Imagine an online tool that not only calculates your monthly installments but also helps you in taking the calculative decision. Well, we are talking about a magical device known as Bank of Maharashtra Home Loan EMI Calculator. That’s Right! This time-saving tool with its smart algorithms lets you know about your EMI and Interest Outgo in just a few seconds.
This effective tool after taking into consideration-Loan Amount, Tenure and Interest Rate fetches the exact values in just a few seconds. It is available online 24×7, hence can be used anytime from anywhere.
Bank of Maharashtra Home Loan EMI Calculator
Let’s just know more about the same with the help of an example below:
Suppose, Ankit Gupta, a 35-year-old, Interior Decorator by profession is looking for a home loan of INR 25 Lakh to construct a beautiful home in Chennai. He has applied for the same and the best thing is that BOM has agreed to offer him the loan at an interest rate of 8.65% per annum for a tenure of 30 years. But Ankit was bit confused as he wants to know whether his EMIs are going to be pocket-friendly or not. Thus, he used a home loan EMI Calculator for the same. So, let’s find out what would the EMI and Interest Outgo in Ankit’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 25,00,000 | 8.65% | 1 | ₹ 2,18,223 | ₹ 1,18,678 | ₹ 26,18,678 |
| ₹ 25,00,000 | 8.65% | 2 | ₹ 1,13,811 | ₹ 2,31,459 | ₹ 27,31,459 |
| ₹ 25,00,000 | 8.65% | 3 | ₹ 79,093 | ₹ 3,47,338 | ₹ 28,47,338 |
| ₹ 25,00,000 | 8.65% | 4 | ₹ 61,798 | ₹ 4,66,302 | ₹ 29,66,302 |
| ₹ 25,00,000 | 8.65% | 5 | ₹ 51,472 | ₹ 5,88,335 | ₹ 30,88,335 |
| ₹ 25,00,000 | 8.65% | 6 | ₹ 44,631 | ₹ 7,13,418 | ₹ 32,13,418 |
| ₹ 25,00,000 | 8.65% | 7 | ₹ 39,780 | ₹ 8,41,524 | ₹ 33,41,524 |
| ₹ 25,00,000 | 8.65% | 8 | ₹ 36,173 | ₹ 9,72,626 | ₹ 34,72,626 |
| ₹ 25,00,000 | 8.65% | 9 | ₹ 33,395 | ₹ 11,06,691 | ₹ 36,06,691 |
| ₹ 25,00,000 | 8.65% | 10 | ₹ 31,197 | ₹ 12,43,681 | ₹ 37,43,681 |
| ₹ 25,00,000 | 8.65% | 11 | ₹ 29,421 | ₹ 13,83,557 | ₹ 38,83,557 |
| ₹ 25,00,000 | 8.65% | 12 | ₹ 27,960 | ₹ 15,26,273 | ₹ 40,26,273 |
| ₹ 25,00,000 | 8.65% | 13 | ₹ 26,742 | ₹ 16,71,784 | ₹ 41,71,784 |
| ₹ 25,00,000 | 8.65% | 14 | ₹ 25,715 | ₹ 18,20,038 | ₹ 43,20,038 |
| ₹ 25,00,000 | 8.65% | 15 | ₹ 24,839 | ₹ 19,70,984 | ₹ 44,70,984 |
| ₹ 25,00,000 | 8.65% | 16 | ₹ 24,086 | ₹ 21,24,563 | ₹ 46,24,563 |
| ₹ 25,00,000 | 8.65% | 17 | ₹ 23,435 | ₹ 22,80,720 | ₹ 47,80,720 |
| ₹ 25,00,000 | 8.65% | 18 | ₹ 22,868 | ₹ 24,39,394 | ₹ 49,39,394 |
| ₹ 25,00,000 | 8.65% | 19 | ₹ 22,371 | ₹ 26,00,522 | ₹ 51,00,522 |
| ₹ 25,00,000 | 8.65% | 20 | ₹ 21,934 | ₹ 27,64,042 | ₹ 52,64,042 |
| ₹ 25,00,000 | 8.65% | 21 | ₹ 21,547 | ₹ 29,29,887 | ₹ 54,29,887 |
| ₹ 25,00,000 | 8.65% | 22 | ₹ 21,205 | ₹ 30,97,994 | ₹ 55,97,994 |
| ₹ 25,00,000 | 8.65% | 23 | ₹ 20,900 | ₹ 32,68,294 | ₹ 57,68,294 |
| ₹ 25,00,000 | 8.65% | 24 | ₹ 20,627 | ₹ 34,40,719 | ₹ 59,40,719 |
| ₹ 25,00,000 | 8.65% | 25 | ₹ 20,384 | ₹ 36,15,204 | ₹ 61,15,204 |
| ₹ 25,00,000 | 8.65% | 26 | ₹ 20,166 | ₹ 37,91,678 | ₹ 62,91,678 |
| ₹ 25,00,000 | 8.65% | 27 | ₹ 19,969 | ₹ 39,70,075 | ₹ 64,70,075 |
| ₹ 25,00,000 | 8.65% | 28 | ₹ 19,793 | ₹ 41,50,326 | ₹ 66,50,326 |
| ₹ 25,00,000 | 8.65% | 29 | ₹ 19,633 | ₹ 43,32,364 | ₹ 68,32,364 |
| ₹ 25,00,000 | 8.65% | 30 | ₹ 19,489 | ₹ 45,16,122 | ₹ 70,16,122 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 18,336 | ₹ 2,15,534 | ₹ 24,81,663 |
| 2 | ₹ 19,986 | ₹ 2,13,884 | ₹ 24,61,676 |
| 3 | ₹ 21,785 | ₹ 2,12,085 | ₹ 24,39,890 |
| 4 | ₹ 23,747 | ₹ 2,10,124 | ₹ 24,16,143 |
| 5 | ₹ 25,884 | ₹ 2,07,986 | ₹ 23,90,259 |
| 6 | ₹ 28,214 | ₹ 2,05,656 | ₹ 23,62,044 |
| 7 | ₹ 30,754 | ₹ 2,03,117 | ₹ 23,31,290 |
| 8 | ₹ 33,522 | ₹ 2,00,348 | ₹ 22,97,768 |
| 9 | ₹ 36,539 | ₹ 1,97,331 | ₹ 22,61,228 |
| 10 | ₹ 39,828 | ₹ 1,94,042 | ₹ 22,21,399 |
| 11 | ₹ 43,414 | ₹ 1,90,457 | ₹ 21,77,984 |
| 12 | ₹ 47,321 | ₹ 1,86,549 | ₹ 21,30,662 |
| 13 | ₹ 51,581 | ₹ 1,82,289 | ₹ 20,79,081 |
| 14 | ₹ 56,224 | ₹ 1,77,646 | ₹ 20,22,856 |
| 15 | ₹ 61,285 | ₹ 1,72,585 | ₹ 19,61,571 |
| 16 | ₹ 66,802 | ₹ 1,67,069 | ₹ 18,94,769 |
| 17 | ₹ 72,815 | ₹ 1,61,056 | ₹ 18,21,954 |
| 18 | ₹ 79,369 | ₹ 1,54,501 | ₹ 17,42,584 |
| 19 | ₹ 86,513 | ₹ 1,47,357 | ₹ 16,56,071 |
| 20 | ₹ 94,301 | ₹ 1,39,570 | ₹ 15,61,769 |
| 21 | ₹ 1,02,789 | ₹ 1,31,081 | ₹ 14,58,980 |
| 22 | ₹ 1,12,041 | ₹ 1,21,829 | ₹ 13,46,938 |
| 23 | ₹ 1,22,127 | ₹ 1,11,744 | ₹ 12,24,811 |
| 24 | ₹ 1,33,120 | ₹ 1,00,751 | ₹ 10,91,691 |
| 25 | ₹ 1,45,102 | ₹ 88,768 | ₹ 9,46,589 |
| 26 | ₹ 1,58,163 | ₹ 75,707 | ₹ 7,88,425 |
| 27 | ₹ 1,72,400 | ₹ 61,470 | ₹ 6,16,024 |
| 28 | ₹ 1,87,918 | ₹ 45,952 | ₹ 4,28,105 |
| 29 | ₹ 2,04,834 | ₹ 29,037 | ₹ 2,23,271 |
| 30 | ₹ 2,23,411 | ₹ 10,599 | ₹ 0 |
Bank of Maharashtra Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments