BANK OF MAHARASHTRA

BANK OF MAHARASHTRA Home Loan

Apply BANK OF MAHARASHTRA Home Loan

About Bank of Maharashtra Home Loan

Home Loans are a gateway to your very own haven. They offer access to the sizeable amount you may not be able to furnish or a major part of the cost of the property that you intend to purchase. The best part about Home Loans is that the borrowed amount can be paid back through a convenient EMI (Equated Monthly Instalments) method and you will be able to buy your dream home without a major impact on your finances. It is best to invest in a Home Loan at a point in time when you are employed, have a stable source of income and are capable of paying off the EMI consistently without impacting your credit score. A good rule of thumb when considering a loan is to ensure that the EMI is not more than 50% of your monthly take-home pay.

Home Loans involve not only the purchase of a home but also the refurbishment of your existing home or apartment. If you are looking to revamp your interiors or do any form of home improvement, then you could use a Home Loan to finance the entire thing.

Headquartered in Pune, the Bank of Maharashtra is one of the largest public sector banks in India. It was registered on 16th September 1935 with a capital of 1 million. Since then, this bank has enabled the creation of several famous industrial houses. It also offers housing loans for construction, house or flat acquisition, an extension of the existing house, repairs and renovation of the existing house.

Bank of Maharashtra Home Loan

Interest rate

8.40%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 762 Per Lakh

Why Opt for Bank of Maharashtra Home Loan?

Here are some reasons to opt for Bank of Maharashtra Home Loan:

  • Home Loans available for a variety of housing-related needs like the purchase/ construction of new or existing house/ flat, purchase of a plot and construction thereon, repairs/ alteration/ renovation/ extension of an existing house/ flat.
  • Housing loan schemes available under Pardhan Mantri Awas Yojana (PMAY)
  • Top Up Loan available for Home Loan borrowers
  • Competitive interest rates

Types of Bank of Maharashtra Home Loans - Features, Benefits, Eligibility

Following are the various types of Home Loans offered by the Bank of Maharashtra with their features, benefits, and eligibility:

Maha Ghar Housing Loan

Purpose

Purchase or construction of a house

Loan amount

Up to 30 Lakhs

Repayment tenure

Up to 360 EMIs, including moratorium of 18 months.

Margin

  • 10% for loan up to 20 Lakhs
  • 15% for loan above 20 Lakhs

Other features

  • Availability of PMAY subsidy up to 2.67 Lakhs.
  • Security required in the form of registered/ equitable mortgage of house/ flat.

Maha Super Housing Loan Scheme

For Construction of/Acquiring a New or Existing House/Flat & Extension of an Existing House/Flat

Purpose

  • For constructing or acquiring a new or existing house/flat, which is not older than 30 years.
  • For extension of an existing house/flat

Loan amount

  • Salaried: 60 times of Gross Monthly Salary or 75 times of Net Monthly Salary, whichever is higher.
  • Others: 5 times of average income of last 2 years based on ITR.

Maximum loan amount:

  • For metro & urban areas: No maximum limit
  • For rural areas: Up to 15 Lakhs
  • For semi-urban areas: Up to 25 Lakhs

Repayment tenure

  • For construction/purchase of a new house/flat: Up to 30 years.
  • For purchase of old house/flat (not older than 30 years): Up to 20 years.
  • For extension of an existing house/flat: Up to 15 years or remaining repayment period of the existing housing loan.
  • In case of salaried employees, the repayment tenure may be extended beyond their retirement up to the maximum age of 75 years if their post-retirement income is enough to meet the EMI liability.
  • For repayment tenure of above 20 years to up to 30 years, an additional interest of 0.25% is to be charged over & above the regular rate of interest applicable for the Housing Loan.

Margin

  • 10% for loan up to 30 Lakhs
  • 20% for loan above 30 Lakhs up to 75 Lakhs.
  • 25% for loan above 75 Lakhs

Eligibility

  • Salaried employees having a permanent job for minimum 1 year in the current organisation of State or Central Government/ Reputed Public or Private Sector Companies.
  • Self-employed professionals and businessman
  • Pensioners (only if they have pension account with Bank of Maharashtra & sufficient disposable income).
  • Farmers holding minimum 5 Acres of irrigated land and sufficient disposable income.
  • Minimum age of the applicant(s) must be 21 years old as on the application date.
  • Maximum age of the applicant(s) must not be above 75 years for salaried employees, 65 years for professional & self-employed (Doctors, Architects, CAs, etc.), and 60 years for others.

Other features

  • It is a Term Loan credit facility
  • Availability of PMAY subsidy up to 2.67 Lakhs.
  • Security required in the form of registered/ equitable mortgage of house/ flat.
For Purchase of Plot and Construction Thereon

Purpose

For purchase of a plot and constructing a house thereon within 3 years.

Loan amount

Salaried: 60 times of Gross Monthly Salary or 75 times of Net Monthly Salary, whichever is higher.

Others: 5 times of average income of last 2 years based on ITR.

Maximum loan amount:

For metro & urban areas: No maximum limit

For rural areas: Up to 15 Lakhs

For semi-urban areas: Up to 25 Lakhs

Repayment tenure

  • Up to 30 years or borrower reaching the age of 75 years, whichever is earlier.
  • In case of salaried employees, the repayment tenure may be extended beyond their retirement up to the maximum age of 75 years if their post-retirement income is enough to meet the EMI liability.
  • For repayment tenure of above 20 years to up to 30 years, an additional interest of 0.25% is to be charged over & above the regular rate of interest applicable for the Housing Loan.
  • Loan repayment will start one month after purchasing the land.

Margin

  • 10% for loan up to 30 Lakhs
  • 20% for loan above 30 Lakhs up to 75 Lakhs.
  • 25% for loan above 75 Lakhs

Eligibility

  • Salaried employees having a permanent job for minimum 1 year in the current organisation of State or Central Government/ Reputed Public or Private Sector Companies.
  • Self-employed professionals and businessman
  • Pensioners (only if they have pension account with Bank of Maharashtra & sufficient disposable income).
  • Farmers holding minimum 5 Acres of irrigated land and sufficient disposable income.
  • Minimum age of the applicant(s) must be 21 years old as on the application date.
  • Maximum age of the applicant(s) must not be above 75 years for salaried employees, 65 years for professional & self-employed (Doctors, Architects, CAs, etc.), and 60 years for others.

Other features

  • It is a Term Loan credit facility
  • Availability of PMAY subsidy up to 2.67 Lakhs.
  • Security required in the form of registered/ equitable mortgage of the plot & house construction thereon.
For Repairs/Renovation/Alteration of an Existing House/Flat for New Standalone Borrowers

Purpose

For repair/renovation/alteration of an existing house or flat for new standalone borrowers for an unencumbered house property.

Loan amount

  • 100% of the original cost of repairs/renovations/alterations OR maximum amount: Up to 25% of the realisable value of the property as per the latest valuation report not older than three months, whichever is lower.
  • The income of son/daughter/brother/sister, along with the spouse can also be taken for deciding the loan quantum and repayment capacity. In this case, the property should be in the name of all members or their guarantee is obtained.
  • In case of proprietary concerns, professionals, and self-employed, total income also means Cash Accruals.

Repayment tenure

  • Up to 20 Years
  • No moratorium period allowed

Margin

Nil

Eligibility

  • Salaried employees having a permanent job for minimum 1 year in the current organisation of State or Central Government/ Reputed Public or Private Sector Companies.
  • Self-employed professionals and businessman
  • Pensioners (only if they have pension account with Bank of Maharashtra & sufficient disposable income).
  • Farmers holding minimum 5 Acres of irrigated land and sufficient disposable income.
  • Minimum age of the applicant(s) must be 21 years old as on the application date.
  • Maximum age of the applicant(s) must not be above 75 years for salaried employees, 65 years for professional & self-employed (Doctors, Architects, CAs, etc.), and 60 years for others.
  • For Salaried: Last year's income should be minimum 3 Lakhs. ITR/Form 16 from the Employer for minimum past 2 years is mandatory.
  • For Businessmen/Professionals: Last year's income should be minimum 3 Lakhs. ITR/Form 16 for minimum past 2 years with supporting documents are mandatory.
  • For persons engaged in agriculture and allied activities: Minimum ascertainable income should be 3 Lakhs.

Other features

  • It is a Term Loan credit facility
  • Availability of PMAY subsidy up to 2.67 Lakhs.
  • Security required in the form of registered/ equitable mortgage of housing property.

Maha Combo Loan Scheme

Purpose

With this combo loan scheme, you can get Housing Loan for construction or acquiring a new or existing house/flat & extension of the existing house/flat and Car Loan to purchase a new four wheeler (Car, SUV, Jeep, etc.) for personal use.

Loan amount

  • Minimum housing loan amount: 15 Lakhs
  • Maximum housing loan amount:
  • For salaried: 60 times of applicant's gross monthly salary or 75 times of net monthly salary, whichever is higher.
  • For businessman and professional: 5 times of average income last 2 years based on ITR.
  • Maximum car loan amount:
  • Salaried: Up to 24 times of borrower's net monthly salary on the basis of their last salary drawn.

Others: Up to 2 times of average annual income based on borrower's 2 years ITR or 2 times of their gross taxable income as per the last ITR, whichever is lower.

Repayment tenure

  • Up to 30 years for housing loan
  • Up to 84 months for car loan

Margin

  • Car loan: Minimum 10%
  • Housing loan:
  • For loan up to 20 Lakhs: 15%
  • For loan above 20 Lakhs up to 75 Lakhs: 20%. 
  • For loan above 75 Lakhs: 25%

Eligibility

  • Permanent employees of central/ state government, PSUs, reputed companies.
  • Businessmen and professionals
  • Minimum one year of confirmed service is required in the current organisation.
  • Applicants must have a minimum annual income of 4 Lakhs (for the last year).
  • Minimum age of the applicant must be 21 years on the application date and maximum 60 years.
  • Age of the applicant should not exceed 75 years at loan maturity.
  • The applicant must have sufficient disposable income.

Pardhan Mantri Awas Yojana

Purpose

Making housing loan more affordable for  borrowers by providing subsidy on interest payment for acquisition/new construction, repurchase, and addition of rooms/kitchen/toilet, etc. to your existing dwellings.

Category of borrowers and features

EWS:

  • Loan tenure: Maximum 20 years
  • Carpet area for dwelling unit: Up to 90 sq mtrs.
  • Maximum subsidy available: 2,35,068
  • Interest rate subsidy available: 4%
  • Eligible loan amount for subsidy: 9 Lakhs.
  • Eligible household income: Above 6 Lakhs and up to 12 Lakhs.
  • MIG-I:
  • Loan tenure: Maximum 20 years
  • Carpet area for dwelling unit: Up to 60 sq mtrs.
  • Maximum subsidy available: 2,67,280
  • Interest rate subsidy available: 6.50%
  • Eligible loan amount for subsidy: 6 Lakhs.
  • Eligible household income: Above 3 Lakhs and up to 6 Lakhs.
  • LIG:
  • Eligible household income: Up to 3 Lakhs.
  • Eligible loan amount for subsidy: 6 Lakhs.
  • Interest rate subsidy available: 6.50%
  • Maximum subsidy available: 2,67,280
  • Carpet area for dwelling unit: Up to 30 sq mtrs.
  • Loan tenure: Maximum 20 years
  • MIG-II:
  • Eligible household income: Above 12 Lakhs and up to 18 Lakhs.
  • Eligible loan amount for subsidy: 12 Lakhs.
  • Interest rate subsidy available: 3%
  • Maximum subsidy available: 2,30,156
  • Carpet area for dwelling unit: Up to 110 sq mtrs.
  • Loan tenure: Maximum 20 years

Top Up Loan for Home Loan Borrowers

For Repair/ Furnishing/ Renovation/ Extension

Purpose

  • This Home Loan Top-up scheme is for existing housing loan borrowers of the Bank of Maharashtra.
  • For takeover of existing home loan from other banks and additional Top-up Loan facility for repair/furnishing/renovation of the house.

Loan amount

  • For existing Home Loan borrowers: 100% of the estimated cost of furnishing/ repair/ renovation of house OR overall Loan to Value (LTV) up to 75%, whichever is lower.
  • For Home Loan takeover with additional Top-up Loan facility:
  • Takeover of the outstanding housing loan as per the lending policy of the bank.
  • Additional Top-up Loan: Up to overall LTV of 75%, based on the recent valuation report not older than three months OR 100% of the estimated cost of repair/ extension/ furnishing/ renovation of the house, whichever is lower.

Repayment tenure

  • Up to 15 years or remaining tenure of the original housing loan against which Top-up Loan is given, whichever is earlier.
  • Old Home Loan borrower (regular & standard only) who have completely repaid their existing housing loan: Up to 180 months (subject to borrower turning 75 years at loan maturity).

Margin

Nil

Eligibility

  • Existing/Takeover Home Loan borrowers (without deviation/ restructuring/ rephasement) with at least 18 months standing where repayment starts w.e.f next month of disbursement & the in standard category.
  • Existing/Takeover Home Loan borrowers (without deviation/ restructuring/ rephasement) with at least 24 months standing including moratorium of 18 months & in the standard category.
  • Old Home Loan borrowers (regular & standard only) of the Bank of Maharashtra who have completely repaid their existing housing loan, for maximum repayment tenure of 180 months.
  • There is no maximum age limit for Top-up Loan borrowers, provided that the tenure of the loan is not beyond the maturity date of Housing loan, against which the top-up facility is given.

Other features

  • It is a Term Loan credit facility
  • Security required in the form of additional mortgage charge on existing property mortgaged to the bank.
  • In case of takeover facility, additional mortgage of house property is required as security.
For Other Purposes

Purpose

  • This Home Loan Top-up scheme is for general purposes for existing housing loan borrower of the Bank of Maharasthra.
  • Takeover of Home Loan with additional Top-up Loan facility for general purpose
  • General purposes include the personal expenditure of various needs like medical treatment, the marriage of children, children's education, purchase of a vehicle or hi-tech gadgets, etc.

Loan amount

  • For existing Home Loan borrowers: 25% of the property's realised value based on a recent valuation report of not older than 3 months OR overall LTV up to 75%, whichever is lower.
  • For Home Loan takeover with additional Top-up Loan facility:
  • Takeover of the outstanding housing loan as per the lending policy of the bank.
  • Additional Top-up Loan: Up to overall LTV of 75%, based on the recent valuation report not older than three months.

Repayment tenure

  • For existing Home Loan borrowers: Up to 1o years or remaining tenure of the original housing loan against which Top-up Loan is given, whichever is earlier.
  • For old (repaid & closed) Home Loan borrower (regular & standard only): Up to 180 months (subject to borrower turning 75 years at loan maturity).

Margin

Nil

Eligibility

  • Existing/ Takeover Home Loan borrowers with at least 18 months standing where repayment starts w.e.f next month of disbursement & the in standard category.
  • Existing/ Takeover Home Loan borrowers with at least 24 months standing including moratorium of 18 months & in the standard category.
  • Old Home Loan borrowers (regular & standard only) of the Bank of Maharashtra who have completely repaid their existing housing loan.
  • There is no maximum age limit for Top-up Loan borrowers, provided that the tenure of the loan is not beyond the maturity date of Housing loan, against which the top-up facility is given.

Other features

  • It is a Term Loan credit facility
  • Security required in the form of additional mortgage charge on existing property mortgaged to the bank.
  • In case of takeover facility, additional mortgage of house property is required as security.

Bank of Maharashtra Home Loan Interest Rates

Bank of Maharashtra offers Home Loans at attractive interest rates that are linked to its 1-year Marginal Cost of Funds Based Lending Rates (MCLR).

1-year MCLR of the bank is 8.50% with effect from 07.09.2019. Following are the interest rates based on 8.50% MCLR:

Maha Super Housing Loan - For Construction/ Acquiring of a New/ Existing House or Flat and Extension of Existing House or Flat

Loan Amount

CIBIL Score

Rate of Interest

Up to 1 Crore

750 and above

1-year MCLR = 8.50%

600 to 749

1-year MCLR + 0.10% = 8.60%

-1 or 0

1-year MCLR + 0.05% = 8.55%

Above 1 Crore

750 and above:

1-year MCLR + 0.10% = 8.60%

600 to 749

1-year MCLR + 0.20% = 8.70%

-1 or 0

1-year MCLR + 0.15% = 8.65%

Maha Super Housing Loan scheme - For Purchase of Plot & Construction of House Thereon

Up to 1 Crore

750 and above

1-year MCLR = 8.50%

 

600 to 749

1-year MCLR + 0.10% = 8.60%

 

-1 or 0

1-year MCLR + 0.05% = 8.55%

Above 1 Crore

750 and above:

1-year MCLR + 0.10% = 8.60%

 

600 to 749

1-year MCLR + 0.20% = 8.70%

 

-1 or 0

1-year MCLR + 0.15% = 8.65%

  • If deductions are to be considered over and above 60% of gross income, then an additional spread of 0.25% will be charged over & above the regular rate of interest applicable for the Housing Loan.
  • If house construction is not completed in 2 years, an additional rate of interest 2% will be charged above the normal rate of interest, i.e., for loan up to 1 Crore - 1-year MCLR + 2% and for loans above 1 Crore - 1-year MCLR + 0.10% + 2%.
  • If prepayment is done within 2 years, a prepayment penalty of 1% of outstanding balance should be charged/ recovered at the time of closure.
For repairs/ alteration/ renovation of an existing house or flat for new standalone borrowers

Up to 1 Crore

1 Year MCLR + 1.25% = 9.75%

Above 1 Crore

1 Year MCLR + 1.75% = 10.25%

Maha Bank Top-up Loan Scheme

For renovation/ repair/ furnishing/ extension of house

Deduction - Up to 60% of Gross Income

1 Year MCLR = 8.50%

Deduction - More than 60% of Gross Income

1 Year MCLR + 0.25% = 8.75%

For other purposes

Deduction - Up to 60% of Gross Income

1 Year MCLR + 1% = 9.50%

Deduction - More than 60% of Gross Income

1 Year MCLR + 1.25% = 9.75%

Documents Required for Bank of Maharashtra Home Loan

The following documents are required when you apply for a Bank of Maharashtra Home Loan:

Common Documents for All Applicants:

  • Duly completed & signed loan application form
  • 2 passport-sized photographs
  • Identity proof (any one): Passport, Aadhaar Card, PAN Card, Driving License, Election ID Card, Photo ID Card issued by the current employer.
  • Address proof (any one): Passport, Aadhaar Card, Driving License, Election ID Card, Electricity Bill, Telephone (Landline) Bill.
  • Guarantor forms with the proof of net worth/ income (if applicable)
  • Guarantor's ITR with KYC documents (identity and residence proof)
  • Property documents

Additional Documents for Salaried Applicants:

  • Salary slips of the last 3 months (original/certified copy)
  • Copy of ITR for the last 2 years which is duly acknowledged by IT Department/ IT Assessment Orders OR Form 16
  • An undertaking from the current employer for remitting monthly instalment (if feasible)
  • Statements of Salary Bank Account for the last 6 months (if the account is with another bank)

Additional Documents for Non-salaried Class/ Businessmen/ Professionals:

  • Last 2 years ITR along with Computation of Income, Balance Sheet, P&L Account, Audit Report, etc.
  • Company Registration License
  • Shop Establishment Act
  • Any Tax Registration copy
  • Last 1 year's Bank Statement

Additional Documents for NRI Applicants:

  • Employment Contract's copy (in English or translated in English)
  • Identity Card's copy issued by the current employer
  • Continuous Discharge Certificate (CDC), if applicable
  • Copy of Visa stamped on the Passport
  • Copy of latest Work Permit
  • Passbook/Statement of NRE Bank Account
  • Statement of Overseas Bank Account for the last 6 months wherein salary is credited
  • Income Statement/ Salary Certificate duly attested by Bank of Maharasthra's foreign office

Additional Documents for PIO Applicants:

  • PIO Card's photocopy or any of the noted documents:
  • Current Passport showing birth place in India or abroad
  • Indian Passport, if held earlier
  • Passport of parents or grandparents which proves the applicant's PIO status

In Case of Takeover

  • Statement of the loan outstanding as on date
  • Last 12 months loan account statement
  • Documents acknowledgement receipt by the bank

Why Apply for Bank of Maharashtra Home Loan on MyMoneyMantra?

The Bank of Maharashtra gives prospective homeowners a convenient means to file for loans through MyMoneyMantra. When you borrow a loan from through MyMoneyMnatra, loan approvals are almost instantaneous thanks to the e-filing procedure. The disbursals come through in a matter of days.

These loans ensure that getting money for that dream home quickly is a breeze and applicants gain a unique advantage with the speediness of the MyMoneyMantra portal. At times, funds can be difficult to acquire, especially in large quantities suited to a Home Loan, and this is where the advantage of MyMoneyMantra's online platform lies, to gain instant financial assistance.

At MyMoneyMantra, we are committed to making the process of taking a Home Loan convenient and hassle-free. Not only do we guide you in choosing the scheme best suited for your requirements, but we also assist with the entire application process. Our team helps you with complete documentation, collection of kits from the borrower's home and depositing them with the bank. We also handhold you through the approval and disbursement processes.

How to Apply for Bank of Maharashtra Home Loan on MyMoneyMantra?

Here are the steps to follow on our website:

  • Choose your gender and proceed
  • Choose your city of residence
  • Opt for the purpose of the loan, e., purchase of residential ready property, residential plot, residential plot + construction, residential under construction or home extension loan. Each of these loans has a separate procedure.
  • Choose the city where you intend to purchase the property
  • Enter the approximate market value of the property
  • Choose your employment type
  • Enter your annual income
  • Enter the required loan amount
  • Enter a few personal details
  • Enter your email address and phone number
  • Accept the conditions and proceed further
  • We will send an OTP to your mobile number
  • Enter the OTP

Post this, our representative will get in touch with you or a representative from the selected bank will reach out and guide you through the document collection and remaining procedure.

Other Products by Bank of Maharashtra Home Loan

There are other products too that are offered by the Bank of Maharasthra apart from Housing Loans:

Maha Super Car Loan Scheme

Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers

Mahabank Personal Loan Scheme

Consumer Loan Scheme

Maha Gold Loan Scheme (Loan against Gold Ornaments)

Education Loan Scheme

Salary Gain Scheme

Scheme for Solar Lighting Systems

Skill Loan Scheme

Scheme for Solar Water Heating Systems

Loan against Self Occupied Property for Personal needs

Loan Scheme for Entrepreneurs

Loan Scheme for Exporters

Loan Scheme for Individuals

MSME Credit + Scheme

Scheme for construction of farmhouse to Agriculturists

Mahabank Kisan Credit Card (MKCC)

Mahabank Gold Loan Scheme - Agriculture

Mahabank Kisan All Purpose Term Loan

Scheme for financing farmers for Purchase of Vehicles (Four Wheelers)

Scheme for financing farmers for Purchase of Vehicles (Two / Three Wheelers)

Scheme for Financing Farmers for Purchase of Land by Small & Marginal Farmers

Scheme for Financing against Warehouse Receipts to farmers

Horticulture / Plantation Activities

Financing For Setting Up of Agri-Clinics and Agri-Business Centers for Agriculture Graduates

Farm Mechanization

Animal Husbandry

Minor Irrigation

Hi-tech Projects

Maha MSME Project Loan Scheme

Pradhan Mantri Mudra Yojana

Maha MSME Cash Credit Scheme

Maha MSME Machinery/Equipment Scheme

Maha MSE Collateral Free Cash Credit Scheme

Maha MSE Collateral Free Term Loan Scheme

Mahabank Loan Scheme For Doctors, Chartered Accountants, Engineers & Architect

Mahabank Vehicle Loan Scheme For Small Road Trasport Operator

Mahabank GST Credit Scheme

Maha Doc+ Loan Scheme

Loan Against Property

Saving Deposit

Term Deposit

Current Deposit

Capital Gain Account Scheme

Digital Banking

How to Calculate Bank of Maharashtra Home Loan EMI?

The Bank of Maharashtra Home Loan EMI amount can be calculated with the convenient and easy-to-use MyMoneyMantra EMI Calculator. This EMI Calculator lets users set parameters, including amounts covering the actual loan amount, tenure, and interest rates. The output tells borrowers how much their monthly EMI amount will come to and lets them play around with numbers even to decide a budget.

Bank of Maharashtra Home Loan - Processing Fees and Other Charges

Home Loans from the Bank of Maharashtra include the following charges and fees:

Maha Ghar Housing Loan

Processing fee

Exceeding the PMAY subsidised loan amount will attract a processing fee of 50 % of the normal charges on a pro-rata basis (minimum 2,000).

Maha Super Housing Loan Scheme - For Construction of/Acquiring a New or Existing House/Flat & Extension of an Existing House/Flat

Processing fee

0.25% of the loan amount, maximum 25,000

One-time processing fee for conversion of an old Housing Loan scheme to "Maha Super Scheme" along with residual repayment period

  • Up to loan outstanding balance of 25 Lakhs: 0.60% of the outstanding balance.
  • Above loan outstanding balance of 25 Lakhs: 1% of the outstanding balance.
  • Loan sanctioned under teaser loan: 1% of the outstanding balance.

Documentation charges

0.10% of the loan amount, maximum 10,000

Prepayment charges

Nil for floating rate loan

Maha Super Housing Loan Scheme - For Repairs/Renovation/Alteration of an Existing House/Flat for New Standalone Borrowers

Processing fee

0.25% of the loan amount, maximum 25,000

Documentation charges

0.10% of the loan amount, maximum 10,000

Prepayment charges

  • Foreclosure is not allowed within 1 year
  • After 1 year: 0.50% of the outstanding loan amount.
Maha Super Housing Loan Scheme - For Purchase of Plot and Construction Thereon

Processing fee

0.25% of the loan amount, maximum 25,000

One-time processing fee for conversion of an old Housing Loan scheme to "Maha Super Scheme" along with residual repayment period

  • Up to loan outstanding balance of 25 Lakhs: 0.60% of the outstanding balance.
  • Above loan outstanding balance of 25 Lakhs: 1% of the outstanding balance.
  • Loan sanctioned under teaser loan: 1% of he outstanding balance.

*50% concession on one-time processing fee is available for residual tenure less than 3 years.

Documentation charges

0.10% of the loan amount, maximum 10,000

Prepayment charges

Nil for floating rate loan

Fee for the conversion of existing Maha Super Housing Loan scheme from Base Rate to MCLR

1,000 convenience fee for conversion of existing Maha super Housing Loan from Base rate or BPLR to MCLR.

Maha Combo Loan Scheme

Processing fee

  • 0.15% of the loan amount, maximum of 25,000 for Combo Loan.
  • Nil for women borrower
Top Up Loan for Home Loan Borrowers - For Repair/ Furnishing/ Renovation/ Extension

Processing fee

As applicable

Documentation charges

0.10% of the loan amount, a maximum of 10,000

Prepayment charges

  • 0.50% of the outstanding top-up amount
  • Foreclosure not allowed before completion of 1 year.
Top Up Loan for Home Loan Borrowers - For Other Purposes

Processing fee

As applicable

Documentation charges

0.10% of the loan amount, maximum 10,000

Prepayment charges

  • 0.50% of the outstanding top-up amount
  • Foreclosure not allowed before completion of 1 year.

Bank of Maharashtra Home Loan - Customer Care

You can contact Bank of Maharashtra Customer Care at the following Toll-Free numbers:

1800 233 4526

1800 102 2636

Central Office, 'Lokmangal', 1501, Shivajinagar Pune - 411005

Tel.: 020 - 25532731, 733, 734, 735, 736.

FAQs

Who can become a guarantor to a loan?

Any person, known to the bank and having creditworthiness to repay the loan of the borrower in case the borrower becomes a defaulter, can become a guarantor.

Is it necessary that guarantor should be the account holder of Bank of Maharashtra?

No, but guarantor should be known to the bank and be capable of repaying the dues of the bank if the borrower becomes a defaulter.

What is margin money?

It is the contribution by the borrower towards the cost of the project for which loan is applied for.

What is a clean loan?

It is a loan where no primary or secondary security is taken by the bank. However, the bank can insist on a guarantor for the loan.

Why is insurance of house required in case of housing loan?

It helps in recovery of bank dues, in case of untoward incidence and reduces the liability of the borrower to a certain extent.

Is housing loan available for the purchase of land?

Only for purchase of land, it cannot be availed. However, the purchase of land is allowed along with the construction of a house within 2 years, which is mandatory. It is a composite loan for land & construction of the house.

Latest News Snippets

Bank of Maharashtra celebrates 84th foundation day

Hyderabad: Bank of Maharashtra celebrated its 84th foundation day on September 16 by inviting customers, well-wishers and business partners like LIC, Aviva life and Reliance Nippon Insurance Co, etc. Anirudh Gupta MD of DEC Infratech was invited as chief guest to the foundation day celebrations. Around 120 customers and staff members attended the same and made the function a grand success.

Bank of Maharashtra Recruitment 2018 for 59 Specialist Officers And CA

Bank of Maharashtra has opened vacancies for the posts of Specialist Officer and Accountants. Here's your chance to grab the government job and enjoy an attractive salary with benefits. The application process is online and now open through the official website. Selected candidates will be appointed on a minimum service period of two years. The service period will be based on a bond and candidates will be on probation for that duration.

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval