Bank of Maharashtra Home Loan Interest Rate
Whether you're purchasing your first home or looking to renovate, explore the benefits of Bank of Maharashtra home loan plans and discover how the right interest rate can make a big difference in your financial journey. The Bank of Maharashtra home loan interest rate starting at an affordable rate of 8.35% per annum can help you live your dream of owning a home. By paying a nominal processing fee of just 0.25% of the loan amount plus GST, one can enjoy the convenient Maharashtra Bank home loan interest rate for a housing loan with a repayment tenure of up to 30 years.
Bank of Maharashtra Home Loan EMI Calculator
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Bank of Maharashtra Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.35% - 11.15% per annum |
| Processing Fees |
0.25% of the loan amount + GST |
| Max Tenure for Loan Repayment | 30 years |
Bank of Maharashtra Home Loan Interest Rates in 2024
Unlock the door to your dream home with the exciting home loan interest rate of Bank of Maharashtra for 2024. Offering rates from as low as 8.35% p.a., the bank provides flexible and affordable financing solutions to meet your unique needs. Rates are influenced by factors like loan tenure and credit profile, ensuring personalized options for every borrower. With a commitment to transparency, the BOM keeps you informed of any rate changes throughout the loan process. Choose Bank of Maharashtra for a dependable and cost-effective path to homeownership this year.
Do not miss checking out the latest Bank of Maharashtra home loan interest rate 2024 in the table below:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.35% - 11.15% per annum |
| Self-Employed Applicants | 8.35% - 11.15% per annum |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.35% - 11.15% per annum |
Maha Super Flexi Home Loan Interest Rate
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.35% - 11.15% per annum |
Top-Up Loan Interest Rate
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Customers | 8.35% - 11.15% per annum |
Interest rates were last updated on 19th September 2024
Bank of Maharashtra Home Loan Interest Rate for All Schemes in India
Bank of Maharashtra offers various home loan schemes to cater to the diverse financial needs of its customers. Whether it's for purchasing a new home, renovating an existing property, or building from scratch, the bank provides tailored solutions. These schemes come with flexible interest rates, repayment options, and minimal documentation, ensuring accessibility for a wide range of borrowers. With the following customer-centric offerings, the Bank of Maharashtra aims to make homeownership easier and more affordable.
| Bank of Maharashtra Home Loan Schemes | Rates of Interest |
|---|---|
| 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. |
Bank of Maharashtra Home Loan Interest Rate for Balance Transfer, Top Up and Overdraft
Bank of Maharashtra's home loan options, including balance transfer, top-up, and overdraft facilities, offer unparalleled flexibility and financial benefits in 2024. With competitive interest rates and customizable solutions, these options are designed to enhance your home financing experience and help you manage your finances effectively.
Bank of Maharashtra Home Finance Home Loan Balance Transfer
Transferring your existing home loan to the BOM can significantly reduce your interest burden with their competitive rates starting at 8.35% per annum. By leveraging lower rates, you can save on monthly EMIs and overall loan costs. The balance transfer option also offers the flexibility to adjust your loan tenure. This move can lead to substantial savings and better financial management.
Bank of Maharashtra Home Finance Home Loan Top-Up
Bank of Maharashtra’s top-up home loan option provides a cost-effective way to access additional funds for home improvements or other needs. With attractive interest rates, you can secure extra capital without compromising your existing loan conditions. The top-up loan can be seamlessly integrated with your current home loan, simplifying your finances with an affordable rate of interest starting at 8.35% p.a.
Bank of Maharashtra Home Finance Home Loan Overdraft Option
Bank of Maharashtra overdraft facility offers unparalleled financial flexibility and access to funds as needed. With competitive interest rates, you only pay interest on the amount you utilize, not the entire overdraft limit. This feature helps manage cash flow effectively while keeping borrowing costs low. It provides a convenient solution for handling unexpected expenses or short-term financial needs. The Bank of Maharashtra overdraft facility begins at 8.35% per annum.
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Compare Bank of Maharashtra Home Loan Interest Rate with Top Banks
Bank of Maharashtra home loan interest rates are generally on par with institutions like SBI, HDFC, and ICICI Bank, so it’s important to check the current offers to make an informed decision. The home loan rates depend on factors such as loan amount and tenure. Bank of Maharashtra also offers special schemes for balance transfers, making it an attractive option for those looking to switch lenders. Comparing rates across banks helps in choosing the best deal for your home financing needs.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bank of Maharashtra Home Finance | 8.35% - 11.15% per annum | 0.25% of the loan amount + GST |
| Kotak Mahindra Bank | 8.70% p.a. onwards | Up to 1.00% of the loan amount |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| Bandhan Bank Home Finance | 9.16% - 15.00% per annum | Up to 1% of the loan amount |
| Hinduja Home Finance | 10.50% p.a. onwards | Rs. 4,600 inclusive of the service tax |
| Piramal Housing Finance | 11.00% p.a. onwards | Up to 3% of the loan amount +GST |
Bank of Maharashtra Home Loan Balance Transfer Interest Rates
Bank of Maharashtra offers attractive home loan balance transfer options, allowing borrowers to transfer their existing home loans from other banks to enjoy lower interest rates and better terms. The interest rates for balance transfers are usually competitive, enabling borrowers to reduce their EMI burden and save on overall interest payments. Factors like the outstanding loan amount, remaining tenure, and the borrower’s credit profile influence the Bank of Maharashtra Home Loan balance transfer interest rates offered. With the balance transfer, customers can also avail of additional benefits such as flexible repayment options and top-up loans to meet other financial needs.
The interest rate for the Bank of Maharashtra Balance Transfer starts at 8.35% per annum. One can shift the existing home loan balance to this bank in the following manner:
- Firstly, visit the BASIC Home Loan website and go to the Repay Right section
- Fill the required details in the online form displayed on the screen
- Click ‘Next’ to proceed to the next page
- You will then be able to see the savings you make with the BOM Home Loan Balance Transfer option
- Another easier option is to approach the BASIC Home Loan team for help in applying for a Bank of Maharashtra home loan
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How to Calculate Bank of Maharashtra Home Loan Interest Rate?
Calculating Bank of Maharashtra home loan interest rate involves considering key factors like the loan amount, tenure, and the type of interest rate, whether fixed or floating. The interest rate is typically determined by the bank based on your loan application, taking into account your credit score, income, and repayment ability. A convenient way to estimate monthly payments and interest is by using an online EMI calculator on the BasicHomeLoan website - EMI. This tool simplifies the process, helping you plan your home loan finances effectively.
For a quick reference, we are displaying below monthly EMI instalments for 10 to 30 years tenures for the Bank of Maharashtra Housing Loans:
Bank of Maharashtra Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.35% p.a. | Rs. 12,318 | Rs. 8,584 | Rs. 7,583 |
| Rs. 20 lakh | 8.35% p.a. | Rs. 24,637 | Rs. 17,167 | Rs. 15,166 |
| Rs. 30 lakh | 8.35% p.a. | Rs. 36,955 | Rs. 25,751 | Rs. 22,749 |
| Rs. 40 lakh | 8.35% p.a. | Rs. 49,274 | Rs. 34,334 | Rs. 30,332 |
| Rs. 50 lakh | 8.35% p.a. | Rs. 61,592 | Rs. 42,918 | Rs. 37,915 |
| Rs. 60 lakh | 8.35% p.a. | Rs. 73,911 | Rs. 51,501 | Rs. 45,498 |
| Rs. 70 lakh | 8.35% p.a. | Rs. 86,229 | Rs. 60,085 | Rs. 53,082 |
| Rs. 80 lakh | 8.35% p.a. | Rs. 98,548 | Rs. 68,668 | Rs. 60,665 |
| Rs. 90 lakh | 8.35% p.a. | Rs. 1,10,866 | Rs. 77,252 | Rs. 68,248 |
| Rs. 1 crore | 8.35% p.a. | Rs. 1,23,185 | Rs. 85,835 | Rs. 75,831 |
The table above provides an overview of the EMI payable based on an interest rate of 8.35% p.a. offered by the Bank of Maharashtra. Please note that these figures are subject to change depending on variations in the interest rate, loan tenure, and other factors specific to the lender.
FAQ's
The Bank of Maharashtra considers the Marginal Cost of Funds-Based Lending Rate (MCLR) when offering a housing loan. The Bank of Maharashtra uses the tenor applicable residual maturity MCLR as the benchmark for offering housing loans.
Yes, women borrowers and defense personnel can enjoy an additional concession of 0.05% on home loan interest rates from the Bank of Maharashtra.
As such there is no fixed minimum credit score eligibility to avail home loans from the Bank of Maharashtra, but applicants with a minimum credit score of 700 are given preference.
Yes, you can easily foreclose your home loan availed from the Bank of Maharashtra but might have to pay a foreclosure fee charged by the bank for the same.
To transfer an existing home loan from another bank of HFC to the Bank of Maharashtra, you need to apply for its Balance Transfer Scheme with your loan details and necessary documents. Once approved, the bank will settle the loan with your current lender and you’ll begin repaying the new loan at competitive interest rates.