Bank of Maharashtra offers eligible customers home loans with interest rates starting from 7.80% 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
7.80% 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
Bank of Maharashtra Home Loan Interest Rate 2022
Loan Amount
Interest Rate
Up to Rs.30 lakh
7.80% to 8.65% p.a.
Above Rs.30 lakh
7.80% to 9.00% p.a.
Maha Home Loan Top Up
8.70% to 9.45% p.a.
Bank of Maharashtra offers home loans at attractive interest rates starting from 7.80% p.a.
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
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.
Bank of Maharashtra Housing Loan for Renovation
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 three months.
Loan tenure of up to 20 years.
Interest Rate
8.70% to 9.70% p.a.
Processing Fee
Contact the bank
Bank of Maharashtra Maha Super Home Loan for Purchase of Plot and Construction
For the purpose of purchasing land and construction thereon.
Construction of the house on the plot within a period of three 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 two EMIs to home loan borrowers having regular repayment of 20 years and above (for fresh sanctions only).
Bank of Maharashtra Top-up Home Loan
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 three months or 100% of the estimated cost of repair/renovation/furnishing/extension of your house, whichever is lower.
Bank of Maharashtra Maha Combo Home Loan Scheme
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 one 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 five 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 two times average annual income based on two years IT returns or two 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.
Bank of Maharashtra Loan Against Self-Occupied Property
Offered to individuals with self-occupied property/commercial property or building in your name for a period not less than one 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 two 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.
Bank of Maharashtra Loan Against Property
The minimum yearly income must be Rs.5 lakh.
Security must be provided.
1% of the loan amount plus GST must be provided as a loan.
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 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 three months’ salary slips.
Last six months’ bank statement.
For Self-Employed:
Proof of identity.
Proof of address.
PAN card copy.
Proof of income:
Last two 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.
No Objection Certificate (NOC) from the society for a mortgage.
Non-encumbrance certificate, both before and after the sale (wherever applicable).
Bank of Maharashtra Home Loan FAQs
What’s margin money?
It’s the contribution by the loan applicant towards the cost of the house or property for which the loan is being applied for.
Is insurance for the house required in case of a home loan?
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.
Can I avail a housing loan to purchase a plot?
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.
Is the cost of stamp duty considered for a home loan?
Yes. The bank considers up to Rs.1 lakh as stamp duty for a housing loan.
What type of MCLR does Bank of Maharashtra consider while offering a housing loan?
The bank considers 1-year MCLR while extending a housing loan to the applicant.
Who is eligible for a Bank of Maharashtra home loan?
Salaried, self-employed professionals, agriculturalists are eligible to apply for a housing loan with the Bank of Maharashtra.
What does an EMI mean?
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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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 .
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.
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8
MRUNALINI MOHOD
, bangalore
Reviewed on Apr 30, 2019
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.
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9
BALSHIRAM BABURAO BANGAR
, navi mumbai
Reviewed on Feb 26, 2019
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.
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6
VIKASH VIRENDRA SINGH
, mumbai
Reviewed on Feb 02, 2019
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.
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8
VYANKATKAMRAJA NARASINGRAO NAGAMANTRI
, hyderabad
Reviewed on Jan 11, 2019
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 .
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.
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11
SANTARAM MURALIDHAR CHAVAN
, pune
Reviewed on Aug 31, 2018
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 .
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.
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7
HITESH RAMESH HAMBARDE
, pune
Reviewed on Feb 05, 2018
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.
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4
NEERAJKUMAR RAM PRAJAPATI
, delhi
Reviewed on Oct 10, 2017
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.
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5
RAJENDRA S POHANE
, baloda bazar
Reviewed on Aug 27, 2017
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.
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3
ATUL KUMAR CHATURVEDI
, mumbai
Reviewed on Mar 01, 2017
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.
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3
NAGARJUNA SAMBANGI
, hyderabad
Reviewed on Jan 05, 2017
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.
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4
NITIN KHANDELWAL
, gurgaon
Reviewed on Jun 15, 2016
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.
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.
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6
AJAY MADHUKAR CHALKE
, thane
Reviewed on Feb 24, 2016
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.
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.
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.
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5
JAYESH YUVARAJ PATIL
, pune
Reviewed on Nov 20, 2015
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.
