interactive table that can deliver results for any interest rate range. It allows you to change the interest rate so that you get accurate readings.

The EMI chart works on the MS Excel formula for calculating the EMI. The formula is as follows:

EMI = PMT(rate, nper, pv)

• PMT - MS Excel function for calculating EMI
• Rate - the ROI applicable on the Home Loan (ROI/12)
• NPER - stands for the number of months in the loan repayment schedule
• PV = Principal loan amount

Using this chart is easy. The customers can change the principal amount and the rate of interest as per their requirement. This table explains it all:

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

Apart from the basic requirements like loan amount, rate of interest, and loan tenure, the following factors affect the EMI of your Home Loan:

Fluctuations in the rate of interest

Bank of Maharashtra offers RLLR-linked ROI on Home Loans. The ROI depends on the RLLR that in turn, is linked to the repo rate. As the repo rate changes, the Bank of Maharashtra Home Loan interest rates change, as well. Those Home Loans linked to the MCLR also witness a change in the ROI whenever the MCLR is reset. As the ROI goes up, so does the EMI, and vice versa.

Moratorium on Home Loans

Bank of Maharashtra has different Home Loan schemes on offer, one of which is for constructing homes or purchasing houses under construction. These loans do not have a one-time disbursement schedule. The disbursement is in tranches spread over an extended period. The regular EMI for such Home Loans does not commence immediately. They start one month after the payment of the final instalment of the loan. Until that time, the bank charges interest on the disbursed amount and capitalises it. This interest charges by the bank during the moratorium period is the pre-EMI interest. Due to capitalisation of the interest, there is a change in the Home Loan EMI.

Part Prepayment

Part prepayment of the Home Loan reduces the Home Loan liability considerably. As the customer pays a lumpsum amount in advance, they can request the bank to recalculate the EMI and spread it evenly over the residual tenure. Under such circumstances, the banks can accede to the requests on a case-to-case basis.

PMAY Subsidy

All PMAY beneficiaries are eligible for an upfront interest subsidy in their loan accounts. This grant is credited to the Home Loan accounts immediately on receiving the same from the Government department. As a result, the principal outstanding amount reduces considerably. Therefore, the EMI reduces accordingly. This example will help understand the situation better.

Additional Info: Also apply for Bank of Maharashtara Personal Loan.

The Bank of Maharashtra EMI Calculator is unique because it is not like the conventional calculators you see elsewhere on the internet. It is in the form of a chart. Though different, this calculator is effective. However, borrowers who are not used to the functioning of the EMI chart can look up to alternative EMI Calculators.

One such EMI Calculator is available on the MyMoneyMantra website. Unlike the Bank of Maharashtra EMI chart, this calculator is full-fledged. Customers have to input the following details to get the EMI instantly:

• The housing loan amount
• The rate of interest
• The repayment period in months

Using the calculator is easy:

• Access the MyMoneyMantra website
• Go to Financial Tools
• Select EMI Calculator
• Enter the details as listed above
• Click on the ''Calculate'' option
• Get your EMI instantly

Besides the EMI, this calculator provides the following additional data:

• The total interest amounts payable by the borrower over the entire tenure
• The total amount due from the borrower including the principal amount and the interest

Additional Info: Also check Rs. 1 Crore Home Loan EMI