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Bank of Maharashtra Home Loan

Bank of Maharashtra
4.5

Home loans from Bank of Maharashtra are available to qualified borrowers at interest rates starting at 6.80 percent p.a. The loan amount is substantial, and there is a 30-year maximum repayment period.

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Home Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Bank of Maharashtra Home loan Interest Rate

6.8%

0.25%

-

Tenure(1 - 5 Years)

Details

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 7.80%. 
  • 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 Home Loan Eligibility Criteria

The Bank of Maharashtra Home Loan eligibility criteria for the Maha Super Housing Loan Scheme are as follows:

  • The salaried individual must have a minimum last year’s income of ₹ 3 lakhs and must submit Form 16/ITR from the employer for the minimum past two years. 
  • For self–employed individuals, at least ₹ 3 lakhs as per last year’s income and a minimum of past two years ITR with supporting documents must be submitted.
  • Applicants engaged in Allied and Agricultural activities with an ascertainable least income of ₹3 lakhs can apply for BOM home loans.
  • Businessmen must have a minimum of ₹ 3 lakhs per last year’s income and a minimum of the past 2 years' ITR with supporting documents.

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

Bank of Maharashtra Home Loan Interest Rates

The interest rate on Bank of Maharashtra Home Loans varies depending on the applicant’s credit score and the loan amount obtained.

If you avail of a loan amount of up to ₹ 30 lakhs, you can get the following interest rates based on your credit score range:

CIBIL Score/Credit Score Interest Rates (p.a.)
Salaried Non-Salaried
800 and above 7.80% 8.05%
750-799 7.90% 8.15%
700-749 8.20% 8.25%
650-699 8.50% 8.60%
600-649 8.55% 8.85%
Below 600 9.00% 9.35%
-1 to 5 8.40% 8.65%

If you want a home loan of more than ₹ 30 lakhs, the following interest rates would be applicable based on your credit score:

CIBIL Score/Credit Score Interest Rates (p.a.)
Salaried Non-Salaried
800 and above 7.80% 8.05%
750-799 7.90% 8.15%
700-749 8.20% 8.35%
650-699 8.55% 8.70%
600-649 8.60% 9.00%
Below 600 9.20% 9.70%
-1 to 5 8.55% 9.00%

Note: 

  • In case of loan amount above ₹ 30 lakh and if the LTV ratio is more than 80% and up to 90%, extra 15 bps (basis points) would apply to the interest rate.
  • Women and defence personnel will receive a concession of 0.05% subject to a minimum floor ceiling of RLLR (Repo Linked Loan Rate). 
  • The rate of interest concession will only apply to borrowers (including women) with a credit score of 700 and below, subject to a minimum floor ceiling of RLLR. 

Maha Super Housing Loan and Maha Bank Top Up Loan (Repair & Renovation)

The interest rates for repair and renovation for Maha Super Housing and Maha Bank Top Loan of less than ₹ 30 lakhs would be as follows:

CIBIL Score/Credit Score Interest Rates (p.a.)
Salaried Non-Salaried
750 and above 8.70% 8.95%
700-749 8.70% 9.05%
650-699 8.95% 9.20%
600-649 9.05% 9.30%
Below 600 9.45% 9.70%
-1 to 5 8.95% 9.20%

Loans of above ₹ 30 lakhs and up to ₹ 75 lakhs for repair and renovation would be as follows:

CIBIL Score/Credit Score Interest Rates (p.a.)
Salaried Non-Salaried
750 and above 8.70% 9.05%
700-749 8.70% 9.10%
650-699 8.95% 9.30%
600-649 9.05% 9.35%
Below 600 9.45% 9.70%
-1 to 5 8.95% 9.30%

The following interest rates would be applicable for loans of above ₹ 75 lakhs:

CIBIL Score/Credit Score Interest Rates (p.a.)
Salaried Non-Salaried
750 and above 8.95% 9.15%
700-749 8.95% 9.20%
650-699 9.05% 9.40%
600-649 9.20% 9.45%
Below 600 9.70% 9.95%
-1 to 5 9.05% 9.45%

The interest rates on top loans for purposes other than repair and renovation are as follows:

As per Deduction Norms Interest Rate (p.a.)
Up to 60% 9.35%
Above 60% 9.60%

Factors Affecting Bank of Maharashtra Home Loan Interest Rates

Whether you will get a good deal on the interest rate or not is entirely up to specific parameters such as your credit score, financial history, the desired loan amount, and more. We have enlisted a few factors that affect the Bank of Maharashtra Home Loan interest rates:

  • CIBIL Score: It is quite evident from the above-mentioned interest rate tables that credit score plays a significant role in deciding the Bank of Maharashtra home loan interest rates. The higher the credit/CIBIL score, the lesser would be the interest rate on the loan. Hence, you must ensure that your credit score is above 700. Check your credit score now.
  • Salaried/Non-Salaried Individuals: The salaried individuals at the Bank of Maharashtra can avail of home loans at lower interest rates than non-salaried individuals. The interest rates are slightly higher for the latter. This is because the bank finds salaried individuals to be more likely to repay their loans as compared to non-salaried applicants. 
  • Loan Amount: The higher the loan amount, the higher would be the interest rate on loan obtained. Therefore, if there’s any chance that you have a specific amount of corpus that may fund your home-buying requirements, you opt for a lower home loan amount to get better deals on the interest rate.
  • Relationship with the Lender: If you are BOM’s existing customer, ensure you maintain a healthy relationship with the bank. Good and supportive behaviour increases your chances of better negotiation. You can fetch better deals on Bank of Maharashtra home loan interest rates with a better relationship.
  • Applicant Type: If you are an army/defence personnel or woman, you will receive an additional concession of 0.05% on your BOM’s home loan.  
  • Loan-to-Value (LTV) Ratio: It’s the ratio of a loan to the value of an asset purchased. Higher LTV ratios pose a bigger credit risk, so lenders are a bit scared to offer loans to such applicants. Hence, the higher the LTV ratio, the higher would be interest rates on loans. 
  • Location of the Property: Lenders often charge lesser interest rates on properties that are located in the poshest location and have better amenities. Such properties have higher resale value, and lenders find them lucrative. Hence, if you are buying a home that is located in a well-known locality, you can bag a lower interest rate.

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

How Does the Bank of Maharashtra Compare With Other Lenders?

Based on the information provided above, you can compare Bank of Maharashtra home loan interest rates with other top lenders in India:

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh
HDFC 8.10% - 9.50% 8.35% - 9.75% 8.45% - 9.85%
SBI 8.05% - 9.05% 8.05% - 8.95% 8.05% - 8.95%
ICICI Bank 8.10% - 9.00% 8.10% - 9.00% 8.10% - 9.10%
LIC Housing Finance 8.00% - 9.50% 8.00% - 9.70% 8.00% - 9.90%
Bank of Baroda 7.95% - 9.45% 7.95% - 9.45% 7.95% - 9.70%
Kotak Mahindra Bank 7.99% onwards 7.99% onwards 7.99% onwards
Godrej Housing Finance 7.99% - 10.99% 7.99% - 10.99% 7.99% - 10.99%
Punjab National Bank 7.95% - 9.35% 7.90% - 9.05% 7.90% - 9.00%
Tata Capital 8.10% onwards 8.10% onwards 8.10% onwards
Union Bank of India 7.75% - 9.65% 7.75% - 9.85% 7.75% - 9.85%
IDFC First Bank 7.95% onwards 7.95% onwards 7.95% onwards
PNB Housing Finance 7.99% - 12.50% 7.99% - 12.50% 8.10% - 11.20%
Bajaj Housing Finance 7.70% onwards 7.70% onwards 7.70% onwards
L&T Housing Finance 7.70% - 8.70% 7.70% - 8.70% 7.70% - 8.70%
Federal Bank 9.05% - 9.10% 7.77% - 9.15% 7.77% - 9.20%

Bank of Maharashtra Home Loan Customer Care Number

In case of any queries related to Bank of Maharashtra Home Loan, you can contact Bank of Maharashtra’s customer care at the following toll-free numbers:

  • 1800-233-4526
  • 1800-102-2636

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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