Bank of Maharashtra offers eligible customers home loans linked to the Repo Rate Linked Lending Rate (RRLR), which is currently 7.05%. The minimum processing charges are Rs.2,000. The maximum loan amount is Rs.30 lakh with a maximum repayment tenure of 30 years including an 18-month moratorium.
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.
|Interest Rate||7.05% 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|
|Loan Amount||Interest Rate|
|Up to 30 Lacs||7.05% to 7.50% p.a.|
|30 Lacs to 75 Lacs||7.05% to 7.70% p.a.|
|Above 75 Lacs||7.15% to 7.95% p.a.|
|Maha Home Loan Top Up||7.55% to 8.30% p.a|
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:
|Interest Rate||7.55% to 8.30% p.a.|
|Processing Fee||0.50% of the loan amount subject to a maximum of Rs.25,000|
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:
It’s 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 2 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 1-year MCLR 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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