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A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
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
| Interest Rate | 8.70% to 8.80% |
| Loan Tenure | 30 years |
| Pre-closure Charges | Nil |
| Guarantor Required | No Guarantor Required |
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.
Owning a house is a smart investment and comes with great tax benefits. Explore Home Loans
The bank’s home loan products come with attractive features and benefits for its customers. The key features are:
| 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 |
| 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. |
The eligibility criteria for Bank of Maharashtra Home Loans is as follows:
| 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. |
The documents required while applying for a housing loan from Bank of Maharashtra are as follows:
Tired of paying rent? Maybe it’s time you got your own abode. Explore Home Loans
The Marginal Cost of Funds-based Lending Rate (MCLR) announced by Bank of Maharashtra are as follows:
| Loan Tenor | MCLR Rate |
|---|---|
| Overnight | 8.55% |
| 1 month | 8.70% |
| 3 months | 8.70% |
| 6 months | 8.75% |
| 1 year | 8.75% |
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.
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:
The interest rate for repairs/renovation of existing house is:
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:
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:
With the country’s central bank i.e. Reserve Bank of India (RBI) cutting the repo rate for the third time this year on Thursday, Bank of Maharashtra, a public-sector bank on Friday announced that it has cut its one-year MCLR by 0.10%. The reduction in the rates see the one-year MCLR come down to 8.60%. The bank stated in a release that the revised rates would be effective from June 7. It needs to be mentioned here that the one-year MCLR is the benchmark against which home loans, auto loans, and personal loans are priced. The public lender also revised the rates for the overnight and three-month tenures. The rates for the both the tenures have been slashed by 0.05% to be 8.15% and 8.40% respectively.
It is noteworthy to mention here that RBI on Thursday in its second bi-monthly policy meeting cut the repo rate by 0.25% with the aim of spurring demand and boost the economy. The central bank also cut down the GDP expansion forecast to 7% for the current fiscal from its earlier projection of 7.2%.
10 June 2019
Bank of Maharashtra, a state-owned lender has cut its MCLR rates by 5 basis points after Reserve Bank of India (RBI) reduced the repo rate by another 25 basis points on Thursday. The central bank reduced the repo rate after the Monetary Policy Committee (MPC) reviewed the rates in the first bi-monthly meeting of the financial year 2019-20.
Bank of Maharashtra brought down the lending rates by 5 basis points across all the tenors. Following the cut in the rates, MCLR for the overnight, one-month, and three-month tenors were 8.20 percent, 8.25 percent, and 8.45 percent respectively. For the six-month and one-year tenor, the rates were changed to 8.70 percent and 8.50 percent. The new rates will come into effect from Sunday i.e., 7 April 2019.
It needs to be mentioned here that even though the bank had reduced its MCLR, the base rate was kept unchanged at 9.50 percent per annum.
10 April 2019
Bank of Maharashtra has a sizeable chunk of non-performing assets in its portfolio and according to recent reports the lender is looking to find takers in a bid to trim its exposure. The bank is targeting financial institutions, asset reconstruction companies, securitisation companies, NBFCs, and other companies to file proposals. The total worth of the non-performing assets stand at 6.53 billion rupees. Among the accounts put up for sale, some of the weakest assets are ISMT Limited which has a loan of up to 3.53 billion rupees, Automotive Coaches and Component Ltd, which has a loan of Rs.453.2 million and Narayana Farm Produce Pvt. Ltd, which has a loan of Rs.686.6 million. At the time of writing the bank’s stock closed 2.6% higher and was seen trading at Rs.14 per stock in the National Stock Exchange.
21 November 2018
Public lender Bank of Maharashtra has revised the marginal cost of funds based lending rate (MCLR) across tenures. The MCLR for one year tenor stands at 8.75% while the MCLR for overnight, one month and three-month tenures is set at 8.00%, 8.10% and 8.20% respectively. The MCLR for six-month tenures is set at 8.50%. The base rate, however, has been kept unchanged at 9.50%. Following the Reserve Bank of India (RBI) guidelines, the MCLR will be effective from 07 October 2018. The announcement was made a few days after the Reserve Bank of India decided to keep its key repo rate unchanged at 6.50% in its bi-monthly monetary policy review meeting on 05 October 2018.
9 October 2018
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.
10 October 2016
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