Bank of Maharashtra Home Loan Interest Rates

Highlights of Bank of Maharashtra Home Loan Interest Rates

The Bank of Maharashtra offers attractive home loan options with competitive interest rates, flexible repayment terms, and benefits for different borrower categories. Here are the key highlights:

Feature	Details
Interest Rate	Starting from 8.10% per annum
Loan Tenure	Up to 30 years
Processing Fee	0.25% of the loan amount (waived for government and PSU employees in certain cases)
Concession for Women	0.05% interest rate concession

Bank of Maharashtra Home Loan Interest Rates for Salaried vs. Self-Employed Individuals

The Bank of Maharashtra offers home loans with interest rates that vary based on the applicant’s employment status and CIBIL score. Salaried individuals typically benefit from slightly lower interest rates than self-employed individuals, reflecting the perceived stability of salaried income. Below is a detailed breakdown of the current interest rates as of March 2025:​

CIBIL Score	Salaried Borrowers	Self-Employed Borrowers
800 & above	8.10%	8.20%
750 to 799	8.15%	8.25%
725 to 749	8.55%	8.65%
700 to 724	9.05%	9.25%
650 to 699	9.55%	9.75%
600 to 649	9.75%	9.95%
Below 600	10.15%	10.65%
-1 to 05 / NTC	8.55%	8.75%

Bank of Maharashtra Home Loan Interest Rates for Women

Women borrowers receive a 0.05% concession on home loan interest rates, making homeownership more affordable. This initiative supports financial independence and encourages women to invest in property. The concession applies across all CIBIL score categories, reducing the overall loan burden.

For instance, a woman borrower with a CIBIL score of 800 & above can secure a home loan at 8.05% per annum instead of the standard 8.10%. Similarly, the interest rate is reduced in other CIBIL score brackets, ensuring better affordability.

Key Benefits for Women Borrowers

Benefit	Details
Interest Rate Concession	0.05% discount on standard home loan interest rates
Lower EMI Payments	Reduces monthly repayment obligations
Financial Empowerment	Encourages women’s property ownership
Eligibility	Available for both salaried and self-employed women
Long-Term Savings	Lowers overall loan repayment costs

Bank of Maharashtra Home Loan Interest Rates – Scheme Wise

Bank of Maharashtra offers a variety of home loan schemes to meet the diverse needs of borrowers. Each scheme comes with specific features, benefits, and interest rates. Below is an overview of the key home loan schemes and their corresponding interest rate ranges:​

Home Loan Scheme	Interest Rate Range (per annum)	Purpose
Maha Super Housing Loan Scheme	8.60% – 10.80%	For construction or acquisition of a new or existing house/flat, including extension of existing units.
Maha Top-Up Loan for Home Loan Borrowers	8.90% – 13.00%	Additional funding for existing home loan borrowers for repairs, renovations, or personal needs.
Maha Super Flexi Housing Loan Scheme	8.85% – 11.05%	Flexible loan linked with a savings account, allowing for efficient fund management.
Maha Pradhan Mantri Awas Yojana Loan	8.60% onwards (additional interest subsidy available)	Affordable housing loans under the PMAY scheme with interest subsidies for eligible borrowers.
Maha Combo Loan Scheme	8.60% – 10.80%	Combined loan offering for both housing and vehicle purchase.
Maha Super Green Housing Loan Scheme	8.50% – 10.70%	For the purchase or construction of eco-friendly ‘Green’ buildings, promoting sustainable living.

How to Calculate the Effective Interest Rate on a Bank of Maharashtra Home Loan

Determining the final interest rate on a Bank of Maharashtra home loan involves considering factors like credit score, borrower type, concessions, and the bank’s Repo-linked Lending Rate (RLLR). Follow these steps to calculate the effective interest rate applicable to you:

Check Your CIBIL Score

A higher credit score results in a lower interest rate.

CIBIL score categories impact rate determination:

• 800 & above – Best interest rates available.
• 750 – 799 – Competitive rates.
• 700 – 749 – Higher rates than premium borrowers.
• Below 700 – Higher risk category, highest interest rates.

Identify Borrower Type

The Bank of Maharashtra applies different interest rates for:

• Salaried borrowers – Generally lower interest rates due to stable income.
• Self-employed borrowers – Slightly higher rates due to income variability.

Consider Available Concessions

• Women borrowers get a 0.05% concession on the standard home loan interest rate.
• Check if special schemes or limited-period discounts are available.

Review the Current RLLR (Repo Linked Lending Rate)

• The RLLR is a floating benchmark rate set by the Bank of Maharashtra, influenced by RBI’s repo rate.
• The bank determines the final lending rate by adding a spread to this base rate.
• As of March 2025, the RLLR is 9.05% (subject to change).

Calculate the Spread

The bank adds a spread over the RLLR based on risk assessment.

The spread depends on:

• CIBIL Score – Higher scores have lower spreads.
• Loan Amount & Tenure – Larger or longer-tenure loans may have higher spreads.
• Income Stability – Salaried individuals often get better spreads.

Final Interest Rate Formula

Effective Interest Rate = RLLR + Spread – Concession (if applicable)

Example Calculation

Parameter	Value
CIBIL Score	800 (Salaried Borrower)
Base RLLR	9.05%
Spread for 800+ Score	-0.95%
Concession for Women	-0.05%
Final Interest Rate	8.05% per annum

Factors Affecting Bank of Maharashtra Home Loan Interest Rate and EMI

Several things decide how much interest you’ll pay on a home loan and how much your EMI will be. The Bank of Maharashtra looks at different aspects of your financial background before setting the final loan terms. Knowing what influences these rates can help you plan better and maybe even get a lower interest rate.

CIBIL Score

Your credit score is one of the biggest factors in deciding your home loan interest rate. If your score is 750 or above, banks consider you a responsible borrower, so you get lower rates. If it’s low, you might have to pay higher interest. To keep your score in good shape, pay your bills on time, avoid too many loans at once, and don’t use too much of your credit limit.

Loan Amount

The size of your loan also plays a role. If you take a higher loan amount, the bank may offer a slightly lower interest rate since they’ll earn more in the long run. But if you go for a smaller loan, the rate could be a bit higher due to fixed processing costs. It’s best to borrow only what you need while ensuring you get a competitive rate.

Loan Tenure

The length of your loan affects both your EMI and total interest. A shorter tenure means higher EMIs, but you’ll pay less interest overall. A longer tenure brings smaller EMIs, which are easier on your monthly budget, but you’ll pay more interest over time. Choosing the right tenure depends on how much EMI you can handle comfortably.

Employment Type

Your job also makes a difference. Salaried employees, especially those working for government organisations or reputed companies, usually get lower interest rates because their income is stable. Self-employed individuals often have to pay slightly higher rates since their earnings fluctuate. If you’re self-employed, showing strong financial records and steady income can help you secure a better rate.

Gender

Women borrowers get a 0.05% discount on home loan interest rates. This small but useful concession encourages women to own property and reduces their loan burden. If you’re a woman looking for a home loan, this benefit can help you save a good amount in the long run.

RBI Policies

The Reserve Bank of India (RBI) controls interest rates in the country. The Repo Rate, the rate at which RBI lends money to banks, affects how much interest banks charge on loans. When the RBI lowers the repo rate, banks drop their loan rates, too, making home loans cheaper. If the repo rate goes up, loan interest rates follow. Keeping track of RBI announcements can help you understand market trends and plan your home loan accordingly.

How to Get the Best Interest Rate on a Bank of Maharashtra Housing Loan?

A low interest rate on your Bank of Maharashtra home loan can save you significantly over time. Interest rates depend on your credit score, loan tenure, and financial stability. Taking a few smart steps can improve your chances of securing a better rate and reducing your loan burden.

Maintain a CIBIL Score of 800 or Above

A high CIBIL score is one of the most important factors in securing a lower interest rate. A score of 800 or more signals that you are a low-risk borrower, making banks more willing to offer competitive rates. To maintain or improve your score, pay your credit card bills and EMIs on time, avoid excessive debt, and check your credit report regularly for errors.

Opt for Longer Tenures

Choosing a longer repayment tenure can lower your monthly EMI, making it easier to manage your loan. However, a longer tenure increases the total interest paid over time. If affordability is a concern, opting for a longer tenure at the beginning and making prepayments later can help reduce overall costs.

Apply Jointly with a Co-Applicant

Applying with a co-applicant like a spouse or family member can improve your loan eligibility and get you a better rate. If your co-applicant has a high credit score, it strengthens your loan profile. Additionally, women co-applicants can benefit from a 0.05% concession on interest rates, leading to further savings.

Track RBI Policy Changes

Home loan interest rates are linked to the Repo Rate, which is set by the Reserve Bank of India (RBI). If the RBI reduces the repo rate, home loan rates generally fall, and vice versa. Keeping track of these changes can help you apply for a home loan at the right time, when rates are lower.

Negotiate with the Bank

Banks often have some flexibility in setting interest rates, especially for borrowers with strong financial backgrounds. You can negotiate for a lower rate if you have a high CIBIL score, stable income, and a good relationship with the bank. Additionally, comparing offers from multiple banks and showing competing rates can give you leverage in discussions.

Bank of Maharashtra Home Loan Interest Rates Over the Last 10 Years

​Over the past decade, the Bank of Maharashtra has adjusted its home loan interest rates in response to various economic factors, including changes in the Reserve Bank of India’s (RBI) repo rate, inflation trends, and market dynamics. These adjustments reflect the bank’s efforts to offer competitive lending rates to its customers.

Year	Interest Rate (Approximate)
2015	9.75% – 10.25%
2016	9.50% – 10.00%
2017	8.60% – 9.10%
2018	8.70% – 9.20%
2019	8.50% – 9.00%
2020	8.00% – 8.50%
2021	7.90% – 8.40%
2022	8.00% – 8.50%
2023	8.10% – 8.60%
2024	8.00% – 8.50%
2025	8.10% onwards