1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 and converted to decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

3. About Bank of Maharashtra Home Loans

Bank of Maharashtra offers competitive home loan rates in India with flexible repayment options. Their loans typically range from 8.40% to 10.05% interest (as of 2023) with tenures up to 30 years.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum home loan amount from Bank of Maharashtra?
A: Typically up to ₹10 crore, depending on property value and borrower's repayment capacity.

Q2: What is the processing fee for BOM home loans?
A: Usually 0.25% to 0.50% of loan amount plus GST, with minimum and maximum limits.

Q3: Can I prepay my BOM home loan?
A: Yes, partial prepayments are allowed after 6 months, usually with no charges for floating rate loans.

Q4: What documents are needed for BOM home loan?
A: Typically includes identity proof, address proof, income documents, property papers, and bank statements.

Q5: Does BOM offer interest rate concessions?
A: Yes, for women borrowers (usually 0.05% concession) and during special festival offers.