Bank of Maharashtra Home Loan

At least 21 years old

Less than 65 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 30 years

Alternatively add your parents

Bank of Maharashtra Home Loan

Amid today’s booming real estate prices, it is not possible to buy a new house without financial assistance. The easiest form of housing finance comes from bank home loans. The interest rates on home loans is lower than many other loan products. Home loans also allow a longer repayment period and higher loan amounts, making it a flexible option for customers. Bank of Maharashtra offers flexible and easy-approval housing finance products to its customers.

Features of Bank of Maharashtra Home Loans:

The bank’s home loan products come with attractive features and benefits for its customers. The key features are:

• The processing fee being charged by Bank of Maharashtra is 0.25% of the loan amount, with a maximum of Rs.25,000.
• Home loan customers of Bank of Maharashtra can also avail the benefits of Maha Super Consumer Loan Scheme, under which you can borrow up to Rs. 10 lakh or 10% of the total housing loan amount.
• Bank of Maharashtra’s home loans can be used for the following purposes:
  • Construction of a house
  • Buying a new house
  • Buying an existing house
  • Buying a plot of land
  • Extension of existing house
  • Repairs and renovation of existing house
• The maximum loan amount is also based on areas. While there is no cap on the loan amount for urban areas, details for rural and semi-urban areas are as given in the table below:

Purpose of loan	Type of area	Maximum loan amount
Repairs/renovation	Rural and Semi-urban	Rs. 10 lakh
Purchase of plot, new or old house	Rural	Rs. 15 lakh
	Semi-urban	Rs. 25 lakh

• The repayment period also differs according to the loan type. Salaried individuals can seek to extend their loan tenure beyond retirement if they can prove that they have enough income to pay the EMI regularly.

Purpose of loan	Maximum loan tenure
Repairs/renovation	20 years, no moratorium period
Purchase of plot	30 years, or when the borrower is 75 years old, whichever is earlier. Repayment to start 1 month after purchase of land
Purchase of new or old house	30 years, or when the borrower is 75 years old, whichever is earlier. For purchase of houses less than 30 years old, 20 years or borrower reaching the age of 75
Extension of existing house	15 years, or remaining period of the existing housing loan sanctioned, whichever is earlier.

Bank of Maharashtra Home Loan Eligibility:

The eligibility criteria for Bank of Maharashtra Home Loans is as follows:

• Salaried persons with a secured job for at least 1 year in the current organization
• Self-employed professionals and businessman
• Senior citizens with pension account in the bank and adequate income
• Farmers with at least 5 acres of irrigated land and sufficient income
• Minimum income: Rs. 3 lakh per year
• Minimum age: 21 years
• Maximum age: 65 years for professionals and self-employed persons, 60 years for others. The borrower cannot be more than 75 years old at the time of maturity of loan.
• The amount of loan that can be borrowed for various purposes are as given below:

Bank of Maharashtra Home Loan Documentation:

The documents required while applying for a housing loan from Bank of Maharashtra are as follows:

• Proof of identity
• Proof of address
• Copy of PAN card
• Proof of income for salaried class: Income Tax Return of the previous year, Form 16, payslips of the last 3 months, bank statement of the past 6 months
• Proof of income for businesspersons and professionals: Income Tax Returns of the past 2 years, Audited balance sheet, bank statement of the last 1 year
• Property documents such as registered agreement of purchase between buyer and seller, receipts of payments made, copy of sanctioned building plan, sale deed, no encumbrance certificate, etc.

Bank of Maharashtra Home Loan MCLR

The Marginal Cost of Funds-based Lending Rate (MCLR) announced by Bank of Maharashtra are as follows:

The benchmark MCLR set for home loans is the 1-year rate. Interest rate of the loans will be the benchmark MCLR plus a premium spread.

Bank of Maharashtra Home Loan Interest Rate & Fees:

The interest rate for home loans in case of construction/purchase of plot or new or existing house and extension of existing house is as follows:

1. Loans below Rs. 3 crore – 9.9% (1-year MCLR + 0.25%)
2. Loans above Rs. 3 crore – 10.4% (1-year MCLR + 0.75%)

The interest rate for repairs/renovation of existing house is:

1. Loans below Rs. 15 lakh – 10.9% (1-year MCLR + 1.25%)
2. Loans above Rs. 15 lakh – 11.4% (1-year MCLR + 1.75%)

If the repayment period is between 20 years and 30 years, a 0.25% extra interest will be charged. If the purpose of loan is to buy a plot, an additional interest rate of 2% will be charged. If the construction of the house is completed on the plot within 3 years, then 50% of the interest charged would be reimbursed to the customer.

Other applicable charges are:

• Documentation Charges: 0.10% of the loan amount, maximum Rs. 10,000
• Prepayment Charges: You cannot close the loan until after 1 year of loan commencement. Later, for loans taken for repair and renovation, you will have to pay 0.50% of the outstanding loan amount as foreclosure penalty. But for floating rate-loans taken for purchase of plot or new/old house, foreclosure charges don’t apply.

Bank of Maharashtra Home Loan EMI Calculator:

EMI Calulators help you ascertain what the EMIs for your loan amount would be, based on the tenure of the loan and interest rate. This helps you plan your loan and decide the interest rates and tenures that are the most suitable for you. BankBazaar.com’s flexible and easy-to-use EMI Calculator will help you find the right home loan product. To use the tool, follow the below steps:

• Visit BankBazaar.com and select ‘Menu’ on the top right-hand corner of the webpage.
• Choose ‘Finance Tools’ and select the ‘EMI Calculator’.
• Adjust the loan amount and tenure of loan using the sliders.
• Input the rate of interest of Bank of Maharashtra Home Loan and the processing fees.
• If you want to make any pre-payments, you can type in the details of prepayments. After entering all numbers, click on ‘Calculate’.
• The EMI wizardry will generate results based on the data you provided.