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Bank of Maharashtra Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest8.30% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 755 Per Lakh
Processing feeNIL
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

The strategic location makes the Bank of Maharashtra one of the pronounced banks of the Indian subcontinent. Founded in 1935, the Bank of Maharashtra has a nearly a century-old existence. Its diversified product line-up backed by superior customer-care support has made it a leading banking partner. Bank of Maharashtra’s Maha Super Housing Loan Scheme is well touted for its affordable rate of interest starting @ 8.30% p.a. onwards with unmatched features and benefits.  

Also Read - 7 Best Home Loans for Pensioners

Features and Benefits of Bank of Maharashtra Home Loans

Maharashtra bank home loan offers a range of benefits. The most prominent and attractive features and benefits of Bank of Maharashtra Home Loans include:

  • A longer repayment term of up to 30 years or up to age 75 years
  • Low processing fee of 0.25% of the loan amount, subject to a maximum of Rs. 25,000.
  • Low documentation charges of 0.10% of the loan amount, subject to a maximum of Rs. 10,000.
  • High Loan-to-Value ratio of up to 90%.
  • Bank of Maharashtra home loan interest rate starts @ 8.30% p.a.
  • Easy eligibility conditions for salaried and self-employed individuals.
  • 0.05% interest rate concession for women and defense personnel. 
  • No prepayment charges
  • Waiver of last two EMIs upon regular repayment of the loan.
  • Maha Super Housing Loan Scheme catering to all aspects of home loans like for purchase, renovation, repair, and construction of the property.
  • Affordable housing loans are available under the PMAY scheme.
  • Co-applicants to increase loan eligibility.
  • PMAY interest subsidy up to Rs. 2.67 lakhs.
  • Concession in car loan interest rates when applying under Maha Combo Loan Scheme. 

Also Read - 10 Best Home Loan Interest Rates

Bank of Maharashtra Home Loan Interest Rates 

Bank of Maharashtra home loan interest rate is linked to REPO Rate. The current home loan interest rates start at 6.80% p.a. The table below lists the applicable home loan rates.

Home loan interest rates for Maha Super Housing Loan Scheme for Purchase of Plot & construction are as under:

Home loanCIBIL ScoreSalaried (ROI)Self-employed (ROI)
Up to Rs. 30 Lakh800 & above8.30%8.55%
750-7998.40%8.65%
700-7498.70%8.75%
600-6499.00%9.10%
Below 6009.50%9.85%
-1 to 058.90%9.15%
Above Rs. 30 Lakh800 and above8.30%8.55%
750-7998.40%8.65%
700-7498.70%8.85%
600-6499.05%9.20%
Below 6009.70%10.20%
-1 to 059.05%9.50%

Home loan interest rates for Maha Super Housing Loan Scheme for repairs/renovation are as under:

Home loanCIBIL ScoreSalaried (ROI)Self-employed (ROI)
Up to Rs. 30 Lakh750 and above9.20%9.45%
700-7499.20%9.55%
650-6999.45%9.70%
600-6499.55%9.80%
Below 6009.95%10.20%
-1 to 059.45%9.70%
Above Rs. 30 Lakh up to Rs. 75 lakh750 and above9.20%9.55%
700-7499.20%9.60%
650-6999.45%9.80%
600-6499.55%9.85%
Below 6009.95%10.20%
-1 to 059.45%9.80%
Above Rs. 75 lakh750 and above9.45%9.65%
700-7499.45%9.70%
650-6999.55%9.90%
600-6499.70%9.95%
Below 60010.20%10.45%
-1 to 059.55%9.95%

Also Check - HDFC Home Loan Interest Rates

Types of Home Loans Offered by Bank of Maharashtra

Keeping in mind the unique requirements of home loan borrowers, Bank of Maharashtra home loan is offered under various categories. Home loan seekers can customize the home loan schemes to suit their needs. The various options available are:

  • Maha Super Housing Loan Scheme for repairs/renovation – Salaried and self-employed individuals are eligible to avail of home loans for repair and renovation of previously owned property. Up to 100% of the actual cost of repairs and renovation can be availed as a home loan under the scheme, subject to an upper limit of up to 25% of the marketable value of the property.
  • Maha Super Housing Loan Scheme for Purchase of Plot & construction – The scheme allows home loans to purchase land and for construction thereon. Salaried individuals can avail up to 60 times Gross salary or 75 times Net salary whichever is higher. Self-employed people can apply online for a home loan from Maharashtra Bank up to 5 times the last 2 years’ average income as mentioned in the IT returns.
  • Top-Up Loan - Existing customers who have successfully repaid home loan EMIs for at least 18 months can apply for a Maharashtra Bank home loan Top-Up. Home loan Top-Up has to be repaid within a maximum of 15 years.
  • Maha Ghar Housing Loan – Matching the benefits of Pradhan Mantri Awas Yojana (PMAY), the Maha Ghar Housing Loan by Maharashtra Bank offers interest subsidy up to Rs. 2.67 lakh for affordable housing. 
  • Maha Combo Loan Scheme – The scheme is available to borrowers who wish to avail of home and car loans together. Permanent employees of Centre or State government, PSU, or reputed companies are eligible for this loan. The applicant's minimum annual income must be Rs. 4 lakh.

Also Read - Home Loan Tax Benefits

Bank of Maharashtra Home Loan EMI Calculator

Bank of Maharashtra Home Loan EMI Calculator is an easy way to calculate the EMI on the desired loan amount. The table below lists the Bank of Maharashtra home loan EMIs for different loan amounts and loan durations. Maharashtra bank home loan interest rate is taken as 8.30% p.a. for salaried individuals and at 8.55% p.a. for self-employed individuals.

Loan AmountROI for SalariedPayable EMI
20 years25 years30 years
Rs. 25 Lakh Home loan EMI8.30% p.a.Rs. 21,380Rs. 19,795Rs. 18,870
Rs. 50 Lakh Home loan EMI8.30% p.a.Rs. 42,760Rs. 39,590Rs. 37,739
Rs. 75 Lakh Home loan EMI8.30% p.a.Rs. 64,141Rs. 59,385Rs. 56,609
Loan AmountROI for Self-EmployedPayable EMI
20 years25 years30 years
Rs. 25 Lakh Home loan EMI8.55% p.a.Rs. 21,775Rs. 20,215Rs. 19,311
Rs. 50 Lakh Home loan EMI8.55% p.a.Rs. 43,550Rs. 40,430Rs. 38,623
Rs. 75 Lakh Home loan EMI8.55% p.a.Rs. 65,324Rs. 60,645Rs. 57,934

Also Read - 10 Best Home Loan Interest Rates

Bank of Maharashtra Home Loan Eligibility

Bank of Maharashtra home loan can be availed by both salaried and self-employed individuals. 

 The eligibility conditions to avail a Maharashtra Bank home loan are

  • Salaried individuals must be employed with the same employer for at least 2 years.
  • Salaried employees must be in the current role for at least 2 years.
  • Self-employed professionals must be practicing their profession for at least 2 years
  • Self-employed non-professionals must be working for at least 2 years.
  • Self contribution of up to 10% of the property value.
  • Indian citizen.
  • The applicant must age more than 21years.
  • The borrower's maximum age at the time of loan maturity cannot exceed 75 years.

Also Check - HDFC Bank Home Loan Eligibility

Documents Required for Bank of Maharashtra Home Loan

When applying for a Maharashtra Bank home loan, the applicant is required to submit the following documents.

PAN Card
Duly filled in and signed application form along with passport sized colored photographs
KYC Documents (Any One)
  • Aadhaar Card
  • Driving License
  •  Passport
  •  Voter ID Card
  • Bank Passbook with photo
  •  Photo Credit Card
  •  Any other Photo ID as accepted by the company
Income Documents (All)Salaried Individuals
  • Salary slip of  last 3 months
  •  Last six months bank statement showing salary is credited
  •  Form-16 and Income Tax Returns (ITR) of two years
Self-Employed Individuals
  •  ITR and financial statements edited and certified by a CA.
  • Bank statement of the past 12 months
  • Latest partnership deed in case it is a Partnership firm
  • Latest Memorandum and Articles of Association in case of Company
  •  LLP Agreement in case it is a Limited Liability Partnership
Property DocumentsTitle documents of the property against which home loan is sought

Also Check - HDFC Home Loan Documents Required 

Bank of Maharashtra Home Loan - Processing Fees and Other Charges

The fee and other charges applicable on a Maharashtra Bank Home Loan are:

Charge HeadCharge Amount
Loan Processing Fee

0.25% of the loan amount, subject to a maximum of Rs. 25,000.

 

Documentation Charges

0.10% of the loan amount, subject to a maximum of Rs. 10,000.

 

Loan Processing Fee for Top-Up Loan0.50% of the loan amount
Documentation Charges for Top-Up Loan0.10% of the loan amount, subject to a maximum of Rs. 10,000

Also Read - Home Loan Processing Fees of All Banks/NBFC

How to Apply for Bank of Maharashtra Home Loan

Home loan seekers can apply for a home loan online through MyMoneyMantra.com. The Maharashtra Bank home loan application process is simple and hassle-free and involves the following steps: 

  • Visit the official of MyMoneyMantra
  • Scroll down to the Home Loan link on the Home Page.
  • Provide the required information to fill up the inquiry form.
  • Click the ‘Proceed’ button to submit the loan request form. 

A home loan representative from MyMoneyMantra will contact you on the provided contact number to process your Maharashtra Bank home loan request further.

Also Read - Tax Benefit on Second Home Loan

Apply for Home Loan Online @ Rs. 727/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 7.90% p.a. Pay EMI of just Rs. 727 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

Bank of Maharashtra Home Loan FAQs

✅Is insurance for the house required in case of a home loan?

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Buying home insurance from the home loan lender is not mandatory or compulsory under the RBI or IRDA guidelines. However, it is a good idea for every homeowner to take home insurance.

✅Can I avail a housing loan to purchase a plot?

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Yes, a housing loan can be availed for the purchase of a piece of land. Construction thereon can follow within the stipulated time. Maha Super Housing Loan Scheme for Purchase of Plot & construction is one such scheme offered by the Bank of Maharashtra.

✅Is the cost of stamp duty considered for a home loan?

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The stamp duty is an out-of-pocket expenditure for home loan seekers. It is over and above the value of the property and paid to the government at the time of change in ownership. On the other hand, a home loan is assessed based on the loan-to-value ratio which is the market value of the property sans the stamp duty.

✅Who is eligible for a Bank of Maharashtra home loan?

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Both salaried and self-employed individuals are eligible for a home loan from the Bank of Maharashtra.  The applicant must be in current role for at least 2 years. The applicant must be at least 21 years of age with a regular monthly income and a good credit score.

✅What is the Bank of Maharashtra home loan rate today?

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As of 12 Oct 2022 the Bank of Maharashtra home loan interest rate is 8.30% p.a. The bank allows a further concession of 0.05% in the interest rate to women and defense personnel.

✅Does the Bank of Maharashtra offer a concessional home loan interest rate for women?

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Yes, the Bank of Maharashtra offers a concessional home loan interest rate for women applicants. As of 12 Oct 2022 the Bank of Maharashtra home loan interest rate applicable to women applicants is 8.30% p.a.