Bank of Maharashtra Home Loan


Bank of Maharashtra provides home loans at an interest rate of 8.35% per annum for loan tenures of up to 30 years. Additionally, the bank offers the benefit of waiving off the last three EMIs on regular repayment of home loans. Furthermore, women applicants and defense personnel are eligible for a concession of 0.05% in home loan interest rates. The bank also extends the facility of home loan balance transfer and waives off processing fees for home loans transferred by government and PSU employees.

Bank of Maharashtra Home Loan Highlights
Interest Rate 8.35% - 11.15% p.a.
Loan Amount (LTV Ratio) Up to 90% of the property value
Loan Tenure Up to 30 years
Processing Charges NIL

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by Bank of Maharashtra
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

Bank of Maharashtra Home Loan Interest Rates

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:

Types of Bank of Maharashtra Home Loan

Maha Bank Top-up Loan (for other purposes)

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

Maha Super Flexi Housing Loan

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

Maha Super Housing Loan (for Plot Purchase Loan and Construction thereon)

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-

Up to Rs 30 lakh Up to 90%
Above Rs 30 lakh Up to 80%

Maha Super Housing Loan (for purchase/construction of new house/flat, extension of existing house/flat)

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:

Up to Rs 30 lakh Up to 90%
Above Rs 30 lakh and up to Rs 75 lakh Up to 80%
Above Rs 75 lakh Up to 75%

Tenure: Up to 30 years or 75 years of age

Maha Super Housing Loan (for Repair/renovation/alteration of existing house or flat

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

Maha Bank Top-up Loan (for repair/renovation/extension/ furnishing)

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

Bank of Maharashtra Housing Loan Fees and Charges

Home Loan Schemes Processing Charges
Housing Loan NIL
Maha Bank Top-up Loan 0.50% of loan amount

Also read: Best Home Loan Fees and Charges

Bank of Maharashtra Home Loan Eligibility Criteria

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

Documents Required for Bank of Maharashtra Home Loan

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

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.