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Bank Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan Calculator

Last Updated 10th May 2022

  • Bank of Maharashtra home loan EMI per ₹ 1 Lakh is ₹ 622, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Bank of Maharashtra is calculated based on the loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for the Bank of Maharashtra home loan before applying. Use an online Bank of Maharashtra loan EMI calculator to estimate your EMI.
  • Check Bank of Maharashtra home loan EMI for different tenures at the current Bank of Maharashtra home loan interest rate of 6.35%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,279₹ 8,629₹ 6,222
    ₹ 20 Lakh₹ 22,557₹ 17,258₹ 12,445
    ₹ 30 Lakh₹ 33,836₹ 25,886₹ 18,667
    ₹ 50 Lakh₹ 56,393₹ 43,144₹ 31,112

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Bank Maharashtra Housing Loan EMI Calculator

Bank of Maharashtra Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure, and interest rate. You can calculate your Bank of Maharashtra housing loan EMI in advance to plan your loan payments and expenses using a Bank of Maharashtra home loan calculator. Bank of Maharashtra home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why Should You Use Bank of Maharashtra Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Bank of Maharashtra offers the lowest EMI per lakh at ₹ 622. To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Bank of Maharashtra home loan.
  • Compare Bank of Maharashtra Home Loan EMI: With the Bank of Maharashtra home loan EMI Calculator online, you can also estimate EMI on your home loan from Bank of Maharashtra with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any loan tenure period. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

How to Calculate EMI for Home Loan in Bank of Maharashtra?

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Bank of Maharashtra Home Loan EMI calculator. The below-mentioned table shows the calculation of Bank of Maharashtra Home Loan at the various combinations of loan amount and years at the lowest rate of 6.35%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Bank of Maharashtra Home loan plan for you.

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Bank of Maharashtra Home Loan EMI calculator. The below-mentioned table shows the calculation of Bank of Maharashtra Home Loan at the various combinations of loan amount and years at the lowest rate of 6.35%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Bank of Maharashtra Home loan plan for you.

Bank of Maharashtra home loan EMI is calculated for different loan amounts and tenures at 6.35% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 21,572 ₹ 18,419 ₹ 15,556
₹ 50 Lakh ₹ 43,144 ₹ 36,838 ₹ 31,112
₹ 75 Lakh ₹ 64,716 ₹ 55,258 ₹ 46,668
₹ 1 Cr ₹ 86,288 ₹ 73,677 ₹ 62,224

Benefits of using Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan interest Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate, and tenure. Thus, using the Bank of Maharashtra Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Bank of Maharashtra Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Bank of Maharashtra Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Bank of Maharashtra gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 10,00,00,000.

Interest Rate

Higher interest rate increases your Bank of Maharashtra housing loan EMI which will increase the total cost of the loan. Bank of Maharashtra current home loan interest rate starts at 6.35%. Do a complete market research and compare rates and calculate EMI online using the Bank of Maharashtra home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in Bank of Maharashtra. Your EMI will be lower if you take a 30 years loan from Bank of Maharashtra as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

Bank Maharashtra Home Loan EMI Calculator Formula

Bank Maharashtra Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Bank of Maharashtra Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Bank of Maharashtra home loan amount can range from ₹ 15,00,000 to ₹ 10,00,00,000
  • R = Rate of interest per month. Current Bank of Maharashtra housing loan rate 6.35%.
  • N = tenure in month. For Bank of Maharashtra, maximum home loan tenure is 360 months

Comparison of Bank of Maharashtra Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Bank of Maharashtra 6.35% ₹ 6,222 ₹ 18,667 ₹ 31,112
HDFC 7.00% ₹ 6,653 ₹ 19,959 ₹ 33,265
ICICI Bank 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.95% ₹ 6,619 ₹ 19,858 ₹ 33,097
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

Bank of Maharashtra Home Loan Amortization Calculator

Bank of Maharashtra Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Bank of Maharashtra gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 35 Lakh for 15 years from Bank of Maharashtra at an interest rate of 6.35%. EMI calculated for this loan amount is ₹ 30,201 and the total annual EMIs to be paid annually is ₹ 3,62,411. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 35 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 1,46,418 ₹ 95,189 ₹ 2,41,607 ₹ 34,04,811
2023 ₹ 2,11,874 ₹ 1,50,536 ₹ 3,62,411 ₹ 32,54,274
2024 ₹ 2,02,032 ₹ 1,60,379 ₹ 3,62,411 ₹ 30,93,896
2025 ₹ 1,91,546 ₹ 1,70,864 ₹ 3,62,411 ₹ 29,23,031
2026 ₹ 1,80,375 ₹ 1,82,036 ₹ 3,62,411 ₹ 27,40,996
2027 ₹ 1,68,473 ₹ 1,93,937 ₹ 3,62,411 ₹ 25,47,059
2028 ₹ 1,55,794 ₹ 2,06,617 ₹ 3,62,411 ₹ 23,40,441
2029 ₹ 1,42,285 ₹ 2,20,126 ₹ 3,62,411 ₹ 21,20,316
2030 ₹ 1,27,893 ₹ 2,34,518 ₹ 3,62,411 ₹ 18,85,798
2031 ₹ 1,12,560 ₹ 2,49,851 ₹ 3,62,411 ₹ 16,35,946
2032 ₹ 96,224 ₹ 2,66,187 ₹ 3,62,411 ₹ 13,69,760
2033 ₹ 78,820 ₹ 2,83,590 ₹ 3,62,411 ₹ 10,86,170
2034 ₹ 60,279 ₹ 3,02,132 ₹ 3,62,411 ₹ 7,84,038
2035 ₹ 40,525 ₹ 3,21,885 ₹ 3,62,411 ₹ 4,62,153
2036 ₹ 19,480 ₹ 3,42,931 ₹ 3,62,411 ₹ 1,19,222
2037 ₹ 1,581 ₹ 1,19,222 ₹ 1,20,804 ₹ 0

In the above illustration, on a Bank of Maharashtra Home Loan of₹ 35 Lakh, taken at the lowest interest rate of 6.35, EMI paid is ₹ 30,201 and an annual total of EMIs is ₹ 3,62,411, the interest component is ₹ 2,18,098 while the principal component is ₹ 1,44,313 in year 1 of loan disbursement. You repay only 4.12% of the total principal after paying 12 EMIs during the first year.

Bank of Maharashtra Home Loan EMI for ₹ 10 Lakh

The following table shows Bank of Maharashtra Housing Loan EMI for ₹ 10 lakh home loan for different tenures at an interest rate of 6.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 6.35% 5 Years ₹ 19,496
₹ 10,00,000 6.35% 10 Years ₹ 11,279
₹ 10,00,000 6.35% 15 Years ₹ 8,629
₹ 10,00,000 6.35% 20 Years ₹ 7,368
₹ 10,00,000 6.35% 30 Years ₹ 6,222

Bank of Maharashtra Home Loan EMI for ₹ 20 Lakh

The following table shows Bank of Maharashtra Housing Loan EMI for ₹ 20 lakh home loan for different tenures at an interest rate of 6.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 6.35% 5 Years ₹ 38,992
₹ 20,00,000 6.35% 10 Years ₹ 22,557
₹ 20,00,000 6.35% 15 Years ₹ 17,258
₹ 20,00,000 6.35% 20 Years ₹ 14,735
₹ 20,00,000 6.35% 30 Years ₹ 12,445

Bank of Maharashtra Home Loan EMI for ₹ 25 Lakh

The table below shows Bank of Maharashtra Housing Loan EMI for ₹ 25 lakh home loan for different tenures at an interest rate of 6.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 6.35% 5 Years ₹ 48,740
₹ 25,00,000 6.35% 10 Years ₹ 28,197
₹ 25,00,000 6.35% 15 Years ₹ 21,572
₹ 25,00,000 6.35% 20 Years ₹ 18,419
₹ 25,00,000 6.35% 30 Years ₹ 15,556

Bank of Maharashtra Home Loan EMI for ₹ 30 Lakh

The following table shows Bank of Maharashtra Housing Loan EMI for ₹ 30 lakh home loan for different tenures at an interest rate of 6.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 6.35% 5 Years ₹ 58,488
₹ 30,00,000 6.35% 10 Years ₹ 33,836
₹ 30,00,000 6.35% 15 Years ₹ 25,886
₹ 30,00,000 6.35% 20 Years ₹ 22,103
₹ 30,00,000 6.35% 30 Years ₹ 18,667

Bank of Maharashtra Home Loan EMI for ₹ 50 Lakh

The following table shows Bank of Maharashtra Housing Loan EMI for ₹ 50 lakh home loan for different tenures at an interest rate of 6.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 6.35% 5 Years ₹ 97,480
₹ 50,00,000 6.35% 10 Years ₹ 56,393
₹ 50,00,000 6.35% 15 Years ₹ 43,144
₹ 50,00,000 6.35% 20 Years ₹ 36,838
₹ 50,00,000 6.35% 30 Years ₹ 31,112

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FAQs

Will the Bank of Maharashtra home loan EMI remain constant or change in future?

No, your Bank of Maharashtra Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Bank of Maharashtra Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in Bank of Maharashtra interest rate?

Bank of Maharashtra offers floating rate home loans only. If you take a floating rate loan from Bank of Maharashtra, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Bank of Maharashtra home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will Bank of Maharashtra home loan EMI change in case of prepayment?

Bank of Maharashtra allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Bank of Maharashtra home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Bank of Maharashtra home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Bank of Maharashtra home loan calculator.

Why should I calculate Bank of Maharashtra loan EMI before taking a loan?

It is advised to calculate Bank of Maharashtra home loan EMI before taking a home loan. There are several benefits of calculating your Bank of Maharashtra housing loan EMI which can be done using Bank of Maharashtra home EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Bank of Maharashtra EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Bank of Maharashtra.

What is the EMI for home loan in Bank of Maharashtra?

The Bank of Maharashtra EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Bank of Maharashtra home loan calculator. Based on the lowest rate of 6.35% and maximum tenure of 30 years, the Bank of Maharashtra home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,222
₹ 12 Lakh ₹ 7,467
₹ 15 Lakh ₹ 9,334
₹ 30 Lakh ₹ 18,667
₹ 50 Lakh ₹ 31,112

You can compare Bank of Maharashtra home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Bank of Maharashtra Housing Loan EMI calculator?

Online Bank of Maharashtra housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Bank of Maharashtra home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Bank of Maharashtra Home loan EMI Online?

To pay the EMI of Bank of Maharashtra home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Bank of Maharashtra home loan EMI calculated?

The Bank of Maharashtra Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

Compare Home Loan EMI of All Banks


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Bank Maharashtra Home Loan News - May 2022
  • 2022-02-10 : Bank of Maharashtra Tops PSU lenders Chart in Q3
    State-owned Bank of Maharashtra has emerged as the top performer among public sector lenders in terms of loans and savings deposit growth during the third quarter of the current financial year. The bank recorded a 22.9 per cent increase in gross advances at Rs 1,29,006 crore in the October-December period of 2021-22, as per the data published by the bank.
  • 2021-12-13 : Bank of Maharashtra Revises Home Loan Rates
    Bank of Maharashtra has cut home loan rates to 6.40% from 13th December 2021. Earlier, the lowest home loan rates were 6.80%.
  • 2021-10-22 : Bank of Maharashtra Q2 Profit Jumps To 103 percent
    Bank of Maharashtra posted a 102.71 percent Y-o-Y rise in its net profit to Rs 264 crore for the September quarter (Q2). The net interest margin improved to 3.27 percent on a Y-o-Y basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84 percent to Rs 1,500 crore, compared with Rs 1,120 crore during Q2FY21.
  • 2021-08-16 : Bank of Maharashtra emerge as a top performer
    Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22.
  • 2021-08-10 : Bank of Maharashtra offers Retail Bonanza-Monsoon Dhamaka
    State-run bank, Bank of Maharashtra has waived off processing fees on gold loans, car loans and home loans till September 30, 2021. The lender is also offering a lower interest rate on car loans and home loans, the interest rate starts at 7.30% and 6.90%, respectively.
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