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Looking for a home loan from Bank of Maharashtra in 2024 Check out the bank’s housing loan interest rates, eligibility requirements, processing fees, and use the EMI calculator to estimate your monthly payments. You’ll also need to gather the necessary documents and make sure you have a good CIBIL score.
Bank of Maharashtra is an Indian public sector bank headquartered in Pune with over 29 million customers across the country Bank of Maharashtra Home Loan can be availed for various purposes like property purchase, construction or renovation, Are you worried about paying house rent regularly, if you don’t have your own house these are the problems you face, you can buy your own house by paying your house rent as EMI and you can get relief from the problems, see below step by step details how to do it.
Bank of Maharashtra Home Loan
Buying a home is an important decision in your life, it will be the most expensive purchase you will ever make, knowing all the costs of buying a home while looking for a home loan will help you make a well-informed decision, buying a home will trigger a loan so you should have prior knowledge about your home loan. ,
If you need help in getting a house loan, Bank of Maharashtra can help you to get the best interest rate in the market, Bank of Maharashtra provides loan to individuals for house or house renovation and home expansion etc. Apart from general home loan schemes, there are also Bank of Maharashtra housing loan schemes for EWS categories.
Bank of Maharashtra Home Loan is offered at attractive interest rate starting from 8.60% to 10.80% p.a. You can use Bank of Maharashtra Home Loan Interest Rates Details EMI Calculator to choose a plan that suits your budget, you can find detailed details of Loan and Fees, Document, Interest Rates offered by the bank here.
| Loan amount | Up to 90% of Property Value |
|---|---|
| Rate of interest | 8.60% to 10.80% onwards |
| Tenure | 20 to 30 years |
| Lowest EMI possible | Rs. 758 Per Lakh |
| Processing fee | Fee of 0.25% of the loan amount, subject to a maximum of Rs. 25,000. Documentation Charges of 0.10% of the loan amount, subject to a maximum of Rs. 10,000. |
| Foreclosure Charges | Nil for floating rates |
| Penal Interest Rate | 2% per month |
Maharashtra Bank Home Loan Types
Want to apply for a Bank of Maharashtra home loan, the bank’s consumer website has a digital platform to submit a basic home loan, but you need to be aware of what kind of loan you need and what kind of loan you should apply for.
Bank has many schemes under home loan segment to cater to a wide customer base of resident Indians, here are the main housing loan and other variants for you to understand briefly explained below.
Maha Super Housing Loan Scheme – This is a housing loan that can be used to finance the purchase of a house or flat, construction of a new house or flat, or extension of an existing residential structure. Its purpose is to assist individuals in obtaining their desired living space.
Maha Super Housing Loan Scheme for Repairs – This loan is aptly named for its purpose, which is to cover various home-related expenses such as repairs, renovations, furnishing, and alterations for both existing and new home loan borrowers.
Maha Super Housing Loan Scheme for Plot and Construction – This loan is designed for financing the construction of a plot and house. The borrower must complete the construction within three years of purchasing the plot and provide a declaration to that effect. Additionally, this loan may also be used for a takeover, subject to the policies of the bank.
Maha Super Housing Loan Scheme for Top Up – This loan is mainly designed for current borrowers who want to repair, renovate, or expand their home. Additionally, this option allows for the transfer of home loans to obtain additional funds to meet changing needs after the takeover.
Bank of Maharashtra Home Loan Eligibility Criteria
While searching for a home loan, know all the Eligibility for Bank of Maharashtra Housing Loan so that you can make a decision based on Eligibility, You don’t need to worry about Bank of Maharashtra Home Loan Eligibility details for getting a house loan, what home loan schemes are there in the market, if you have any questions about your home loan eligibility, here is the information about their eligibility.
| Nationality | Residence in India and NRIs |
| Age Limit | For Salaried individuals Minimum Age 21 Years Maximum Age 60 years For Self Employed Minimum Age 21 Years Maximum Age 65 years |
| Eligibility | For Salaried – Permanent employees with salary of at least 1 year in public or private sector organizations. For Self Employed – Traders must have company registration and have paid income tax for 3 years, Pensioners (must be pensionable), Farmers must have at least 5 acres of irrigated land |
| Income | For Salaried Applicants – To calculate the ratio of gross monthly income to net salary, divide the former by 60 and the latter by 75. For Self Employed – The requirement is to have an income that is five times the average income shown in the previous two income tax returns. |
Loan Amount Limits | For Metro and Urban – There is no limit to the home loan amount in metropolitan cities in India. For Semi-urban – The bank’s specified semi-urban maximum amount is currently Rs. 25 Lakh only. For Rural – The rural area maximum amount specified by the bank is currently Rs. 15 Lakh only. |
| Tenure | For new Construction – Maximum of 30 years or up to 75 years. For Resale House – Maximum of 20 years or up to 75 years. NOTE – Maximum 15 years for extension. |
CIBIL Score for Bank of Maharashtra Home Loan
Salaried Individuals – While checking the loan eligibility of the applicants while considering their salary and professional profile if employed, preferential interest rates are offered to salaried applicants working for government or private jobs.
Because their job and income security is generally higher than other salaried individuals, the bank offers the lowest personal loan interest rates under its home loan scheme to central government or state government and public sector employees with a CIBIL score of 700 and above.
Self Employed Individuals – Similarly income and occupation profile is also taken into consideration while screening self employed loan applicants, a person with agriculture or any registered company will offer higher interest rates to home loan applicants, Because their business and income security fluctuates, an applicant must have a CIBIL score 750 more than to qualify for a self-employed home loan scheme.
| CIBIL Score | Salaried | Non-Salaried |
| 800 and above | 8.60% p.a. | 8.80% p.a. |
| 776 to 799 | 8.70% p.a. | 8.90% p.a. |
| 750 to 775 | 8.80% p.a. | 9.00% p.a. |
| 725 to 749 | 9.00% p.a. | 9.20% p.a. |
| 700 to 724 | 9.35% p.a. | 9.55% p.a. |
| 650 to 699 | 9.65% p.a. | 9.80% p.a. |
| 600 to 649 | 9.70% p.a. | 10.10% p.a. |
| below 600 | 10.30% p.a. | 10.80% p.a. |
| -1 to 5 | 8.80% p.a. | 9.00% p.a. |
Maharashtra Bank Home Loan Required Documents
Many need a loan to buy a new home, while others need to extend or renovate their existing homes, the documents required by an applicant for a home loan from Maharashtra Bank are simple and hassle-free, As these documents are indicators of your financial stability and credit worthiness, any lender will definitely consider the documentation while approving your loan application, Documents are one of the most important requirements for a Maharashtra Bank home loan.
Bank of Maharashtra takes the process of housing loan documents very seriously, but many times applicants face difficulties in not knowing what documents to provide while submitting documents for home loan, Maharashtra Bank makes the home loan documents process very streamlined and transparent right from the start, see below which home loan documents are required to pass your home loan application in detail
| Application | 1. Please ensure that the application form is filled out completely and signed. 2. Please provide two passport-sized photographs. |
| Proof of Identity | Aadhar Card / Election ID Card / Driving License / Pan Card / Passport |
| Proof of Residence | Aadhar Card / Election ID Card / Electricity Bill / Telephone Landline Bill Passport / Driving License |
| Additional Documents Needed For Salaried Persons: | 1. Last 3 months’ salary slips 2. Copies of the past 2 years IT returns properly recognized by IT Dept/IT evaluation orders or Form 16 from the Employer 3. Salary Bank Account statement for the last 6 months |
| Additional Documents Needed For NRIs | 1. Copy of Visa stamped on the passport 2. Continuous Discharge Certificate, if applicable 3. Salary Certificate/Income Statement duly attested by Out Foreign Office. 4. Copy of Employment Contract & ID Card 5. Overseas Bank Account Statements for the past 6 months. 6. NRE Bank Account Passbook/ Account Statement |
| Additional Documents for PIOs | 1. Copy of PIO card 2. Passport with Indian nationality 3. Parent’s or Grandparent’s Passports with details of being PIO |
| Property Documents | 1. Payment receipts made for buying a residential unit 2. Copy of design of the property/construction. 3. Permission from authority for the construction of flat/house 4. Permission from the authority under the Urban Land Ceiling & Regulation Act 1976 5. Agreement of Sale Deed/Sale/cost estimate from registered 6. Architect/Engineer of the property to be built. 6. Concession letter from the Co-operative Society / Development Authorities / Builder etc |
Maharashtra Bank Home Loan EMI Calculate
Bank of Maharashtra offers a variety of home loan programs to its customers, the bank also offers home loan to cover 90% of the value to customers of different types of people depending on their housing demands, A home loan is a huge amount that you borrow from the bank, the EMI is also high, so decide in advance how much loan amount you need, what interest rate you are comfortable paying and the loan tenure.
You may have kept in mind the home loan amount and the interest rate period but after you calculate it you may be surprised by the EMI to be paid, To know how much EMI you will have to pay on a Bank of Maharashtra Home Loan, you can visit the bank’s official website,
You can use Bank of Maharashtra EMI calculator to choose the right loan amount, interest rate and tenure that you are comfortable with, the calculator automatically calculates the loan EMI amount to be paid and provides the result on the same page, You will find the results of total amount due with interest and interest payable separately, it takes less than a minute to check the EMI amount for the home loan to be taken.
Bank of Maharashtra Home Loan Processing Fee
When you apply for a home loan, the lender Bank Of Maharashtra charges you a certain amount for the services they provide, this amount is called Home Loan Processing Fee, this Bank Of Maharashtra Home Loan Processing Fee is non-refundable,
Maharashtra Bank home loan processing charges are one percent of the total home loan amount you are applying for, if the application is rejected the amount will not be refunded to you.
Applicants should remember that Bank Of Maharashtra Housing Loan Processing Fee is not the only amount you have to pay, there are other charges as well, so it is better for everyone to know the details of the Home Loan Processing Fee in advance.
| Charge Head | Charge Amount |
|---|---|
| Loan Processing Fee | 0.25% of the loan amount, subject to a maximum of Rs. 25,000. |
| Documentation Charges | 0.10% of the loan amount, subject to a maximum of Rs. 10,000. |
| Loan Processing Fee for Top-Up Loan | 0.50% of the loan amount |
| Documentation Charges for Top-Up Loan | 0.10% of the loan amount, subject to a maximum of Rs. 10,000 |
Bank of Maharashtra Home Loan Interest Rates
When it comes to getting a home loan, there are plenty of reputed banks, but when it comes to providing home loan at lowest interest rates, Bank of Maharashtra is the only name that comes to mind.
If you already have a home loan and want to reduce your EMI and interest outgo burden, the best option is to transfer your existing home loan with Bank of Maharashtra, yes, transferring it will not only save you a lot of money on your monthly installments but you will also get lower home loan interest rates.
Maharashtra Bank offers home loan at 8.60% p.a. For a period of up to 30 years, Maharashtra Bank also offers 0.05% concession in home loan interest rates to women applicants and defense personnel, it also provides home loan balance transfer facility, so, without wasting any more time, let’s know more about the interest rates offered in Maharashtra Bank on the below page.
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 800 and above | 8.60% | 8.80% |
| 776-799 | 8.70% | 8.90% |
| 750-775 | 8.80% | 9.00% |
| 725-749 | 9.00% | 9.20% |
| 700-724 | 9.35% | 9.55% |
| 650-699 | 9.65% | 9.80% |
| 600-649 | 9.70 | 10.10% |
| Below 600 | 10.30% | 10.80% |
| -1 to 05/NTC | 8.80% | 9.00% |
NOTE- Maharashtra Bank Housing loan interest rates are subject to change at the discretion of he bank, the information given here is only the current interest rates given by the bank, when you want to apply for a home loan in the bank, you should visit the https://bankofmaharashtra.in/retail-interest-rates official website of the bank and confirm.