Bank of Maharashtra Home Loan EMI Calculator

A home loan fulfils one of the most important dreams of an individual: buying a house. However, before getting a home loan, you must ensure that you can afford the monthly EMIs and plan your budget smoothly. To solve this problem, the home loan calculator comes in handy. If you are looking for a home loan from the Bank of Maharashtra, use the Bank of Maharashtra home loan EMI calculator to calculate the monthly EMIs and make an informed decision.

The Bank of Maharashtra home loan EMI calculator on the Angel One website is a financial tool that is provided for free to calculate the home loan EMIs. The calculator delivers accurate results instantly.

The online Bank of Maharashtra home loan EMI calculator on Angel One is a simple financial tool. The financial calculator takes the loan amount, interest rate and tenure of the loan and computes the monthly EMI, total interest and total loan (including the interest).

The home loan EMI calculator formula to calculate your monthly EMI is as follows, –

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

Here,

P is the amount of money you borrow from the bank

R is the rate of interest per month charged by the bank

N is the tenure by which the loan has to be repaid (in months)

Calculating the home loan EMI manually using the formula can be complex and cause errors. Hence you can use the online Bank of Maharashtra home loan EMI calculator on the Angel One website and make your job easy. The usage of this calculator is very simple as follows: – 

1. Open the Angel One Bank of Maharashtra home loan EMI calculator
2. Enter the loan amount
3. Enter the interest rate
4. Enter the tenure of the loan

The online Bank of Maharashtra home loan EMI calculator computes the EMI on a loan along with the total interest and total amount payable in seconds.

Let us consider an example to understand the Bank of Maharashtra home loan EMI calculator usage.

If you plan to get a loan of Rs. 1,00,000 at the interest rate of 6% for 2 years tenure, enter the values in the online calculator. The online calculator will compute the values are gives the results as follows:

• Monthly EMI: Rs. 4,432
• Principal amount: Rs. 1,00,000
• Total interest: Rs. 6,369
• Total amount: Rs. 1, 06,369

• Plan finances: The online Bank of Maharashtra home loan EMI calculator helps you in evaluating the monthly EMI on the home loan. This will help you plan your income and expenses accordingly.
• Evaluate affordability: Using the online home loan calculator, you can also see how much loan you can afford and decide the tenure of the loan as well as per your other financial commitments.
• No Errors: Manual home loan EMI calculator can cause errors. While using the online calculator you get accurate results and avoid miscalculations or errors.
• Free of charge: The calculator is free and can be used at any time at your convenience.

The Bank of Maharashtra offers various types of home loans for existing and new home loan applicants.

• Maha Super Housing Loan (for purchase/construction of new house/flat, extension of existing house/flat)

This loan is for constructing or acquiring a new or existing flat that is less than 30 years old. Also to purchase an under-construction residential property, extend the existing house, or take over an existing house loan from other banks or housing financial institutions. Salaried individuals, self-employed, businessmen or agriculturists are eligible.

• Maha Super Housing Loan Scheme (for construction and buying plot)

This loan is for the purchase of a plot and construction thereon. Salaried individuals, self-employed, businessmen or agriculturists are eligible for this scheme.

• Maha Super Housing Loan Scheme for Repairs

This scheme is provided for the renovation, repairs or alteration of existing houses.

• Pradhan Mantri Awas Yojna (PMAY)

This scheme is offered to economically weaker groups, low-income groups and middle-income groups. Individuals with an annual income up to Rs. 18 lakh.

• Top-Up Home Loan

This is for existing home loan holders of the Bank of Maharashtra or any other bank.

• Maha Super Flexi Housing Loan Scheme

In this scheme, the home loan account will be linked to the borrower’s savings account from the same bank. Whenever the borrower deposits a surplus amount to the account, it will be considered as a credit towards the loan. The borrower can also use the savings account to withdraw funds when needed.