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How to Use Bank of Maharashtra Home Loan EMI calculator

Home loans are one of the most common financial products taken each year. Home loans usually have a large principal and a longer tenure. A home loan EMI calculator will let you know how much EMI you must pay for the loan amount. Learn how to use Bank of Maharashtra home loan EMI calculator here.

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How to Use Bank of Maharashtra Home Loan EMI calculator

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  1. How to Use Bank of Maharashtra Home Loan EMI calculator

  2. What is Home Loan EMI? An equated monthly installment (EMI) is a fixed monthly payment provided by a borrower to a creditor on a set date, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.

  3. What is Home Loan EMI Calculator? A home loan EMI calculator is an online tool that lets you calculate your monthly loan installment amount for your home loan/housing loan.

  4. Bank of Maharashtra Home Loan EMI Calculator Bank of Maharashtra’s home loan EMI calculator is a user friendly online automatic tool to ascertain how much will be your EMI (Equated Monthly Installment) outgo.

  5. How to Use Bank of Maharashtra Home Loan EMI Calculator ● Login to official website www.bankofmaharashtra.in/ Click “calculators” tab. ●

  6. ● You will reach a page where you have the option to use different loan EMI calculators, i.e. home loan, personal loan, car loan etc. Click on the Home Loan EMI calculator tab. ●

  7. How to Use Home Loan EMI Calculator Enter the details like, ● ● ● ● Principal amount you wish to avail Interest rate of home loan(%p.a) Loan term(years) Then click “Show EMI” Use slider to adjust the values or type values directly.

  8. How EMI is Calculated? EMI is calculated using the mathematical formula, EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)], Where, EMI= equated monthly installment P= principal or the amount that is borrowed as a loan R= rate of interest that is levied on the loan amount N= tenure of repayment of loan

  9. Use of Bank of Maharashtra Home Loan EMI Calculator Helps you plan your monthly budget. Accurate result Anytime access Save you from time consuming complex calculation ● ● ● ●

  10. Subsequent to completion of the EMI calculation, you have the option to check your home loan eligibility, get the best loan quotes based upon your eligibility and requirements and also apply for the Bank of Maharashtra home loan online.

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