Bank of Maharashtra Home Loan

Bank of Maharashtra offers home loan interest rates starting from 8.35% per annum onwards. The interest rates are determined based on factors such as the applicant's CIBIL score, occupation profile, and the specific type of home loan scheme availed. Below are the interest rates set by Bank of Maharashtra for its various home loan schemes:

Purpose: Existing home loan borrowers of Bank of Maharashtra have the opportunity to benefit from the Maha Bank Top-up Loan scheme, allowing them to access additional funds beyond their existing home loans. These additional funds can be utilized to meet personal needs such as education expenses, wedding expenses, or medical treatment costs.

LTV ratio: The overall Loan-to-Value (LTV) ratio, which considers both the existing Bank of Maharashtra home loan and the Maha Bank Top-up Loan, cannot surpass 75% of the property's value. This evaluation is based on a valuation report that should not be older than 3 years.

Tenure: Up to 15 years or 75 years of age at the time of loan maturity

Purpose:  The Maha Super Flexi Housing Loan Scheme offered by Bank of Maharashtra is a home loan overdraft facility. Under this scheme, home loan borrowers can deposit any surplus amount into the linked overdraft account. They can then withdraw funds from this account as per their needs, providing them with flexibility and convenience in managing their finances.

Loan Amount: Rs 50 lakh onwards

Tenure: Up to 30 years or up to 75 years of age of the borrower at the time of loan maturity

Purpose: Yes, consumers can avail the Maha Super Housing Loan Scheme from Bank of Maharashtra for the purchase of a plot and construction thereon. This scheme provides financing for both the purchase of the plot of land and the subsequent construction of a house on the purchased plot.

LTV Ratio:

For Plot Purchase- at least 30% of the value of the plot

For Construction of House-

Purpose:  Bank of Maharashtra provides the Maha Super Housing Loan Scheme for various purposes, including:

1. Purchase or construction of a new or existing house/flat that is not more than 30 years old.
2. Extension of an existing house/flat.
3. Purchase of a residential flat under construction or ready-to-move-in property directly from builders, Development Authorities, developers, or societies.
4. Existing home loan borrowers from other banks and Housing Finance Companies (HFCs) can also avail the Maha Super Housing Loan Scheme for transferring their existing home loans to Bank of Maharashtra at lower interest rates.

LTV Ratio:

Tenure: Up to 30 years or 75 years of age

Purpose:  People looking to get a home loan from Bank of Maharashtra can also apply for Home Renovation Loans. This loan is meant for making repairs, renovations, or alterations to an existing house or flat.

Tenure: Up to 20 years

LTV Ratio:

• Up to 25% of the property value
• 100% of the cost of repair/renovation/alteration

Purpose:  Existing home loan borrowers of Bank of Maharashtra have the option to apply for the Maha Bank Top-up Home Loan scheme. This scheme allows borrowers to obtain additional funds over and above their existing home loans. These funds can be used to meet various financial needs such as repair, renovation, extension, or furnishing of their home.

Tenure: Up to 15 years

Also Read : Best Home Loan EMI Calculator

Also read: Best Home Loan Fees and Charges

Here are the eligibility criteria for salaried and self-employed individuals applying for a home loan from Bank of Maharashtra:

For Salaried Individuals:

• Must hold a permanent job for at least 1 year in the current organization, which can be Central/State Government, PSUs, or reputable Private Sector Companies.
• Minimum age of 21 years and a maximum age of 60 years.

For Self-Employed Individuals:

• Eligible categories include self-employed professionals, businessmen, pensioners (with a pension account at Bank of Maharashtra and sufficient disposable income), and farmers with a minimum land holding of 5 acres of irrigated land and adequate disposable income.
• For doctors, architects, CAs, etc., the maximum age limit is 65 years, while for others, it is 60 years.
• Minimum age requirement is 21 years.

Also Read : Best Home Loan Eligibility

While Bank of Maharashtra hasn't listed the exact documents needed for home loans, most lenders usually ask for these:

For Salaried Individuals:

• Duly filled and signed application form with photographs
• Identity, address, and age proof
• Salary slips of the last 3 months
• Bank statement of the past 6 months
• Form-16 and Income Tax Returns (ITR) details for the last two years
• Title documents of the property

For Self-Employed Individuals:

• Duly filled and signed application form with photographs
• Identity, address, and age proof
• Income Tax Returns (ITR) and financial statements (including balance sheet, profit & loss account, schedules) certified by a Chartered Accountant (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): LLP Agreement
• Title document of the property along with business address proof

Also Read : Best Home Loan Documents Required

To apply for a Bank of Maharashtra Home Loan, you can visit the official website of Bank of Maharashtra. Simply click on the "apply online" option available on the homepage. Then, proceed to fill out the application form with the required information. Follow the instructions provided to complete the application process.

Bank of Maharashtra hasn't specified a minimum credit score requirement for home loan applicants. However, the bank does offer lower interest rates to applicants with higher credit scores. For instance, those with credit scores of 800 and above are offered the lowest interest rates, followed by those with scores of 750-799, 700-749, and so on. Applicants who are new to credit or don't have a credit score may also obtain home loans from Bank of Maharashtra but might be charged higher interest rates.

Also read: Best Home Loan Balance Transfer

Yes, Bank of Maharashtra provides a 25 basis points (bps) interest rate concession to salaried home loan applicants.

Yes, you can foreclose your home loan obtained from Bank of Maharashtra, and the bank does not impose any foreclosure charges on home loans with floating interest rates.

Bank of Maharashtra offers home loan interest rates starting from 8.35% per annum onwards. The bank determines these rates based on factors such as the applicant's CIBIL score, occupation profile, and the specific type of home loan scheme availed.

You can calculate the interest cost of a Bank of Maharashtra Home Loan using their Home Loan EMI Calculator. Simply input the interest rate, loan amount, and loan tenure into the calculator, and you'll get the interest cost instantly. This tool helps you estimate the total interest you'll pay over the loan term, allowing you to plan your finances accordingly.

Bank of Maharashtra offers a 0.05% per annum discount on home loan interest rates for women applicants.

Bank of Maharashtra exclusively provides home loans with floating interest rates.