Bank of Maharashtra Home Loan EMI Calculator

Imagine an online tool that not only calculates your monthly installments but also helps you in making the calculative decision. Well, we are talking about a magical device known as the 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.

How to Use the Wishfin Bank of Maharashtra Home Loan Calculator?

The Wishfin Bank of Baroda home loan calculator is an easy-to-use tool that helps you figure out your monthly loan payments before applying for a loan. Simply enter the loan amount, interest rate, and loan duration into the calculator.

It quickly provides your monthly payment, the total interest cost, and the overall amount you’ll repay. The calculator also displays an amortization table, giving you a clear breakdown of your payments over time. Available 24/7, this tool makes planning your home loan straightforward and stress-free.

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

For example, let's consider a borrower who takes out a home loan of ₹50,00,000 with a term of 25 years at an annual interest rate of 8.5%. Here’s the breakdown:

Principal Amount (P): ₹50,00,000

Interest Rate (R): 8.5% per year, which translates to 8.5/12/100 = 0.007083 per month

Loan Tenure (n): 25 years, or 300 months

Here’s how the calculation would look:

[50,00,000 x 0.007083 x (1 + 0.007083) ^ 300]/[(1+0.007083) ^300 -1] = 40,261

Hence, you will be required to pay EMI of ₹40,261

Bank Of Maharashtra Home Loan Amortisation Schedule

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.

What is the Lowest EMI Given by the Bank of Maharashtra on Home Loans?

Here are the monthly payment amounts for various home loans from Bank of Maharashtra These calculations are based on interest rates of 8.35% and 10.20% over a 20-year period:

The Main Benefits of Using Bank of Maharashtra EMI Loan Calculator

Here are the key benefits of using Bank of Maharashtra home loan EMI calculator:

• Easy and Quick Calculations: By using this online calculator, you can easily and quickly estimate your monthly EMI Payments. All you need to do is enter the amount you want to borrow, loan tenure, and interest rate.
  
• Compare Loan Options: You can calculate different loan scenarios by adjusting the input parameters. This helps in selecting the most suitable loan option based on your repayment capacity and financial goals.
  
• Full Transparency: The calculator provides a clear breakdown of the principal and interest components of each EMI. This transparency helps in understanding how much of your payment is going towards the principal and how much is going towards interest over the loan tenure.
  
• Free to Use: The calculator can be used without paying any charges. You can use it multiple times to explore different loan scenarios without any cost, which is beneficial for thorough financial planning.
  
• Informed Decision-Making: By providing an estimate of the total interest payable and the total amount payable over the loan tenure, the calculator helps you make informed decisions about borrowing and repayment strategies.

Bank of Maharashtra Home Loan Eligibility

Here are the eligibility criteria to apply for a home loan with the Bank of Maharashtra:

Salaried Individuals:

• Must be in a permanent position for at least 1 year with the current employer, which can include Central/State Government, PSUs, or reputable private sector companies.
• Age should be at least 21 years and not exceed 60 years.

Self-Employed Individuals:

• Includes self-employed professionals, business owners, pensioners (who must have a pension account with the Bank of Maharashtra and sufficient disposable income), and farmers with a minimum of 5 acres of irrigated land and sufficient disposable income.
• The age limit for doctors, architects, CAs, and similar professionals is between 21 and 65 years. For others, the maximum age limit is 60 years.

Factors Affecting Bank of Maharashtra Home Loan EMI

Here are the main factors that play a crucial role in determining the home loan EMI when taking a loan from the Bank of Maharashtra:

• Loan Amount: It’s the total money you borrow. More money borrowed means higher monthly payments.
  
• Interest Rate: It’s the percentage the bank charges on the borrowed amount. Lower interest rates mean lower monthly payments and higher rates mean higher payments.
  
• Loan Tenure: This refers to the time you have to pay back the loan. A longer loan period spreads out the payments, making each one smaller, but you’ll pay more interest over time.
  
• Credit Score: Your credit history influences the interest rate you get. A better credit score can get you a lower rate, which means lower monthly payments.
  
• Prepayments: Paying extra money towards your loan can reduce how much you owe and may lower your monthly payments or shorten the time it takes to pay off the loan.

Bank of Maharashtra Home Loan Fees and Charges

Here are the fees and charges that you may be required to pay when applying for a loan with the Bank of Maharashtra:

The Main Limitations of Using Bank of Maharashtra Home Loan EMI Calculator

Here are the main drawbacks of using Bank of Maharashtra home loan EMI calculator:

Interest Rate Fluctuations: The calculator assumes a constant interest rate throughout the loan tenure for its calculations. If you have a floating-rate loan, the actual EMI can vary as interest rates change.

Credit Score Impact: The tool does not consider your credit score, which can influence the interest rate offered by the bank. A better credit score might secure a lower interest rate, thereby affecting the EMI.

No Consideration for Floating Rates: The Bank of Maharashtra loan calculator might not accurately reflect the impact of floating interest rates, which can change periodically based on the bank's Marginal Cost of Funds based Lending Rate (MCLR) or other benchmarks. This can lead to underestimation or overestimation of future EMIs.

Exclusion of Additional Costs: The calculator typically does not include additional costs such as processing fees, administrative charges, and home loan insurance premiums, which can significantly affect the total cost of the loan.