| Bank of Maharashtra Home Loan Highlights 2022 | |
| Interest Rate | 7.80%-9.95% p.a. |
| Loan Tenure | Up to 30 years |
| Loan Amount (LTV Ratio) | Up to 90% of the property value |
| Processing Charges | 0.25% (Max. Rs 25,000) |
Note: Rates as of 12th September 2022
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Bank of Maharashtra Home Loan Interest Rates
Housing Loan Scheme
For Loan Amount Up to Rs 30 lakh
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 800 and above | 7.80% | 8.05% |
| 750-799 | 7.90% | 8.15% |
| 700-749 | 8.20% | 8.25% |
| 650-699 | 8.50% | 8.60% |
| 600-649 | 8.55% | 8.85% |
| Below 600 | 9.00% | 9.35% |
| -1 to 5 | 8.40% | 8.65% |
For Loan Amount above Rs 30 lakh
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 800 and above | 7.80% | 8.05% |
| 750-799 | 7.90% | 8.15% |
| 700-749 | 8.20% | 8.35% |
| 650-699 | 8.55% | 8.70% |
| 600-649 | 8.60% | 9.00% |
| Below 600 | 9.20% | 9.70% |
| -1 to 5 | 8.55% | 9.00% |
Note:
- For loan amount above Rs 30 lakh additional 15 bps shall be applicable at interest rates, if LTV ratio is above 80% and up to 90%
- Concession of 0.05% to women and defense personnel subject to minimum floor ceiling of RLLR
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Housing Loan Repair/Renovation and Top-up Loan Repair/Renovation
For Loan Amount Up to Rs 30 lakh
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 750 and above | 8.70% | 8.95% |
| 700-749 | 8.70% | 9.05% |
| 650-699 | 8.95% | 9.20% |
| 600-649 | 9.05% | 9.30% |
| Below 600 | 9.45% | 9.70% |
| -1 to 5 | 8.95% | 9.20% |
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For Loan Amount above Rs 30 lakh up to Rs 75 lakh
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 750 and above | 8.70% | 9.05% |
| 700-749 | 8.70% | 9.10% |
| 650-699 | 8.95% | 9.30% |
| 600-649 | 9.05% | 9.35% |
| Below 600 | 9.45% | 9.70% |
| -1 to 5 | 8.95% | 9.30% |
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For Loan Amount above Rs 75 lakh
| CIBIL Score/Credit Score | Interest Rates (p.a.) | |
| Salaried | Non-Salaried | |
| 750 and above | 8.95% | 9.15% |
| 700-749 | 8.95% | 9.20% |
| 650-699 | 9.05% | 9.40% |
| 600-649 | 9.20% | 9.45% |
| Below 600 | 9.70% | 9.95% |
| -1 to 5 | 9.05% | 9.45% |
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Top-up Loan Other Purpose
| As per Deduction Norms | Interest Rate (p.a.) |
| Up to 60% | 9.35% |
| Above 60% | 9.60% |
Also know which bank/HFC offers best home loan interest rates
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.05% - 9.05% | 8.05% - 8.95% | 8.05% - 8.95% |
| HDFC | 8.10% - 9.50% | 8.35% - 9.75% | 8.45% - 9.85% |
| LIC Housing Finance | 8.00% - 9.50% | 8.00% - 9.70% | 8.00% - 9.90% |
| ICICI Bank | 8.10% - 9.00% | 8.10% - 9.00% | 8.10% - 9.10% |
| Kotak Mahindra Bank | 7.99% onwards | 7.99% onwards | 7.99% onwards |
| PNB Housing Finance | 7.99% - 12.50% | 7.99% - 12.50% | 8.10% - 11.20% |
| Punjab National Bank | 7.95% - 9.35% | 7.90% - 9.05% | 7.90% - 9.00% |
| Bank of Baroda | 7.95% - 9.45% | 7.95% - 9.45% | 7.95% - 9.70% |
| Union Bank of India | 7.75% - 9.65% | 7.75% - 9.85% | 7.75% - 9.85% |
| IDFC First Bank | 7.95% onwards | 7.95% onwards | 7.95% onwards |
| L&T Housing Finance | 7.70% - 8.70% | 7.70% - 8.70% | 7.70% - 8.70% |
| Bajaj Housing Finance | 7.70% onwards | 7.70% onwards | 7.70% onwards |
| Godrej Housing Finance | 7.99% - 10.99% | 7.99% - 10.99% | 7.99% - 10.99% |
| Tata Capital | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Federal Bank | 9.05% - 9.10% | 7.77% - 9.15% | 7.77% - 9.20% |
Check Home Loan Schemes Offered by Top Lenders Compare Now
Bank of Maharashtra Housing Loan Fees and Charges
| Housing Loan | 0.25% of loan amount (up to Rs 25,000) |
| Maha Bank Top-up Loan | 0.50% of loan amount |
Know more about Home Loan Processing Fees charged by various home loan lenders
Types of Bank of Maharashtra Home Loan
Maha Super Housing Loan (for purchase/construction of new house/flat, extension of existing house/flat)
Purpose:
- Regular home loan scheme for purchase/construction of new/existing house/flat of not more than 30 years old,
- Extension of existing house/flat
- Purchase of residential flat under construction or ready to move in director from the builders/Development Authority/developers/society
- Extension of existing house/flat
- Can also be used for home loan transfer from other banks and HFCs to Bank of Maharashtra
Tenure: Up to 30 years or 75 years of age
LTV Ratio:
| Up to Rs 30 lakh | Up to 90% |
| Above Rs 30 lakh | Up to 80% |
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Plot Purchase Loan
Purpose: Land loan for purchase of plot plus home construction
Tenure: Up to 30 years or 75 years of age
LTV Ratio:
| Up to Rs 30 lakh | Up to 90% |
| Above Rs 30 lakh | Up to 80% |
Home Renovation Loan
Purpose: Home renovation loans are offered for repair/renovation/alteration of existing house/flat
Tenure: Up to 20 years
LTV Ratio:
- 100% of the cost of repair/renovation/alteration
- Up to 25% of the property value
Maha Bank Top-up Loan
Purpose: Top-up loan on home loan to existing home loan borrowers of Bank of Maharashtra to finance their personal needs, except for speculation
Tenure: Up to 15 years
LTV Ratio:
- For existing borrowers: Up to 75%
- For balance transfer with additional top-up facility:
Pradhan Mantri Awas Yojna (PMAY)
Purpose: Affordable housing for economically weaker sections, low income groups and middle income groups with interest subsidy of up to Rs 2.67 lakh.
Tenure: Up to 30 years or 75 years of age (interest subsidy is available for 20 years)
Loan Amount:
- For Salaried: 60 times gross monthly salary or 75 times net monthly salary
- For Businessmen/Professional: 5 times average income for last 3 years based on ITR for businessmen/ 5 times average income for last 3 years based on ITR for professionals
LTV Ratio:
| Up to Rs 30 lakh | Up to 90% |
| Rs 30 lakh-Rs 75 lakh | Up to 80% |
| Above Rs 75 lakh | Up to 75% |
Bank of Maharashtra Home Loan Eligibility Criteria
For Maha Super Housing Loan Scheme
- For Salaried: Rs. 3 lakh (as per last year income) – Minimum past 2 years ITR/Form 16 from the Employer is mandatory
- For Self-employed Professionals: Rs. 3 lakh (as per last year ITR income) – Minimum past 2-year ITR with supporting documents are mandatory
- For Businessmen: Rs 3 lakh (as per last yr. ITR income) – Minimum past 3-year ITR with supporting documents are mandatory
- For individuals engaged in Agriculture and Allied Activities having an ascertainable minimum income of Rs 3 lakh
Check your Home Loan Eligibility with Top Banks/HFCs Click Here
For MahaBank Top Up Loan
- Existing/Takeover housing loan borrowers (without deviation/restructuring/rephasement) with minimum 18 months standing (12 months in case of takeover loans) where the repayment commences w.e.f. next month of disbursement and in the standard category.
- Existing/balance transfer housing loan borrowers (without deviation/restructuring/rephasement) with minimum 24 months standing including moratorium (maximum 18 months) and in standard category
- Old housing loan borrowers (regular and standard only) of the bank who have repaid and closed their existing home loan for the maximum repayment tenure of 180 months
- There is no cap on maximum age for top-up loan borrowers, provided that the age of maturity of the loan does not exceed 75 years of age.
Also check the home loan eligibility set by other lenders
Documents Required for Bank of Maharashtra Home Loan
For Salaried Individuals
- Duly filled in and signed the application form with photographs
- Identity, address, and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details of two years
- Title documents of the property
For Self Employed Individuals
- Duly filled in and signed application form with photographs
- Identity, address, and age proof
- ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- 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 document of the property along with business address proof
Know more about the home loan documents required by other lenders
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Bank of Maharashtra Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. Are there any concessions offered to women applicants on home loan interest rates?
Ans. Bank of Maharashtra provides home loan interest rate concessions of 0.05% p.a. to women applicants.
2. Can I choose between fixed and floating rates?
Ans. Bank of Maharashtra offers home loans at floating rates only.
3. What is the minimum credit score required to avail home loans from Bank of Maharashtra?
Ans. Bank of Maharashtra has not specified the cut-off credit score for home loan applicants. However, the bank offers lower interest rates to applicants having higher interest rates. For instance, the applicants having credit scores of 800 and above are offered lowest interest rates compared to those having credit scores of 750-799, 700-749, and so on. The applicants who are new to credit or do not have a credit score can also avail home loans from Bank of Maharashtra but are charged at higher interest rates.
Also Know:- More about Credit Score based Interest Rates of Bank of Maharashtra Home Loan
4. Does Bank of Maharashtra offer preferential interest rates to salaried applicants?
Ans. Yes, Bank of Maharashtra offers home loans interest rate concession of 25 bps to salaried home loan applicants.
5. Can I foreclose my home loan availed from Bank of Maharashtra?
Ans. Yes, you can foreclose your home loan availed from Bank of Maharashtra. The bank does not levy any foreclosure charges on home loan at floating rates.
6. Can I make part-prepayments on my home loan availed from Bank of Maharashtra?
Ans. Yes, you can make part-prepayments on the home loan availed from Bank of Maharashtra. The bank does not levy part-prepayment charges on home loans.