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  • Bank of Maharashtra Home Loan

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  • Bank of Maharashtra offers eligible customers home loans at competitive interest rates with feature-filled repayment options and longer tenures. Read more for the current home loan interest rates, eligibility criteria and documentation required.
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    We found 1 Bank of Maharashtra Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.70% - 8.80% Floating
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    30 Years
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    Apply for a home loan with Bank of Maharashtra and choose between different housing loan schemes to suit your requirements. Avail up to 75 times of your net monthly salary as a home loan.

    MCLR 8.60% p.a.
    Loan Amount Salaried: 60 times of Gross Monthly Salary/75 times of Net Monthly Salary (whichever is higher)
    Self-Employed: 5 times of last 2 years average income based on IT returns.
    Processing Fee 0.25% of the loan amount subject to a maximum of Rs.25,000
    Prepayment Charges Nil in case of floating home loan rates
    Maximum Tenure Up to 30 years
    Rate Packages Available Floating/Fixed

    Bank of Maharashtra Home Loan Schemes

    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:

    Bank of Maharashtra Maha Super Housing Loan Scheme for Construction

    Key Highlights:

    • For the purpose of constructing or acquiring a new or existing flat/house not older than 30 years.
    • Also, for the purpose of extension of your existing house.
    • No foreclosure/prepayment charges on floating home loans.
    • Waiver of last 2 EMIs to home loan borrowers having regular repayment of 20 years and above (for fresh sanctions only).
    • Additional bonanza for borrowers with the Maha Super Consumer Loan Scheme.
    Interest Rate 8.60% onwards
    Processing Fee 0.25% of the loan amount subject to a maximum of Rs.25,000

    Bank of Maharashtra Maha Super Home Loan

    Key highlights:

    • The scheme is offered for repairs/alterations/renovation of existing house/flat for new standalone borrowers.
    • 100% loan amount of the actual cost of repairs/alterations/renovation subject to a maximum up to 25% of the realisable value of the property based on the latest valuation report of not more than 3 months.
    • Loan tenure of up to 20 years.
    • No foreclosure within 1 year and 0.50% of the outstanding loan amount after 1 year.
    Interest Rate Up to Rs.1 crore: 9.85% p.a.
    Above Rs.1 crore: 10.35% p.a.
    Processing Fee 0.50% of the loan amount subject to a maximum of Rs.25,000

    Bank of Maharashtra Maha Super Home Loan for Purchase of Plot and Construction

    Key Highlights:

    • For the purpose of purchasing land and construction thereon.
    • Construction of the house on the plot within a period of 3 years.
    • 70% loan amount of the registered value of the plot.
    • Cost of the plot should not exceed 75% of the total cost of constructing the house.
    • You can apply along with a co-applicant.
    • Repayment period or loan tenure for up to 30 years.
    • No foreclosure or prepayment charges on floating rate home loans.
    • Balance transfer of home loan is available.
    • Waiver of 2 EMIs to home loan borrowers having regular repayment of 20 years and above (for fresh sanctions only).
    Interest Rate 8.65% p.a. onwards
    Processing Fee 0.50% of the loan amount subject to a maximum of Rs.25,000

    Bank of Maharashtra Top-up Home Loan

    Key Highlights:

    • Scheme for existing home loan borrowers of Bank of Maharashtra.
    • For takeover or balance transfer of home loan of other banks and an additional benefit of top-up loan for repairs/furnishing/renovation of your house.
    • No age limit provided the loan tenure is not more than the loan maturity date of the home loan against which the top-up loan is offered.
    • For existing customers, 100% loan amount of the estimated cost of repair/furnishing/renovation of your house or the overall Loan-to-Value (LTV) ratio should not be more than 75%.
    • For balance transfer under this scheme, the loan amount will be as per the prevailing norms and the maximum top-up loan is up to overall LTV is equivalent or less than 75% based on the latest valuation report which is not more than 3 months or 100% of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.
    Interest Rate Deduction up to 60% of Gross Income Deduction of more than 60% of Gross Income
    For Repair/Renovation/Extension/Furnishing: 8.60% p.a.
    For Other Purposes: 9.60% p.a.
    For Repair/Renovation/Extension/Furnishing: 8.85% p.a.
    For Other Purposes: 9.85% p.a.
    Processing Fee 0.50% of the loan amount subject to a maximum of Rs.25,000

    Bank of Maharashtra Maha Combo Home Loan Scheme

    Key Highlights:

    • Combo loan scheme for house and car.
    • Home loan for construction/purchasing new or existing house/flat and for extension of the existing house/flat.
    • Car loan for the purchase of a new four-wheeler.
    • Eligible for permanent employees of Central/State Government, PSU, companies of repute with 1 year in the existing current year.
    • Self-employed professionals, businessmen with regular income based on two IT returns are also eligible.
    • Housing loan amount of up to 60 times your gross salary or 75 times of net monthly salary, whichever is higher, for salaried individuals.
    • Housing loan amount of up to 5 times of last two years average income based on IT returns for self-employed individuals.
    • Car loan amount of up to 24 times net monthly salary based on the last salary drawn for salaried individuals.
    • Car loans amount of up to 2 times average annual income based on two years IT returns or 2 times gross taxable income as per latest IT returns.
    • Processing charges of 0.15% of the loan amount subject to a maximum of Rs.25,000 for combo loan.
    • Nil processing charges for women borrowers.
    Interest Rate Deduction up to 60% of Gross Income Deduction of more than 60% of Gross Income
    8.60% p.a.
    Processing Fee 0.50% of the loan amount subject to a maximum of Rs.25,000

    Bank of Maharashtra Loan Against Self-Occupied Property

    Key Highlights:

    • Offered to individuals with self-occupied property/commercial property or building in your name for a period not less than 1 year.
    • Permanent employees of Central/State Government/PSUs (including schools, colleges, educational institutions)/reputed companies/MNCs/Individual businessmen/professionals and self-employed individuals having a minimum of 2 years standing.
    • Loan against third party property, open land, property on a rental is prohibited.
    • Loan amount of a minimum of Rs.2 lakh and to a maximum of Rs.3 crore for properties located in urban areas, while in other centres it’s Rs.1 crore.
    Interest Rate 10.10% p.a.
    Processing Fee 0.50% of the loan amount

    Bank of Maharashtra Home Loan EMI Calculator

    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 BankBazaar 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.

    Bank of Maharashtra Home Loan Eligibility Criteria

    Salaried Self-Employed

    • 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.

    Documents Required for All Home Loan Applications Under Bank of Maharashtra

    Below are the documents required to apply for a home loan from Bank of Maharashtra:

    For Salaried:

    • Proof of identity.
    • Proof of address.
    • PAN card copy.
    • Proof of income:
      • Last 1-year IT Returns.
      • Form 16.
      • Last 3 months’ salary slips.
      • Last 6 months’ bank statement.

    For Self-Employed:

    • Proof of identity.
    • Proof of address.
    • PAN card copy.
    • Proof of income:
      • Last 2 years IT returns.
      • Audited Balance Sheet.
      • Last 12 months bank statement.

    For Agriculturalists:

    • If you’re not filing for income tax returns, then you’ll need to submit income certificate issued by Tahsildar/Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank.

    Property Papers:

    • Registered Agreement for purchase between the seller and buyer (loan applicant).
    • Receipts of payments already made to the seller.
    • Copy of the sanctioned plan or approved building plan.
    • Detailed estimate from the Architect/Engineer.
    • Agreement of Development.
    • Sanctioned plan for the flat scheme.
    • Copies of document of title to the property in possession of owner:
      • Sale Deed/Partition Deed/Gift Deed/Lease Deed/Allotment Deed of the plot.
      • Property extract such as 7/12 extract or extract of property register card of city survey (Akhiv Patrika).
      • N.A. permission, if originally agricultural property.
      • Paid receipt of latest maintenance, water tax, municipal tax and any such taxes in the name of the loan applicant.
      • If the plot is owned by the society, No Objection Certificate (NOC) for the mortgage of plot and construction thereon.
      • Copy of Power of Attorney given by the landlord in favour of the developer or the builder.
      • Registered Agreement of sale conveying undivided share and stages of payment or Tripartite agreement.
      • Non encumbrance letter from co-operative society.
      • NOC from the society for a mortgage.
      • Non-encumbrance certificate, both before and after the sale (wherever applicable).

    Bank of Maharashtra Home Loan FAQs

    1. What’s margin money?
    2. It’s the contribution by the loan applicant towards the cost of the house or property for which the loan is being applied for.

    3. Is insurance for the house required in case of a home loan?
    4. 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.

    5. Can I avail a housing loan to purchase a plot?
    6. 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 2 years of the loan sanction. It’s a composite loan for both plot and construction of the house.

    7. Is the cost of stamp duty considered for a home loan?
    8. Yes. The bank considers up to Rs.1 lakh as stamp duty for a housing loan.

    9. What type of MCLR does Bank of Maharashtra consider while offering a housing loan?
    10. The bank considers 1-year MCLR while extending a housing loan to the applicant.

    11. Who is eligible for a Bank of Maharashtra home loan?
    12. Salaried, self-employed professionals, agriculturalists are eligible to apply for a housing loan with the Bank of Maharashtra.

    13. What does an EMI mean?
    14. 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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    Bank of Maharashtra Home Loan Reviews

    • Bank of Maharashtra Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied cor home loan directly through Bank Of Maharashtra and the loan amount was 8lakh for 15years .rate of interest of was nominal , processing zero ,loan amount t on time,and the loan amount was sufficient .Customer service was really good and the process was really good .
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jun 25, 2019
    • Bank of Maharashtra
      Bank of Maharashtra Home Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have applied for the home loan with the BANK OF MAHARASHTRA and using it since from last three years. They have given with the satisfactory loan amount also the rate of interest was nominal and it was floating. The duration for repaying the loan is for 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 30, 2019
    • Bank of Maharashtra Home Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      I have purchased my home loan from bank of Maharastra since my salary account with them hence i have chosen them. They have not charged me zero processing fee and i have chosen the tenure period of 10 years. I got the interest rate of 8.35% and i bought the loan in 2017 and my first installment starts from January 2018.
      Was this review helpful? 2
      , navi mumbai
      Reviewed on Feb 26, 2019
    • Bank of Maharashtra Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my home loan with bank of Maharashtra,Their service is not up to mark, their customer service is not up to mark, ,they will not resolve my issue soon,and the loan amount which they have given me was sufficient,the rate of interest they have charged me up to 9.4% which is nominal , the processing fee is nominal,still this loan is running, their is no hidden charged.
      Was this review helpful? 2
      , mumbai
      Reviewed on Feb 02, 2019
    • Bank of Maharashtra Home Loan
      "Outstanding Service"
      0.5 5.0/5 "Blown Away!"
      I am having saving account with Bank of Maharashtra, hence I have taken home loan, the interest rate is standard as per the market. I done the paper work for the housing loan within a week time they sanctioned the amount, they released the amount based on the house construction.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 11, 2019
    • Bank of Maharashtra Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with BANK OF MAHARASHTRA , the application process and documentation was smooth and hassle free. I never had any issues with the loan application. Overall it is a recommendable service. They charge nominal rate of interest and processing fee .
      Was this review helpful? 3
      , pune
      Reviewed on Nov 29, 2018
    • Bank of Maharashtra Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Bank of Maharashtra and my loan experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 15 years.
      Was this review helpful? 7
      , pune
      Reviewed on Aug 31, 2018
    • Bank of Maharashtra Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken housing loan from Bank of Maharashtra , as they have given high rate of interest which they took 2 months for approval process and payments made through ecs process .customer service and customer response is best regarding queries provides solution. The tenure period is 15 years .
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 27, 2018
    • Bank of Maharashtra Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Bank of Maharashtra and my loan experience was very good. The loan amount was for Rs 16 lakhs with the rate of interest of 9.5% floating. The process was very smooth and the loan amount was disbursed on time. Customer service was good and they collected documents on time. There are no additional charges o preclosure of the loan.
      Was this review helpful? 4
      , pune
      Reviewed on Feb 05, 2018
    • Bank of Maharashtra Home Loan
      "Looking for the better service"
      0.5 3.5/5 "Pretty good"
      Basically I have to visit to the Bank of Maharashtra for the home loan, only once bank executive came to my place, I visited the bank quite often there was no door step service. But their home loan interest rate was reasonable as per the market, they have fulfilled my requires at last.
      Was this review helpful? 1
      , delhi
      Reviewed on Oct 10, 2017
    • Bank of Maharashtra Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Overall Bank of Maharashtra housing loan process was good. The executive came to my place and they took all the details and they have processed with the loan. They have offered the loan within week time and everything was finalized. They have offered a floating rate of interest for 8.75% Every time when they change the rate they intimate us quickly the loan amount I have taken from them is 4.42 lakhs for the tenured of 20 years.
      Was this review helpful? 2
      , baloda bazar
      Reviewed on Aug 27, 2017
    • Bank of Maharashtra Home Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I am maintaining a good relationship with Bank of Maharashtra. Also, I am a customer of BOM for about 14 years, So I approached them for a home loan, the interest rate was nominal and I received my home loan within a week The customer service was really good. I am very much satisfied with BOM.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 01, 2017
    • Bank of Maharashtra Home Loan
      "Good service and need better interest rate"
      0.5 4.5/5 "Excellent!"
      I had applied for my home loan with Bank Of Maharashtra, I felt satisfied with their over all service there was no processing fees charge, But rate of interest was 9.65% , It was little bit high compare to other banks. Documentation process has done smooth, they was disbursed my loan amount within 4 to 5 days. The services was good, Branch employees are very cooperative.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 05, 2017
    • Bank of Maharashtra Home Loan
      "Good service "
      0.5 3.5/5 "Pretty good"
      My home loan application is still in process with bank of Maharashtra.They have responded on time for the application.They have required much documents in processing the loan.I may recommend the service to others for getting a loan from bank of Maharashtra.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jun 15, 2016
    • Bank of Maharashtra Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I took the home loan with Bank of Maharashtra . The process was good but too lengthy in terms of documentation and verification. Interest rate charged was 11% and the processing fee was 0% . Paper required for the loan are very huge. Response is very delay.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 08, 2016
    • Bank of Maharashtra Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Bank of Maharashtra took one month to disburse the home loan . Rate of interest charged was nearly 11%-12% when took seven years back . The processing time is nominal because they are little slow.If they work fast it will be good for the customers.
      Was this review helpful? 0
      , thane
      Reviewed on Feb 24, 2016
    • Bank of Maharashtra Home Loan
      "Care the customers more.."
      0.5 3.5/5 "Pretty good"
      Customer care and staff is not very much cooperative as they are nationalized bank so not treating well the customers. Interest rate on home loan is little bit high comparing to other government banks. Like other banks Bank of Maharashtra has to cooperate their customers and need to care during the paper works.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 12, 2015
    • Bank of Maharashtra Home Loan
      "Dream Home Loan"
      0.5 5.0/5 "Blown Away!"
      ith Bank of Maharashtra, I found their customer service is not that good but they are also good in terms of charges. There are no any hidden charges. Interest rate was around 9.9% home loan. I am very happy and very minimal processing fee were charged. I directly contacted the branch manager and got the things done. When ever we reach the customer care over the phone it should be easily reachable so that it will be very helpful.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 10, 2015
    • Bank of Maharashtra Home Loan
      "Pretty Satisfactory!!!"
      0.5 4.0/5 "Great!"
      With Bank of Maharashtra, I found their customer service is not that good but they are also good in terms of charges. There are no any hidden charges. Interest rate was around 9.9% home loan. I am very happy and very minimal processing fee were charged. I directly contacted the branch manager and got the things done. When ever we reach the customer care over the phone it should be easily reachable so that it will be very helpful.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 20, 2015
    • Bank of Maharashtra Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken my home loan from Bank of Maharashtra. The services was good. The response was quick too. The whole process was very good. I got a rate of interest of 10.5%. The processing charges was a bit high. Overall it was a good experience with the bank. My loan was disbursed within a week.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 22, 2015
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