Bank of Maharashtra Home Loan
Bank of Maharashtra home loans with attractive interest rates starting at 8.35% per annum make it easier for you to achieve your dream of owning a home. With a maximum loan tenure of up to 30 years, you can choose a repayment plan that fits your financial situation. Women borrowers and defense personnel can enjoy an additional concession of 0.05% on home loan interest rates from the Bank of Maharashtra. Whether you're purchasing a new home or refinancing an existing one, the Bank of Maharashtra provides tailored solutions to meet your needs.
Bank of Maharashtra Home Loan EMI Calculator
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Bank of Maharashtra Home Loan Highlights
Get the lowest interest rates with Bank of Maharashtra Home Loan
| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.35% - 11.15% per annum |
| RPLR | |
| Processing Fee |
0.25% of the loan amount + GST |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Nil |
Bank of Maharashtra Home Loan Interest Rates in 2024
Bank of Maharashtra offers competitive interest rates on home loans, making homeownership more affordable for a wide range of borrowers. With flexible rate options and attractive terms, the bank ensures that you can find a mortgage plan tailored to your financial needs. The minimum Bank of Maharashtra Bank home loan interest rate starts from 8.35% per annum.
Listed below are the Bank of Maharashtra Bank home loan interest rate 2024 for various housing loan schemes offered by the bank:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Maha Super Housing Loan for Construction | 8.35% - 11.15% p.a. |
| Maha Super Housing Loan for Plot Purchase and Construction | 8.35% - 11.15% p.a. |
| Maha Super Housing Loan for Repairs | 8.35% - 11.15% p.a. |
| Maha Super Flexi Housing Loan | 8.35% - 11.15% p.a. |
| Maha Top-Up Housing Loan Scheme | 8.35% - 11.15% p.a. |
Interest rates were last updated on 19th September 2024
Bank of Maharashtra Home Loan Eligibility Criteria
When considering a home loan with the Bank of Maharashtra, understanding the eligibility criteria is essential to streamline your application process. Factors such as age, income, and credit score play a pivotal role in determining your loan approval.
Let us walk you through the key requirements to understand the home loan eligibility Bank of Maharashtra:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 | 21 - 65 |
| Nationality | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Minimum Income Earned | Rs. 3 lakh per year | Rs. 3 lakh per year |
Bank of Maharashtra Home Loan Processing Fee and Charges
Bank of Maharashtra home loans come with transparent processing fees and charges, ensuring you know the costs involved upfront. These fees cover the administrative and legal processes required for loan approval. Understanding these charges helps you make informed decisions as you move forward in your home-buying journey.
The table highlights the updated Bank of Maharashtra Bank home loan processing fees and charges for 2024:
| Processing Fee | 0.25% of the loan amount + GST |
|---|---|
| CERSAI Charges | As per actuals |
| Part-Prepayment Charges | Nil |
| Foreclosure Charges | Nil |
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Bank of Maharashtra Home Loan Schemes And Top Plans
To help different types of home loan aspirants, the Bank of Maharashtra offers varied housing loan schemes that are mentioned below:
Maha Super Housing Loan for Construction
- Best housing loan for construction of a residential unit on an owned land or plot
- Available to Indian citizens, NRIs and PIOs
- Maximum loan amount up to Rs. 30 lakh
Maha Super Housing Loan for Purchase of Plot and Construction
- Ideal for plot purchase and construction thereon
- Available to Indian citizens, NRIs and PIOs
- Maximum loan amount up to Rs. 30 lakh
Maha Super Housing Loan for Repairs
- The most suitable housing loan scheme for repairs and renovations of an existing house
- Available to Indian citizens, NRIs and PIOs
- Maximum repayment period of 20 years
Maha Super Flexi Housing Loan
- Interest rates are 0.25% more than the Maha Super Housing Loan Scheme
- Available to Indian Citizens, NRIs, and PIOs
- Up to 90% of the property value is the maximum loan amount
Maha Top-Up Housing Loan Scheme
- Interest rates are 20 bps more than the Maha Super Housing Loan Scheme
- Available to Indian Citizens, NRIs, and PIOs
- Flexible repayment terms
Note: All of the above home loan plans are made available to applicants solely at the discretion of Bank of Maharashtra Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Bank of Maharashtra Home Loan
Applying for a home loan with the Bank of Maharashtra requires submitting key documents that verify your identity, income, and property details. These documents ensure a smooth processing of your loan application, enabling the bank to assess your eligibility accurately. Knowing the required paperwork in advance can help you prepare and expedite the loan approval process. Hence, you are advised to go through the Bank of Maharashtra home loan documents list shared below for salaried and self-employed applicants before applying for a home loan:
Documents Required for Salaried Applicants
- Recent Salary Slips for the last 3 months
- Bank Statements for the last 6 months
- Income Tax Return/ Form 16 for the last 2 years duly acknowledged by the IT Department
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of Bank of Maharashtra
- Address and identity proofs
Documents Required for Self-Employed Applicants
- Income Tax Returns/ Form 16 for the last 3 years
- P&L and Balance Sheets for the last 3 years
- Bank Statements for the last 1 year
- Copy of Tax Registration
- License of Company Registration (in case of business)
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of Bank of Maharashtra
- Address and identity proofs
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | AADHAAR Card, Voter ID, PAN Card |
| Documents Related to Property |
|
Find Bank of Maharashtra Home Loan Offices Near You
Looking for a nearby Bank of Maharashtra home loan office branch? Why bother, when you can easily fill out the Free Consultation Form with the BASIC Home Loan team and get the desired assistance to apply for a Bank of Maharashtra home loan?
You are advised to go through the official website of Bank of Maharashtra Bank to update yourself with the latest information on Bank of Maharashtra Bank home loans, eligibility criteria, interest rates, and the list of documents required.
FAQs
You can easily calculate the interest on the Bank of Maharashtra home loan using a simple formula that is: Interest = (P X R X T) / 100; where P stands for principal amount, R for rate of interest, and T for tenure.
Home loan applicants with a minimum credit score of 700 are preferred by the Bank of Maharashtra for a home loan.
Yes, you can foreclose your home loan availed from the Bank of Maharashtra, but please confirm from the bank about any foreclosure charges for the same.
Yes, the Bank of Maharashtra allows home loan customers to make part-prepayments on home loans.
The maximum loan amount offered by the Bank of Maharashtra is up to 90% of the property value.