A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Bank of Maharashtra Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.65% - 10.40% Fixed
    0.25% (max. ₹25,000)
    No Upper Limit
    30 Years
    Response Time Within 30 minutes

    Bank of Maharashtra Home Loan is Rated as "Great!" by 18 Users

    Fees & Charges

    Promised Interest Rate

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    Home Loan BYTES FROM OUR KITCHEN

    Bank of Maharashtra is a major Bank of Maharashtra, India, registered on 16 September 1935 with an authorised capital of 1 million. The bank's financial assistance to small units has given birth to many of today's industrial houses. After nationalisation in 1969, the bank expanded rapidly and has the largest network of branches in the state of Maharashtra. It provides housing loans for construction / acquiring of new or existing house/flat , extension in the existing house/flat, repairs/renovation/alteration of existing house/flat. Continue reading to view more details about this loan.


     

    You’re probably eligible for an Bank of Maharashtra Home Loan if you are

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    Bank of Maharashtra Home Loan Minimum Age

    At least 21 years old

    Bank of Maharashtra Home Loan Maximum Age

    Less than 65 years old

    Bank of Maharashtra Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank of Maharashtra Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Bank of Maharashtra Home Loan amount eligibility is based on these factors

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    Bank of Maharashtra Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Bank of Maharashtra Home Loan Maximum Loan to property value

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

    Bank of Maharashtra Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Bank of Maharashtra Home Loan amount by these steps

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    Bank of Maharashtra Home Loan Add Spouse as Co-applicant

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

    Bank of Maharashtra Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Bank of Maharashtra Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Bank of Maharashtra Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. ID and residence proof
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Bank of Maharashtra Home Loan Interest RatesUpdated on 11 Dec 2016

    Bank of Maharashtra Home Loan Details
    Interest Rate 9.65% to 10.40%
    Loan Tenure 30 years
    Processing fee 0.25% of the loan amount(subject to maximum of Rs.25000/-)
    Pre-closure Charges Nil
    Guarantor Required No Guarantor Required

     

    Bank of Maharashtra Home Loans Overview:

    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:
    Purpose of loan Type of borrower Loan eligibility
    Repairs/renovation Any

    100% of actual cost of repairs

    Maximum of 25% of the value of the property based on a valuation report not more than 3 months old

    Purchase of new or old house Salaried 60 times of gross monthly salary or 75 times of net monthly salary, whichever is higher
    Self-employed person/businessperson/ professional 5 times the average income of the last 2 years, based on Income Tax Returns
    Purchase of plot Any 70% of the registered value of the plot of land after complying with Net Take Home Pay/Income norms. Cost of the plot should not be more than 75% of the total cost of housing unit proposed to be built.

    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:

    Loan Tenor MCLR Rate
    Overnight 9.1%
    1 month 9.35%
    3 months 9.45%
    6 months 9.60%
    1 year 9.65%

    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.

    News About Bank of Maharashtra Home Loan

    • Bank of Maharashtra revises its MCLR after RBI Rate Cuts

      Bank of Maharashtra, a public sector lender has reviewed its Marginal cost of lending rates. The new rates are set between 9.05% and 9.06%. The exact rate will depend on the tenor chosen. The MCLR was implemented on 1st April 2016 as a means to combat the various drawbacks related to the BPLR system and Base rate regimes that were earlier used. The rate cuts by BOM come soon after the RBI slashed its repo rates by 25 basis points. Experts believe that the cut in rate will lead to a boost in infrastructure and manufacturing sectors.

      10th October 2016

       

    Bank of Maharashtra Home Loan Reviews

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