Bank of Maharashtra Home Loan Details 2020 | |
Interest Rate | 8.20% onwards |
Loan Tenure | Up to 30 years |
Loan-to-Value Ratio | Up to 90% of the property value |
Processing Charges | Up to 0.50% of the loan amount |
Bank of Maharashtra offers home loans at an attractive interest rate starting from 8.20%. The bank offers various housing schemes which can be used for distinctive purposes, such as: for purchasing a Plot for construction of a House; for purchasing/construction of a house/flat; for renovation/ repair/alteration/addition to a house/flat. Bank of Maharashtra also offers dedicated loan schemes for economically weaker sections.
Features and Benefits of Bank of Maharashtra Home Loan
- Longer repayment period of up to 30 years
- High loan-to-value ratio of up to 90%
- Speedy approval
- Low processing charges
- Various home loan schemes to choose from
- Available to both salaried and self-employed individuals
Bank of Maharashtra Home Loan Interest Rates
The rate of interest offered by Bank of Maharashtra Home Loan is directly linked with the Repo Rate Linked Lending Rate (RLLR), which currently stands at 8.20%. The total interest rate applicable on a home loan is the combination of RLLR and Credit RISK Premium basis the customer’s CIBIL score. Mentioned below are the interest rates applicable to customers as per the nature of work.
Loan Amount | CIBIL score | ROI (Salaried) | ROI (Non-Salaried) |
Up to Rs. 30 Lakh | 750 and above | 8.20 % | 8.45 % |
700 to 749 | 8.30 % | 8.55 % | |
650 to 699 | 8.50 % | 8.65 % | |
600 to 649 | 8.50 % | 8.85 % | |
Below 600 | 9.00 % | 9.35 % | |
-1 or 0 and 01 to 05 | 8.30 % | 8.65 % | |
Above Rs. 30 Lakh & up to Rs. 75 Lakh | 750 and above | 8.20 % | 8.45 % |
700 to 749 | 8.30 % | 8.75 % | |
650 to 699 | 8.45 % | 8.85 % | |
600 to 649 | 8.50 % | 9.10 % | |
Below 600 | 9.00 % | 9.35 % | |
-1 or 0 and 01 to 05 | 8.35 % | 8.85 % | |
Above Rs. 75 Lakh | 750 and above | 8.30 % | 8.55 % |
700 to 749 | 8.40 % | 8.85 % | |
650 to 699 | 8.60 % | 9.10 % | |
600 to 649 | 9.00 % | 9.35 % | |
Below 600 | 9.50 % | 9.60 % | |
-1 or 0 and 01 to 05 | 8.60 % | 9.10 % |
Click Also : Home Loan Interest rates
Bank of Maharashtra Home Loan Processing Fee and Other Charges
Particulars* | Charges/Fee |
Processing Fee | 0.50% of the loan amount; subject to a maximum of Rs.10,000 |
Documentation Charges | 0. 10 % of the loan amount (Maximum: Rs.10000) |
Prepayment Charges | Nil |
Penal Interest (in case of default) | 1% additional levy over existing Rate of Interest |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Bank of Maharashtra Home Loan EMI Calculator
Bank of Maharashtra Home Loan EMI Calculator helps users know the approximate value of the loan installments that they need to pay monthly for servicing their home loans. Bank of Maharashtra home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Bank of Maharashtra home loan EMI.
Bank of Maharashtra Home Loan EMI Calculation
The table below shows Bank of Maharashtra home loan EMI calculation for different interest rates, loan amounts and loan tenures.
Loan Amount | Interest Rate | EMIs as per Different Loan Tenures | ||
15 years | 20 years | 30 years | ||
Rs. 60 lakh | 8.20% | Rs. 58,034 | Rs. 50,936 | Rs. 44,865 |
Rs. 90 lakh | 8.30% | Rs. 87,575 | Rs.76,969 | Rs. 67,931 |
Rs. 1 crore | 8.50% | Rs. 98,473 | Rs. 86,782 | Rs. 76,891 |
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Bank of Maharashtra Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Bank of Maharashtra.
Eligible Profiles | Salaried and Self-employed individuals |
Conditions | ● Salaried Employees: should be employed for at least 2 years in the current role ● Self-Employed: should have a business unit or be in the practice of the profession for at least 2 years |
Loan Amount | Up to 90% of the property value |
Age | Minimum: 21 years Maximum: 75 years (at the time of loan maturity) |
Check Also: Home Loan Eligibility Calculator
Bank of Maharashtra Home Loan Documents Required
Following are the documents required to successfully apply for Bank of Maharashtra Home Loan.
Salaried Individuals | Self Employed Individuals |
Duly filled in and signed the application form with photographs | Duly filled in and signed application form with photographs |
Identity, address and age proof | Identity, address and age proof |
Salary slip of last 3 months | ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA) |
Bank statement of the past 6 months | Bank statement of the past 12 months |
Form-16 and Income Tax Returns (ITR) details of two years | For partnership firms: Latest partnership deed For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership) For Limited Liability Partnership: LLP Agreement |
Title documents of the property | Title document of the property along with business address proof |
Bank of Maharashtra Home Loan Schemes
Considering the distinct requirements of a varied customer base, Bank of Maharashtra offers customized home loan schemes to suit the needs of every applicant.
- Maha Super Housing Loan Scheme for repairs/renovation:This scheme is available to all eligible Salaried/Non-Salaried new customers looking for funds to repair/renovate/improve their existing house/flat. The maximum loan amount available under the scheme may go up to 100% of the actual cost of repairs/renovations/alterations, subject to a maximum of up to 25% of the realizable value of the property.[ Read Also: Home Renovation loan]
- Maha Super Housing Loan Scheme for Purchase of Plot & construction:This scheme can be availed by Resident Indian customers who are in need of funds for Purchase of a Plot & construction thereon. The maximum loan amount available under the scheme is decided on the basis of following parameters:
- Salaried:60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary (Whichever is Higher)
- Others (Businessmen/Professionals etc.):5 times of last 2 years’ average Income based on IT Returns [Read Also: Home Construction Loan]
- Maha Super Housing Loan Scheme for Construction/Acquiring of new or existing house: This scheme is available to all the eligible salaried and self-employed customers looking for financial assistance for construction/acquiring of new or existing house/flat and extension of existing house/flat. The maximum loan amount available under the scheme is decided on the basis of following parameters:
- Salaried:60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary (Whichever is Higher)
- Others (Businessmen/Professionals etc.):5 times of last 2 years’ average Income based on IT Returns
Note:
- For construction/acquiring of new House/Flats:Maximum Repayment period of 30 years.
- For purchase of old house/flats not older than 30 years:Maximum Repayment period of 20 years.
- For extension of existing Housing/flat:Maximum Repayment period of 15 years or Residual Period of the existing housing loan sanctioned.
- Top-Up Loan: This is a top-up home loan scheme available to existing housing loan customers with a successful repayment record of at least 18 months. The scheme can also be used for the takeover of existing Housing Loan of other banks and additional facility of Top-up Loan for repair/renovation/furnishing of the house. The maximum loan amount available under the scheme may go up to 100% of the estimated cost of repair/renovation/extension/furnishing of the house with a repayment period of up to 15 years.
- Maha Ghar Housing Loan: This scheme is equivalent to the Pradhan Mantri Awas Yojana (PMAY) government scheme. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. Bank of Maharashtra extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the eligible customers through Maha Ghar Housing Loan scheme. Click to learn more about PM Awas Yojana.
Apply for Bank of Maharashtra Home Loan on Paisabazaar.com
Customers can apply online for Bank of Maharashtra Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Bank of Maharashtra Home Loan Customer Care Details
Customers can reach out to Bank of Maharashtra on the below-mentioned contact numbers to get their home loan-related queries addressed.
- Toll Free: 1800 233 4526 or 1800 102 2636
- Landline: 020-26104400 / 020-48527200
Check Also: Home Loan prepayment Calculator
FAQs
Q1. What is the maximum loan amount offered by Bank of Maharashtra?
For salaried customers, the maximum loan amount is 60 times of Gross Monthly Salary/75 times of Net Monthly Salary (whichever is Higher), whereas, for non-salaried customers, it is 5 times of last 2 years’ average Income based on IT Returns.
Q2. What is the maximum repayment tenure?
The maximum repayment tenure is 30 years or up to the age of 75 years of the applicant at the time of loan maturity.
Q3. What is the security required to avail a home loan?
The security required for a home loan is equitable/registered mortgage of house/property financed by the bank.