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Bank Maharashtra Home Loan Eligibility Calculator

Bank of Maharashtra Home Loan Eligibility in India 2021

Last Updated 11th May 2021

Eligibility CriteriaBank of Maharashtra Home Loan
Eligible Age of Borrower21 - 60 years
Work Experience for Salaried1 years
Business Stability for Self Employed5 years
  • Bank of Maharashtra home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Bank Maharashtra calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Bank of Maharashtra by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

Bank Maharashtra Home Loan Eligibility

Bank Maharashtra offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Bank Maharashtra housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Bank Maharashtra Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Bank of Maharashtra home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Bank of Maharashtra offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Bank Maharashtra Home Loan Eligibility based on Salary

Bank of Maharashtra offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Bank of Maharashtra:

  • Net income: Your net monthly income determines how much Bank of Maharashtra home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Bank of Maharashtra, the loan amount that you will be eligible for would be ₹ 27,99,107 to ₹ 48,84,996 depending on your age. Similarly, if your salary is ₹ 75,000, ou might get eligible for a loan amount of ₹ 55,98,213 to ₹ 97,69,992 for the same property at the same rate depending on your age at the time of loan application. However, Bank of Maharashtra asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years48.85 Lakh73.27 Lakh97.70 Lakh
30 years48.85 Lakh73.27 Lakh97.70 Lakh
35 years45.98 Lakh68.97 Lakh91.97 Lakh
40 years41.92 Lakh62.88 Lakh83.84 Lakh
45 years36.16 Lakh54.24 Lakh72.32 Lakh
50 years27.99 Lakh41.99 Lakh55.98 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Bank of Maharashtra home loan eligibility.

  • Nature of employment: Bank of Maharashtra will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Bank of Maharashtra requires minimum income history and job stability of more than 1 years for salaried individuals and of 5 years for self-employed individuals.

Home Loan Eligibility Bank of Maharashtra based on Value of Property

  • Value of property: Bank of Maharashtra does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Bank of Maharashtra's legal team.

The housing loan eligibility calculator of Bank of Maharashtra can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Bank Maharashtra Home Loan

  • CIBIL Score: Bank Maharashtra considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Bank Maharashtra However, low CIBIL score reduces your chances to get a home loan. Bank Maharashtra requires a minimum credit score of 650 to be eligible for a home loan.

Bank Maharashtra Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Bank Maharashtra to determine your home loan eligibility. Bank of Maharashtra considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Bank of Maharashtra home loan is 0.65. Calculate your eligibility with Bank of Maharashtra home loan calculator and apply for eligible loan amount hassle free.

Bank of Maharashtra Home Loan for Women Eligibility

In the case of sole woman applicant, Bank of Maharashtra offers a concessional home loan rate of 7.00% for women borrowers, although the eligibility criteria is the same for them. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my Bank MaharashtraHome Loan Eligibility ?

To check Bank of Maharashtra home loan eligibility perform the following steps:-

  • Go to the Bank of Maharashtra website
  • Now navigate to the option Bank of Maharashtra home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 1800-233-4526/ 1800-102-2636.

Other Loan Calculators


What is the criteria to get Bank of Maharashtra home loan?

The basic criteria to get a home loan from Bank of Maharashtra are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Bank of Maharashtra?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Bank of Maharashtra?

The minimum salary required to avail home loan from Bank of Maharashtra is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Bank of Maharashtra.

Is Bank of Maharashtra good for home loan?

The lowest interest rate provided by Bank of Maharashtra is 7.00% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Bank Maharashtra Home Loan News - Jun 2021
  • 2021-03-26 : Bank of Maharashtra opened 6 more branches
    Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan.
  • 2021-02-23 : Bank of Maharashtra waived its processing fee
    Bank of Maharashtra reduced the processing fee of home and car loans to zero. The primary aim of the move is to lure the borrower and increase the credit portfolio.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
  • 2020-09-30 : Bank of Maharashtra waives off processing fee for gold, housing and car loans
    Bank of Maharashtra announced the launch of a festive bonanza that offers attractive benefits to its customers. The bank further waived off processing fee for gold, housing and car loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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