Bank of Maharashtra Home Loan

Bank of Maharashtra
4.5

A variety of Bank of Maharashtra home loan options is offered to meet the individual demands of its clients. Customers can evaluate their eligibility for a Bank of Maharashtra home loan based on age, income, and credit score variables. The bank's simple documentation requirements make it simpler for consumers to finish their applications. Bank of Maharashtra provides various home loan solutions to satisfy the varied demands of consumers, all with flexible repayment options and low-interest rates.

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Bank of Maharashtra

Bank of Maharashtra Home Loan

  • Interest Rate

    8.5%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,052

  • Processing Fees

    1% of loan amount
  • Pre-Payment Charges

    • Documentation Charges - 0.20% of the loan amount + GST

Plan Offered

Term Loan

Showing Data for CIBIL Score 800 - 1000

Maha Super Housing Loan

  • CIBIL: 800 - 1000

  • CIBIL: 750 - 799

  • CIBIL: 725 - 749

Maha Super Housing Loan

CIBIL: 800 - 1000

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CIBIL Score range

  • CIBIL: 800 - 1000

  • CIBIL: 750 - 799

  • CIBIL: 725 - 749

  • CIBIL: 650 - 699

  • CIBIL: 600 - 649

  • CIBIL: 0 - 600

  • CIBIL: 0 - 0

  • CIBIL: 700 - 724

Showing Data for CIBIL Score 800 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.35%8.35%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiUpto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.35%8.35%
PuneUpto 30 LacsNew8.50%8.50%
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.50%8.50%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.50%8.50%
Above 50 LacsNew8.35%8.35%
Kalyan-DombivaliUpto 30 LacsNew8.50%8.50%
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.50%8.50%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.50%8.50%
Above 50 LacsNew8.35%8.35%
Pimpri-ChinchwadUpto 30 LacsNew8.50%8.50%
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.50%8.50%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.50%8.50%
Above 50 LacsNew8.35%8.35%
ThaneUpto 30 LacsNew8.50%8.50%
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.50%8.50%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.50%8.50%
Above 50 LacsNew8.35%8.35%
Vasai-VirarUpto 30 LacsNew8.50%8.50%
Upto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.50%8.50%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.50%8.50%
Above 50 LacsNew8.35%8.35%
Navi MumbaiUpto 30 LacsNew8.35%8.35%
30 Lacs to 50 LacsNew8.35%8.35%
Above 50 LacsNew8.35%8.35%

Last updated on: 02, Mar 2024

Overdraft

Showing Data for CIBIL Score 800 - 1000

Maha Super Flexi Housing Loan

  • CIBIL: 800 - 1000

Maha Super Flexi Housing Loan

CIBIL: 800 - 1000

CIBIL Score range

  • CIBIL: 800 - 1000

Showing Data for CIBIL Score 800 - 1000

  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Above 50 LacsNew8.75%8.75%
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAbove 50 LacsNew8.75%8.75%

Last updated on: 02, Mar 2024

Features and Benefits of Bank of Maharashtra Home Loan

Bank of Maharashtra is packed with beneficial features to allow its customers enjoy various benefits as follows:

  • The bank allows a maximum tenure of up to 30 years or 75 years of age.
  • You get the lowest interest starting at 8.35%. 
  • PMAY (Pradhan Mantri Awas Yojana) subsidy of up to ₹ 2.75 lakhs offered.
  • Zero processing fee on the home loan.
  • No preclosure, prepayment, or part payment charges in case you want to pay your loan early.
  • Women and defence personnel receive 0.05% additional concession on home loans.
  • On regular payments, you can get a waiver of three EMIs.
  • The bank offers a higher loan amount to potential customers.

Bank of Maharashtra: An Overview

Bank of Maharashtra Limited is one of the pioneers of Public Sector Banks. It’s a nationalised bank that operates under the ownership of the Ministry of Finance, Government of India. The bank offers multiple products and services to its consumers to provide the best financial assistance. 

It provides valuable products, including savings and current accounts, various deposit plans, government schemes, and digital products for personal banking, corporates, MSMEs and NRI customers. Currently, the bank possesses 2022 branches and over 29 million customers across the country. In Maharashtra, BOM owns the largest network of branches of any nationalised bank. 

If owning a home is on your wishlist, it’s time you apply for Bank of Maharashtra Home Loans at the most attractive interest rates.

Bank of Maharashtra Fees and Charges

If you apply for Bank of Maharashtra Home Loans, the following fees and charges will apply:

Housing Loan 0.25% of the loan amount (up to ₹ 25,000)
Maha Bank Top-up Loan 0.50% of loan amount

Bank of Maharashtra Home Loan Overview

Whether you want to buy a new house or plot, etc., a Bank of Maharashtra home loan could be the right choice. The product offers multiple benefits comprising quick loan processing, the facility to apply online, simple and hassle-free documentation, customised repayment options, and attractive interest rates. 

You can apply for Bank of Maharashtra Home Loans for the following needs:

  • Purchase of plot and construction thereon
  • Acquiring/construction of new or existing flat/house 
  • Renovation or repairs or alteration of existing flat/house for new standalone borrowers
  • Extension of existing flat or house

Documents Required for Bank of Maharashtra Home Loan

Depending on the applicant type, document requirement varies for a home loan. 

For Salaried Individuals

If you are a salaried individual, you must submit the following documents:

  • Duly filled and signed application form for the Bank of Maharashtra home loans
  • Photographs 
  • A copy of identity, address, and date of birth proof
  • Bank statement of the last six months
  • Salary slip of the last three months
  • Title documents of the property
  • Income Tax Return (ITR) details and Form-16 of the last two years 

For Self Employed Individuals

Suppose you are a self-employed individual such as a doctor, chartered accountant (CA), lawyer, etc. In that case, you must furnish the following documents:

  • Duly filled in and signed application form 
  • A scanned copy of identity, address, and age proof
  • Photographs 
  • Bank statement of the last 12 months
  • ITR details and financial statements comprising profit and loss statement, balance sheet, schedules (document should be CA certified)
  • LLP Agreement, in case the applicant is a Limited Liability Partnership
  • Partnership Deed for partnership firms
  • Title document of the property 
  • Latest Articles of Association (AoA) and Memorandum of Association (MoA) in case of companies (profit sharing ratio certified by CA/shareholding partnership/list of directors)
  • Business address proof

How does the EMI calculation Work for Bank of Maharashtra Home Loans?

Bank of Maharashtra has a home loan EMI calculator that helps you determine the monthly EMI amount you have to pay on the home loan. All you need to do is to enter the principal loan amount, interest rate applicable, and loan tenure for which you want to avail of the loan. 

Besides this, you can also use a mathematical formula to calculate home loan EMI. The formula for the same is as follows:

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

  • The principal loan amount - P 
  • The rate of interest - R 
  • The loan tenure - n can be up to 30 years

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does the Bank of Maharashtra provide a home loan at the best rate?

Yes, the Bank of Maharashtra offers a home loan at quite competitive rates. You can check the same in the comparison table above-mentioned.

What is the interest rate of a Home Loan in the Bank of Maharashtra?

The Bank of Maharashtra offers an interest rate starting at 7.80% and can go up to 9.95% depending on the applicant’s credit profile and loan borrowing amount.

What are the benefits the Bank of Maharashtra provides on home loans?

BOM renders a plethora of benefits on home loans. Some of them include a waiver on three EMIs on regular payments, no processing fee, zero pre-closure penalties, no pre-payment or part-payment charges, low-interest rates, flexible tenures, and more.

Does the Bank of Maharashtra have a fixed rate of interest on a home loan?

No, the interest rate changes based on the applicant’s credit score, loan amount, and whether the applicant is a salaried individual or non-salaried individual. Women applicants and defence personnel get a concession of 0.05% on interest rates.

What are the documents required by the Bank of Maharashtra for a home loan?

Identity proof, proof of address, and age proof are some common documents required for Bank of Maharashtra home loans. Depending on the type of applicants, they have to submit additional documents as above-mentioned.

Does the Bank of Maharashtra check for CIBIL Score for home loans?

Yes, every bank checks for CIBIL score before offering any loans to borrowers.

What is the maximum and minimum home loan amount I can get from the Bank of Maharashtra?

The maximum home loan amount can go above ₹ 75 lakh while the minimum loan amount is ₹ 15 lakh.

What are the KYC documents I will have to submit to apply for a home loan from the Bank of Maharashtra?

KYC documents may include any of the following — PAN Card, Aadhaar Card, Passport, Driving License, etc.

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