Bank of Maharashtra Home Loan
Bank of Maharashtra Home Loans starting at just 8.35% p.a.
Bank of Maharashtra offers a comprehensive home loan solution tailored to meet the diverse needs of prospective homeowners. Read More...
Bank of Maharashtra Home Loan Highlights
| Loan Amount | Upto ₹30 lakh |
|---|---|
| Tenure | Upto 30 years |
| Rate of Interest | 8.35% onward |
| Processing Fee | Upto 0.25% of the loan amount |
| Max Tenure | 30 years |
| Foreclosure Charges | Nil |
Bank of Maharashtra Home Loans Comparison Table
Compare Bank of Maharashtra Home loan interest rates with other lenders to find the best deal. See how Bank of Maharashtra competitive rates stack up in our comprehensive comparison table.
| Name of Lender | Amount Up to | Interest Rate | Tenure |
|---|---|---|---|
| Axis Bank | ₹10 cr | 8.75% Onwards | Up to 20 years |
Bank of Maharashtra Home Loan EMI calculator
Enter the loan amount, interest rate, and loan tenure into the Bank of Maharashtra home loan EMI calculator below to determine your monthly EMI and the total interest due over the loan period.
EMI: ₹63,337.89
Total interest: ₹26,00,546.8
Total principal: ₹50,00,000
Bank of Maharashtra Home Loans Eligibility
The eligibility criteria for a home loan from Bank of Maharashtra typically include the following factors:
- Age: Salaried individuals must be between 21 and 60 years old at the time of application and must not exceed 60 years at loan maturity.
- Income: Applicants must demonstrate a stable source of income, which can be verified through salary slips, bank statements, or income tax returns.
- Credit Score: A good credit score is essential for loan approval. The bank evaluates your credit history to assess your repayment capacity.
- Employment Type: The bank offers loans to both salaried and self-employed individuals. Companies and firms can also apply under specific conditions.
- Property Documents: Proper documentation related to the property being purchased or constructed is required for verification.
- Existing Financial Obligations: The bank will consider your existing loans and financial obligations when determining your eligibility for a new loan.
- Co-Applicant: Having a co-applicant can enhance your eligibility and increase the loan amount you can secure.
Maha Sure Housing Loan: for Constructing/Aquiring
The Maha Sure Housing Loan from Bank of Maharashtra is designed to provide financial support for individuals looking to construct their dream homes. With a focus on flexibility and affordability, this loan option is ideal for those who wish to build a home tailored to their specific needs and preferences. The Maha Sure Housing Loan allows borrowers to enjoy the benefits of a floating interest rate, which adjusts periodically based on market conditions, providing potentially lower borrowing costs over time.
Key Features and Benefits- Floating Interest Rate: The loan is offered at a floating interest rate, which means that the interest rate may fluctuate according to a specific benchmark rate. This can result in lower EMIs when market rates decrease, making it a cost-effective option for borrowers.
- Affordable Housing Loans: The Bank of Maharashtra provides competitive interest rates and flexible loan amounts, catering to various financial needs for home construction.
- Balance Transfer: Existing home loan customers can transfer their current loan balance to the Bank of Maharashtra, potentially benefiting from lower interest rates and reduced EMIs.
- Top-Up Loan: Borrowers can top up their existing loan amount to finance additional construction costs or other related expenses, providing financial flexibility.
- Flexible Repayment Tenure: The Maha Sure Housing Loan offers a range of repayment tenures, allowing borrowers to choose a period that best fits their financial situation, typically ranging from 1 to 30 years.
- Minimum Documentation: The application process is designed to be straightforward, requiring minimal paperwork to expedite loan approval.
- End-to-End Doorstep Service: The bank provides comprehensive support throughout the loan process, including assistance with documentation and application procedures right at your doorstep.
Bank of Maharashtra Home Loan Processing Fees and Charges
Bank of Maharashtra Home Loan Processing Fees
Bank of Maharashtra Home Loan Prepayment charges
Upto 0.25% of the loan amount
How to Apply for Bank of Maharashtra Home Loan?
Prospective borrowers interested in an Bank of Maharashtra home loan have the option to apply online either through the bank's official website, as outlined below:
Apply here
Via the Bank of Maharashtra Official Website
- Visit the Bank of Maharashtra Home Loan official website.
- Click on Apply now
- Enter the necessary details to determine the eligible loan amount.
- Complete the required information on right side and tap "Submit".
Documents Required for Bank of Maharashtra Home Loan
Following is the list of documents required for different categories of customers
Bank of Maharashtra Home Loan list of documents for Salaried
Bank of Maharashtra Home Loan list of documents for Self-employed professionals
Bank of Maharashtra Home Loan list of documents for Self-employed
Bank of Maharashtra Home Loan list of documents for Farmers
Bank of Maharashtra Home Loan list of documents for NRIs
Bank of Maharashtra Home Loan list of documents for Salaried
- Identity and residence proof (KYC), such as an Aadhaar, PAN card, or Voter ID card.
- Income proof, such as the last 3 months salary slip, the latest Form 16, and a six-month bank statement.
- A Cheque for The Processing Fee for The Loan Application.
- Property Documents Such as Sale Deed, NOC From the Builder or Housing Society, Advance Payment Receipt to The Builder, And Approved Construction Plan.
Property Related Documents
For New Home- Allotment letter copy/Buyer agreement
- Payment receipt made to the developer
- Title deeds including previous chain of property documents
- Agreement to sell copy
- Initial payment receipt made to the seller
- Title deed of plot
- Copy of the plan approved by Local Authorities
- No encumbrance proof on the property
- The total estimate of construction by a Civil Engineer/Architect
Bank of Maharashtra Home Loan FAQ’S
Here are some of the frequently asked questions with regards to Bank of Maharashtra Home Loan
What is the current interest rate for Bank of Maharashtra home loans?
Bank of Maharashtra offers home loans starting from 8.35% p.a., varying based on the applicant's credit profile.
How do I calculate the interest cost for my Bank of Maharashtra home loan?
You can determine the interest cost using the Bank of Maharashtra Home Loan EMI Calculator. Simply input your loan amount, tenure, and interest rate into the calculator to obtain instant results.
What factors contribute to the fluctuation of Bank of Maharashtra home loan interest rates?
Bank of Maharashtra adjusts its housing loan rates in accordance with the repo rate. Changes in the repo rate prompt adjustments in the rates for existing Bank of Maharashtra home loan borrowers. Additionally, Bank of Maharashtra may modify the spread over benchmark rates during special or festive home loan offers.
Who is eligible to be a co-applicant for an Bank of Maharashtra Housing Loan?
Co-owners of the property must also be co-applicants for the Bank of Maharashtra Housing Loan. However, not all co-applicants need to be co-owners; close family members are typically permitted as co-applicants.
Can I make early payments toward my outstanding home loan amount?
Yes, partial or full prepayment of your home loan amount is allowed before the loan tenure ends. Bank of Maharashtra does not impose prepayment charges on home loans with floating interest rates.
How can I lower my Bank of Maharashtra Home Loan interest rate?
You can reduce your Bank of Maharashtra Housing Loan interest rate by transitioning from a higher interest rate to a lower one. Bank of Maharashtra charges a conversion fee for rate reductions, or alternatively, you can transfer your home loan to another lender offering lower rates.
What are the pre-closure charges for Bank of Maharashtra home loans?
Kotak Mahindra Bank does not levy prepayment fees on home loans with floating interest rates. For fixed-rate home loans, prepayment incurs a fee on the outstanding loan amount plus applicable taxes, except when using own sources for pre-closure.
What is the disbursement process for Bank of Maharashtra Home Loans?
After property and document verification and completion of the 'own contribution' or down payment, Bank of Maharashtra sanctions the home loan. Disbursement can be requested online or offline and is contingent on construction progress.
Is my spouse's income considered in calculating the home loan amount?
Yes, your spouse's income can bolster your home loan eligibility. Your spouse must provide income documents to Bank of Maharashtra for consideration.
What is the minimum credit score required for Bank of Maharashtra Home Loan applicants?
While Bank of Maharashtra doesn't specify a minimum credit score, it offers lower rates to applicants with scores of 750 and above.
Can I secure home loan approval while still deciding on a property?
Yes, you can apply for pre-approved home loan facilities based on your financial status, creditworthiness, and income. Property selection must occur within 6 months of loan sanction.
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