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Bank of Maharashtra Home Loan Interest Rate
Bank of Maharashtra Home Loan Interest Rates 2024 are highly competitive and range from 8.35% - 8.90% p.a. Low-interest rate means you have to pay the lowest EMI for Bank of Maharashtra home loans, starting from just Rs. 758 per lakh for 30 years of tenure. Bank of Maharashtra offers a variety of housing loans for a house purchase, construction and repairs to help you fulfil all your housing-related needs. All you need to do is meet the Bank of Maharashtra home loan eligibility criteria and apply for the loan.
Bank of Maharashtra Home Loan Interest Rates - 2024
Currently, Bank of Maharashtra home loan interest rates vary between 8.35% - 8.90% p.a., depending on their CIBIL scores and other factors. Bank of Maharashtra home loan rate of interest is linked to Repo Rate Linked Lending Rate (RLLR), which is 9.30% p.a. with effect from 20.01.2024.
1. Maha Super Housing Loan Scheme
Bank of Maharashtra Home Loan Interest Rates for Salaried
| CIBIL Score | Spread | Effective Rate of Interest |
| 800 & above | RLLR - 0.70 | 8.60% p.a. |
| 776 - 799 | RLLR - 0.60 | 8.70% p.a. |
| 750 - 775 | RLLR - 0.50 | 8.80% p.a. |
| 725 - 749 | RLLR - 0.30 | 9% p.a. |
| 700 - 724 | RLLR + 0.05 | 9.35% p.a. |
| 650 - 699 | RLLR + 0.35 | 9.65% p.a. |
| 600 - 649 | RLLR + 0.40 | 9.70% p.a. |
| Below 600 | RLLR + 1 | 10.30% p.a. |
| -1 to 05/ New to Credit (NTC) | RLLR - 0.50 | 8.80% p.a. |
Bank of Maharashtra Home Loan Interest Rates for Non-Salaried
| CIBIL Score | Spread | Effective Rate of Interest |
| 800 & above | RLLR - 0.50 | 8.80% p.a. |
| 776 - 799 | RLLR - 0.40 | 8.90% p.a. |
| 750 - 775 | RLLR - 0.30 | 9% p.a. |
| 725 - 749 | RLLR - 0.10 | 9.20% p.a. |
| 700 - 724 | RLLR + 0.25 | 9.55% p.a. |
| 650 - 699 | RLLR + 0.50 | 9.80% p.a. |
| 600 - 649 | RLLR + 0.80 | 10.10% p.a. |
| Below 600 | RLLR + 1.50 | 10.80% p.a. |
| -1 to 05/ New to Credit (NTC) | RLLR - 0.30 | 9% p.a. |
- The concession in applicable interest rate (including 0.05% for women borrowers) and any difference will be applicable for borrowers having CIBIL score of below 725 only, subject to a minimum floor rate (i.e. RLLR - 0.70%).
- No concession/ difference and EMI waiver will be applicable for borrowers having a CIBIL score of 725 or above.
2. Maha Super Flexi Housing Loan Scheme (Term Loan Linked with SB)
| Name | Applicable Rate of Interest |
| Maha Super Flexi Housing Loan Scheme - Term Loan Linked with SB | 0.25% higher than that applicable to Maha Super Housing Loan Scheme |
3. Maha Super Green Building - For Green Building
| Name | Applicable Rate of Interest |
| Maha Super Green Building - For Green Building | 0.10% concession in the applicable Maha Super Housing Loan Scheme interest rate, subject to a minimum floor rate (i.e. RLLR - 0.70%) |
| No additional concession will be applicable in any form. |
Premium
| For loans up to Rs. 100 Lakhs | A premium of 100 bps over & above the applicable interest rate for a normal housing loan based on the CIBIL score |
| For loans above Rs. 100 Lakhs | A premium of 125 bps over & above the applicable interest rate for a normal housing loan based on the CIBIL score |
4. Maha Bank Top Up Loan Scheme for Repair, Renovation & Other Purposes
| Name | Applicable Rate of Interest |
| Maha Bank Top Up Loan Scheme for Repair, Renovation & Other Purposes | 0.20% higher than that applicable for Maha Super Housing Loan Scheme |
Table of Contents: Bank of Maharashtra Home Loan Interest Rates[Hide]
Bank of Maharashtra Home Loan Interest Rates for All Schemes in India
Bank of Maharashtra offers multiple home loan schemes to cater to your housing requirements. The rates of Bank of Maharashtra home loans start at 8.35% p.a. There are various home loan schemes provided by the bank to choose from:
| Bank of Maharashtra Home Loan Schemes | Interest Rates |
| Maha Super Housing Loan Scheme | 8.60% - 10.30% p.a for salaried & 8.80% - 10.80% p.a. for non-salaried |
| Maha Super Flexi Housing Loan Scheme - Term Loan Linked with SB | 8.85% - 10.45% p.a. |
| Maha Super Green Building - For Green Building | 8.60% - 10.20% p.a. |
| Maha Bank Top Up Loan Scheme for Repair, Renovation & Other Purposes | 8.80% - 10.50% p.a. |
Compare Bank of Maharashtra Home Loan Interest Rate with Top Banks
Home Loan is a long-term financial commitment. So, before applying for a Bank of Maharashtra home loan, compare interest rates offered by other top banks.
| Bank/NBFC | Interest Rate | Processing Fee |
| Bank of Maharashtra Home Loan | 8.35% - 8.90% | Nil |
| HDFC Bank Home Loan | 9.40% - 9.95% | Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies |
| SBI Home Loan | 8.50% - 10.05% | 0.35% + GST; 50% waiver from 01.07.2023 to 31.08.2023 |
| ICICI Bank Home Loan | 9.00% - 10.05% | 0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies |
| Axis Bank Home Loan | 8.75% - 9.10% | Up to 1% +GST |
| Kotak Home Loan | 8.70% | 0.50% to 1% + GST |
Bank of Maharashtra Home Loan Rate Trends
Given the current fluctuations in the Indian economy, the Bank of Maharashtra has increased the interest rates on its home loans by 0.20% in July as compared to April 2023. Bank of Maharashtra is one of the most trustworthy home loan lenders in the market to opt for a home loan with rates starting at 8.60% p.a. and concessions for women. Let’s take a look at the past trends of the interest rates of the bank:
| Last Revised Date | Lowest Home Loan Interest Rate of Bank of Maharashtra | Rate Difference |
| 26 Jul, 2023 | 8.60% | ▲0.20% |
| 13 Apr, 2023 | 8.40% | ▼-0.20% |
| 01 Mar, 2023 | 8.60% | ▲0.25% |
| 18 Jan, 2023 | 8.35% | ▲0.35% |
| 14 Dec, 2022 | 8% | ▲0.20% |
| 21 Sep, 2022 | 7.80% | ▲0.50% |
| 10 Aug, 2022 | 7.30% | ▲0.50% |
| 08 Jun, 2022 | 6.80% | ▲0.40% |
| 06 Apr, 2022 | 6.40% | ▼-0.40% |
| 01 Dec, 2021 | 6.80% | ▼-0.05% |
| 20 Oct, 2021 | 6.85% | ▼-0.05% |
| 08 Sep, 2021 | 6.90% | ▼-0.05% |
| 09 Dec, 2020 | 6.95% | ▼-0.10% |
| 19 Nov, 2020 | 7.05% | ▼-0.25% |
| 24 Jun, 2020 | 7.30% | ▼-0.15% |
| 13 May, 2020 | 7.45% | ▼-0.80% |
| 11 Mar, 2020 | 8.25% | ▼-0.15% |
| 06 Jan, 2020 | 8.40% | 0% |
Factors Affecting Bank of Maharashtra Home Loan Interest Rates
The effective rate of interest on your Bank of Maharashtra home loan may get impacted by the following factors:
- Loan amount: The rate of interest varies as per the amount of the loan.
- Type of borrower: Usually women applicants are eligible for a 5 bps rate concession at the Bank of Maharashtra.
- Type of loan: The rate of interest also varies according to the product type chosen by you. For example, interest rates for regular home loans may differ from top-up home loans.
Related Blogs
Bank of Maharashtra Home Loan Interest Rates FAQs
Which is more beneficial to the customer, MCLR or RLLR?
Both MCLR and RLLR are market-determined rates. However, RLLR is a better option for customers because of the immediate benefit that passes on to them. Banks take a while to revise their MCLR. Secondly, the MCLR is a tedious calculation involving various factors. In comparison, RLLR is a straightforward calculation.
Does the Bank of Maharashtra offer concessions to women borrowers?
Yes, the Bank of Maharashtra offers a special concession of 5 bps to women borrowers.
Why do salaried borrowers get concessions in interest rates when compared to self-employed individuals?
The rate of interest on the Bank of Maharashtra home loan depends on the risk factor posed by the borrower. Salaried borrowers are perceived to have a lower risk profile as compared to self-employed individuals.
Does my credit score influence my interest rate?
Bank of Maharashtra offers concessions in the home loan interest rates to borrowers with excellent CIBIL scores. A score of 750 or more can fetch you the best interest rate on your Home Loan.
Does the Bank of Maharashtra permit prepayment or foreclosure of a home loan?
Yes, the Bank of Maharashtra allows prepayment or foreclosure of home loans at any time. There is no prepayment or foreclosure penalty, as well. Reserve Bank of India has clarified that borrowers with a floating rate of interest should not be charged any prepayment or foreclosure penalties.
Does the Bank of Maharashtra offer a fixed rate on home loans?
As of date, there is no fixed rate of interest on home loans by the Bank of Maharashtra. In the past, the past, there was the concept of fixed and floating rates. Even today, many banks have a fixed-rate interest rate structure on Home Loans.
How is a floating rate of interest better than a fixed rate?
The floating rate of interest links to the MCLR or RLLR, both of which are market-linked rates. Therefore, any reduction in the market rates can bring a corresponding decrease in the Home Loan interest rates. It can thus, result in a reduction in your EMI or reduce your loan repayment tenure.
