Enter your loan amount, interest rate, and tenure above to instantly see your Bank of Maharashtra home loan EMI. In just a few seconds, you will know your monthly outflow, total interest cost, and the full repayment amount, so you can plan your home purchase with complete clarity before walking into the branch.
What Is a Home Loan EMI?
A home loan EMI, or Equated Monthly Instalment, is the fixed amount you pay to the bank every month until your loan is fully repaid. Each EMI has two components: a portion that goes toward repaying the principal and a portion that covers the interest charged for that month. In the early months of the loan, the interest component is larger and the principal component is smaller. As time passes, this ratio flips gradually through a process called amortisation.
In my seven years of working with salaried professionals and home buyers across India, I have seen that most people focus only on the EMI number and miss the bigger picture, which is the total interest cost over the full tenure. A lower EMI sounds attractive, but it often means a much longer loan term and significantly higher interest outgo. I always recommend using a home loan EMI calculator to compare multiple tenure and rate combinations before deciding.
EMI Calculation Formula
The standard EMI formula used by all banks in India is:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where P is the principal loan amount, R is the monthly interest rate (annual rate divided by 12 and by 100), and N is the loan tenure in months. The National Housing Bank mandates that all housing finance companies and scheduled commercial banks use this formula for EMI disclosure, ensuring complete transparency in your repayment schedule.
Worked Example: Bank of Maharashtra Home Loan EMI
Rahul is a government school principal from Pune who wants to buy a 2BHK flat for Rs. 60 lakh. He arranges a down payment of Rs. 15 lakh and applies for a Bank of Maharashtra home loan of Rs. 45,00,000 at an interest rate of 7.10% per annum for a tenure of 20 years.
Here is what his repayment looks like:
| Parameter | Value |
|---|---|
| Loan Amount | Rs. 45,00,000 |
| Interest Rate | 7.10% p.a. |
| Tenure | 20 Years (240 months) |
| Monthly EMI | Rs. 35,159 |
| Total Interest Payable | Rs. 39,38,178 |
| Total Amount Payable | Rs. 84,38,178 |
Now suppose Rahul considers reducing his tenure to 15 years instead of 20. His EMI would rise to Rs. 40,699 per month, but his total interest outgo would drop to Rs. 28,25,869 – saving him Rs. 11,12,309 in interest over the life of the loan. That is more than Rs. 11 lakh in savings, purely by paying Rs. 5,540 more each month.
As a salaried professional, Rahul can also claim deductions on his home loan repayment under Section 80C of the Income Tax Act, which covers the principal component, and separately on the interest paid under Section 24(b). More on this in the tax benefits section below.
How to Use This Bank of Maharashtra Home Loan EMI Calculator
Step-by-Step Guide
Step 1: Enter the loan amount. Type the home loan amount you plan to borrow, for example Rs. 45,00,000. Bank of Maharashtra home loans start at 7.10% p.a., so a higher loan amount means a proportionally higher EMI.
Step 2: Enter the interest rate. Key in the applicable interest rate. Bank of Maharashtra home loan rates currently range from 7.10% to 9.90% p.a. depending on the loan scheme, your CIBIL score, and income profile. If you are a woman borrower or a defence personnel, you qualify for an additional 0.5% concession on the applicable rate.
Step 3: Enter the tenure in years. Type how many years you want to repay the loan. Bank of Maharashtra allows a maximum tenure of 30 years. A longer tenure lowers your EMI but increases total interest paid. Check the old vs new tax regime comparison to understand how your choice of regime affects how much tax benefit you can extract from your home loan.
Step 4: Click Calculate EMI. The calculator instantly shows your monthly EMI, total interest payable, and total amount repayable. Try different combinations of loan amount and tenure to find the repayment plan that fits your monthly budget without stretching it beyond 40-45% of your take-home salary.
Bank of Maharashtra Home Loan: Key Features
| Feature | Details |
|---|---|
| Interest Rate | 7.10% to 9.90% p.a. (floating, linked to RBLR) |
| Maximum Tenure | Up to 30 years (or up to age 70, whichever is earlier) |
| Processing Fee | NIL |
| Prepayment Charges | NIL (no prepayment or part-payment charges) |
| Women Borrower Concession | 0.5% concession on applicable rate |
| Defence Personnel Concession | 0.5% concession on applicable rate |
| Minimum Income | Rs. 3 lakh per annum |
| Loan Purpose | Purchase, construction, renovation, balance transfer |
For the most current rate slab applicable to your loan amount and CIBIL score, visit the Bank of Maharashtra official housing loan page.
Bank of Maharashtra Home Loan Schemes
Maha Super Housing Loan
This is the flagship home loan scheme from Bank of Maharashtra, designed for salaried individuals, self-employed professionals, and business owners. It covers purchase of a new flat or house, construction on your own plot, and purchase of a resale property. The scheme offers the full 30-year maximum tenure and the bank’s competitive base rate starting from 7.10% p.a. with no processing fee. It is available to resident Indians who meet the minimum income criterion of Rs. 3 lakh per annum and have a satisfactory credit history.
Maha Combo Loan
The Maha Combo Loan is a bundled product for borrowers who want both a home loan and a vehicle loan or education loan from Bank of Maharashtra simultaneously. By combining these two loan facilities under a single relationship, borrowers can avail of an interest rate concession on the combined portfolio. This scheme is particularly useful for a young professional who is buying their first home while also financing a two-wheeler or car, or for a parent simultaneously supporting a child’s higher education. Managing both loans under one bank also simplifies documentation and EMI tracking.
Maha Super Flexi Housing Loan
The Maha Super Flexi Housing Loan operates as a hybrid overdraft-style home loan. Your home loan account is linked to an overdraft facility, and any surplus funds you park in the account reduce your effective interest liability for that period. This means if you deposit your salary or bonus into the linked account, the interest for those days is calculated on the reduced outstanding balance rather than the full loan amount. For salaried professionals who receive quarterly bonuses or one-time payouts, this scheme can noticeably reduce the effective interest cost without requiring a formal prepayment request. The flexibility to withdraw those funds back when needed is an added advantage.
What Affects Your Bank of Maharashtra Home Loan EMI?
Loan Amount
The larger the loan amount, the higher your EMI. Since Bank of Maharashtra charges NIL processing fee, the full disbursed amount goes toward your property purchase without any upfront deduction. Borrow only what you need after accounting for your down payment, since every additional lakh at 7.10% for 20 years adds approximately Rs. 782 to your monthly EMI. Plan your HRA exemption carefully if you are renting while your new home is under construction, since you can claim both HRA and home loan benefits during the construction period under specific conditions.
Interest Rate
Bank of Maharashtra home loan rates are floating, linked to the bank’s Repo-Based Lending Rate (RBLR). When the RBI changes the repo rate, your interest rate and consequently your EMI or tenure adjusts accordingly. A 0.25% drop in rate on a Rs. 45 lakh loan saves approximately Rs. 830 per month in EMI over a 20-year term. If your CIBIL score is 750 or above, you are likely to qualify for the lower end of the rate band. A score below 700 may attract a higher rate or result in loan rejection.
Loan Tenure
Choosing between a 15-year and 20-year tenure on a Rs. 45 lakh loan at 7.10% means the difference between an EMI of Rs. 40,699 and Rs. 35,159 – a monthly saving of Rs. 5,540. But that lower EMI on the 20-year option costs Rs. 11,12,309 more in total interest. If your current income comfortably supports the higher EMI, a shorter tenure is almost always the better financial decision.
Fixed vs Floating Rate
Bank of Maharashtra home loans are primarily on a floating rate basis. While a floating rate means your EMI can change when the RBI adjusts the repo rate, it also means you benefit from rate cuts without having to refinance. Historically, floating rate borrowers in India have paid less over the long run compared to fixed rate borrowers, though fixed rates provide budgeting certainty.
Tax Benefits on Bank of Maharashtra Home Loan
A home loan from Bank of Maharashtra comes with meaningful tax benefits under the Income Tax Act. Here is a breakdown of what you can claim under the old tax regime:
Section 24(b): Deduction on Home Loan Interest
Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to Rs. 2 lakh per year on the interest paid on your home loan, provided the property is self-occupied. If the property is rented out, there is no cap and the entire interest amount is deductible from your rental income. For a borrower like Rahul paying approximately Rs. 26,600 in interest per month in year one, this deduction alone brings Rs. 2 lakh off his taxable income each year. Visit incometax.gov.in to confirm the applicable limits for the current financial year.
Section 80C: Deduction on Principal Repayment
The principal component of your home loan EMI qualifies for deduction under Section 80C, within the overall limit of Rs. 1.5 lakh per year. This limit covers all Section 80C investments together – EPF, PPF, ELSS, life insurance premium, and home loan principal. The stamp duty and registration charges paid at the time of property purchase also qualify as a one-time Section 80C deduction in the year of purchase. Note that these deductions are available only under the old tax regime and are not applicable if you opt for the new regime under Section 115BAC.
Compare Home Loan EMIs Across Banks
Bank of Maharashtra is not the only PSU bank with competitive home loan rates. Before finalising, it is worth comparing EMIs across a few lenders using the calculators below:
- PNB Home Loan EMI Calculator – Punjab National Bank is another leading PSU bank with home loan rates in a similar range, along with special schemes for women and government employees.
- SBI Home Loan EMI Calculator – State Bank of India offers the widest branch network and some of the most competitive floating rates for salaried borrowers with a CIBIL score of 750 and above.
Conclusion
Bank of Maharashtra home loans start at 7.10% p.a. with zero processing fee and zero prepayment charges, making it one of the more borrower-friendly PSU bank home loan products available today. The three distinct schemes – Maha Super Housing Loan, Maha Combo Loan, and Maha Super Flexi Housing Loan – give you flexibility to choose a structure that matches your income pattern and financial goals.
As a general rule, keep your total EMI outgo across all loans below 40-45% of your monthly take-home salary. On a Rs. 45 lakh home loan at 7.10%, the 20-year EMI of Rs. 35,159 should be comfortably affordable on a monthly in-hand salary of Rs. 80,000 or above. Use the calculator above to model your specific numbers and compare tenure options before submitting your application.
Frequently Asked Questions
What is the current Bank of Maharashtra home loan interest rate?
Bank of Maharashtra home loan interest rates currently start from 7.10% per annum. The applicable rate for your loan depends on the loan scheme you choose, your CIBIL score, income profile, and loan amount. The rate is floating and linked to the bank’s Repo-Based Lending Rate (RBLR), which means it adjusts when the RBI changes the repo rate.
Is there any processing fee on Bank of Maharashtra home loans?
No. Bank of Maharashtra charges zero processing fee on home loans. There are also no prepayment or foreclosure charges, which means you can make part-payments or close the loan early without any penalty.
What is the maximum tenure for a Bank of Maharashtra home loan?
The maximum tenure is 30 years, subject to the condition that the loan must be fully repaid before the borrower turns 70. For a 45-year-old borrower, the effective maximum tenure would therefore be 25 years.
Do women borrowers get a lower rate from Bank of Maharashtra?
Yes. Women borrowers and defence personnel are eligible for a 0.5% concession on the applicable home loan interest rate. On a Rs. 45 lakh loan over 20 years, this concession translates to a meaningfully lower EMI and significant interest savings over the full tenure.
What is the Maha Super Flexi Housing Loan?
The Maha Super Flexi Housing Loan is an overdraft-linked home loan. You can park surplus funds in the linked account to reduce your daily interest liability. When you need the money back, you can withdraw it. This structure suits borrowers who receive periodic lump sum income like bonuses or freelance payments and want to reduce interest costs dynamically without committing to prepayment.
What CIBIL score is required for a Bank of Maharashtra home loan?
While Bank of Maharashtra does not publicly state a minimum CIBIL score cutoff, a score of 700 and above is generally considered acceptable for most PSU banks. A score of 750 or above typically qualifies you for the most competitive rate slab. Scores below 650 may result in loan rejection or significantly higher rates.
Can I get a home loan from Bank of Maharashtra for a resale property?
Yes. The Maha Super Housing Loan scheme covers purchase of new as well as resale properties, subject to the property meeting the bank’s valuation and legal clearance norms. Construction loans and home renovation loans are also available under this umbrella.
How does the Maha Combo Loan benefit me?
The Maha Combo Loan bundles a home loan with a vehicle loan or education loan from the same bank. By maintaining both loan relationships with Bank of Maharashtra, you can qualify for an interest rate concession on the combined portfolio. It also simplifies your EMI management since both loans are serviced through one institution.