Bank of Maharashtra Home Loan Interest Rates

4.5

Bank of Maharashtra home loans is designed for the self-employed and salaried segments as a financial solution to purchase, extend, construct, repair and renovate homes. The interest rates charged by the bank are attractive, and the minimal fees make the loan affordable. There are no hidden costs, and a loan balance transfer facility is also available.

  • Home Loan offer for You

  • 8.5%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 5 Years)
  • ₹2,052

    EMI Per Lakh

Check Latest Home Loan Offer From Bank of Maharashtra

  • 8.5%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 5 Years)
  • 1% of loan amount

    Processing Fee

Compare Bank of Maharashtra Home Loan Interest Rates with Other Lenders

The below table shows a comparison of Bank of Maharastra Home Loan Interest Rates with other banks and lending institutions.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

When buying a home, the interest rate on a home loan can be the difference between a comfortable and a stressful journey. And Bank of Maharashtra understands that offering home loans at an interest rate is as smooth as a gentle breeze. With rates starting at 8.35% p.a., the bank holds your hand and guides you through owning your home. The interest rate is subject to change based on the market conditions.

Bank of Maharastra Home Loan : Key Highlights

When securing a home loan, the Bank of Maharashtra is the ship's captain, steering you towards your dream home. Here are some key highlights of the bank's home loan offerings:

  • Competitive interest rates: Bank of Maharashtra offers home loans at an interest rate starting at 8.35% p.a. It is subject to change based on the market conditions.
  • Flexible repayment options: The bank offers loan tenures ranging from 12 months to 240 months (20 years) depending on the applicant's loan amount, income and repayment capacity.
  • Quick and easy application process: Bank of Maharashtra has made the application process simple and efficient, ensuring customers can apply for a home loan with minimal documentation and hassle.
  • Wide range of loan options: Bank of Maharashtra offers different types of home loans such as housing loans, home combo loans, and housing loan tips up to cater to customers' different needs and requirements.
  • High loan amount: The bank offers home loans up to 90% of the property value, giving customers the financial flexibility to purchase their desired home.
  • Swift disbursal: The bank ensures a swift and efficient disbursal process, with the loan amount being credited to the customer's account within a few days of loan approval.
  • Zero processing fee: Bank of Maharashtra does not charge any processing fee on home loan applications, saving customers additional costs.
  • No hidden charges: The bank is transparent about all charges and fees associated with their home loans, ensuring customers know all costs.
  • No prepayment penalty: The bank does not charge any penalty for prepaying the home loan, allowing customers to save on interest costs.

Bank of Maharastra Home Loan Interest Rate For Various Schemes

When it comes to purchasing a home, the Bank of Maharashtra offers a variety of loan options. With the bank's efficient and transparent process, you can be sure you will find the perfect loan option to suit your needs. Each option is tailored to cater to the specific needs of different customers.

Maha Super Housing Loan

The Maha Super Housing Loan Scheme is the perfect choice for purchasing their dream home. This loan scheme offers competitive interest rates and a high loan amount, with the bank providing up to 90% of the property value, making it an excellent option for those looking to buy a new home. The loan tenure ranges from 12 months to 240 months (20 years), depending on the applicant's loan amount, income and repayment capacity.

Category ROI Effective ROI
Government Employees having a salary account with the Bank with a credit score of 700+ RLLR - 0.70% 8.35%
Defence Personal having a salary account with the Bank with a credit score of 700+ RLLR - 0.70% 8.35%

General Catergory up to INR 30 lakhs: Salaried

CIBIL Score ROI Effective ROI
800+ RLLR - 0.70% 8.35%
776 - 799 RLLR - 0.50% 8.55%
750 - 775 RLLR - 0.30% 8.75%
700 - 749 RLLR 9.05%
650 - 699 RLLR + 0.30% 9.35%
600 - 650 RLLR + 0.35% 9.40%
Below 600 RLLR + .80% 9.85%
1 or negative RLLR + 0.20% 9.25%

General Catergory Above INR 30 lakhs: Salaried

CIBIL Score ROI Effective ROI
800+ RLLR - 0.70% 8.35%
776 - 799 RLLR - 0.50% 8.55%
750 - 775 RLLR - 0.30% 8.75%
700 - 749 RLLR 9.05%
650 - 699 RLLR + 0.35% 9.40%
600 - 650 RLLR + 0.40% 9.45%
Below 600 RLLR + 1.00% 10.05%
1 or negative RLLR + 0.35% 9.40%

General Catergory up to INR 30 lakhs: Self Employed

CIBIL Score ROI Effective ROI
800+ RLLR - 0.50% 8.55%
776 - 799 RLLR - 0.30% 8.75%
750 - 775 RLLR - 0.05% 9.00%
700 - 749 RLLR + 0.05% 9.10%
650 - 699 RLLR + 0.40% 9.45%
600 - 650 RLLR + 0.65% 9.70%
Below 600 RLLR + 1.15% 10.20%
1 or negative RLLR + 0.45% 9.50%

General Catergory Above INR 30 lakhs: Self Employed

CIBIL Score ROI Effective ROI
800+ RLLR - 0.50% 8.55%
776 - 799 RLLR - 0.30% 8.75%
750 - 775 RLLR - 0.05% 9.00%
700 - 749 RLLR + 0.15% 9.20%
650 - 699 RLLR + 0.50% 9.55%
600 - 650 RLLR + 0.80% 9.85%
Below 600 RLLR + 1.15% 10.55%
one or negative RLLR + 0.45% 9.85%

Maha Combo Loan

The Maha Combo Loan scheme offered by Bank of Maharashtra is an excellent option for those looking to purchase both a home and a car at the same time. This loan combines the benefits of a home loan and a car loan, allowing customers to use the funds for home and car purchases. The loan tenure ranges from 84 months to 30 years, depending on the loan amount, income and repayment capacity of the applicant.

TopUp Loan For Home Borrowers

The TopUp Loan for Home Loan Borrowers is an excellent option for existing customers who wish to borrow additional funds for any purpose. This loan allows existing customers to borrow additional funds at competitive interest rates without needing new collateral or documentation. Additionally, the bank does not charge any penalty for prepaying the home loan, allowing customers to save on interest costs.

Maha Super Flexi Housing Loan Scheme

Loan Amount CIBIL score Salaried Non Salaried
ROI Effective ROI (%) ROI Effective ROI (%)
Up to Rs 30 Lacs 800 & above RLLR  - 0.45 8.60 RLLR - 0.25 8.80
750 to 799 RLLR - 0.05 9.00 RLLR + 0.20 9.25
700 to 749 RLLR  + 0.25 9.30 RLLR + 0.30 9.35
650 to 699 RLLR  + 0.55 9.60 RLLR + 0.65 9.70
600 to 649 RLLR  + 0.60 9.65 RLLR + 0.90 9.95
Below 600 RLLR  + 1.05 10.10 RLLR + 1.40 10.45
-1 to 05 RLLR  + 0.45 9.50 RLLR + 0.70 9.75
Above Rs 30  Lacs 800 & above RLLR  - 0.45 8.60 RLLR - 0.25 8.80
750 to 799 RLLR  - 0.05 9.00 RLLR + 0.20 9.25
700 to 749 RLLR  + 0.25 9.30 RLLR + 0.40 9.45
650 to 699 RLLR  + 0.60 9.65 RLLR + 0.75 9.80
600 to 649 RLLR  + 0.65 9.70 RLLR + 1.05 10.10
Below 600 RLLR  + 1.25 10.30 RLLR + 1.75 10.80
-1 to 05 RLLR  + 0.60 9.65 RLLR + 1.05 10.10

Maha Super Green Building - (For Green Building)

Loan Amount CIBIL score Salaried Non Salaried
ROI Effective ROI (%) ROI Effective ROI (%)
Up to Rs 30 Lacs 800 & above RLLR  - 0.50 8.55 RLLR - 0.25 8.80
750 to 799 RLLR  - 0.40 8.65 RLLR - 0.15 8.90
700 to 749 RLLR  - 0.10 8.95 RLLR - 0.05 9.00
650 to 699 RLLR  +  0.20 9.25 RLLR + 0.30 9.35
600 to 649 RLLR  +  0.25 9.30 RLLR + 0.55 9.60
Below 600 RLLR  +  0.70 9.75 RLLR + 1.05 10.10
-1 to 05 RLLR  +  0.10 9.15 RLLR + 0.35 9.40
Above Rs 30  Lacs 800 & above RLLR  -  0.50 8.55 RLLR  - 0.25 8.80
750 to 799 RLLR  -  0.40 8.65 RLLR  - 0.15 8.90
700 to 749 RLLR  -  0.10 8.95 RLLR + 0.05 9.10
650 to 699 RLLR  +  0.25 9.30 RLLR + 0.40 9.45
600 to 649 RLLR  +  0.30 9.35 RLLR + 0.70 9.75
Below 600 RLLR  +  0.90 9.95 RLLR + 1.40 10.45
-1 to 05 RLLR  +  0.25 9.30 RLLR + 0.70 9.75

Housing Loan under Commercial Real Estate

Particulars Rate of Interest
For Loan upto Rs 100.00 Lakhs Premium of 100 bps over and above applicable Rate of Interest for normal Housing Loan based on CIBIL score
For Loan above Rs 100.00 Lakhs Premium of 125 bps over and above applicable Rate of Interest for normal Housing Loan based on CIBIL score

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

Loan Amount CIBIL score Salaried Non-Salaried
ROI Effective ROI (%) ROI Effective ROI (%)
Up to Rs 30 Lacs 750 & above RLLR + 0.50 9.55 RLLR + 0.75 9.80
700 to 749 RLLR + 0.50 9.55 RLLR + 0.85 9.90
650 to 699 RLLR + 0.75 9.80 RLLR + 1.00 10.05
600 to 649 RLLR + 0.85 9.90 RLLR + 1.10 10.15
Below 600 RLLR + 1.25 10.30 RLLR + 1.50 10.55
-1 to 05 RLLR + 0.75 9.80 RLLR + 1.00 10.05
Above Rs 30  Lacs & Upto Rs 75.00 Lacs 750 & above RLLR + 0.50 9.55 RLLR + 0.85 9.90
700 to 749 RLLR + 0.50 9.55 RLLR + 0.90 9.95
650 to 699 RLLR + 0.75 9.80 RLLR + 1.10 10.15
600 to 649 RLLR + 0.85 9.90 RLLR + 1.15 10.20
Below 600 RLLR + 1.25 10.30 RLLR + 1.50 10.55
-1 to 05 RLLR + 0.75 9.80 RLLR + 1.10 10.15
Above Rs 75 Lacs 750 & above RLLR + 0.75 9.80 RLLR + 0.95 10.00
700 to 749 RLLR + 0.75 9.80 RLLR + 1.00 10.05
650 to 699 RLLR + 0.85 9.90 RLLR + 1.20 10.25
600 to 649 RLLR + 1.00 10.05 RLLR + 1.25 10.30
Below 600 RLLR + 1.50 10.55 RLLR + 1.75 10.80
-1 to 05 RLLR + 0.85 9.90 RLLR + 1.25 10.30

Pradhan Mantri Awas Yojana Scheme

The Pradhan Mantri Awas Yojana Scheme offered by Bank of Maharashtra provides financial assistance to individuals from Economically Weaker Sections (EWS), Low-Income Groups (LIG), and middle-income groups (MIG) for the construction of their houses.

The loan is available at subsidised interest rates, and repayment is made in easy instalments. Bank of Maharashtra also offers a credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana Scheme.

EWS LIG MIG 1 MIG 2
Loans covered Loans sanctioned on and after 17.06 2015 Loans sanctioned on and after 01.01.2017
Household Income (Rs. p.a.) Up to Rs. 3.00 Lakh Above Rs. 3.00 Lakh and Up to Rs. 6.00 Lakh Above Rs. 6.00 Lakh and Up to Rs. 12.00 Lakh Above Rs. 12.00 Lakh and Up to Rs. 18.00 Lakh
Interest Subsidy (%) 6.50% p.a. 6.50% p.a. 4.00% p.a. 3.00% p.a.
Maximum Loan tenure (in years) for subsidy calculation For loans sanctioned and disbursed From 17.06.2015 to 31.12.2016 - 15 Years On and after 01.01.2017 - 20 Years 20 Years
Eligible Housing Loan Amount for interest subsidy (Rs.) Rs. 6.00 Lakh Rs. 6.00 Lakh Rs. 9.00 Lakh Rs. 12.00 Lakh
Specification of property/dwelling unit carpet area (1 sq.Mtr. = 10.76 Sq.Ft. Up to 30 Sq. Mtr. (only in case of repair / extension) Up to 60 Sq. Mtr. (only in case of repair/extension) Up to 160 Sq. Mtr. Up to 200 Sq. Mtr.
In the case of a housing loan for purchase/construction, the beneficiary, at their discretion, can build a house in a larger area. Still, interest subvention would only be limited to the first Rs. 6.00 Lakh. Loans for Repair / Renovation / Extension of an existing dwelling unit are not eligible for subsidy under the scheme.
Discount rate for NPV calculation of interest subsidy (%) 9.00% 9.00%
Maximum Subsidy Amount Rs. 2.67 Lakh Rs. 2.67 Lakh Rs. 2.35 Lakh Rs. 2.30 Lakh

How to Calculate Bank of Maharastra Home Loan Interest Rate?

To calculate the interest on a home loan from Bank of Maharashtra, you can use the formula:

Interest = (Loan Amount * Interest Rate * Tenure) / (12 * 100)

Where,

  • Loan Amount is the amount of money you are borrowing from the bank
  • Interest Rate is the rate of interest charged by the bank, which may vary based on the type of loan and your creditworthiness
  • Tenure is the number of months for which you are borrowing the money

It's important to note that the interest rate on a home loan from Bank of Maharashtra may be a floating rate, which means that it can change over time based on market conditions. Therefore, it's essential to check the current interest rate before calculating the interest on your loan.

It's also important to know that the Bank of Maharashtra Home loan has different interest rates for different categories of people like women, senior citizens, Govt employees etc.

It's recommended to check with the bank for the current interest rate and use the EMI calculator provided to get the exact interest amount and EMI.

Factors that affect Bank of Maharashtra Home Loan Interest Rate and EMI

here are several factors that can affect the interest rate and EMI on a home loan from the Bank of Maharashtra. Some of the most important ones include

  • Credit Score: Your credit score measures your creditworthiness and is one of the essential factors banks consider when determining your interest rate and EMI. Higher credit scores typically result in lower interest rates and EMI.
  • Loan Amount: The higher the loan amount, the higher the interest rate and EMI. This is because the bank is taking on more risk by lending you more money.
  • Tenure: The longer the loan tenure, the lower the EMI, but the higher the interest rate. This is because you are spreading the loan amount over extended periods.
  • Type of Interest Rate: The bank may offer different interest rates, like fixed or floating. The fixed interest rate remains unchanged throughout the loan tenure, while the floating interest rate can change based on market conditions.
  • Collateral: If you provide collateral, like a property or a car, the bank may offer you a lower interest rate and EMI, as they have additional security against the loan.
  • Income: Higher income of the borrower will result in lower EMI as the bank will consider that the borrower has a higher repayment capacity.
  • Category of the Borrower: Bank of Maharashtra may offer different interest rates for different categories of people like women, senior citizen, Govt Employee etc.

Other Loans Offered by Bank Of Maharashtra

Frequently Asked Questions (FAQs)

What's the interest rate for the Bank of Maharashtra?

The current interest rate for home loans offered by the Bank of Maharastra ranges from 8.35% p.a.

Does the Bank of Maharashtra provide a 90% home loan?

Yes, the Bank of Maharastra offers an LTV of 90% on home loans.

What is the EMI for a 30 lakhs home loan for 20 years?

The EMI for a 30 lakhs home loan for 20 years is approximately Rs. 28,837.

How can I reduce my Bank of Maharashtra home loan interest rate?

You can reduce your Bank of Maharashtra home loan interest rate by opting for a longer tenure, increasing your loan amount, or taking advantage of the bank’s offers and discounts.

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