Calculate Bank of Maharashtra Home Loan EMI

Total Payments-


Total Interest-
Principal Amount-
Total EMI


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  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹50,00,000
  • 8.6%
  • ₹0
  • 30

Bank of Maharashtra Home Loan EMI Calculator Details

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

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Bank of Maharashtra Home Loan EMI Concept

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.

Additional Info: How to get Pradhan Mantri Awas Yojana

Benefits of Bank of Maharashtra Home Loan EMI Calculator

  • 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.

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Bank of Maharashtra Home Loan EMI Calculator to Estimate the EMI that fits your budget

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:

Rate of Interest - 8.60%
Loan Amount5 years10 years15 years20 years
1 LakhRs. 2,056Rs. 1,245Rs. 991Rs. 874

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

Factors affecting Bank of Maharashtra Home Loan EMI

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.

Loan AmountRs. 7 LakhsRs. 9 LakhsRs. 15 LakhsRs. 25 Lakhs
EMI before subsidyRs. 5,964Rs. 7,669Rs. 12,781Rs. 21,302
Maximum eligible grantRs. 2.67 LakhsRs. 2.67 LakhsRs. 2.35 LakhsRs. 2.30 Lakhs
Principal amount after the credit of supportRs. 4.33 LakhsRs. 6.33 LakhsRs. 12.65 LakhsRs. 22.70 Lakhs
EMI after subsidyRs. 3,689Rs. 5,394Rs. 10,779Rs. 19,342

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

Alternatives to the Bank of Maharashtra Home Loan EMI Calculator

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

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance


✅ How does the Bank of Maharashtra Home Loan EMI Calculator perform in comparison to its peers?


Performance-wise, there is nothing wrong with the Bank of Maharashtra Home Loan EMI Chart. Using this chart, it is perfectly capable of calculating the EMI for any loan amount, ROI, or loan tenure up to 240 months. The figures are accurate to the fourth decimal point. Hence, this chart is a perfect Home Loan EMI Calculator in many ways.

✅ Is it a user-friendly Home Loan EMI Calculator?


Nowadays, people are conversant with the use of MS Excel functions. Hence, using this chart to get the EMI should not be an issue. However, if you compare the table with the calculator on the MyMoneyMantra website, you will find that the latter is more user-friendly than the Bank of Maharashtra Home Loan EMI chart.

✅ Can you use the Bank of Maharashtra Home Loan EMI chart to determine the EMI for other loans?


Yes, you can use this chart to determine the EMI of other loans like vehicle loans, Loan Against Property, and so on. The principle behind the calculation of EMI is the same in all cases.

✅ Will my EMI change with a change in the ROI?


Bank of Maharashtra offers floating rates of interest on Home Loans. Hence, the EMI should change whenever there is a change in the ROI structure. Calculating the EMI should not be an issue, as you have to enter the contracted ROI to get your new EMI.

✅ How does Bank of Maharashtra treat the EMI in the event of a change in the ROI?


The ROI and EMI are in direct proportion. Thus, when the ROI goes up, so does the EMI and vice versa. However, the bank does not change the EMI every time there is a change in the ROI. The bank prefers to modify the loan tenure. Hence, the borrower does not feel the pinch of the increase in the EMI liability.

✅ Can the borrower request the bank to alter the EMI instead of the loan tenure?


Yes, the borrower has the option to request the bank to alter the EMI instead of the loan tenure whenever there is a revision in the interest rates. In the long run, it is beneficial to the borrower to do so.

✅ How does the Equated Instalment mode differ from the Equated Monthly Instalment mode of repayment?


In the Equated Instalment mode, the monthly instalment is not the same throughout the loan tenure. The principal loan amount is divided into equal instalments. The borrower has to pay the interest charged to the account every month, as well.

In the Equated monthly instalment, the monthly instalment is the same throughout the loan for a particular rate of interest. The principal loan repayment and interest amount vary accordingly.

✅ Which is the better mode of repayment, equated instalment or EMI?


If you look at the economics of the transaction, the equated instalment is better for the customer, as they end up paying less over the whole tenure. However, from the convenience viewpoint, the EMI is a better option.

✅ Under what circumstances can the bank agree to reduce the EMI for the borrower?


The borrower can apply for a change in the loan repayment tenure if they feel uncomfortable with the Home Loan EMI repayment. Such an arrangement is known as restructuring or rescheduling the EMI. The borrower can also make a part prepayment and seek a reduction in the EMI for the residual tenure. Such instances can occur when the borrower retires from their job and ends up with a smaller income like a pension. They can choose to prepay a part of the Home Loan and go for a reduction in the EMI.