Bank of Maharashtra offers eligible customers home loans with interest rates starting from 8.50% p.a. onwards. A high loan amount is provided and the repayment tenure is up to 30 years.
Apply for a home loan with Bank of Maharashtra and choose between different housing loan schemes to suit your requirements. A 0.05% concession is provided to defence personal and women.
|Interest Rate||8.50% p.a.|
|Processing Fee||Contact the bank|
|Prepayment Charges||Nil in case of floating home loan rates|
|Maximum Tenure||Up to 30 years|
|Rate Packages Available||Floating/Fixed|
The interest rates for home loans are based on CIBIL scores irrespective of the quantum of loan. Any interest rate concessions, including for women borrowers (0.05%) is applicable only for those with CIBIL scores below 725 and is subject to the RLLR which is taken as the minimum floor rate.
|800 and above||8.50% p.a.||8.60% p.a.|
|750 to 799||8.60% p.a.||8.70% p.a.|
|725 to 749||8.80% p.a.||8.90% p.a.||700 to 724||9.30% p.a.||9.50% p.a.|
|650 to 699||9.80% p.a.||10.00% p.a.|
|600 to 649||10.00% p.a.||10.20% p.a.|
|below 600||10.40% p.a.||10.90% p.a.|
|-1 to 5||8.80% p.a.||9.00% p.a.|
The rate of interest for top-up home loans for renovation and repairs is 20bps higher than that of the Maha Super Housing Loan scheme.
Compare: Home Loan Interest Rate all Banks
To suit the various needs of its customers, Bank of Maharashtra offers different types of home loan schemes. Below are the types of home loans offered by the bank:
Compute the Equated Monthly Instalment (EMI) payable towards your housing loan using the Bank of Maharashtra Home Loan EMI calculator. The minimum EMI per lakh is Rs.776.
Enter the required information such as interest rate, loan amount, loan tenure and the processing fee on the Home Loan EMI calculator and select Calculate’. You’ll be redirected to a new page wherein you’ll be able to see the break-up of the total amount payable along with the total interest due and the EMIs payable during the loan period.
• Permanent job for a period of a minimum of 1 year in the current organisation of Central/State Government/PSUs/Private Sector Companies of Repute.
• Minimum age limit of 21 years and a maximum of 60 years.
• Self-employed professionals, businessmen, pensioners (subject to having pension account with Bank of Maharashtra and sufficient disposable income, farmers having a minimum land holding of 5 acres of irrigated land and sufficient disposable income.
• Age limit of a minimum of 21 years and a maximum of 65 years for doctors/architects, CAs, etc., for others its 60 years.
Below are the documents required to apply for a home loan from Bank of Maharashtra:
Margin money in a home loan is the contribution by the loan applicant towards the cost of the house or property for which the loan is being applied for.
Yes. This enables in the recovery of bank dues, in case of an untoward incident and reduces the liability of the loan applicant to a certain extent.
Bank of Maharashtra does not extend housing loan solely for the purchase of a plot; however, you can avail a housing loan for purpose of purchasing a plot and constructing a house within two years of the loan sanction. It’s a composite loan for both plot and construction of the house.
Yes. The bank considers up to Rs.1 lakh as stamp duty for a housing loan.
The bank considers one-year MCLR (Marginal Cost of Fund Based Lending Rate) while extending a housing loan to the applicant.
Salaried, self-employed professionals, agriculturalists are eligible to apply for a housing loan with the Bank of Maharashtra.
An EMI is the Equated Monthly Instalment, which is the monthly repayment amount towards your housing loan on a specific date until your loan is paid in full.
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