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  • Bank of Maharashtra Home Loan

    Bank of Maharashtra offers eligible customers home loans with interest rates starting from 8.50% p.a. onwards. A high loan amount is provided and the repayment tenure is up to 30 years.

    We found 1 Bank of Maharashtra Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.60% Floating
    0.25% One time fee
    1 - 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. A 0.05% concession is provided to defence personal and women.

    Interest Rate 8.50% 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 2023

    The interest rates for home loans are based on CIBIL scores irrespective of the quantum of loan. Any interest rate concessions, including for women borrowers (0.05%) is applicable only for those with CIBIL scores below 725 and is subject to the RLLR which is taken as the minimum floor rate.

    CIBIL Score Salaried Non-Salaried
    800 and above 8.50% p.a. 8.60% p.a.
    750 to 799 8.60% p.a. 8.70% p.a.
    725 to 749 8.80% p.a. 8.90% p.a.
    700 to 724 9.30% p.a. 9.50% p.a.
    650 to 699 9.80% p.a. 10.00% p.a.
    600 to 649 10.00% p.a. 10.20% p.a.
    below 600 10.40% p.a. 10.90% p.a.
    -1 to 5 8.80% p.a. 9.00% p.a.

    Maha Bank Top Up Loan for Repair, Renovation, and Other Purposes

    The rate of interest for top-up home loans for renovation and repairs is 20bps higher than that of the Maha Super Housing Loan scheme.

    Compare: Home Loan Interest Rate all Banks

    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:

    1. 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.
    2. 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.
      • 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 (Permanent Account Number) card copy.
    • Proof of income:
      • Last 1-year IT(Income Tax) 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).

    FAQs on Bank of Maharashtra Home Loan

    1. What is margin money in home loan?
    2. Margin money in a home loan is 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 two 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 one-year MCLR (Marginal Cost of Fund Based Lending Rate) 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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